VANCOUVER - Vancouver's Olympic Village is at least $131 million over budget and it's unclear how much the city might lose when the $1-billion project is eventually sold on the real estate market, an auditors report has concluded.
(snippet)
The business model underlying the city's real estate project is to have the developer, Millennium, build the units and then sell off the condo units after the Games, when Olympic athletes leave. But the steep decline in the real estate market has threatened to slow the rapid sale of the condos.
That means some units will not go to the market as quickly as anticipated, creating carrying costs for the already stressed developer. Both the city and the developer need prices to be above construction and loan costs to turn a profit.
Vancouver Sun LINK
This will not bode well for them, eh?
ReplyDeleteHe has to put collapse in ALL in titles...Just his M.O.
ReplyDeletewhahahahahahaha.....EA the truth hurts and you know it. You think that by deleting my comments will change reality?
ReplyDelete11:52: No. Deleting your comments does not change reality. Reality remains completely defined by whatever you say it is.
ReplyDelete:D
I am totally agree with you anon.
ReplyDeleteI just wanted to say good job. I really enjoy reading your posts and comments.
well time to buy guns and lots of cases of ammo
ReplyDeletethings are looking grim stock pile food 80 years ago was the last depression well time is now history is repeating itself dont be a fool and be caught off guard