Vancouver's Olympic Village - Back to the Future

Marketing specialist Bob Rennie announced that the troubled Olympic Village will be back on the market in February of next year (marking the one-year anniversary of the Olympics) with prices reduced by approximately 25 per cent - bringing the price per square foot down to about $1,000/sq. ft.

Olympic Village
Olympic Village

Rennie thinks that the new numbers will be 'price-competitive' to what is available in the rest of the market. He also believes that the Olympic Village carries extra cache and therefore should still be 'worth' more.

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."That's the strength in this project," he said. "It is the only Olympic village. But we have to get this one right."

 The plan is to sell 150 suites in four waterfront buildings (including the building that Team Canada stayed in) first to bring some life to what has been described as a "ghost town."

According the Vancouver Sun:

Rennie said that by February, more than half the village's 1,100 units will be occupied, including more than 350 private and city-owned rental units. That will go a long way toward resolving the image of a dead zone in the middle of the city, he said.
My take:
That is all good news but in the end - in a buyers market - and with the "Olympic Flame" somewhat extinguished on the sale of the project - it is truly going to be a hard sell at certain price ranges.  The dollar per squre foot is on the high side (always has been) and comparable numbers can be found in the Coal Harbour area of the city - which is true waterfront living. 
This is not my opinion but a buyer brought up a point - would you pay $3 million for a penthouse and have social housing in the same complex ?  Interesting thought.  Rumours abound on the quality of the development as time was not on anyone's side to meet the Olympic deadline. 
This is certainly going to be the most interesting part of our spring market in Vancouver - will pricing finally cause a stir in the area or will the "feel" of the entire village continue to bog down any progress on recouping the tax payers dollar.  As always - everything has a price.  And the HST - the Liberals who are facing immense pressure to distance themselves from the HST issue - could very well try and stay afloat with a new leader and - you guessed it - "scrapping" the HST until the economy improves.  It doesn't have to be stated - Politicians will do anything to stay in power.

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