Vancouver Receivership Condos on the Rise – Vancouver Real Estate Liquidation Auctions Too
The condos in receivership in Vancouver have been increasing, with many in Downtown Vancouver, Vancouver Central, Surrey and Richmond and the receivership sales of these Vancouver condos have worked out quite well, selling out in most developments. The other issue at hand has been the much publicized Vancouver real estate liquidation event, an auction type sales that has been deployed to get rid of unwanted and unsold inventory.

If you haven’t heard already, there are certain Greater Vancouver developers in trouble and having trouble completing their promised condo and townhome projects due to tightening credit financing from lenders as well as below average pre-sales. With these economic times, it is no surprise that some Vancouver receivership condos have already proceeded to liquidation events and when this happens, it is nothing but a chock to local homebuyers and investors who either see this as a great opportunity to purchase below market value condo suites or for those that shy away and get fearful of property investing. In both types, receivership sales and liquidation auctions, the Vancouver condos are nearing completion and will be completed, so home buyers are purchasing completely new, never lived in suites at lower prices. As the economic turmoil heats up and the Greater Vancouver real estate plummets, condos going into receivership or developers selling off inventory through condo liquidation events and auctions will also increase through the year. Here is the official list of Vancouver condos under receivership:

Condo development in receivership? Pre-sale purchasers have cost-effective legal options. Find out more before you walk away. Click here for more information.

CANCELLED VANCOUVER CONDO PROJECTS	DELAYED VANCOUVER CONDOS ON HOLD OR STALLED	CONDOS IN RECEIVERSHIP PLUS LIQUIDATION AUCTIONS
Lower Mainland Builders Breach of Contract Lawsuits Against Pre-Construction Condo Buyers Growing

Vancouver Condos in Receivership
Basically, when a Lower Mainland developer or builder gets into financial problems or other legal actions, a receivership takes over the project. It is determined at that time whether it is economically viable for the condo project to continue to completion. Whether it be a pre-construction Vancouver condo or one that is nearing completion, if the property developer gets into financial problems, the Vancouver condos will be placed in receivership. If there is a go-ahead to sell off the unsold inventory at market value, then the receivership condos will come onto the Vancouver real estate market. If it is determined that the continuation of the construction will not result in a break even or generate revenue, then these receivership condo homes in Vancouver will not go forward. Receivership means that legal action has taken place, the Vancouver condo development will continue with units being sold by a receivership and not the original developer. OVERALL IMPACT: Bad for the homebuyer because most receivership condo cases result in massive delays in the construction and final occupancy. It’s also bad for the developer as they are essentially filing for bankruptcy protection with a receivership company selling and managing their final assets. For a typical new homebuyer in Vancouver, a receivership condo sales can be great as the prices reflect below marketing pricing in most instances.

	H+H Homer and Helmcken Yaletown Vancouver Receivership Sales > February 2008 Neighbourhood: 1133 Homer & Helmcken Streets, Yaletown Real Estate, Downtown Vancouver Reason for Receivership of Vancouver Condo Development: Increase in Labour and Materials Cost and Financing Problems Developer: Chandler Development Group Receiver Liquidation: The Bowra Group Number of Condos in Receivership: 22 Storey High-Rise Condominium, 250 Units Total Pre-Sale Receivership Pricing: One bedrooms from $275,000 range to three bedrooms from $445,000 including GST, mortgage brokerage fees and closing costs Condo Marketing Website: www.hhyaletown.com Important Links: H+H Yaletown Project Profile Receivership Sales at H+H Yaletown Condos Homer and Helcken Yaletown Receivership Condos Sales If you think about Yaletown receivership condo projects, H+H Yaletown will definitely come up at the top of the list. As announced on all the major news stations as well as on Vancouver Realty TV, the receivership Homer and Helmcken receivership condominiums in Yaletown Vancouver real estate market made headlines as The Chandler Development Group, once again cited problems with construction financing. The Bowra Group receivership sales started a few months later just prior to the completion of the H+H Yaletown condos for sale and these newly priced receivership condominiums at Home and Helmcken were snatched up quite quickly. A prime location in the heart of Yaletown property market coupled with true urban living and outstanding amenities/features became the focal selling point for the rest of these Yaletown H+H receivership condos for sale. FINAL THOUGHTS: The Homer and Helmcken Yaletown condominium project is now ready for occupancy and most of the receivership condos by the Bowra Group have been pre-sold signaling an end to this fire sale that is a landmark Yaletown condo building in a great location and at a great price.
	New Westminster Amadeo Condo Receivership Sales > June 2009 Neighbourhood: Uptown New Westminster Reason for Receivership of Richmond Townhome Development: Increase in Labour and Materials Cost and Financing Problems Receiver Liquidation: The Bowra Group Important Links: Uptown New West Amadeo Project Profile FINAL THOUGHTS: The Uptown New Westminster Amadeo condos are now in receivership sales with only a few number of new units still available through the Bowra Group. You can contact CondoMob for details about bulk purchases at the receivership Amadeo New West condos for sale.
	Garden City Richmond Townhomes under Receivership > February 2008 Neighbourhood: Garden City Park, Central Richmond Real Estate Reason for Receivership of Richmond Townhome Development: Increase in Labour and Materials Cost and Financing Problems Developer: Chandler Development Group Receiver Liquidation: The Bowra Group Number of Units: Richmond Garden City Receivership Development includes two condo towers and a few select townhouses Pre-Sale Receivership Townhome Pricing: Condos from $299,900 (two bedroom) and Garden City Richmond Townhomes from $539,900 (three bedroom) Condo Marketing Website: www.gardencityliving.com Important Links: Garden City Richmond Project Profile Receivership Problems with Richmond Garden City Townhomes After just having launched their pre-sales, the Chandler Development Group announced the receivership of the Richmond Garden City townhomes citing problems with the increase in labour and material costs during the height of the Richmond real estate market. With increase competition from other builders and too many pre-sale units for sale in Richmond BC, the Chandler Group Richmond Garden City townhomes and townhouses went into receivership by the Bowra group in February 2008. It was deemed by the Bowra Group receivership company that the pre-sale Richmond Garden City townhomes can be completed on schedule and on budget and therefore, sales have continued to sell off the remaining units. Also involved with this Richmond condo receivership were two high-rise condominiums at Garden City Richmond. They too have been placed on the public market and the Bowra Group hopes to sell all remaining units at basement bargain pricing. FINAL THOUGHTS: A promising Richmond real estate master-planned development came at the wrong time, but luckily, pre-sale homebuyers were able to get Bowra Group receivership townhome deals and incentives in the final release of the Garden City Richmond townhouses.
	East Vancouver Sophia Condo Receivership Sales by Bowra Group > February 2008 Neighbourhood: 298 East 11th Street, East Vancouver Real Estate market Reason for Vancouver Condo Receivership: Vancouver Strike, Increase in Labour and Material Costs for Construction Developer: Eden Group of Companies Receiver Liquidation: The Bowra Group Number of Units: 81 Affordable East Vancouver Condos for Sale Pre-Sale Price Range: 5% Receivership Liquidation Incentive from $380,000 to $700,000 with tones of other credits and deals Condo Marketing Website: www.sophialiving.com Important Links: Sophia Vancouver Project Profile Sophia Vancouver Condos Falls into Receivership News Online Discussion of Vancouver Receivership Liquidation at Sophia Condominiums The Sophia Vancouver condo receivership fiasco was the next hit in the Vancouver real estate market, hot on the heals of the Riverbend Coquitlam receivership problems. This time, the Eden Group of Companies, a small local developer fell into financing issues and poor pre-sales, leading to the receivership of the Bowra Group taking over final sales and also restructuring some inside sales that were deemed unfair as they were sold at basement bargain pricing, much lower then what the market was asking for at the time of pre-construction sales. The receivership Sophia Condos in Vancouver have gone full circle and only a few remaining completed condominiums are still selling. Otherwise, most initial homebuyers at the Vancouver Sophia condos receivership decided to keep their units and see their contracts through, while new homebuyers (many first time purchasers) got into the market and purchased these discounted remaining receivership Sophia Vancouver condos from the Bowra Group. FINAL THOUGHTS: Unattractive marketing, high pricing and not the best location all combined to see the downfall of the Eden Group of Companies who could not seek proper financing for the Sophia receivership Vancouver condo development that will be forgettable once complete.
	Riverbend Coquitlam Single Family Homes Receivership > June 2007 Neighbourhood: Riverbend Coquitlam Real Estate Market Reason for Coquitlam Receivership Homes Liquidation: Increase in Labour and Materials Costs for Construction plus Problems with Financing Developer: CB Developments Receivership Liquidation: Unknown Number of Homes: 31 Affordable Single Family Coquitlam Homes for Sale Pre-Sale Price Range: From the low $300,000s Elyse Condo Website: Unknown Important Links: Riverbend Coquitlam Project Profile The Riverbend Coquitlam Project in Receivership Latest Update on Receivership of Coquitlam Riverbend Homes Didn’t know too much about the Coquitlam Riverbend homes for sale as there was not much marketing or advertising going on for this small community of single family homes, but it sure shocked the entire Greater Vancouver real estate market at the time. Basically, the first Coquitlam property development to go into receivership, it started making homebuyers and investors thinking about where their money went into pre-sale homes and also to do their due diligence on builders and developers prior to signing any contract. In addition, the receivership Coquitlam Riverbend home community reminded homebuyers to review the contracts with their lawyers and seek legal advice if they didn’t understand the fine print in the amendments and contracts. FINAL THOUGHTS: The news about Riverbend Coquitlam receivership came as a huge shock for more of the public, homebuyers and prospective purchasers, and since this case, nothing has really been resolved and the number of receivership properties in Vancouver have skyrocketed.
	The Willows in Lake Country Okanagan in Receivership > March 2008 Neighbourhood: Okanagan Lake Country Real Estate Reason for Condo Cancellation: Increasing costs in labour and material for construction Receivership Sales: BDO Dunwoody Another less popular development that has gone through receivership sales at the Lake Country Willows condominium project in the Okanagan. With seventy eight pre-sale homebuyer waiting for a resolution and really in limbo, the Okanagan Willows in Lake Country development was placed into receivership hands when it was over 75% completed already. The developer, Divergent Environments of Victoria, cited problems with construction financing and growing costs of labour and materials. The receiver for the Willows in Lake Country Okanagan receivership is BDO Dunwoody.
Vancouver Liquidation Condo Sales Basement bargain prices are offered by Vancouver real estate developers and builders in a ‘liquidation sale’. During this time, the property developer has a large percentage and number of unsold condo inventory and wishes to sell them off below marketing appraised value in most situations. A Vancouver condo liquidation is usually a bulk event, meaning that the real estate developer has a large number of new condo inventory that they need and want to sell as soon as possible. During a condo Vancouver liquidation sale, the units being offered are usually completely new, never lived in condominium residences in Greater Vancouver and have never been closed on by another home buyer. A liquidation condo sale in Vancouver represents great value for home buyers looking for basement bargain prices on new suites. OVERALL IMPACT: Usually involves a few hundred units, a Vancouver liquidation real estate event is one such experience that will dramatically change the landscape of the real estate market. Featuring basement bargain pricing on affordable Vancouver condo suites, a real estate liquidation in Vancouver will skew the sales volume and sales figures for the duration of the sales event. Home buyers wanting completely new and well-built condos can opt for Vancouver receivership condo sales, but buyer beware, as you should still do your due diligence on the actual value of the specific units you’re interested in. It’s a great promotional tool for the developer and marketer too, as when there is a Vancouver condo liquidation real estate event, all homebuyers’ eyes are on them, and no one else. Vancouver Condo Auctions An auction event is where single condos for sale are being offered at an auction to the highest bidder. Although not very common in the Greater Vancouver real estate market, you see more of these condo auctions happening lately for those who want to get the best offer in an incredibly short period of time. Like any other event, the condo auction usually only lasts for a few hours, days or a week until the seller is satisfied with the final tally. A Vancouver condo auction can be set as a private or public event, depending on the seller. OVERALL IMPACT: Because Vancouver condo auctions and real estate auctions can be private or public, many auctions that take place are not even seen or heard of by the public homebuyer. Private auctions for Vancouver condos and homes are more popular then people believe, but in most cases, these inside sales involve luxury mansions and estate homes. For public auctions for Vancouver condo sales, these are more for liquidating unsold inventory usually involving only a few units for sale. A Vancouver condo auction is quite rare and not seen since the last boom.
	MACBULK Onni Condo Vancouver Real Estate Liquidation Event > January through March 2009 This unique and exciting condo liquidation auction event in the Vancouver real estate market by MACBULK (sales by MAC Marketing Solutions) has been a huge hit. Citing slow pre-sales and a slowing property market, Onni Group of Companies decided to liquidate their final unsold condo and townhouse auction inventory in a series of liquidation Vancouver condo sales event through their master planned communities. The auction MACBULK Onni Condo liquidation sales are happening from January through to March 2009 in the hopes that the Onni Group of Companies can sell and auction off their remaining condominium inventory and then focus on new developments. The Onni MACBULK auction condo liquidation sales featured eight developments across the Lower Mainland including: 1. Surrey Escada MACBULK Onni Condo Liquidation 2. Port Coquitlam South Verde Onni Condos for Auction 3. New Westminster The Point MACBULK Liquidation Condos 4. New Westminster Victoria Hill Condos Liquidated by Onni MACBULK 5. Port Moody Libra Homes MACBULK Sales 6. Port Moody Suter Brook Room Loft Living MACBULK Onni Auction Sales 7. Port Moody Suter Brook Aria Condo Tower Liquidation by Onni 8. Richmond FLO MACBULK Condo Sales Auction A total of 375 completely new Onni condos and townhomes will be sold at basement bargain pricing during the largest Vancouver real estate liquidation event at MACBULK. The Onni Group of Companies is hoping to sell off their entire unsold inventory of townhouses and new condos by the end of March and are very successful so far in hitting that target. Citing problems with financing new projects until these limited new completed Onni condos are sold as well as slower pre-sales and a worsening Greater Vancouver economy, Onni MACBULK liquidation auction events are the first of its kind in the city. Basically, a condominium liquidation event or condo auction means that these homes are completed and ready to move-into. There are no problems with pre-sales wait times or problems with construction as these completed Onni condos for auction in the MACBULK liquidation are never lived in completed residences for sale at basement bargain pricing. FINAL WORD: Good (not great) pricing, new never-lived in completed condos throughout the Lower Mainland and all-time low mortgage rates… you simply cannot go wrong by purchasing a MACBULK Onni liquidated condo. Liquidation MAC Marketing Site: www.macbulk.com Click Here for More Information About the Onni MACBULK Vancouver Real Estate Liquidation More Information about Each Vancouver Liquidation Condo Development Richmond FLO Condos Port Moody Suter Brook Condos, Lofts and Townhomes Surrey Escada Luxury Condos New Westminster Victoria Hill Condos and The Point Condominiums Port Coquitlam South Verde Condos
State of the Market Address – Which Vancouver Developers are in Trouble? The latest on Vancouver Real Estate Developments and Projects with Problems with Financing, Permits, Fire, Timeline, Government, Law and Others Greater Vancouver Condo, Townhome and Single Family Home Developments in Doubt – What Does This Mean to the Lower Mainland Home Buyer? And what does this mean to Vancouver Developers in trouble at the moment. From receivership condo auction sales to cancelled and delayed projects and from foreclosures to assignment sales, what does all of this terminology mean to the average Vancouver home buyer and real estate investor? A Lot! For those people who believe that real estate in Vancouver or the Lower Mainland is not a good investment, think again. Although the forecast for Vancouver real estate is negative, there is no better time to purchase property in the Lower Mainland. With inventory coming on the market at record pace in combination with a tightened credit market and Vancouver real estate developers in trouble looking to unload unsold condo inventory, there are great deals to be had throughout the Greater Vancouver real estate market these days. Coupled with great incentives and all-time low fixed or variable rate mortgages, Vancouver home buyers are in a lucky position to take advantage of some of these current deals. Right now, with so many factors weighing against property builders, there are some Vancouver Developers who are in trouble both financially and internally. We will examine those below as well. So what about the real estate terminology?
	Millennium Water GREEN Waterfront Residences by Millennium Development > February 2009 With the Fortress Group bailing out of re-financing the construction debt and financing on the 2010 Olympic Village in Southeast False Creek, the City of Vancouver and Millennium Development have been placed in a huge predicament, just a year away from the Games. The Millennium Water GREEN Waterfront condo residences were suppose to be the landmark iconic architecture of Vancouver for the 2010 Winter Olympic Games and leave a legacy of sustainable, GREEN condo, healthier living communities along the waterfront of the southeast False Creek district. With geothermal heating and cooling, energy efficient appliances, windows, toilets and the entire works, the pre-construction GREEN Millennium Water Vancouver southeast False Creek pre-sales did not go very well. Citing steep prices and a changing pre-sale condo market, Millennium Development, the developer, also faced huge obstacles in construction timeline, labour and materials cost. In addition, a segment of Millennium Water Southeast False Creek was to be designated as social housing, as part of the mandate and vision of the 2010 Winter Olympic legacy. With non-market and market units not selling at all, financing problems emerged late in 2008 and finally now in February 2009, the City of Vancouver has taken over all financing and debt for the completion of the Athlete’s Village at Millennium Water Southeast False Creek. In addition, the City of Vancouver has confirmed that the Millennium Development will continue as the builder/developer for the Millennium Water GREEN condo development. (Millennium Water Marketing Website - www.millenniumwater.com) False Creek Millennium Water Project Profile | Problems with the 2010 Athlete’s Village
	Quattro Surrey Condo Fire > October 2008 A few months ago, there were two mysterious blazes that destroyed building one of the pre-construction Surrey Quattro condominium building that is located at 138th Street and 107A Avenue. Although no one was injured, the Quattro condo blaze was subject to profound scrutiny. Coming off the heals of one of the worst drops in housing values in the past century, the Surrey real estate market started tanking and there were concerns that the blaze a the Surrey Quattro Condos was a deliberate fire. The Whalley Surrey Quattro condo fire and blaze put pre-sale homebuyers in a predicament. As one of the largest Greater Vancouver real estate developments, the $625 million project contains over 1150 suites over 4 hectares of land in Whalley neighbourhood of Surrey and they expected completion was for Fall of 2008. Earlier in 2008, pre-sale homebuyers purchased more than 100 units in four hours for this sold-out phase of the Surrey Quattro condo building that caught on fire. Pre-sale condo prices ranged from $140,000 to $500,000. Currently, there is still an ongoing investigation as to the blaze at Surrey Quattro condo fire and no resolution from the developer whether or not the Quattro condominium will be re-built anytime soon. Pre-sale condo buyers have their deposits stuck in trust until there is resolution. (Surrey Quattro Condo Marketing Website - www.quattroliving.ca) Whalley Surrey Quattro Condo Profile | Quattro Condo Fire News
Currently, it seems as though the following BC and Vancouver Real Estate Developers are in trouble one way or another with completion of their condo projects:   • Eden Group of Companies   • The Holborn Group   • The Onni Group of Companies   • Jung Developments Inc.   • CB Developments   • Chandler Development Group   • Millennium Developments   • Onni Group of Companies   • Aquilini Investment Group   • Pinnacle International   • The Quigg Group   • Navigator Development Corp and Platinum Equities   • Matsqui Land Corp   • Concord Pacific   • Wall Financial

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