Vancouver developer pulls out of condo projects due to financing difficulty

[Sportsdude]

where's that balloon...

[a href="http://ca.news.yahoo.com/s/cbc/071127/canada/vancouver_bc_condo"]http://ca.news.yahoo.com/s/cbc/071127/canada/vancouver_bc_condo[/a]

Skyrocketing construction costs driven by Vancouver's sizzling real estate market have forced a developer to pull out of two projects worth $95 million.[/p]  Developer Bill Eden, who owns The Eden Group, told CBC News that because of financing difficulty it's not possible for his company to finish the projects.[/p]  "The industry itself - very difficult to get financing," Eden said on Monday. "Basically, it's extremely uncertain whether I can actually complete that building."[/p]  That development project is the Elyse, a 119-suite condominium complex planned for E7th Avenue and Scotia Street in Vancouver. There are 55 people who made presale purchases beginning in February.[/p]Another Eden project, a $30-million estates townhouse development, has also been shelved. That site is also for sale.[/p]
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[Sportsdude]

RIP
Elyse:
[a href="http://www.elyseliving.com/"]http://www.elyseliving.com/[/a]

The Sophia:
[a href="http://www.sophialiving.com/entrance.htm"]http://www.sophialiving.com/entrance.htm[/a]
 

[Russ]

Im with you SD... I believe there will be a bubble.

  Especially in the condo markets.

[Sportsdude]

there's got to be and checking these developers sites makes me believe that its going to happen soon. Once the little guy goes everything follows suit. If only a couple developer firms are able to build now in Vancouver due to high prices, that's something news worthy.

Funny thing is that the developer if he was smart would move this operations to Victoria.