The Scoreboard Can't Keep Pace

Have you ever watched a baseball game in Fenway Park, Boston?

If yes, you know that Fenway has an old time scoreboard, where someone has to physically change the score, the status of the inning etc. A few years back, I watched the Yankees and the Red Sox in a slugfest. Run after run scored, wild pitchs were common, home runs left the ballpark faster than new hip-hop songs on the Billboard 100. And the one guy trying to update the scoreboard, well..., he just could not keep up.

That is what is happening to the West Coast real estate market right now. Before investors and other stakeholders had time to digest the news that Intrawest is 48 hours from receivership and Fortress may not be able to finance the Olympic Village, came a further barrage of negative news.

The Ritz Carlton, developed by Holborn, stopped construction and the sub contractor vacated the premises.

Full story:

http://www.cbc.ca/canada/british-columbia/story/2008/10/21/bc-ritz-carlton.html

Simon Lim of Holborn claims that construction was halted due to the need for design changes. But only about 50% of excavation was complete. And regardless of what they design will be, full excavation is required. Holborn announced that its other project, The Hills, at Nanimo & Kingsway, is on hold.

And news crews barely had time to file reports before they were told that work on the downtown Hilton is also suspended. A second Hilton project is also on hiatus.

In fact, so many projects have ground to a halt, or are now in receivership that we cannot report them all. So we are including a link to an interactive map that CBC has put up. We thank CBC for their work. This map is not complete as it includes only the marquee projects, mostly in central Vancouver.

http://www.cbc.ca/bc/features/construction/