THE ¥YOIc

May 27, 1990 News 985-2131

7E OF RORT R AND WEST VANCOUVER

Classified 986-6222 Distribution 986-1337 48 pages 25¢

Reynolds
says job }
isn’t easy bh»

Affluence &
Influence: 78

NEWS photo Cindy Goodman

MAPLEWOOD FLATS is he:ne to more than 200 species of birds and 12 species of mammals. Environmentalists would like the area to become a

| protected wildlife sanctuary. North Vancouver District has moved to designate it a conservation area. The Vancouver Port Corp. has yet to decide
what to do with its property. See story, page 3. Pictured at the site are (left to right): Theota B. Dancer, Vancouver Natural History Society member
Fanice Harris, Ray Gardner with baby Cathrine, Federation of B.C. Naturalists member Stephen Partington, Judy Gardner and Grant Corkill.

NVD stuck with expensive lots

SAGGING LAND SALES HAVE PROMPTED ACCUSATIONS OF MISMANAGEMENT

NORTH VANCOUVER District has beea left holding a lot
of expensive reai estate follawing the recent fruitless tender-
ing for the first 32 lots of the multi-million-dollar Braemar

residential development.

And a district alderman has
slammed the municipality’s deci-
sion to spend millions on construc-
tion of the Braernar-Dempsey link
rather than first’ setling area land
to pay for the road development
costs.

In April, as chronicled in’ the
News, local real estate agents ex-
pressed doubts about the mar-
ketability of what they said were
the development’s overly expensive
properties.

The district originally planned to
sell lots ranging in size from 7,200

INSIDE: -

By MICHAEL BECKER

News Reporter

square feet to 30,000 square feet
for an averge price of $300,000.

With aceess provided by the
newly-construcited Braemar-Demp-
sey link between Lonsdale Avenue
and Lynn Valley Road, the 225-lot
development could) provide the
municipality with $67.5 million in
land sales if developers pay the
$300,000-per-lot average asking
price.

The 22-lot Braemar Place sub-

SPIRITUALLY SPEAKING: 10

NORTH:VANCOUVER
DISTRICT CQUNCIL’

division and the 10-lot Quarry
Court subdivision were the first
offerings put on the market.

But according to Ald. Craig
Clark, the Braemar Place lots were
not purchased despite an approx-
imate 20 per cent price reduction.
The 10-lot Quarry Court subdivi-
sion was put out as a block and
also discounted.

The district is therefore left with
the choice of sitting on the proper-
ties until real estate prices climb
again or selling at present values.

Said Clark, ‘‘There has been no
plan set at this point in time.
However, there has been discus-
sion that the property be removed
from the market. We could post
the property for sale or make it
available over the counter, depen-
ding on what action council wishes
to take. | think they'll probably
put it up for sale over the
counter.””

According to North Vancouver
District, Mayor Marilyn Baker,
counci] will receive a land agent’s
report on the tenderiig process
results in the next few weeks.

Said Baker,‘‘! understand that
the incident of listings to sales is
extremely high right now. If it's
extremely low it’s unhealthy and if

it’s extremely high it’s unhealthy.
So we're obviously looking at
some problems regarding the
balancing of prices in the market
and concern about interest rates
and certainly a concern among de-
velopers as to what is going to go
on before they start holding any
inventory.””

But Clark said the district erred
when it decided to spend millions
on the Braemar-Dempsey link
rather ‘han first selling land in the
area to pay for the road.

Said Clark, **That’s money that
has been pumped into the mud and
the ground. We have a $21-

ea

‘COCKTAILS & CAVIAR: 16