Vancouver Condo Real Estate Video Blog #231 - January 28, 2009
The Millenium Water Olympic Village is our new Vancouver Fast Ferries
Ian Watt video blogs about the Millenium Water Olympic Village and how the City of Vancouver should keep the properties as an asset and rent them out forever instead of becoming another Fast Ferry Fiasco. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to email@example.com and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real estate Video Blogs.
Ian Watt: Hi good afternoon! It’s Ian Watt in Downtown Vancouver. I'm actually on the south side of False Creek at the Olympic Village and the Olympic Village for all the international people who don't know. It's a condo development that the city approved and it's kind of going hand and hand with the city. However, they were supposed to built them pre-sale them not allowed to owners to get in them until the Olympic athletes stay in there after the 2010 Olympics. Then they will re-paint it, redo the floors and everyone will go back in and owners will occupy this suite. Anyways were having a lot of financial difficult times with the Olympic Village. Things were are totally over budget and who knows about the timing right now. The cities having step in and lend them a lot of money. So anyways, this is going to be huge. This is our new fast ferries because the problem is this units were sold from 800 to maybe 200 square foot. I don't know exactly the number but nonetheless there are 733 possible units they've sold 270 so far. If they changed the disclosure statements. Because if there's new people working on the project they have to change the disclosure statement. Chances are all those people will walk because the properties in my calculations. The one that facing the back against the water those ones are probably worth about 6 to 7 hundred dollars a square foot. And the ones on the front are maybe around 800 to 900 dollars a square foot. Really they are asking for Coal Harbour prices, Yaletown prices but there is nothing in this neighborhood. There's a Burger King, there's a Mcdonald's and there's Science World. But there's nothing even though planning to build it. It's an up and coming neighborhood it is not work the prices that they're going to get. So chances are the city if they take this over. They're probably going to get fifty cents on the dollar on my calculation. And I don't think they're able to tell any of these. So my suggestion for the city is that what they do they take all this units. They hire professional rental management company or hire me. And they just rent them out forever and they have them as asset. Because there is no way anyone's gonna pay those prices right now in this market and they gonna sit vacant for five years for sure. My name is Ian Watt. You can always email me at firstname.lastname@example.org. Thank you very much and have a great day!