Cambie Corridor Plan and Project Updates

[Feathered Friend]

https://plposweb.vancouver.ca/Public...ctId=207231827


https://guidelines.vancouver.ca/poli...e-corridor.pdf

Admittedly, we’re not sure how this proposed 14 floor strata building at Oak & W King Edward Ave complies with the Cambie Corridor Plan. Still, we doubt many people will miss this Esso gas station since there’s a Shell across the street.
https://plposweb.vancouver.ca/Public...ctId=207231827

[Lexus]

2024-01-28

Cambie@41st SE lot

Untitled by Lexus LX600, on Flickr

Untitled by Lexus LX600, on Flickr

Untitled by Lexus LX600, on Flickr


Cambie@41st NE lot

Untitled by Lexus LX600, on Flickr

6137 Cambie

Untitled by Lexus LX600, on Flickr

[vanman]

My pics taken on Tuesday, February 13th.

[giallo]

Great shots, vanman!

[CondoInvestor]

Any insights why the Cambie Gardens project failed badly? Failed as in the developer is now releasing remaining inventories at prices below presale prices.

[GenWhy?]

Originally Posted by CondoInvestor

Any insights why the Cambie Gardens project failed badly? Failed as in the developer is now releasing remaining inventories at prices below presale prices.

Are you implying they're running out of money?

[Changing City]

Originally Posted by CondoInvestor

Any insights why the Cambie Gardens project failed badly? Failed as in the developer is now releasing remaining inventories at prices below presale prices.

Is that unusual? Don't developers often sell off the final, unsold homes at less than they initially tried to get? (Especially if markets are less than buoyant). At $1,400+ per square foot, they're not exactly giving them away.

I think they were initially sold early in 2019, when a variable rate mortgage was 3.65%, so any purchasers would now have to pay almost double that rate on completion. It's quite possible that some won't have completed, so Onni still have them to sell (again), but they've already got to keep the initial deposit, so they're not out of pocket if they sell for less.

[CondoInvestor]

You guys are right. Some purchasers may not be able to complete in the end and forfeited their deposits, then the developer just sold them for cheap. Any losses, the developer can technically go after the original buyers.

[vanman]

Originally Posted by giallo

Great shots, vanman!

Thanks!

[jollyburger]

Foreclosed Coromandel Properties Site In Cambie Corridor Sold For $11.2M

According to Colliers, a total of 13 prospective buyers showed serious interest, with six of them progressing to the stage of signing confidentiality agreements.

Four offers were ultimately made. Those included an offer by Lotus Living Holdings Ltd. and Terra Blanka Development Corp. for $7M, an offer by ZJ Holdings Ltd. for $6.5M, an offer by 1452085 BC Ltd. for $11.2M, and an offer by S&J Capital Group for $8.3M.

In early-March, Gulf and Fraser, who merged with Interior Savings on January 1, 2024 to become Beem Credit Union, returned to the court seeking approval for the $11.2M offer made by 1452085 BC Ltd. The sale was approved by the court on March 25 and closed earlier this month on April 8.

https://storeys.com/coromandel-prope...e-foreclosure/