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Bob Rennie's Long Walk Home
| Image: Peter Holst | Published: March 01, 2008
Bob Rennie is standing on Richards Street. He has a white Starbucks cup in one hand and a BlackBerry in the other. The index finger of the bony hand wrapped around the paper cup is ticking like a metronome, pointing briefly to a lot across the street, then back to the aging house before us.
“There were two old houses there,” Rennie says. “My aunt used to own one of those: 1085 Richards. She was a bootlegger. Her name was Lina Pelle.”
Rennie pauses to sip his coffee. His bobbing finger does not. I wonder if Rennie, a man perpetually in motion, really needs any more caffeine.
“So in 1985, I brought her an offer of $85,000 for that house,” he continues. “She said no.”
The finger seizes. “This 50-foot lot right here just sold for $6 million.”
Rennie takes another sip. He watches me. He looks like he’s counting the beats, waiting for my
reaction.
“Six million?” I ask in disbelief.
“Six million.” He smiles. His finger stops dancing. “Twenty-one years later.”
I’m stunned. And in my moment of mental paralysis, he moves in for the comedic kill.
“Had I bought her house,” he deadpans with a theatrical shrug, “I wouldn’t have to go through this stupid interview.”
In Vancouver real estate is a sport. It’s what we talk about at dinner parties, the way Angelinos gossip about movies or Calgarians gush about oil. It’s our über-metaphor: the thing we talk about when we talk about ourselves. And it’s how we keep score; anyone who’s owned a home in Vancouver during the past decade has a one-that-got-away story.
Rennie’s story is simply bigger, millions of dollars bigger. And his story is family; the seller was his aunt. So like all great real-estate tales, Rennie’s reveals precisely what he wants you to know about him: he’s a hometown boy, he thinks big, and he’s got a disarming sense of humour.
But you already know something about Bob Rennie, don’t you? You know he’s the smooth-talking condo king who has lured thousands of buyers to bet their savings on an unbuilt concrete box. You know he’s transformed his name into a brand: Rennie Marketing Systems, a firm that helps developers plan and market projects that appeal to evolving consumer tastes. And you know that in this city obsessed with real estate, he’s the quintessential celebrity.
What you might not know is that for the past few years, Rennie has been saying some curious things about Vancouver’s future. He’s been warning that downtown is running out of developable land, that the heart of the city is moving east, and that the style of condo-tower development he helped pioneer must now change if Vancouver’s live-where-you-work dream is to survive.
Rennie has put his money where his mouth is.
He’s moving his own company from a sleek office on Howe Street to the oldest building in Chinatown. And on a sunny Vancouver morning like those pictured in real-estate brochures, Bob Rennie and I took a walk across Yaletown and through the Downtown Eastside on our way to the Pender Street building he is restoring.
Oh, and along the way we taped this stupid interview.
Comments
We just bought a new washer
Comment by Anonymous, January 18, 2010 at 13:59We just bought a new washer after spending nearly as much on maytag parts it was ridiculous to keep fixing it. Much more energy efficient the new model is.
Everyone have their own
Comment by Anonymous, February 9, 2009 at 20:50Everyone have their own unique story on getting a property or dream house. It is something like going after a dream girl. Viewing real estate as a sport is new to me. During recession, I think most of the property value will drop tremendously. Some experts says that this is the best time to buy any property.
I'm a Downtown Vancouver
Comment by Freesia Realtor..., November 18, 2008 at 09:13I'm a Downtown Vancouver Realtor and what Bob Rennie mentioned about that house going for exponentially more than what it did 21 years ago is what you will see more of going forward. The Vancouver Real Estate market may be coming down now, but it will go back up and it will come back big time.
Its just a matter of when!
Re: Anonymous, June 29, 2008
Comment by Anonymous, July 18, 2008 at 14:13Re: Anonymous, June 29, 2008 at 21:52
I think the point is not that development needs to stop in the DTES. Revitalization is important, including more eastside offices and residences. This is where the future of our city lies.
But Rennie apparently don't really seem to care about anyone who doesn't want granite countertops and stainless appliances.
Housing teachers and nurses is all good. In fact, I'm one of them who works in the DTES and can't afford to purchase a home in this city.
Mr. Rennie certainly has many homes and many millions. So what about setting aside a couple of mil. towards a housing project to help the real needy? How about meeting with city managers on how to help revitalize areas of the city like the eastside?
Bob's money and influence could go a long way. And now he's asked where our conscience is. And I'm wondering too. I haven't seen anything of substance from Rennie. If he cares, it certainly seems to be all bullshit.
Get off your high horse Anonymous; there's enough of you already up there. What have you done for the downtown eastside?
Rennie is wrong to state
Comment by Anonymous, July 10, 2008 at 16:23Rennie is wrong to state that Yaletown is perfect model from wwhich to work from. Ivory tower units predominantly owned by foreign investors standing over Starbucks and boutique dog accessory stores? I lived in Yaletown for many years and was surprised by the overwhelming feeling of falseness and sterility. It doesn't compare to genuine neighbourhoods such as Gastown or Commercial Drive which possess a far superior sense of community. Please don't spread this serility to the Lower Eastside, it may have problems, but at least it has heart.
I agree. I don't understand
Comment by Paola, July 11, 2008 at 09:35I agree. I don't understand why some people dream of living in movie-set neighbourhoods where everybody has the same cars, the same dogs, the same schedule, the same clothes. What makes a neighbourhood alive is the diversity on it, in that sense I think the West End could be closer to be a real neighbourhood.
This first post is such a
Comment by Anonymous, June 29, 2008 at 20:52This first post is such a terrible cliche. How often do we here that rubbish about how developers are all scum and all real estate development must come to a halt beyond Cordova and Carral street. Yawn.
Honestly, it's a terribly tired cliche. Stop it.
First ask what exactly have you done and what are YOU going to do down in the DTES to help the poor and addicted and homeless-rather than slag Bob off. Get off your arse and do something yourself.
Who the F***k are you to ask where Bob Rennie's conscience is ..?
The world doesn't stop turning because a guy is sticking a needle in his arm on the corner of the street.
There are lots of doctors, nurses, teachers and other people who need homes in this city. Where are you going to put them ? Why can't they live on affordable and developable land on the Eastside ?
East Vancouver developments
Comment by Anonymous, March 19, 2008 at 13:43East Vancouver developments are slowly driving out the poor. This happens in all big cities: this is nothing new. But what can we do to help these people? Can we take some of our millions of dollars and help? Maybe, but Rennie doesn't seem to care enough, does he?
“You know, my heart bleeds that those trees fell down in Stanley Park. But we’ve got people falling down in the street. Where is our conscience?”
It would be nice if any of these developers and many more politicians actually had a conscience. Maybe then we'd have a plan to help the down-and-out people and have the money to act on it. But for developers, it seems money is more important than conscience. Well, that's how they got their millions, isn't it? For politicians, that's another story.
Building condo developments in the Downtown Eastside and allowing for 30% social housing is wonderful. .......But how about showing some real conscience and really digging in and helping the people? It would be nice to see these developers-with-a-conscience announcing plans to work with government and community groups to help solve homelessness, poverty, and other social issues.
How many millions does Rennie need in his bank account? How big does his art collection need to get before he starts to focus on people who need help? Rennie doesn't seem to have the conscience to match his bank account; he doesn't seem to have the same energy and enthusiasm for philanthropy that he does for developing condos. Is he working with community groups and government agencies to plan and help? Nope. Marketing condos and building more developments is at the top of his list. I'm not surprised, Rennie's a developer: developing properties comes first. But since he pointed out the lack of conscience, I'm calling him on it.
It's all well-and-good to complain that none of us has the conscience to help the homeless and needy, but most of us don't have the same access to resources (money and connections) that Rennie does.
I'm willing to bet Rennie tells himself that, despite his money and connections, the situation in the downtown eastside is not his problem: it is a problem for the politicians and non-profit organizations to solve.
But where is his conscience?
Now that the real estate
Comment by Anonymous, February 29, 2008 at 11:07Now that the real estate boom is coming to an end and so much issue and risk with pre-sale. Real Estate is not going to be a good investment.
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