Olympic Village Condos Slow to Sell

Millennium Developments and Rennie Project Marketing to Introduce New Fall Sales incentive Program

This article comments on a Vancouver Sun posting by Jeff Lee discussing the unsold Olympic Village condo development (Millennium Water)in Southeast False Creek in Vancouver and a plan to boost sales via a new fall marketing campaign.

Th beleaguered Millennium Water Olympic Village condo development in Vancouver's south east False Creek continues to face slow sales. Most of the 254 sales happened before the Olympics, leaving 483 units unsold. This translates into a tax payer debt of around $700 million owed by the developer/financier (Millennium Developments and the City of Vancouver) to city tax payers.

Mr. Lee citesthat"because of a difficult economy, a flat real estate market, comparatively high condo prices, and the new harmonized sales tax, Millennium Developments had hadconsiderabledifficulty atttracting buyers since the games."

I agreethat all of these factors have played an important role in contributing to the slow sales in this developement however none more so that the comparatively high condo prices'. Whether or not the statistics reflect it yet, the Vancouver condo market has undergone a healthy correction over the course of the summer. Most of the non-serious sellers have been weeded out, condo listing inventories have stabilized and come down in some Vancouver neighbourhoods.

Three out ofeight listings that I called yesterday to arrange viewings for clients had accepted offers and all but one had gone through at least one price reduction over the summer. The unit that had not had it's price revised downward was a new unit still owned by the original developer.

My point is simple the Millennium Water condos are over priced for this market. Jeff Lee states that prices range from $600,000 for 600 square feet up to $10 million for a penthouse apartment'. This is not completelytrue a good friend and colleague of mine has her own personal unit for sale in the Olympic Village. The unit is 723 square feet andis currently for sale for $498,000.

Yes, this is a resale' unit but as far as I see it, it's the same age as all the new' units, $102,000 cheaper and you don't have to pay the HST. Wow, how do you beat that? I sure look forward toinspecting the incentives in thenew fall sales program' . Now I know Rennie is good but he doesn't make the market and he's up against some pretty big numbers. Washers and dryers simplywon't cut it.

My prognostication developer absorbs' the HST and asking prices come down across the board. Same net effect.

Olympic Village Condos Slow to Sell

By: Greg Mitchell

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