Vancouver, Athletes Village False Creek
The Village on False Creek in Vanocuver or formerly known as The Athlete's Village for the 2010 WInter BC Olympics has had the spot light on it. Plummeting values from the overinflated hyped prices of the presale offering have left this prime realestate a ghost town. I went to Bob Rennie's grand opening last month held in The Salt building. Bob was there to weave his magic & introduce the prices & the plan to offer the remaining 66% of the apartments for sale in 2 stages. 50% of the units left to sell ..to sell now & the remaining units next year. I thought this would be good strategy so the market would not be flooded with over 400 apartments in False Creek at once. I did think that the prices although reduced from the original offering by +-30% was still on the high side. For instance a 1505 sq foot unit in The Bridge originally offered for $1750,900 was reduced to $1 million. That equates to $722. per sq foot!!! When I campare this to a beautifully reno'd 2000 sq ft apartment on Chilco overlooking Lost Lagoon & Coal Harbour selling for $576 a sq ft the $240,000 premium to be in The Village seems steep. It will be interestng to see how this 3rd offering is received & if the Olympic magic will give this legacy the prices they are stretching for.