XPost: bc.politics, van.general   
      
   And to think - the people of the city of Vancouver supported their money going   
   for such   
   boondoggles - not to mention the rah-rah types across the province who now see   
   even lottery   
   funds being directed to fill the holes created by the Olympic games.   
   __________________________________________   
   Vancouver Sun - February 11, 2011   
      
   Olympic village condo prices to be slashed by an average of one-third   
      
   Over 100 suites slated to rent while $1-million units shelved to sell later.   
      
   VANCOUVER - Condo prices at the troubled Olympic village project will be   
   reduced by an average   
   of 30 per cent from May 2010 levels, according to Ernst & Young, the project's   
   receiver.   
      
   Specific prices won't be released until sales begin on Feb. 17, but discounts   
   will vary by unit   
   location, features and views, according to a 112-page report the receiver   
   filed in B.C. Supreme   
   Court on Thursday.   
                                                                            
   ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^   
   "The pricing of the 2011 marketing launch is not intended to represent a 'fire   
   sale' or drastic   
   discount from actual market value in order to accelerate sales," the document   
   says. "The   
   pricing will reflect realistic current market values."   
      
   The plan calls for 230 condos to go on sale Feb. 17, while another 244 suites   
   -some of them the   
   more expensive waterfront units -will be withheld from the market, according   
   to the receiver's   
   documents.   
      
   Of these 244 suites, 127 will be offered for rent at market rates, which   
   marketer Bob Rennie   
   estimated to be roughly $2.30 per square foot per month.   
      
   Suites valued at more than $1 million will not be rented out, but rather sold   
   at a later date.   
      
   "The timing of release for sale of the remaining units will be determined by   
   the results of the   
   receiver's marketing campaign and an ongoing assessment of market conditions,"   
   the document   
   states.   
      
   Renting out a home can reduce its market value, but previously rented homes   
   are generally not   
   subject to the 12-per-cent harmonized sales tax that new home purchasers must   
   pay.   
      
   Vancouver Coun. Suzanne Anton said slashing prices is one of the few options   
   left for the   
   troubled project.   
   "The mayor put this under a black cloud and I'm hoping this new plan will blow   
   that black cloud   
   away," Anton said.   
   "It was clear something had to happen because they were not moving at all."   
      
   She said there is "no question" the cuts will mean a major financial loss to   
   Vancouver   
   taxpayers.   
      
   "The only question is how big the city's loss will be," she said.   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)