subject: Olympic Village Price Reductions To Be Approved by Ernst & Young [print this page] Olympic Village Price Reductions To Be Approved by Ernst & Young
The Vancouver Condo Project Receiver ToApprove Significant Price Cuts Later this Week
Condo marketer Bob Rennie announced that heis about toreceive approval from Ernst & Young to reduce condo prices across the board in the Olympic Village complex in southeast False Creek. Although he did not speak to any specific numbers, Rennie called the pending reductions significant' . He spoke about a very delicate positioning of the new Olympic Village marketing plan quoting a do it right or die' approach is the one they'll be taking.
The neighbourhood's reputation has taken a beating over the past year as the market for luxury concrete condos in Vancouver has softened. I did witness quite a few of the resale unit listings go stale towards the end of the Summer.
The social or non-market component has not been without its share of problems, particularly finding someone qualified to manage it. The development mix of high-end luxury condos and social housing has also been a contentious issue and a thorn in the side of the marketing effort.
Rennie hinted that a possible relaunch price could be around $1,000 per square foot for the high-end units and that he expects to move 100 units by June next year. The target date for the newly priced marketing relaunch is Feb 12, 2011, the one year anniversary of the 2010 games.
My feeling is that while $1,000 per square foot will be achievable, those sales will be limited to the best of the best only waterfront suites. Look for a huge price differential between the waterfront suites and those further back in the compound towards the Wall Center at False Creek development site.
