Olympic Village GHOST TOWN – Vancouver Real Estate

Olympic Village GHOST TOWN - Vancouver Real Estate



the Olympic Village ghost town so I came across a news story global TV in the year 2010 when the Olympic Village went into receivership this was right after the global financial crisis in 2008 and they're saying here that the city is out hundreds of millions of dollars that it's never ever going to get back and how this was designed to be one of the most desirable neighborhoods in North America but it's been a complete abysmal failure financially and otherwise so just tune in and watch this for a second here the Olympics are over the athletes gone the village they called home a ghost hill the only real evidence the games were even here a street sign the sterile environment it feels like a science fiction film why would people come here there's nothing here yeah the billion-dollar athletes village which had to be rescued by taxpayers because of a funding crisis was supposed to be one of the most desirable places in the country to live but condo sales appear as dead as the community 737 units are for sale only 254 have sold so there's a great quote from Warren Buffett he says be fearful when others are greedy and be greedy when others are fearful in other words when market sentiment is negative when the media is trying to spin these negative stories that is typically in retrospect a phenomenal buying opportunity I mean buying into Olympic Village ten years ago you've basically doubled your investment but one of the guys that knew this right from the get-go was Bob Reni Reni marketing systems this guy's been in this market a long time just listen to what Reni had to say not fortune up that Bob Reni live in studio with us today Bob thanks for coming in oh it takes shape let me ask you first the fact that you know again Vancouver so kondou king calling for you no more densification more towers what has been the road first of all what has been the response today to what you had to say though I've done this for 14 years the last thing Bob needs another development to sell I have a very sustainable business but we have the data one in three homes throughout Greater Vancouver is clear title owned by somebody over 55 and they are sitting on a hundred ninety seven billion dollars so they're getting ready to sell anyways they're going to sell and they're going to buy down and they're going to help their children so if ten billion dollars is wealth transferred to the kids in the next few years that's forty billion dollars in buying capital so here's the problem whenever a guy like Bob Rennie comes out and says we need more supply people will just go yeah you're a marketer of course you want more supply you want to sell more condos now fair enough of course he's gonna be self-interested but he's made as billions he doesn't care if you buy a condo seam with when an McMullan of the Urban Development Institute comes out and says something or John Stovall a developer nobody believes these guys but we do have a supply problem in Vancouver we need to streamline the development process and get these projects built but in closing just be careful who you're listening to try and listen to positive people don't buy into the negative headlines I listen to people within the development industry and economists people that do this for a living they understand what's going on in the broader economy feel free to comment below or subscribe I'm Jake Cooper I'll see you next time you

6 thoughts on “Olympic Village GHOST TOWN – Vancouver Real Estate

  • That thinking wouldn't work if you are talking about the financial crisis, Japan, Greece, Ireland, Spain, etc. If I remember correctly, these condos had leaky problems. Rennie also was the chief fundraiser for BCLiberals and Visions accepting big money from donors. Anne McMullin claims they don't market overseas and there's tonnes of proof that they are full of BS.

  • You keep brining up that Warren buffet quote like you know what you are talking about. You were greedier when others were greedy. And you also will be more fearful. Keep talking and never stop. Don't you delete the videos neither. Please.

  • Blast from the past clips. Naysayers need to learn from events such as these lessons.

    Rennie touched on the transfer of wealth to Millennials. I’ve seen them during the open houses rampage last couple of years with baby boomer parents in tow. Since no one is buying, seeing Millennials open up these Poke Bars around town. Gotta spend that money somewhere.

  • Hey Jay,

    I was having an argument with a friend of mine about the better investment condo area, Olympic Village or West End. I prefer Olympic as I am blown away by how nice it is and don't think people quite realize it yet. He thinks West End allows for the same rental prices + the small chance of a re-development lottery ticket moment. Any thoughts on this? I don't like the idea of buying a 50 year old wood condo just hoping that it gets torn down but if the rental prices are the same maybe he has a point.

    Thanks!

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