A Vancouver real estate developer is making an unprecedented move to offer a liquidation sale of $350 million worth of its condominiums throughout the Lower Mainland.There goes the neighbourhood. Pity the fools who bought at full price. I caught a brief news clip, and the condo "owner" was flipping out. The poor bastidge probably thought that he would be selling at a tidy profit in a year, and now his condo is worth at least 20% less. This flo development is more like an ice floe that people were cast off on to perish.
The marketing strategy by Onni Group of Companies is aimed at selling off hundreds of condos in its inventory.
About 375 unsold condominiums in cities such as Richmond and New Westminster will be offered at 20 to 40 per cent off...
In my not-so-humble opinion, the suckers buying at the sale prices will also be finding that they have bought depreciating assets. Then comes the earth quake that will literally put them underwater.
After a 20 hour "emergency session" of the Legislature, Vancouver has received the go-ahead to borrow the money to finish the Millenium (Under) Water fiasco. You, nor I, will be consulted. That will be at least $456 million, and the latest is that it could be as much as $750 million. The limit imposed by the Leg. is to be found somewhere between the Sea and the Sky. In other words, there is no limit. I don't know about you, but I don't think that a billion dollar decision should be made after 20 hours of deliberation. I know that my own head is not very clear after an hour of debate, let alone 20 hours. The silver lining is that the City of Vancouver can borrow the money at "around 4%", while the developer (and us since September) pays 11%. So how is it good that I can borrow money cheaper than you, to cover your arse?
Who did the 52% that voted for the Olympics think was going to pay for this? Who got a Senate seat? Why do we have to have a 60% majority to have proportional representation, but only a 51% majority to put on a party for the rich, that costs us untold billions - directly and indirectly - disrupts our city and lives for 7 years, fuels an RE bubble that sucks in tens of thousands of slogan-addled believers into a lifetime of servitude to own a decaying, poorly built, and over-priced condo.
After 21 years in Vancouver, I have finally had enough. I don't want to pay for this. I'm going to buy a windmill, some hens and a rooster, hand tools, ammo, seeds, some goats, a few dogs, a few friends, a ukelele, an electric 4X4, 99 bottles of beer, buy a lease, build a sod house, learn to love potatoes, trade them for corn liquor, trade that for tobacco, trade that for dental floss and boots, and maybe a paper clip. What? You think that's crazy talk?, Yeah, well, real estate never goes down, you know.
This is going to be one of my last posts here, I think. I still have some photoshops that I just have to do, and a few comments to make, but let's face it, RE is dying an ignoble death. There is no joy or fun in that, and I am over taken by other, more pressing things. I just don't have the time to put in a decent effort anymore, and I'm just embarrassing myself now. Grin.