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Olympic Disaster-Vancouver Taxpayers On Hook For $1-Billion

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

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Silly Canadians, wasting billions on the Olympics and expecting to make money from selling the property........GULP :o

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That's a pretty awesome story.

Compulsory reading for those organising our own debacle.

Although I think I may have spotted why it is like a deserted ghost town / pots-apocalyptic sci-fi movie:

The suites, which are priced anywhere from $400,000 to $5 million each, have been subject to the HST since July.

Still, if you pay $5 million you don;t just get a flat, you get:

“Incentives are yet to be determined, but they could include things like free washers and dryers,” she told The Province.

:lol:

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5 mill a flat?

Sounds like the sort of figures you make up to convince others that you can make a profit. Oh, we can make a profit from the Olympics if we have X thousands athletes' flats made and then we flog them at 5 mill a piece!?

You would have thought the Canucks would have learnt the lesson from Montreal?

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That's a pretty awesome story.

Compulsory reading for those organising our own debacle.

I don't think our lot have any intention of converting the competitors accommodation into 5 million pound flats. It seems like a nutcase thing to do, no wonder the aren't selling

tim

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I don't think our lot have any intention of converting the competitors accommodation into 5 million pound flats. It seems like a nutcase thing to do, no wonder the aren't selling

tim

Nah, ours are in London near Docklands - 10 mill a pop I guess :lol::lol::lol:

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So, a nice new lot of social and affordable housing then, with maybe some washers and dryers thrown in.

Ah but how many deals for "Luxury Apartments" have been signed when the developers threw in some shoddy carpets! The extras make all the difference when you are spending a few 100K :lol:

Mental note: Include Bird Table if selling house.

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http://www.bloomberg.com/news/2010-06-25/vancouver-olympic-village-going-condo-at-manhattan-prices-as-bubble-builds.html

An 815-square-foot, one-bedroom apartment is on sale for C$879,000 ($845,270), which works out to C$1,078 a square foot, or $12 higher than the average price in Manhattan, according to The Corcoran Report.

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So the story here is that what is happening in Vancouver is a portent for what will happen here in 2012.

Seems a reasonable assumption, a project conceived by vainglorious New Labour in a boom and executed just in time to meet a bust with the taxpayer now standing by to bail out the whole thing.

Sounds like a repeat Gordon Brown's 1999/2002 gold sell off scandal which cost the country an estimated £6billion.

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So the story here is that what is happening in Vancouver is a portent for what will happen here in 2012.

No. The story is, don't think that you can turn high density blocks, in what was previously a run down area, into 5 million dollar apartments just because it's now next to an olympic stadium and associated transport links.

As I've already posted, I am sure that our lot never had any intention of doing this. They see this accommoditation for what it is - high density flats in a run down area, and will price it accordingly.

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So the story here is that what is happening in Vancouver is a portent for what will happen here in 2012.

Seems a reasonable assumption, a project conceived by vainglorious New Labour in a boom and executed just in time to meet a bust with the taxpayer now standing by to bail out the whole thing.

Sounds like a repeat Gordon Brown's 1999/2002 gold sell off scandal which cost the country an estimated £6billion.

I would agree - property is really all about location. Good areas, near good schools etc will always command a premium and are more robust than rubbish areas.

Now given that Vancouver is a much nicer place than London and the properties there are decent waterfront properties, I wonder how housing in Stratford will do once the 2 week extravaganza is over?

Property prices were ramped in area the second the winning 2012 bid was announced, but what is the extra price based on? Surely not the extra income from being able to rent out your rooms for a few weeks in 2012.  An similarly the new build village sounds great before the Olympics, but once the Olympics are over you'll have a flat in a poxy part of London.

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  • 244 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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