Tag Archives: Litigation

‘Nobody Loves You When You’re Down 30% And Out’ – “This is not my fault. All I did is I just paid one point three million for this unit”

From Olympic Village Lawsuit‘, 16 Mar 2011, cbc.ca
“A lawsuit by a group of very unhappy condo owners.”

“Water dripping from the ceiling into toilets, or through light fixtures…”

“This owner’s apartment was without heat for 4 months after the heat and cooling system in the ceiling ruptured.”

Owner One voice over: “This is not my fault. All I did is… I just paid one point three million for this unit.”
Announcer: “That’s right, one point three million. He and owners have had enough.”

Owner Two (Mary Fines) “It’s not what we bought. [No, you bought something selling for about 50% more than it’s selling for now. -ed.] We’ve been lied to.”

“Lawyers say that it’s a first for Vancouver real estate, so many people, 62, wanting out of so many buildings, 5 in total.”
“It’s not just shoddy construction, like windows leaking when it rains…”

“…it’s about master bedrooms with no room for a queen-size bed…”

“The lawyers say, as owners of the land, and the lender, the City of Vancouver has an obligation to step in and fix these problems, or give the owners their money back.”
[Lawyer for Plaintiffs, Bryan Baynham]: “The product isn’t there. They were promised world class luxury and they got delivered something far far less.”

“The lawyer representing Marketer Bob Rennie suspects the recent price reductions of unsold condos may have something to do with this civil suit:
[Lawyer for Marketer, George Macintosh]“The arguments which are advanced officially… right?.. are.. are just attempts… right?… to get a complaint, when really what they’re upset about is the market price has changed.” [Agreed. -ed.]

“While the lawyers were talking today, Bob Rennie the marketer, mayor Gregor Robertson, and city staff, declined to comment or were unavailable to do so.” [Now that’s newsworthy… -ed.]

Owners love real estate when it goes up, but ruthlessly lose feeling for it when it becomes a leaking, cash-bleeding, price-dropping albatross. Expect more litigation in coming years. – vreaa