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  #661  
Old Posted Oct 30, 2018, 5:36 PM
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Should have been a big amusement park in the first place, a la Canada's Wonderland, replacing Playland.
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  #662  
Old Posted Oct 30, 2018, 6:32 PM
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There’s a ton of residential development being constructed west of the mall.
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  #663  
Old Posted Oct 30, 2018, 8:06 PM
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Quote:
Originally Posted by LeftCoaster View Post
Should have been a big amusement park in the first place, a la Canada's Wonderland, replacing Playland.
+ With this.

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Originally Posted by libtard View Post
There’s a ton of residential development being constructed west of the mall.
... where? that's all ALR land!
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  #664  
Old Posted Oct 30, 2018, 9:00 PM
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Originally Posted by fredinno View Post
+ With this.



... where? that's all ALR land!
You sure? Doesn't aboriginal title supercede that?

I saw the development with my own eyes when I was out at Tsawwassen Mills this past weekend. As busy as I've ever seen that mall.
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  #665  
Old Posted Oct 30, 2018, 9:22 PM
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Yeah a lot of that land is not alr. Just because it's currently being used as farm doesn't mean it's in
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  #666  
Old Posted Oct 30, 2018, 9:34 PM
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You sure? Doesn't aboriginal title supercede that?
Exactly. The thread title is "Tsawwassen First Nation Updates"


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Originally Posted by osirisboy View Post
Yeah a lot of that land is not alr. Just because it's currently being used as farm doesn't mean it's in
The Amazon warehouse is going in at Delta iPort too. I'm pretty sure they wouldn't allow industrial on ALR land either.
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  #667  
Old Posted Oct 30, 2018, 10:10 PM
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Yeah a lot of that land is not alr. Just because it's currently being used as farm doesn't mean it's in
...I was an idiot, sorry, I thought he said east, not west.
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  #668  
Old Posted Oct 30, 2018, 11:14 PM
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the houses being built, do buyers own them or are they like leaseholds? or whatever it is when they buy on first nations land. That would be a deterrent to buy there wouldn't it?
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  #669  
Old Posted Oct 30, 2018, 11:46 PM
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They are leaseholds priced about 600-730k for a brand new 3 story townhouse with garage built in. I doubt it will be a deterrent, especially for families looking to upsize and currently own a leasehold property.
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  #670  
Old Posted Oct 31, 2018, 12:58 AM
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They are leaseholds priced about 600-730k for a brand new 3 story townhouse with garage built in. I doubt it will be a deterrent, especially for families looking to upsize and currently own a leasehold property.
you never own a leasehold property. not only does it make selling much harder, as many people avoid it, esp on native land, but you are "purchasing" a rental basically. sure you can "sell" it. but good luck with that.

personally, i would never buy on leasehold land. doesn't matter if the city owns it (SW False Creek) or the natives.
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  #671  
Old Posted Oct 31, 2018, 1:13 AM
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Originally Posted by LeftCoaster View Post
Should have been a big amusement park in the first place, a la Canada's Wonderland, replacing Playland.
Bingo.

I was thinking ironically this First Nations band has been one of the biggest losers regarding the GMB cancellation.

But honestly I don’t think even that project would save this mall. It needs to be a unique destination (as stated above, some sort of major theme park element / entertainment complex).
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  #672  
Old Posted Oct 31, 2018, 4:09 AM
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you never own a leasehold property. not only does it make selling much harder, as many people avoid it, esp on native land, but you are "purchasing" a rental basically. sure you can "sell" it. but good luck with that.

personally, i would never buy on leasehold land. doesn't matter if the city owns it (SW False Creek) or the natives.
I'm hearing that the TFN was originally asking for unusually short land lease term lengths. They seem to have come off that to more "market" normal terms, well at least normal for Vancouver.
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  #673  
Old Posted Oct 31, 2018, 5:49 AM
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I'm hearing that the TFN was originally asking for unusually short land lease term lengths. They seem to have come off that to more "market" normal terms, well at least normal for Vancouver.
that is the problem with leasehold land. your buying a place while only getting to rent it. doesn't matter who the lease holder is, they will/can do whatever they want with their property.

i have heard enough about the future of SW False Creek to not want to get involved with leasehold anywhere.

you may save some money, i.e. 700k vs 1.4million. but the difference is, once the lease is up. you either renegotiate or that 700k is not refundable. plus you end up paying rent as well. and yes, many people will avoid leaseholds for that very reason. so it is very hard to sell it to get out and ever get money back.
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  #674  
Old Posted Oct 31, 2018, 2:02 PM
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The viability of purchasing a Leasehold is totally dependant on who owns the land and how many years remain. Leasehold properties sell very well in areas like UBC where most have 99 years leases and many are near the start of the lease, UBC is a reliable land owner as well. So having almost a century remaining is little issue to most buyers and most will likely sell within 10 years, so little issue for the subsequent buyer.

During most market cycles properties in areas like UBC and the West End sold quite quickly and also offered some value-for-money when comparing to other West Side neighbourhoods.

I've transacted several West End properties where most of the leases expire in 2072-73, many I sold to retirees where 400K would get them something that would cost 700K with Freehold title, hence most buyers would not outlive the leases, so good value for this type of buyer.

First Nations Land is another story all together as are properties like those in False Creek where leases are due to expire around 2040.
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  #675  
Old Posted Oct 31, 2018, 2:36 PM
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Why is it always 99 years and not 100 years?
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  #676  
Old Posted Oct 31, 2018, 3:04 PM
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The viability of purchasing a Leasehold is totally dependant on who owns the land and how many years remain. Leasehold properties sell very well in areas like UBC where most have 99 years leases and many are near the start of the lease, UBC is a reliable land owner as well.
The days of 99 year leasehold structures are behind us. Sixty seems to be the max, and I hear that TFN's initial ask was far below that, which makes the math for return of capital pretty nasty.

I yearn for the days of 99 year ground leases, but that doesn't seem to be in fashion any more.
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  #677  
Old Posted Oct 31, 2018, 10:12 PM
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interesting thanks.

I wonder how the reopened waterpark has done. It looks so boring and aged. They really need to put some money into it and make it a better draw.
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  #678  
Old Posted Jan 6, 2020, 10:06 PM
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I was at the mall and commons on Friday evening. The mall was pretty much the same as my last visit over a year ago. There is now a Coach store, which had much less selection than the YVR outlet store despite being a decent size. Michael Kors is expanding to what looks like could be double the size of their current space.

The commons side was dead even at 7 pm on a friday. Plentiful parking. The Walmart again was dead maybe 3 dozen cars parked outfront.

There is a lot of housing being constructed but it was dark out so didn't really look.
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  #679  
Old Posted Jan 6, 2020, 10:36 PM
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I was at the mall and commons on Friday evening. The mall was pretty much the same as my last visit over a year ago. There is now a Coach store, which had much less selection than the YVR outlet store despite being a decent size. Michael Kors is expanding to what looks like could be double the size of their current space.

The commons side was dead even at 7 pm on a friday. Plentiful parking. The Walmart again was dead maybe 3 dozen cars parked outfront.

There is a lot of housing being constructed but it was dark out so didn't really look.
What did anyone expect with a mall in dead nowhere...
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  #680  
Old Posted Jan 6, 2020, 10:46 PM
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What did anyone expect with a mall in dead nowhere...
It is fairly busy, apparently sales are better than expected. The rent also reflects the location.
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