When the Eden Group of Companies said “time is running out” for their Sophia condos in Mount Pleasant, they sure weren’t kidding. If you bought pre-sale, East Van’s hottest concrete blondie just went down on you … and I don’t mean in a good way. With 85% of the building built, developer Eden pulled the plug citing cost overruns and labour shortages. At last count, 78 pre-sale buyers are now in limbo and will likely see their condos lost.
Sophia’s “Sorry, I’ll see ya”-routine isn’t the first for Eden; it wasn’t long ago that sophisticated sister Elyse pulled the same act, much to the dismay of feminists. It’s bad enough the condos failed but it really sucks that they failed and happen to be named after girls. I’m a feminist and I can tell you this doesn’t help the cause.
Whenever I’m feeling down, I look to Bob Rennie for inspiration. Turns out Bob’s got an opinion on Eden’s crush and his line of thinking might surprise you. In an interview with CTV News, Rennie tells us the “smart money” supports government intervention:
Anything the government wants to put in place to protect the [pre-sale] consumer doesn’t worry those top 15, 20 developers. If you’re getting creative with your financing, or your profit margin is too low, that developer may worry. But then again we’re protecting the consumer so let’s do it.
He may be a master of hype, but with this comment Rennie offers us a refreshing cold shower. Cheers to you, Bob. The next latte’s on me. I am impressed.