NEAL HALL, VANCOUVER SUN: Thursday, May 19, 2011
Reflection:
The financial health of the Olympic Village is improving as of Monday the occupany is 60 percent and has also determined that by July 31 the occupancy level will rise to 70 percent. It is also reported that 124 units have been sold at a price of $84 million dollars. In March when the condos went up for sale again they sold roughly 100 out of the 700 they had, but they had to reduce the price by 30 percent, there were alot of complaint of defiency's, people were getting less then they had been promised and there are lawsuits in progress against the city. While there are many cases in progress the reports stated that the Village's defiencies have been resolve as of May 5. There were big problems with the condo's as there water system had problems and other things such as major appliances were missing.
I believe that the city is just trying to get rid of this as soon as possible. They have realized they arent going to make as much money they had thought and there might not be a profit at all. Since you would think that people would he heads over heels to live in an apartment in which an olympian had stayed in and actually live there, its like buying a house that was previously owned by a celebrity. The thing that the city is most worried about is returning the $740 million dollars it owes the taxpayers. The current number of people suing are 60 condo owners and how i would solve this problem is just fix the problems they have with their apartments whether its the water system or there roof is leaking you are going to make more money selling the condo and giing them a proper working water system is implied, nobody takes a shower when checking out the house.
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