Tuesday, February 24, 2009

Vancouver condo sold to developer against owner's will

Vancouver condo sold to developer against owner's will: "An investor was allowed to purchase the entire building at 1029 West 7th Avenue for the land value, approximately $1 million, following a July 23, 2008 court decision by Justice Victor Curtis. By contrast, the court estimated the building would have been worth about $2 million fully repaired.

'It's appalling,' Fraser said. 'I am just absolutely appalled.'

Fraser has the biggest unit in the building, which the court said would have been worth an estimated $800,000 after repairs. Instead, the self-employed single father with a three-year-old daughter said he will get a cheque from the sale for approximately $350,000. He has to be out by March 12."

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Fraser said, "I will probably never recover financially." Tragic.

2 comments:

Anonymous said...

Vancouver is a condo tragedy in slow motion. Condos and the frequent rainfall there are about as compatible as Preparation H and hemorrhoids.

Anonymous said...

This will be the trend everywhere due to this ill-advised "new urbanism" cancer spreading in every metropolitan area planning department.