CondoAdvisory Blog » Developers

Concord Pacific Gets Poor Reviews

keith — Wed, 25 Nov 2009 19:04:30 +0000

Check out the recent reviews of local developer Concord Pacific. Seems that owners are not to happy with quality and service. This is not the first time I have hear this, but the first time I have heard directly form owners.

Thanks to our users for this info.

Olympic Village Could End Up Infested With Mould

keith — Mon, 29 Jun 2009 23:21:39 +0000

When will bad news about this project stop. The headline is probably a bit strong but interesting none the less. Looks like cutting corners on insulating pipes could cause problems down the road. The developer Millennium is saying that the problem has been fixed . Read more here

Local Developer and Building in Port Coquitlam Get Trashed.

keith — Wed, 24 Jun 2009 22:27:50 +0000

This is the type of thing that a potential Buyer would not have any insight into without condoadvisory.com and its users. Read the review here.

LedMac and Marcon Reviewed, And it is Not Pretty

keith — Thu, 28 May 2009 17:44:33 +0000

Thanks to another condo advisory user, all users have some insight into a local developer, construction company and development. This is the type of thing this site was created for, to help all. please read the review on LedMac, Marcon, and Brentwood Gate.

Of course remember this is one users experience, we encourage and welcome other reviews either good or bad or anywhere in between. The goal is to help the public get a more accurate and first hand idea.

Thanks again to all our users.

The Ritz Is No More In Vancouver!

keith — Wed, 25 Feb 2009 19:26:30 +0000

Well I guess this comes as no surprise, but another prominent development has been cancelled in Vancouver. Actually it seems like there has been a lull in these cancellations but I guess there are some loose ends to tie up.

In fairness, I think this project is a little different than most as the market for it is not the average person in Vancouver, in fact not the average person at all so I am not sure this makes much of a statement about the real estate market at all, probably more a statement about the global economic situation.

Anyway, just thought it was interesting. I guess there will be another eyesore in DT Vancouver for a while.

Who Is Devaluing The Vancouver Condo Market?

keith — Mon, 23 Feb 2009 21:56:08 +0000

Well this is an interesting question and it amazes me how many people have an opinion on this. Bottom line is markets go up, markets come down. Yes in this case the increase was extreme maybe and fueled by greed maybe, but what else is new. In the end the market will bear what it can bear, even if it does not seem to make sense to everyone. We all know that the market here has not been fueled just by locals, if that were the case it could not have reached the highs it has.

I read a post today at dwot’s CAPS Blog that suggests the developers are dragging down or devaluing the market by offer these deep discounts we have heard about lately, when the re-sellers are not doingt he same. Well the fact is the developers were charging over market prices in many cases and by dropping by 25-40% in many cases they are coming in line with the re-sellers who have come down 10-15%. So really the only way this is devaluing the market is by the fact that the marketing companies and media are presenting it in such a way that the public is lead to believe that. Bottom line is the market has come down and prices are now more level between new product and re-sale product, but the sky is still not falling and in my opinion all the talk about prices coming down even 50% is not enough and still can’t be sustained just is not going to become reality. Only time will tell of course, but markets will always work themselves out in the end and although we have some influence in the short term with hype and negative media etc. we don’t really have that influence in the long term.

Who Should Be Responsible For Affordable Housing

keith — Sat, 07 Feb 2009 00:10:20 +0000

There is a situation right now in East Vancouver where a Developer is offering tenants more than they are required to to vacate their units. At issue of course is that they are affordable units and the developer will tear them done and build new condos, town homes etc.

OK, of course we don’t like to see people who cannot afford more expensive housing put out on the street, that is just not right. But the real question here is who is responsible for providing this housing. Why is it private companies and individual owners that must do this, where is the government in this, maybe they should spend less time putting restrictions on private companies and individuals to try and pass the buck to them and come up with a plan of their own.

In this case if the developer has purchased the land as if following the laws, what is the problem. It gets tiring listening to these cases and the rulings of the tenancy boards etc. Why go into the property business, if the government wants to control it why don’t they buy it.

Again, please don’t misunderstand the fact that I do feel sympathy for those who have to find new housing, I just think the responsibility is being passed on rather than dealt with.

Vancouver Developer Sues Buyers For Backing Out on Condo Pre-Sale Contracts

keith — Thu, 05 Feb 2009 23:43:29 +0000

Well surprise surprise. We all know this was coming. Onni has decided to sue buyers who did not complete on pre-sales contracts. There a always numerous angles to look at things from, but in the end there is a contract and that is the end of the story. Buyers need to make sure they understand the contracts they sign and are prepared to live by them.

Now whether this sits well or not is another issue. Developers are greedy when times are good, they have cancelled projects, returned deposits, and resold for more because costs went up. No protection for the buyers in these cases. Now the market has turned and they want to recover losses due to the lower values, again they are the ones that are protected here.

Bottom line, They protect themselves in their contracts and there is little protection for the buyers. Whose fault is this, well unfortunately if a buyer signs the contract who can they really blame. Of course these developers have to remember that times will be good again and I am quite sure there will be many people that remember what is happening now and they may prefer not to deal with some developers. Business 101, treat clients well in good times and bad!

Read more about the Onni example in the Vancouver Sun

More Green Condos in North Vancouver

keith — Wed, 04 Feb 2009 17:39:24 +0000

Well it seems the trend to greener condo projects continues. Of course we really are not sure what “Green” really means and there are a number of different opinions as to whether any of this is really significant or just good marketing. I have to agree that there is always some marketing involved in these things but whatever the case, any step forward must be beneficial so I say this is a good thing.

Read about the the Brook condo developments in North Vancouver at “globeandmail.com”

Condo Market Downturn Has Positive Long Term Effects!

keith — Mon, 02 Feb 2009 17:28:36 +0000

With slow times in the Real Estate market developers and builders must look for more efficient ways to produce their product so they can offer it at more reasonable prices. The fact is that when times are good and things are moving fast there is really little incentive to look for these efficiencies, not to mention attention to detail and quality. The good news is as times have slowed, more attention is being paid to these areas which means prices have come down and not at the expense of details and quality, in fact in many cases these items may improve. In the long term this is good for everyone, as these improvements today will help builders and developers stay afloat, buyers will have quality product to buy at reasonable prices, and when things get better hopefully these things will remain true and the builders and developers will be able to flourish again with the new found efficiencies they have been forced to adopt.

Every situation provides opportunity and future benefit if dealt with properly.