You cant have both
RE: Barnfield residents challenge price restriction covenant (Pique Dec. 1)
Three cheers for Jim Budge and his integrity!
The Barnfield lawsuit is an insult to all of us, and doubly so to all the people who worked so hard over the years to make this type of housing possible in the first place.
Everybody who purchased there knew up front about the price cap. If they wanted to speculate in the real estate market, they should have bought in the open market.
I suggest RMOW buy back the plaintiffs lots at the original selling price, plus agreed upon appreciation, minus any and all costs this action precipitates for us taxpayers. Then give the owners 30 days to remove their houses, and the people next in line on the waiting list move up and are invited to purchase these lots.
Starting with MDC, too many price-restricted properties have fallen through the cracks. We have seen people enter the real estate market through the back door, then sell on the open market, and exit through the front door, laughing all the way to the bank. This makes a mockery of the whole process and years of work.
If this lawsuit succeeds, there is no point in wasting further efforts on the housing front. In this case, I expect RMOW to have these houses appraised at free market value, at the owner's expense, and a free market property tax bill retroactive to the date of purchase plus accrued interest to be presented to the plaintiffs. Furthermore, an additional bill for the price difference between purchase price and that of the average lot price of the day on the open market when the lots were originally sold should be added, plus interest.
Little consolation for those on the waiting list, seeing their hopes of owning a home here evaporate, thanks to the Barnfield litigants. You can have your cake-or eat it. Not both.
Barnfield suit outrageous
RE: Barnfield residents
I can't believe you greedy ingrates.
You buy in knowing full well up front that the values of your properties will be price restricted. You get a lot in Whistler for cheap. You build a house to the maximum possible envelope. You pay taxes based on those lower values. And now you want your properties to be open to full market value?!
To the muni: All the way to the Supreme Court if need be. Or use that deal with the B.C. government that put a halt to the Nita Lake NIMBY.