Gnarcore Posted December 24, 2017 Share Posted December 24, 2017 Yup..... https://globalnews.ca/news/3932676/white-spot/ At less than an acre, this Vancouver restaurant site just sold for $245M It’s less than an acre in size. But a White Spot location on West Georgia Street in Vancouver just sold for $245 million. The site was purchased by Carnival International Holdings Ltd., a company based in Hong Kong. And while it’s not unusual to see land sell for exorbitant prices in Vancouver, this sale has set the bar higher. The old Chevron station next door was sold to Anthem Properties for a reported $72 million. But at $245 million, condos on this site would have to sell for at least $2 million. Who can afford that? People who have sold their homes on the North Shore or Vancouver’s west side and are ready to move into units that are anywhere from 1,400 to 1,600 sq. ft. in size, said real estate consultant Allan De Genova. “They’ll be able to have some money in their pocket,” he told Global News. Vancouver has a plan to build several new high-rises along West Georgia Street, and nine of them on the site where the White Spot currently stands. Passersby saw it as unlikely that they could ever afford to live in one of those units. “We’d love to but the price is really, really expensive there,” said one person. “Even more expensive than Dubai, I cannot imagine owning a place.” The sale of the White Spot isn’t exactly the most expensive one that Vancouver has ever seen. The Oakridge Transit Centre sold for $440 million, but that site is 13.8 acres. Nevertheless, the price that the new owner paid makes it unlikely that affordable housing will ever be built there. But that doesn’t mean the city can’t squeeze developers. An amenity contribution could help to revitalize city facilities like the West End Community Centre, De Genova said. In any case, a sale like this shows that that pay dirt is the new gold dust. At least in Vancouver. Link to comment Share on other sites More sharing options...
Gnarcore Posted December 24, 2017 Author Share Posted December 24, 2017 Bwahahaha I &^@#ing hope the crash hits these people worst....if it does ever happen... Glad I bought land in a few areas.....never hit this remotely obvioudsly but already in 2 years recovered 3x from 2006...... It is all listed and I hope I post from Ecuador in 5 years EDIT: First thread ever.....took 1000 posts.... Link to comment Share on other sites More sharing options...
Nuxfanabroad Posted December 24, 2017 Share Posted December 24, 2017 They paved paradise, where traffic's a parkin lot With some over-priced pads, some boutiques & a sold-up White Spot Don't it always seem to go That'cha don't know what you got 'til it's gone? (apologies to one & only, Joni) Link to comment Share on other sites More sharing options...
JM_ Posted December 24, 2017 Share Posted December 24, 2017 so let me chuck out an alternative view.... the site is destined for a landmark building for the city. There was a display at the Fairmont last year called "Japan Unlayered" and some of the buildings proposed for Vancouver were really amazing, world-class buildings by an amazing Japanese architect. So yah its gonna cost but these types of things attract people here. I know there are people who still wish Expo '86 never happened but I love these types of buildings. Link to comment Share on other sites More sharing options...
JM_ Posted December 24, 2017 Share Posted December 24, 2017 2 hours ago, Nuxfanabroad said: Don't it always seem to go That'cha don't know what you got 'til it's gone? dude it was a so-so burger joint Link to comment Share on other sites More sharing options...
Rob_Zepp Posted December 24, 2017 Share Posted December 24, 2017 3 hours ago, Gnarcore said: Yup..... https://globalnews.ca/news/3932676/white-spot/ At less than an acre, this Vancouver restaurant site just sold for $245M It’s less than an acre in size. But a White Spot location on West Georgia Street in Vancouver just sold for $245 million. The site was purchased by Carnival International Holdings Ltd., a company based in Hong Kong. And while it’s not unusual to see land sell for exorbitant prices in Vancouver, this sale has set the bar higher. The old Chevron station next door was sold to Anthem Properties for a reported $72 million. But at $245 million, condos on this site would have to sell for at least $2 million. Who can afford that? People who have sold their homes on the North Shore or Vancouver’s west side and are ready to move into units that are anywhere from 1,400 to 1,600 sq. ft. in size, said real estate consultant Allan De Genova. “They’ll be able to have some money in their pocket,” he told Global News. Vancouver has a plan to build several new high-rises along West Georgia Street, and nine of them on the site where the White Spot currently stands. Passersby saw it as unlikely that they could ever afford to live in one of those units. “We’d love to but the price is really, really expensive there,” said one person. “Even more expensive than Dubai, I cannot imagine owning a place.” The sale of the White Spot isn’t exactly the most expensive one that Vancouver has ever seen. The Oakridge Transit Centre sold for $440 million, but that site is 13.8 acres. Nevertheless, the price that the new owner paid makes it unlikely that affordable housing will ever be built there. But that doesn’t mean the city can’t squeeze developers. An amenity contribution could help to revitalize city facilities like the West End Community Centre, De Genova said. In any case, a sale like this shows that that pay dirt is the new gold dust. At least in Vancouver. Link to comment Share on other sites More sharing options...
Rob_Zepp Posted December 24, 2017 Share Posted December 24, 2017 3 hours ago, Gnarcore said: Bwahahaha I &^@#ing hope the crash hits these people worst....if it does ever happen... Glad I bought land in a few areas.....never hit this remotely obvioudsly but already in 2 years recovered 3x from 2006...... It is all listed and I hope I post from Ecuador in 5 years EDIT: First thread ever.....took 1000 posts.... Out of curiosity - why Ecuador? Would think if you want to live in South America, so many places with better climate, food and culture that would have as similar cost of living. Link to comment Share on other sites More sharing options...
riffraff Posted December 24, 2017 Share Posted December 24, 2017 lol @ Vancouver Link to comment Share on other sites More sharing options...
Tortorella's Rant Posted December 24, 2017 Share Posted December 24, 2017 Of course, Chinese purchased it. More and more this province is being sold out to foreigners.. Link to comment Share on other sites More sharing options...
kingofsurrey Posted December 24, 2017 Share Posted December 24, 2017 17 minutes ago, Tortorella's Rant said: Of course, Chinese purchased it. More and more this province is being sold out to foreigners.. Last government went out and chased the $$$$. So sad to see Vancouver becoming unliveable. On the good news though Surrey is becoming the new Vancouver ( of the 70's - 80's) before Vancouver was ruined. Link to comment Share on other sites More sharing options...
coastal.view Posted December 24, 2017 Share Posted December 24, 2017 1 minute ago, kingofsurrey said: Last government went out and chased the $$$$. So sad to see Vancouver becoming unliveable. On the good news though Surrey is becoming the new Vancouver ( of the 70's - 80's) before Vancouver was ruined. i guess but without the vast amount of easy water access the nearby mountain views and ready access to howe sound stanley park and other amenities but surrey is the place to be Link to comment Share on other sites More sharing options...
Monty Posted December 24, 2017 Share Posted December 24, 2017 4 hours ago, riffraff said: lol @ Vancouver Read this story last night and thought the same thing. Hey everyone, live in a downtown Vancouver condo for $2M. It’s worth it because you can eat out at restaurants, go to a museum and an art gallery once a year, and work 14 hours a day to pay for a mortgage that you’ll never pay off. Link to comment Share on other sites More sharing options...
kingofsurrey Posted December 24, 2017 Share Posted December 24, 2017 15 minutes ago, coastal.view said: i guess but without the vast amount of easy water access the nearby mountain views and ready access to howe sound stanley park and other amenities but surrey is the place to be Surrey has ocean beaches, mountain views and easy access to great fishing in the eastern fraser valley. And - more affordable housing and a mixed community that supports artists, students and the middle class. Vancouver's once vibrant communities are dying or dead. Link to comment Share on other sites More sharing options...
kurtis Posted December 24, 2017 Share Posted December 24, 2017 I can't wait for the crash if it ever comes! Link to comment Share on other sites More sharing options...
Ryan Strome Posted December 24, 2017 Share Posted December 24, 2017 1 hour ago, kingofsurrey said: Last government went out and chased the $$$$. So sad to see Vancouver becoming unliveable. On the good news though Surrey is becoming the new Vancouver ( of the 70's - 80's) before Vancouver was ruined. 58 minutes ago, kingofsurrey said: Surrey has ocean beaches, mountain views and easy access to great fishing in the eastern fraser valley. And - more affordable housing and a mixed community that supports artists, students and the middle class. Vancouver's once vibrant communities are dying or dead. Only you believe Surrey is such a great place. I agree Vancouver has become ridiculous just like most of B.C but Surrey is riddled in crime and drugs. The safety minister made his crime and gangs announcement in Surrey. Do you think that was a coincidence? Link to comment Share on other sites More sharing options...
kingofsurrey Posted December 24, 2017 Share Posted December 24, 2017 13 minutes ago, Ryan Strome said: Only you believe Surrey is such a great place. I agree Vancouver has become ridiculous just like most of B.C but Surrey is riddled in crime and drugs. The safety minister made his crime and gangs announcement in Surrey. Do you think that was a coincidence? What can i say... I am a huge fan of the City of Surrey . Just such a beautiful place to live.... Surrey beats Vancouver in list of Top 10 cities in B.C. to invest in real estate https://www.straight.com/news/991436/surrey-beats-vancouver-list-top-10-cities-bc-invest-real-estate Link to comment Share on other sites More sharing options...
kingofsurrey Posted December 24, 2017 Share Posted December 24, 2017 15 minutes ago, Ryan Strome said: Only you believe Surrey is such a great place. I agree Vancouver has become ridiculous just like most of B.C but Surrey is riddled in crime and drugs. The safety minister made his crime and gangs announcement in Surrey. Do you think that was a coincidence? You should try to keep up.... https://www.straight.com/news/991436/surrey-beats-vancouver-list-top-10-cities-bc-invest-real-estate Surrey’s enviable Pacific Rim location for international trade to Asia and the United States, combined with a diverse economy, deliver substantial business opportunities,” according to the report. “Sectors such as clean energy, finance, insurance, real estate, technology, advanced manufacturing, education, health, agriculture and arts help safeguard Surrey’s economy and make it one of the more resilient cities when it comes to economic booms and busts.” REIN also notes in the report that Surrey is forecast to become the biggest city in B.C. by 2041. According to the report, “it’s no wonder Surrey claims, ‘The future lives here’.” Link to comment Share on other sites More sharing options...
JM_ Posted December 24, 2017 Share Posted December 24, 2017 1 hour ago, kingofsurrey said: Surrey has ocean beaches, mountain views and easy access to great fishing in the eastern fraser valley. And - more affordable housing and a mixed community that supports artists, students and the middle class. Vancouver's once vibrant communities are dying or dead. you know King, its possible for both places to be nice at the same time Link to comment Share on other sites More sharing options...
kingofsurrey Posted December 24, 2017 Share Posted December 24, 2017 2 minutes ago, Jimmy McGill said: you know King, its possible for both places to be nice at the same time Vancouver is a nice place to visit but the sense of community.... knowing your neighbour etc.... those days are gone. I remember living in Van during 1981 - 1986 - the city had such diversity..... loved it. Link to comment Share on other sites More sharing options...
Ryan Strome Posted December 24, 2017 Share Posted December 24, 2017 9 minutes ago, kingofsurrey said: What can i say... I am a huge fan of the City of Surrey . Just such a beautiful place to live.... Surrey beats Vancouver in list of Top 10 cities in B.C. to invest in real estate https://www.straight.com/news/991436/surrey-beats-vancouver-list-top-10-cities-bc-invest-real-estate 7 minutes ago, kingofsurrey said: You should try to keep up.... https://www.straight.com/news/991436/surrey-beats-vancouver-list-top-10-cities-bc-invest-real-estate Surrey’s enviable Pacific Rim location for international trade to Asia and the United States, combined with a diverse economy, deliver substantial business opportunities,” according to the report. “Sectors such as clean energy, finance, insurance, real estate, technology, advanced manufacturing, education, health, agriculture and arts help safeguard Surrey’s economy and make it one of the more resilient cities when it comes to economic booms and busts.” REIN also notes in the report that Surrey is forecast to become the biggest city in B.C. by 2041. According to the report, “it’s no wonder Surrey claims, ‘The future lives here’.” Ya and meanwhile Vancouver is unaffordable and just look at the title of the thread. Link to comment Share on other sites More sharing options...
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