Vancouver taxpayers on hook for $1-billion as most Olympic Village units unsold

[Modbert]

Vancouver taxpayers on hook for $1-billion as most Olympic Village units unsold

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.

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.

We saw it happen in Greece on a larger scale, and now we see it happening in Canada.

Going forward, countries really need to think about just how much not only they are willing to invest in these games but whether it is feasible economically.

 

[California Girl]

The Brits are gonna love this. Oops.

 

[xotoxi]

Vancouver taxpayers on hook for $1-billion as most Olympic Village units unsold

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.

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.

We saw it happen in Greece on a larger scale, and now we see it happening in Canada.

Going forward, countries really need to think about just how much not only they are willing to invest in these games but whether it is feasible economically.

Goddamn liberals!

 

[boedicca]

Greece's problems were not caused by The Olympics. They may have played a small role - but they are not a major factor in how their economy has cratered.

The high estimate for the cost of the Athens Olympics is 15B Euros. Their total debt is projected to reach close to 300B Euros this year.

 

[Mini 14]

Wow!

When did Canada buy Vancouver?!?!

 

[Baruch Menachem]

We have one, they have one.


Ours is better

 

[Charles_Main]

Not surprising. Save for a few notable exceptions. the Olympics have a long history of ending up a economic disaster for the Host countries.

 

[Charles_Main]

Greece's problems were not caused by The Olympics. They may have played a small role - but they are not a major factor in how their economy has cratered.

The high estimate for the cost of the Athens Olympics is 15B Euros. Their total debt is projected to reach close to 300B Euros this year.

I love it, people trying to blame the problems in Greece, Caused by Massive Social programs. were the fault of 15Billion spend on the Olympics.

To rich.

 

[Modbert]

Greece's problems were not caused by The Olympics. They may have played a small role - but they are not a major factor in how their economy has cratered.

The high estimate for the cost of the Athens Olympics is 15B Euros. Their total debt is projected to reach close to 300B Euros this year.

It's a good thing I didn't say that then.

 

[Modbert]

I love it, people trying to blame the problems in Greece, Caused by Massive Social programs. were the fault of 15Billion spend on the Olympics.

To rich.

I love it when fear mongers hijack threads, take things that were said out of context and make the thread political. Oh wait, no I don't.

 

[syrenn]

Vancouver taxpayers on hook for $1-billion as most Olympic Village units unsold

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.

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.

We saw it happen in Greece on a larger scale, and now we see it happening in Canada.

Going forward, countries really need to think about just how much not only they are willing to invest in these games but whether it is feasible economically.

That totally sucks! I wonder how much the units are going for.

 

[Toro]

Oh, they'll get sold, just not at the absolutely ridiculous prices they're asking.

Relative to income, Vancouver is the most expensive city for real estate in the English-speaking world. It is utterly idiotic.

 

[Zoom-boing]

They shouldn't have built special buildings for the athletes, they should have done a Seinfeld.

[ame=http://www.youtube.com/watch?v=WWuHCoZmihA]YouTube - Seinfeld - The Hot Tub - Radio Check[/ame]

 

[Modbert]

Oh, they'll get sold, just not at the absolutely ridiculous prices they're asking.

Relative to income, Vancouver is the most expensive city for real estate in the English-speaking world. It is utterly idiotic.

Thanks for that insight Toro.