Vancouver’s Olympic Village – Worth $1400 per square foot?

According to a recent story in the Vancouver Sun, Olympic Village The Birds By Myfanwy MacLeodcondo prices are set to be slashed. The actual revised prices will be decided on by the receiver on January 15, 2011 and the units will then be put back on the market shortly thereafter. In May 2010, the original asking “price per square foot” for some of these units was a lofty $1400. Speculation suggests that the new asking price will be around $1000 per square foot. While a substantial reduction, is this enough of a decrease to lure buyers back to the project?

The bad press surrounding the workmanship on these buildings and the debacle regarding the City of Vancouver’s investment/involvement in the development have not helped. For better or worse, all of the residents of Vancouver have become stakeholders in this development.

The biggest barrier to achieving these luxury prices may well be the intermingling of social housing in this project. This has been a hot topic of late in Vancouver and it remains to be seen if buyers are willing to at once pay top dollar and live next door to individuals receiving social assistance. Stay tuned…

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