PostCardsFromTheBlastRadius #3 – The Okanagan Bust – “Life Revolves Around You!”

From the WebSite:
“Welcome to Centre Point, where Life & Style are perfectly in sync.”
[NemNote: When you allow that the developer’s market timing was apparently rather less than ‘in sync’ with condo-newbie appetites – it’s just as well that they got the ‘Life&Style’ thing right. Nemesis wonders though, which elements of life are ‘synchronous/analagous’ with/to vinyl extrusions and particle board? The Coprological?]
“Located in Kelowna’s ‘picturesque’ South Glenmore, this idyllic setting means you don’t have to compromise location for convenience.”
“Only moments from everywhere you want to be, but away from what you leave behind – never before has there been an address that offers it all.” [unlike, say – Buckingham Palace?]
“A true urban [!?] retreat. Centre Point brings new, affordable and ‘luxurious’ rental apartment living to the centre of Kelowna.”
[‘Nem’Note: Do WagCondoCopyWriters/Hypers contest amongst themselves to see who can weave the most glaring oxymorons and cliche into ‘ThePitch’?]

Have a close look at that signage, Boyz ‘n Girlz – you’ll notice that the rental offer is, in fact, a recent vinyl ‘appliqué’ – the obvious intent, to camouflage (or mask, if you prefer) the development’s quasi-mystical transubstantiation from ‘ownership’ to ‘rental’. What will they think of next!?

For a development purportedly nearing completion and with a projected tenant occupancy timeline of ‘June-ish’… there was an astonishing dearth of visible activity on the CentrePoint site. But never mind, as the wind generated opening and closing of the unsecured double-glazed UPVC balcony doors more than made up for all that with some delightful – if random – melodies remniscent of the haunting Japanese ‘Shakuhachi’.

Photos and commentary for the ‘BlastRadius’ series by ‘Nemesis’.
[Images Ⓒ​2011 ‘Nemesis’ – All Rights Reserved]

11 responses to “PostCardsFromTheBlastRadius #3 – The Okanagan Bust – “Life Revolves Around You!”

  1. pricedoutfornow

    Wonder how much they will rent for…rents are pretty cheap in Kelowna, seems to be a lack of tenants these days.

  2. Further to ‘LifeRevolvesAroundYou!™’; two timely pieces from the Oki’s RegionalMedia to flesh out the GroundTruth/Reality (and, by implication, the Realty™)…

    [CBC] – Cool spring delays Okanagan vineyards

    “Unseasonably cool temperatures across B.C. this spring have many Okanagan vintners concerned about their harvest this fall. According to Walter Gehringer, who owns a popular vineyard and winery in Oliver, the cold, wet and sometimes snowy weather has already delayed the onset of spring growth. “There’s really no activity, so we are definitely behind, two, maybe a little bit more, in weeks,” he said, after temperatures fell to -2 C overnight Monday. “We should see some activity on the buds and swelling and some early varieties starting to break a little bit, and that hasn’t happened at all,” he said.”…

    and, further to, “activity on the ‘buds’ and ‘swelling’…”….

    [PentictonWesternNews] – Trial sheds light on Okanagan drug world

    “Drug stashes in the streets of Oliver, a home invasion by men threatening with a shotgun, paranoia causing people to bounce from home to home, addicted family members and beatings by upper-level drug dealers all came to light in the Penticton Supreme Court last week. Nicolette Miller took the stand on Friday recounting the events of Feb. 28, 2009, a night where she started out partying with her partner and co-accused Leonard Thompson, her son and co-accused Andrew Miller and his girlfriend, who was not charged. After running out of alcohol and crack….”

  3. well, I have to say I do feel quite a bit of sadness that something so close to completion will not be finished and potentially left to waste and decay. There are still a lot of people who could use a warm home in the world and here we are wasting the precious resources on the planet.

    • We agree. Misallocation of resources; common to speculative bubbles.

    • “here we are wasting the precious resources on the planet”

      How very true. All those construction workers could be doing something way more productive with their time. The investors could be investing in areas that will actually have real long-term impact on the economy.

      There’s a great quote that is apropos here: “It’s nothing that a lower price can’t fix.”

  4. If David Foster Wallace were to chronicle an RE bust it would not read much better than this.

    Nice work Nem.

    • My distinct pleasure, Blammo!… accordingly, by way of ‘encore’ here’s a timely regional ‘cultural nugget’…

      Criminologists and cultural morphologists would refer to the following as ‘modes of adaptation’ – in PlainEnglish it would read something like this, “What does GrandPa do when his OAP just don’t cut it anymore and WalMart has all the Greeters it needs?”…

      [CBC] – B.C. senior wanted on drug trafficking charges

      “The Oliver-Osoyoos RCMP made a public appeal late Thursday in their attempts to locate Delmar (Del) Lawrence Scott on charges of selling cocaine. Police allege that Scott, 67, has involved in street level trafficking of cocaine in the Oliver, Osoyoos and south Okanagan area. “Our investigators have reason to believe that Mr. Scott has recently fled the South Okanagan area as a result of the warrant being issued and believe he is either in the Lower Mainland or in Alberta,” said RCMP Cpl. Dan Moskaluk. “Given his age and physical appearance, Mr. Scott could certainly pass for anyone’s elderly father or grandfather, or the typical old guy next door,” Moskaluk said.”…

      …and… VREAA ‘viewers’ are alerted to ‘StayTuned!’ for the next episode of PostCardsFromTheBlastRadius!… Coming this Sunday:

      “The Colossus of WestBank and the Terrifying&Pityless ProtoRealtors™ of OgoPogo!”…

      Here’s JackBlack with a SneakPreview!, just for you…

  5. Yes, many Kelowna developments are in trouble. One of the larger developments downtown recently put 60+ units up for rent, but I’ve been told they are already in the black (only needed to sell about 45% of units to recoup costs). I think most of the smaller developers that got caught will soon be in receivership.

    There are a lot of places that have been slashed upwards of 40% off, but still aren’t selling.

    This is my new favourite, might be worth archiving this one vreaa!

    *Guarantee applies only to developer owned units in Southwind at Sarsons development to December 31, 2011.”

    And it gets even better. This is from their print ad:

    “Predicting the bottom of the real estate market isn’t easy. But now it’s a sure thing. Buy a luxury home from us, and if prices drop further, we’ll refund you the difference.”

    “We want to move on. We need you to move in.”

    • Apparently there are still 32 units left from the developer selling at approximately 30% off. I imagine that the units still remaining after Dec 2011, will either be rented or dropped further.

      There are also 11 relists on mls and a quick search turns up 4 owners looking to rent their units out. This is the most ridiculous of the lot.

      A student, looking to rent out a room in their penthouse… who thought that a student buying a penthouse was a good idea?

      “I’m looking for a roommate to rent my furnished spare bedroom in the penthouse suite at Southwind at Sarsons, in the heart of Lower Mission. I’m currently a student at The Okanagan College.
      $800 plus shared utilities.
      Available immediately, no lease required. “

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