What used to be the Olympic Village is now The Village on False Creek. The media releases might have you believing that the condo development is almost sold out. Not exactly accurate. The limited release of units last week (230 of a total 474) have been selling briskly with 130 units under contract. All of these buyers have a 7 day ‘right-of-rescission’ period in which they can cancel their contracts for any reason – buyer’s remorse for instance.
The asking price reductions are substantial but seem to bring the units more inline with market value rather than making them breathtakingly low in asking price per square foot (PPSF). The lowest PPSF from the marketing material seems to be approximately $672 and this is for a 2 bedroom on a lower floor. This is still a higher PPSF than several nearby developments. Time will tell if the recent sales pace can be sustained over the longer term. This will probably be more a function of the market strength in general than anything else. The taxpayers of Vancouver, owners of the development, can breathe a little easier now that units are moving.
Finally, as for rental units: “127 along the back row of the complex will be rented out temporarily to help fill out the village population”. Presumably these units will also eventually be sold by the city but that may end up being decided by the civic government of the day. Many taxpayers in this city would prefer that these be sold rather than the city becoming long term landlords over what must amount to nearly 100 million dollars in real estate.