False Creek – “My neighbour in the Olympic Village counted up all the condo towers under construction. He counted 14 projects in various stages. Developers are really going for it over here.”

“My neighbour in the Olympic Village counted up all the condo towers under construction. He counted 14 projects in various stages. Fourteen!! Plus I think there’s a new one at Cambie & 7th. Plus another new one on West Broadway just west of Cambie…
It’s amazing. Plus there are lots of lots with crap old buildings just waiting to be torn down in the same vicinity and then the real “last waterfront development” directly West of the OV, which will block everyone’s view of the city.
Double plus the slope between W. Broadway/Cambie/Main/W 2nd Ave is a natch to be developed just like the Armoury District was. Developers are really going for it over here.”

mac at VCI 18 Sep 2012 9:15pm

There will never be a shortage of condos in Vancouver.
– vreaa

18 responses to “False Creek – “My neighbour in the Olympic Village counted up all the condo towers under construction. He counted 14 projects in various stages. Developers are really going for it over here.”

  1. Even more-er New Urbanism.

    • Relaxed & Happy Islander

      Love how this came out on the heels of the other report about loneliness & resentment, insinuating densification was to blame. According to the Sun’s story on this announcement, quoting a deputy city manager – ‘the developers are lined up, waiting’ My question to you folks: is this what you want? For those that don’t own, do you see duplexes, row houses, stacked townhouses, thin street developments and even taller condos (Oakridge proposal) as an answer for you? Is it just about the ability of owning something/anything within city limits (or conversely, renting same)? I ask because I didn’t see where renters made up part of the group on the task force.

    • Density I can see, but affordable – not so much!

  2. Hey, the more the merrier!

    It’ll just make the “POP” a lot bigger. More rat boxes in the sky for sale at discount prices…

  3. Anecdotes? pfft!
    Under construction is approaching all-time highs once again:
    http://housing-analysis.blogspot.ca/2012/09/july-2012-cmhc-data-vancouver-cma.html

    The plural of fourteen anecdotes, this time, aligns well with the data.

  4. Not to mention all the cranes in Richmond, I counted 10 on trip out there recently. The last great gasp….

  5. The densest, least suburban city in the USA? Not the 5 “boroughs” of NYC, not San Francisco, not Portland….

    Los Angeles Beats New York in Urban Density: http://blogs.laweekly.com/informer/2012/03/los_angeles_density_urban_new_york_census.php

  6. densification … pfffft! … leave a page on the ohhhh-village unblemished? … not! … imagine citizens of locale hosting the big O must already be intimate … with the site of 100k condoms used – and who knows how many more unused … http://tinyurl.com/bw9fz2a … apparently the motto is indeed faster, higher, stronger, harder, longer … modern exploits fully worthy of the ancients – excepting of course, for the spare use of animals

  7. pfffft! … #10 on list of fun things to do with RE winnings … http://tinyurl.com/9f6q4sd

  8. Terminalcitygirl

    Didn’t those developers get the memo that we’re running out of land here? How can they be building so much!?
    And in case anyone was wondering, the vacant ground floor suite in “The Lagoons” at Granville Island that was listed for sale years ago when we moved to the hood for $700k or so is still vacant. Going on 4 years now and the monthly maintenance has to be $500 at least. Also there are at least 4 suites in our building currently being renovated. They were craning a quartz kitchen counter up the side of the building just the other day. Guess the lovely 80’s decor we lowly renters are living with isn’t good enough for new buyers. We wonder how many are flippers…

    • saw plenty of multi-unit developments continue to go up in CA post-bubble, usually on some unused lot … i have a good feel for sfh economics but not these … however, extrapolating … the densification (lol) and low cap rates probably drive down cost per unit to where breakeven is something like selling only half the building at initial ask, or equivlent at lower price (wild guess) … just one of the many perversities of the having cost of money be fixed so low … people borrow and effectively put on all sorts of carry trades, whether it’s a single condo purchase, a whole condo development, mortgage to buy stocks, higher yield bonds, whatever … the only thing that will eventually kill it is having real rates go back positive … so that only pursuits that merit it are undertaken … you’ve got everyone on one side of the boat in this respect, dependent upon this low rate environment, believing the monetary overlords will be able to keep it there … uncle ben and friends seem to have decided on how that will resolve (i.e. more of the same until something breaks) … it is clearly unsustainable and not making things better, whether economically, politically or otherwise … so, when things turn, guaranteed to be disorderly … there is no way to unwind everyone’s positions in an orderly way … that is the risk to all involved

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