The Olympic Village, What Now?
I was recently called by the Vancouver Courier in regards to a blog I wrote a few monthes ago to do with the Olympic Village. I was asked several questions regarding the past, current and future pricing dilemmas, possible incentives given to buyers who purchase homes in the development in the near future and about the neighbourhood and surrounding areas.
In hopes of not sounding repetitive I will avoid discussing past price points. In terms of the current pricing, is it priced fairly? Absolutely not... If the properties were priced at fair market value they would be selling not sitting.
What do I think the prices will do in the near future? hmmm... well, we know they aren't going up, they aren't selling at the current price points, so if the developer wants to move the units - prices MUST come down.
So why aren't they? The developer is already facing losses, the city is facing losses, past people who bought into the development are facing losses. These losses will only be exaggerated with price drops.
So incentives may be offered? Perhaps Millenium will partner with someone/some business and offer gifts (vacations, cars, etc.) or allocate a spending allowance for buyers who purchase units from the developer in hopes of inticing people to buy properties without cutting prices.
In regards to the neighbourhood... It is a stand alone development right now - many of the grocery stores, shops, and cafes that were to make up, or contribute to, the ambiance of the neighbourhood are missing and stores are standing empty.
I don't have a great solution for the developers of the Olympic Village or the tax payers of Vancouver - I can only hope that someone else does and this miracle solution is implemented and successful so that Millenium Water can leave a positive lasting legacy instead of one associated with debt and loss.
Article by Cheryl Rossi Below:
Blog by Kelsie Struch, Realtor with Century 21 In Town Realty