Olympics-Vancouver’s athletes village in receivership
It was announced yesterday that the highly touted Millenium Water project or Athletes Village went into receivership. It was already bailed out once before in the infamous “backroom deal” in City Hall. The highly acclaimed luxury apartments didn’t meet its projected sales. Even being the Athletes Village in the 2010 Olympics, people were not fooled into buying low quality finishes at a truly high price. What does this mean for the remaining units yet to be sold? They could do a receivership sale, but mind you a reduction of price from their initial pricing wont be that much cheaper for the buyers. I don’t see the City or whoever will be in charge of the receivership to truly slash prices like previous receivership sales in the past. Only time will tell. I will be definitely keeping my eyes and ears on this one.
for the full article from Reuters check out —-http://www.reuters.com/article/idUSN1724340320101118