tag:blogger.com,1999:blog-4242439673360261416.post2671631192481641799..comments2023-10-28T01:08:17.601-07:00Comments on David Talks/The Berner Monologues: Villagegate will not go awayDavid Bernerhttp://www.blogger.com/profile/05707698404226464547noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-4242439673360261416.post-9938667244487312792008-11-09T08:39:00.000-08:002008-11-09T08:39:00.000-08:00David, Ladner is arrogant, self-serving, and suppo...David, Ladner is arrogant, self-serving, and supported by all those<BR/>unconscionable developers who have created this artifical, unsustainable boom in the real estate market.<BR/>Remember, it was Jack Poole in 2002 who told a roomful of developers and real estate salesmen that for the Olympics these bidders would get federal and provincial money and the long-suffering taxpayers would help pay for this. (See Georgia Straight, May 31, 2007) Everyone is being hosed by this farce.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4242439673360261416.post-77230240559644581362008-11-08T17:10:00.000-08:002008-11-08T17:10:00.000-08:00WoW! First time the NPA has been called socialist...WoW! First time the NPA has been called socialists. Will wonders nevvvver cease?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4242439673360261416.post-67753168397438891812008-11-08T16:08:00.000-08:002008-11-08T16:08:00.000-08:00I, would never pretend to be an expert on a major ...I, would never pretend to be an expert on a major undertaking such as this, however, my career *was* in accounting - and the following, to me, is highly suspect. Why and more importantly WHO and for what reason would a decision such as the following be made? Greed on the part of the city as stated in the article - or more to do with the "players" involved?:<BR/><BR/>"I've been told there was a bid for $170-million that was an all-cash offer. Instead, the city got greedy and went with a developer that offered more money, the bulk of which the city would get when the project was completed and the residential units sold."<BR/><BR/>And this:<BR/>"Millennium had to put down only a $27-million deposit.<BR/><BR/>Now look at what the city has on the line. It had to sign a $193-million guarantee to satisfy the lender, Fortress, and it has already advanced the lender nearly $30-million on behalf of the developer. (So that effectively negates the deposit that Millennium put down).<BR/><BR/>So what does the city have in hand? Nothing. Meantime, it appears to be into the project for $295-million - so far. Meantime, the real estate market has gone into a nosedive, which means the cost projections that Millennium based its bid on are pretty much useless now."<BR/><BR/>And from the writer who thinks this is a "The sky is falling" scenario:<BR/><BR/>"Contacted in Ottawa, (Larry)Campbell pointed out that while it was his council that okayed the concept of the deal, it was the next council under Mayor Sam Sullivan that signed up Millennium. Still, Campbell said, and I quote:<BR/><BR/>"I think it's a helluva deal for the city, quite frankly. . . . And I don't think they [the city] cut a bad deal. I'm not critical of it at all. I believe -- AND I SAY THIS WITH THE PROVISO THAT I DON'T KNOW ALL OF THE DETAILS (caps mine)-- there'll be a good return on this." "<BR/><BR/>Which in my opinion means Larry Campbell knows little and his opinion means squat.<BR/><BR/>I'm betting there is a whole lot that the public does not know - including all the players involved. Hopefully someone will bring it to the light.<BR/><BR/>JAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4242439673360261416.post-51560240841908679812008-11-08T13:37:00.000-08:002008-11-08T13:37:00.000-08:00Its no use crying, your money is gone! It disappea...Its no use crying, your money is gone! It disappeared in a utopian wet dream.<BR/><BR/>Oh the condos will be built and they will have some value, but not as much as the cost to build, the difference is Vancouver's LOSS.<BR/><BR/>The olympic village started as a good idea, then the city got hold of it and inserted all their utopian demands, social this, sustainable that, LEED gold not good enough, an island here, a daycare there, "cant have the chimney there isn't there a more expensive way to locate it"? and on-and-on until eventually you end up with a studio apartment at $450,000!<BR/><BR/>Oh, and the athletes will use it and no doubt take jolly good care of it for two weeks, no parties or high jinks allowed. Then we will allow you to live there. Hmmmmm.<BR/><BR/>In an expanding real-estate market this project was not even marginal, today it is unsustainable. Those studio suites are worth $250,000 MAYBE. While everybody loves the new groovy environmental talk they are not prepared to pay a substantial premium for it. <BR/><BR/>Studio apartment in an unexceptional neighbourhood in Vancouver in 2010 when a five year fixed mortgage might be 12%, any takers? $150,000 you say sir.<BR/><BR/>FLUSHHHHH... thats your tax money flowing into False Creek, but it was the only way to go, you got trapped by the default penalty. Its a shame when you allow gullible socialist populists to play with YOUR money.<BR/><BR/>Think carefully when you vote this time. Perhaps if you vote for someone who is promising not to spend much at all you could avoid future disasters.<BR/><BR/>No just kidding, nobody does that.Anonymousnoreply@blogger.com