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STRONG START FOR OLYMPIC VILLAGE


The Vancouver Sun is reporting that The Village at False Creek has sold more than half of the 225 condos currently being offered in its first weekend on the market.The Province says the exact number is 128.

I guess the lesson here is find the right price and the people will buy.

The most expensive unit sold for $2,999,999. Twenty units sold for over $1 million and the average sales price was $778,800. Reports on Friday were that the majority of units under $420K sold in the first couple of hours. Prices have been slashed up to 50%, with an average cut of 30%, from where they stood last spring.

The city still has a long way to go as they started the weekend with nearly 500 condos in need of happy home owners. However, the opening weekend success should have city officials, the project marketer, the receiver (Ernst & Young) and most importantly the taxpayer breathing a sigh of relief.

Currently, only two building are being offered for sale – Bridge and Kayak. Some of the other units are being rented out, while others are being held back until the initial offering is sold off. This includes the most expensive waterfront units in the Arthur Erickson designed ‘Canada House’. 

While The Village is off to a good start, there should be ample opportunites for buyers for some time to come.


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