Olympic Village condos at 25% off?

Oh, looky! The Vancouver Olympic Village is in the news again, with the condo-king talking about the challenge of selling these units.

The troubled Olympic village will be back on the market Feb. 12, on the one-year anniversary of the 2010 Winter Olympics, with significant price reductions.

Marketing specialist Bob Rennie said Monday in an interview he will begin to market about 150 units in two to three waterfront buildings, including the signature Building 4 on the waterfront that housed the Canadian Olympic team.

In what he said has become a “do-right or die” effort, Rennie believes the village has only one last opportunity to be successfully marketed if it is to escape its vexing image as a troubled neighbourhood.

“The word ‘Olympic’ is a really, really expensive word,” he said. “It is wrought with controversy. It can be seen as a weakness. But it can also be seen as a strength.”

When someone gets into a taxi at the airport and says “take me to the Olympic village” everyone knows where that is, he said. It’s not the same when someone says the name of a residential building downtown.

A cab driver will know where Main and Hastings is too, but that doesn’t mean I want to live there. The 25% price cuts show up further down the article:

“Everything is now on the table. These will be price-competitive to what is out on the market,” he said.

While he wouldn’t talk specific prices, Rennie said that last May he test-marketed units in Building 4 at around $1,400 a square foot. They didn’t move. At a reduction of 25 per cent — a figure being raised speculatively in the real estate industry — the price would be just over $1,000 a square foot or about $1 million per unit.

How pissed off would you be if you were a presales buyer and they ended dropping the prices on remaining units by 25%?

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propertymanagement
9 years ago

If anyone needs any information on renting our their property at the Olympic Village be sure to contact Advent. Advent is Vancouver's leading rental property management company. Check out http://www.adventvancouver.com for mor einfo and see Advent's past rentals at the Olympic Village.

Lilypad
Lilypad
9 years ago

@Dave:

L'il educashun fer ya:

What Does Dutch Auction Mean?

1. A public offering auction structure in which the price of the offering is set after taking in all bids and determining the highest price at which the total offering can be sold. In this type of auction, investors place a bid for the amount they are willing to buy in terms of quantity and price.

2. A type of auction in which the price on an item is lowered until it gets a bid. The first bid made is the winning bid and results in a sale, assuming that the price is above the reserve price. This is in contrast to typical options, where the price rises as bidders compete.

and YES, it's about time Dutch Auctions came to Vancouver real estate.

http://tinyurl.com/2zkv5c

Bob Lucas
Bob Lucas
9 years ago

@Chinese renter: You appeared to be timing the market with your decision to sell in 2004. Bulls and bears are both victims of market timing. Do you really think anyone can time the market?

From this perspective, you should really only have a home when you need one and can afford it, not because you are trying to time the market. I'm sorry things didn't work out the way you thought it would.

Bob Lucas
Bob Lucas
9 years ago

@Danm: To say that it is a ponzi scheme is a somewhat vacuous statement. You could even say that fractional reserve banking is a ponzi scheme! Oh my.. the economy is more complex than simple jingles …

Danm
Danm
9 years ago

@Devore (comment117) "I understand there is much uncertainty around the Chinese economy and currency, a feeling the Chinese leadership has already lost control of their bubble economy (4.4% inflation my ass), and much apprehension amongst the politically connected well-to-do, who have grown wealthy as a result of the international trade imbalance, so they are looking to get rid of currency and buy “safe” things in case there is mayhem. But those “things” will also be readily converted to currency when such need arises. It is foolish to believe Chinese have some sort of unique attachment or sentiment to Vancouver houses." Please be aware that the Chinese funds that are used to buy Vancouver real estate do not "officially" exist in China. For example, bribes to a lowly paid municipal leader. These funds cannot be sent back to China. (elsewhere in… Read more »

space889@hotmail.com
9 years ago

With regard to rental rates falling or not, I'm scanning the rental ads for possibly moving out of the family home and here's what I'm finding. Tons and tons of basement suite (whoops I mean garden suite!) and condos along Cambie street and downtown are asking $1300+ for 1 bedroom and $1700 to $3000 for a 2 bedroom place (ok the more expensive ones look like they are furnished and/or having views). Then I came upon these two ads. Comparing the cost and value for money to the condo/TH/"garden" suites ads, well kind of easy decision unless I really want that downtown lifestyle. $1900 / 5Br -FRONT DUPLEX – 648 W 71 Ave ( Vancouver, Cambie, Marine) http://vancouver.en.craigslist.ca/van/apa/2089515… $2800 / 4br – TOTALLY RENOVATED (Cambie/ Oakridge Mall) http://vancouver.en.craigslist.ca/van/apa/2087663… As a poster said earlier, some landlords who bought long time ago… Read more »

Laibach
Laibach
9 years ago

@McLovin:

McLovin, you are a real Gentleman with no doubt. Too bad that cunning scumbag and liar managed to get your attention and compassion. Please read again his post and see what douche actually said, an essential realtor's pitch at its best.

Drachen
Drachen
9 years ago

@Dave:

I think Dave's finally losing it. All he's doing these days is regurgitating lines from movies.

I think he's finally given up.

Peter
Peter
9 years ago

126 Anonymous I can't understand why people would trash you for buying within your means. If you found a place you love, plan to stay there for a long time and can easily afford it then I say good on you! If you have faith in the professionals you hired, that's great. One of the problems with this blog is every time someone has a bullish opinion they are shot down, even if their comments have some merit. I personally think the market has peaked, but I thought it peaked a long time ago. I will rent and wait, not because i don't want to buy, i have invested my housing capital in other areas. I also think this market has a overvalued. The first 2 years they did not beat the market, but the last 2 they have, so… Read more »

NYET!
NYET!
9 years ago

@Patiently Waiting: VHB's website existed in 2005 – throughout much of it, in fact. He's still a troll, though.

Dave
9 years ago

@Best place on meth:

I am out here for you. You don’t know what it’s like to be ME out here for YOU. It is an up-at-dawn, pride-swallowing siege that I will never fully tell you about, ok? Help ME, help YOU.

Boombust
Boombust
9 years ago

"Boombust probably could not afford my property taxes and garden service bills…"

Silly twat. I could afford that and more.

You really MUST drop by my infinity pool for a swim on my W Van. property along Marine Dr. A terrific view of the city across…

And, you thought you had it all figured out.

Junius
Junius
9 years ago

#143 Patiently Waiting,

Agreed. With a puff of white smoke the Pope should do some excommunicating here.

Patiently Waiting
Patiently Waiting
9 years ago

@Best place on meth: Well definately whoever posted as Chinese Renter? I bet if Pope looks at it, he'll see a pattern in IP addresses.

Junius
Junius
9 years ago

And the earlier posts where this moron as well.

I guess we will see more of this with the Realtor and Mortgage broker community having nothing to do. I guess having mastered the art of fraud and deception they have no choice but to come to these blogs are pretend they are someone else.

Small minds are so easily amused.

Junius
Junius
9 years ago

#132 junius,

Is the frauduster. Couldn't you at least write something reasonably intelligent?

It really does just amaze me that people like this travel the blogs and post as others this way. What do think? It is going to help them with their crazy Asian horde arguments?

Tells you all you need to know about these bulls. Desperate, desperate and stupid.

Enough said.

Anonymous
Anonymous
9 years ago

I rarely talk about investments other than Real Estate but I feel I have to share some information with my fellow bloggers. If you want an asset that the Chinese need more than Vancouver real estate its Uranium. With the amount China will need in the next 10 years prices are going much higher. Smart money (Ie: not retail investors but institutional) is pouring into the sector and by the time you are reading about it in the Sun the gains will have been made.

Consider the new ETF URA-NYSE

http://etfdb.com/2010/global-x-launches-uranium-e

Or UF.un (Uranium focused energy fund) on the TSX an actively managed closed ended mutual fund
http://www.middlefield.com/uranium.htm

These are much safer than buying the individual companies.

Take this advice or leave it but gains in some of these names will likely make Vancouver real estate look like GIC's

Best place on meth
Best place on meth
9 years ago

@Patiently Waiting:

Are you talking about Chinese Renter, or Dave?

Patiently Waiting
Patiently Waiting
9 years ago

Pope, please do something about sock puppets, racist or not. It is undermining the quality of debate in this blog. And I call on everyone not to engage those assholes.

Drachen
Drachen
9 years ago

@Dave:

This is what it looks like when Dave admits he's wrong.

Admire it people, we'll be seeing a lot more of it soon (followed quickly by what Dave looks like in the line at the food bank).

Dance monkey boy!

arit
9 years ago

"Arit, trust me, buy and you will be happier.

I am on cloud nine."

Junius, I am happy for you to be in cloud nine. I cannot buy now. I can't pay real money in exchange for woodchips and Chinese glue. I may never buy.

If the time comes and I feel I must own, I'll build something myself.

Cheers

arit

Best place on meth
Best place on meth
9 years ago

@junius:

Ok Junius, that's enough – joke's over.

Always leave them wanting more, mkay?

Patriotic
Patriotic
9 years ago

Mr. Chinese renter, i left a good half mil on the table also, but i won't admit it. It's called a defense mechanism. Remember, 100 to 1 rent ratio.

McLovin
McLovin
9 years ago

"Arit, trust me, buy and you will be happier.

I am on cloud nine"

Frame these words. You'll be eating them this time next year.

junius
junius
9 years ago

PaulB,

I always loved your stats. But be prepared for 150% sell lists in the coming months, my realtor tells me it is actually heating up out there and December looks to set new sales and price records.

There is no stopping this thing, the Asians have found Vancouver on a map and they are all booking flights to come buy a place here.

I saw it with my own eyes.

junius