Unlike Whistler, Vancouver’s Olympic Village condos have had a rough ride - poor sales, receivership, controversy over subsidised housing in this expensive waterfront neighbourhood and the Vancouver taxpayer being left on the hook.
The condos were pulled off the market last Fall when Millenium Water, the developer, went into receivership. The City also has been criticezed for overpricing the condos and is owed $783 million for the Village.
I will be attending a relaunch on February 17th and will publish an updated post at that time. Sales start March 5th and the presentation centre is now open for pre-viewing.
It is recommended that you have your own buyers agent , as the sellers agent works for the seller, not for you!
In the last-ditch effort to sell what has become Vancouver’s financial albatross, the Olympic village receiver is due to file a plan with the court Thursday that includes a new name, price reductions of up to 50 per cent on a new phase of condo sales, and a $7-million sweetener for buyers that will pay off the health-club mortgage and the hefty lease costs for the project’s signature energy-use monitors.
Sources say the plan from receivers Ernst & Young, which proposes that the 1,100-unit project be re-branded as The Village on False Creek, argued that buyers need to be enticed in various ways. The plan also outlines a strategy of holding back 140 of the most expensive condos until the luxury market is better and renting out as many as 110 high-end units just to get rid of the village’s ghost-town feel.
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