Saturday, October 13, 2007

between the lines

I just don't get what's going on anymore. I've been trying to get some reading time in, and everything seems confused, confusing, or just plain crazy. But we all have had our fill of crazy, and there is little to say anymore, so I will give you this excerpt from the Grim and Malevolent, and let you read between the lines (I like to focus on Vancouver, but...)

Are we the ones that are crazy? I sometimes wonder.

Towers built on fast food fortune

A Korean entrepreneur who has built an empire from a fried chicken chain is set to transform central Surrey into one of the biggest urban hubs outside of Vancouver.

Just like living at McDonald's?
...suites for the complex near the King George SkyTrain station will go on sale starting at $179,900.

...touted as the highest residential tower in B.C. outside of Vancouver. Construction starts in two months and the move-in date is set for 2010.

Where do I sign my life away - er- sign up?
MAC Marketing Solutions...'s already got a waiting list of thousands of people waiting to buy into the development.

"I wouldn't be surprised if we didn't sell one tower in a day,"..."We are having incredible demand.

"People recognize this will probably be the second largest urban hub outside Vancouver and they're trying to get in early."

Probably? Just the 2nd largest? Ah, outside Vancouver is the new line. Eat your heart out MAC, Rennie could tout OMA being just a minute away from Vancouver.

Mr. Yang...His vision is to transform the previously troubled area...
Sounds like Woodwards. Are they on to something?

...condo prices in downtown Vancouver are estimated to be $800 to $1,500 per square foot, Surrey's price of $450 to $550 is reasonable.
Maybe for top tier places you'll ask for $800-$1500/sq', but there are plenty of CONdo's for sale for less than that, and how can $450-$550/sq' be reasonable in Surrey?

"Surrey...The demand is there."
Whatever you say.
Mr. Yang still owns...South Korea's version of KFC...and Mr. Yang won't stop there.

"He is committed to do more things in Surrey,..may be expanding our operations to other cities.
Spare us Mr. Yang. We have had enough.


Anonymous said...

I live in this area, actually in a building adjacent to the new building site. Ok, so I'm supposed to jump at the chance to live in a 426 sq ft condo with a mortgage plus condo fees that will be more than $1000/month? When the place I live in now is nearly twice that size and my rent is far less than the mortgage plus condo fees. What's the point? I have all the amenities too..insuite laundry, fitness room, underground parking etc. Whoops, I guess I don't have the view but I doubt you'd be on the 40th story at $179,000. Thanks, but no thanks, I'd rather keep on renting. My guess is a lot of these places will end up being empty or with landlords trying to rent them at exorbitant prices.

Tony Danza said...

"...condo prices in downtown Vancouver are estimated to be $800 to $1,500 per square foot, Surrey's price of $450 to $550 is reasonable."

Meanwhile condo prices in Manhattan averaged $1104 in the 3Q of 2007. So let's see, I can live in one of the greatest cities in the world and make at least twice what I earn in Vancouver and pay slightly more for a condo...

Anonymous said...

Vancouver is not a world class city although it may have a lot of world class real estate idiots.

solipsist said...

Thanks, but no thanks

I'm with you on that.

condo prices in Manhattan averaged $1104

If that is /sq', we are, on average, more expensive than Manhattan. But, they have Sex and the City, and we me out here)

Vancouver is not a world class city

And it never will be IMHO.

condohype said...

There is so much hurt coming it's not even funny. Today it was announced that housing sales in Canada are down by 3% as compared to a year ago, yet housing prices are 10% higher. Living in Metro Vancouver is exorbitantly unaffordable and there is no employment base to accommodate the pricing. It's a world class city in price only. Pretty soon it'll be a world of pain.