Sunday 31 January 2010

The Athletes' Village ...

... has been a political football since it's inception. It's supposed to be sustainable and it does have a number of green innovations such as heat recovery from sewage lines.

Due to the economic implosion Vancouver tax payers are on the hook for up to a billion dollars. Some of the units are already sold. Profits from the unsold units may recover this money. The unsold units will go on the market after the Games when the state of the real estate market will determine if the condos can be sold for enough to recoup the existing obligations.

There is no disputing that the location is outstanding and that it will be cool urban community.


Virginia said...

My guess is that with this market many will remain unsold. I hope not. Lovely view for sure. They should sell like hotcakes, but will they???

Anonymous said...

They're pretty ugly. What was torn down to make room for them?

Wayne said...

Vancouver has much uglier buildings than these Karin.

All the land around False Creek was Industrial, mills, rail yards and such. I'm scratching my head trying to recall what exactly was in this spot. Nothing much I think, small manufacturing, repair shops, parking lots.

Real Estate in Vancouver is some of the most over-priced anywhere. Average people cannot afford average homes. If the whole thing blows up a lot of us won't be surprised.

Chuck Pefley said...

There seems to be no end to the subsidy Vancouver and BC are expected to contribute to "the Games".

I posted about some luxury condos near me with prices in excess of a million each the year before last ... most of those are still unsold. I'd hate to be on the hook for the building costs!