Olympic Village Goes on Sale!
36 of the 200 units put up for sale over the weekend sold according to Bob Rennie... Double the amount he forecasted!
I was surprised at the number of sales that occurred for a few reasons...
The entry level units at the Olympic Village are 505 sqft and are priced at $881/sqft (before taxes)! This is an unprecedented and unsurpassed number for the area...
Consider many newer buildings in Yaletown (most would deem this a more desirable neighbourhood) priced at around $675-700 a square foot... much less than the Olympic Village.
1 bedroom condos at the Rolston (to be completed Winter 2012) located only steps from Yaletown and the ocean are on sale right now for as low as $300,000.
I understand and appreciate the significance of the Olympic Village and more power to the people who have purchased properties within the development... These purchasers now proudly own a small piece of an unforgettable legacy left behind by the 2010 Winter Olympics.
But like everything to do with the international sporting event (and pls don't get me wrong I loved having the games here) owning at the Olympic Village comes with paying a premium price.
For more details on Weekend Sales of the Olympic Village or general inquiries regarding the development please feel free to contact me!
Read more of the Vancouver Sun article below...
Blog by Kelsie Struch, Vancouver Realtor with Century 21 In Town Realty 778.387.6090
More than 12,000 people toured the $1-billion Vancouver Olympic Village's sales office on the weekend, checking out more than 200 condominiums that were put up for sale Saturday.
Bob Rennie, president of Rennie Marketing Systems, confirmed he made 36 sales in the two days, about double the number anticipated. The sales ranged from a 505-square-foot one-bedroom that went for $445,000 to a 3,000-square-foot waterfront unit costing $4.75 million.
"We want to be really transparent on the numbers," said Rennie.
"We've got two years to complete the sale of the Olympic village. Over the weekend, we saw some pent-up demand. We're very encouraged. We're ahead of schedule. We're really happy."
The market portion of the Olympic village consists of 737 units, 263 of which were sold before the Games. About 200 of the remaining 474 units were put on the market over the weekend.
The City of Vancouver oversaw the development, which provided accommodation for athletes during the Olympics, with the idea that the units would eventually be sold to the public for a profit.
But the global financial crisis, a soft real estate market and cost overruns have put those profits in jeopardy.
Rennie has predicted there will be demand for the Olympic units because of the development's waterfront location, its connection to the Winter Games and a shortage of condos that he anticipates over the next few years.
About 300 people, including politicians, developers and Olympic representatives attended the official unveiling of the project to the public on Saturday morning.
"The competition could be fierce," Mayor Gregor Robertson told the crowd. "There are some amazing homes and I understand there was even a grey whale in here the other day checking out the development. I don't know if it put a deposit on it or not, but Bob Rennie can report on that."
The new seven-block community, now known as Millennium Water, consists of 16 buildings.
Market units start at $389,000 for a 475-square-foot unit ($819 per square-foot), rising to about $10.5 million for a 4,000-square-foot penthouse ($2,500 per square foot) overlooking all of downtown Vancouver and the North Shore mountains.
The public was invited to visit nine suites, each decorated by a different interior designer. The biggest selling points marketed by Rennie's team include location, quality of life and sustainability.
Units are heated and cooled with small capillary-like hot and cold water tubes that run inside the ceiling as opposed to traditional air ducts, which use more energy.
About 50 per cent of roof space is covered in plants and grass, which helps regulate temperature as well.
Twenty-five per cent of storm water from each roof can be collected underground and used for flushing toilets and watering courtyard gardens.
Units also have a smarter in-home energy monitoring system.
Rennie said the typical condo buyers at the Olympic village will be empty-nesters or soon-to-be empty-nesters.
"When you look at [units costing] into the millions and you look at local incomes, it rules out the first-time family homebuyer " he said.
Darren White, 35, visited the main plaza area with his two-year-old daughter Celia and wife Kim.
"I'm looking forward to it. I think it will add some vitality. It will be nice to have the stores and see the sense of community that will develop at the community centre," said White.