The Olympic Village, now known as Millennium Water, a condo development along False Creek seems pretty much a ghost town.
Posted on 09/08/2010 7:43:35 PM PDT by SeekAndFind
Sixty-six per cent of Vancouver’s pricey Olympic Village condos remain unsold — a total of 483 units at the massive False Creek development that served as athletes’ housing during the two-week 2010 Games.
Vancouver Mayor Gregor Robertson, whose city remains on the hook for more than $1.03 billion of the cost of the project, predicts it will take a “full two-year term” to sell the remaining units.
“There is some concern we’re going into another [economic] dip,” Robertson said last week. “[But] I have full confidence in the developer and the marketing taking place.
“I hope the market kicks in and they get sold. I’d like to see it fill up sooner rather than later.”
A spokeswoman for condo king Bob Rennie, who is handling the sales, said Tuesday a major marketing campaign will begin later this month for the unsold units.
“Incentives are yet to be determined, but they could include things like free washers and dryers,” she told The Province.
The suites, which are priced anywhere from $400,000 to $5 million each, have been subject to the HST since July.
Although Vancouver made 120 rental units available for workers such as police officers, firefighters and nurses, only 61 were taken as of June [no up-to-date figures were provided by the city or Rennie]. Nevertheless, Robertson said he expects that to change.
“Many more people are applying for spots than are available,” he told reporters last week.
The city’s investment in the project includes a $750-million loan plus undisclosed interest payments, $120 million still owed to the city for the land and a $110-million outlay for 252 affordable housing units.
Today, six months after the 2010 Olympic Games, the village resembles a ghost town.
Walking down the empty streets last Saturday afternoon, it was hard to find anyone actually living in the $1.2-billion former Olympic Village.
Even the security guards conceded there’s not much to do at the “showcase” Millennium Water development, where only 254 condos have been sold.
“It’s weird,” said Heather Eddy, who recently moved into a rental unit at West 1st and Columbia. “It’s almost living in a futuristic police state. All you see is police cars driving around and people on bicycles.”
Eddy, a 24-year-old pastry chef, said she believes the village was opened too early.
“It’s very much like a ghost town,” she added. “I’m scared to walk down the streets at night.”
Near the renovated Salt Building, Mitch Williams described himself as a “lookie loo” checking out the views.
“This place is spooky,” said Williams, a 41-year-old telecom worker from Port Moody. “It’s like a sci-fi movie. I don’t see any patio furniture and there’s nothing on the balconies.”
The Millennium complex totals 1,108 units made up of condos, rental units and affordable housing, but its new, $36-million, 45,000-square-foot community centre seemed almost deserted Saturday, with just a handful of people inside its enormous gym.
Cuong Tran and Lisa Nguyen said they’re enjoying living in their two-bedroom condo, which they bought in May 2008, well before the Olympics and the economic meltdown.
They just wish there were more people living there.
“It was empty but it’s getting fuller now,” said Nguyen, 23. “I know it’s going to take a little while.”
Meanwhile, lawyer Bryan Baynham said she has 11 clients who want to get deposits back on 13 suites in the village.
Vancouver Coun. Geoff Meggs said the city is trying its best to maximize the return on taxpayers’ massive pre-Olympics bailout of the project.
“It’s too early to say how we’ve succeeded, and a lot depends on the pace of sales,” he said. “It shouldn’t come as a shock to anybody that the risk remains.
“I have no doubt that, down the road, this will be seen as a successful project — but we’re in strange economic times.”
BY THE NUMBERS:
The City of Vancouver is owed $170 million for the land on which the Olympic Village sits.
The city holds a $750-million loan for the village and is currenty paying interest on the loan.
The city’s affordable-housing component of the project cost $110 million, $45 million over budget.
Total: $1.03 billion
NUMBER OF UNITS
254 condos sold so far.
483 condos remaining to be sold.
61 units being rented (as of June).
Another 58 units available for rent.
252 affordable-housing units available.
Total: 1,108 units
Are they asking too much for the properties? I don’t like seeing a project like this go belly up, but the market-place needs to work. Best to get those units filled ASAP, before the area melts down and becomes a total loss.
How about this;
Millennium Under Water at False Creek, come and experience living Retro-poor; which like most of Olympic spending and expense are a waste.
If you value your money and lifestyle, never, ever let the Olympics come to your city. I first learned that from family in Montreal. They’re STILL paying for the 1976 games.
What made them think that a city the size of Vancouver (578,000 in the city proper, 2.1 million including the outlying areas) could sell ELEVEN HUNDRED luxury condos?
Although Vancouver made 120 rental units available for workers such as police officers, firefighters and nurses, only 61 were taken as of June [no up-to-date figures were provided by the city or Rennie]. Nevertheless, Robertson said he expects that to change.
Although Vancouver made 120 rental units available for workers such as police officers, firefighters and nurses, only 61 were taken as of June [no up-to-date figures were provided by the city or Rennie]. Nevertheless, Robertson said he expects that to change. oops
Translation: Soon to become the projects.
Vancouver is the most dangerous Asian city outside of Asia.
Yeah, if I was looking at $5,000,000 condos, I’d only take one with a free washer and dryer.
Drat. If only the Chicago got the Olympics, then they could have $1 billion in unsold real estate.
RE: Vancouver is the most dangerous Asian city outside of Asia.
See here for instance :
http://en.wikipedia.org/wiki/World%27s_most_livable_cities
DEPENDS upon WHERE in Vancouver.....at least when we lived there for 18 months (On False Creek)....there were good parts and bad parts.....but, there are cities in the US I’d not want to hang out in or walk thru, either.
I don’t know of any city that has come out ahead being an Olympic host city.
“Do you or anybody else know whether an Olympic has actually :
1) Made money for a city
2) All the infrastructure put in place for the games have been put to good use after the affair was over.”
Salt Lake City made money and certainly has a running train system that will take you to parts of the city. I took the rail to interview at the Unviersity of Utah Hospital.
An increasing number of US cities are taking that stance with professional sports teams; it is not worth it in the long run. Before, people looked at it as a sign that a city had “arrived”; now they see it as a feeble attempt to bolster a sagging economy. The Yankees, Giants/Jets, and Cowboys are all having a tough time filling their brand-new stadiums.
RE: I don’t know of any city that has come out ahead being an Olympic host city.
I found one Olympic host city that actually came out with a profit. It’s LOS ANGELES in 1984 under the management of Peter Ueberroth.
See here :
http://en.wikipedia.org/wiki/Peter_Ueberroth#The_1984_Olympics
Under the heading : The 1984 Olympics
“For five years Ueberroth served as the organizer of the 1984 Summer Olympics held in Los Angeles. He was a prominent figure in the games, receiving the Olympic Order in gold at its conclusion. Due to the success of the games, he was named Time magazine’s Man of the Year in 1984. Under Ueberroth’s leadership and management, the first privately financed Olympic Games resulted in a surplus of nearly $250 million. This was subsequently used to support youth and sports activities throughout the United States.”
We just came back from a five day trip to Vancouver to visit our daughter. We’ve never seen so much high-priced real estate! The number of million dollar homes in regular neighborhoods is just astounding. The Globe & Mail says that the big six cities in Canada are having a real estate bubble just like the US did. Looks like a big crash may be in the works.
The city of Vancouver is nothing but residential high rises — there are almost NO commercial skyscrapers and you don’t see any industrial parks around the city. It’s weird because it appears that the city is based on nothing but tourism, retail, some natural resources, some banking and finance and, I hear, some growing Internet firms. It is hard to figure out where all the jobs are to support the number of people living there.
Last weekend, I walked down Hastings between Chinatown and Gas Town. My God, was that a horrible experience! I’ve never seen so many wretched people in one place.
They are not even new units as they’ve already been lived in.
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