Vancouver Condo Real Estate Video Blog #639 - February 14, 2011
Olympic Village Millennium Water Condos Will Not Impact Downtown Condos
Ian Watt video blogs about the Olympic Village 30% sell off and how the price reductions will not affect the Downtown Vancouver condo market as the prices will not sway buyers who want to buy the best long term investment possible. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.
Ian Watt: Hi good afternoon it's Ian Watt in Downtown Vancouver. Of course were going to see the Olympic Village come on sale in the next few days. What's gonna happen is what I've been told is everything is gonna be 30% or sorry selected units is gonna be up to 30% off and that's great it might bring it down to about market value for the area. Now you have to understand that it's about 40% over price right now so it might bring it down to reasonable numbers and a lot of people are inquiring and saying we'll have any effect in the Downtown core as far as inventory is concern and I really don't think it will because first of all it's not Downtown Vancouver. The Olympic Village that were talking about it's kind a like East Van. It's a beautiful area up and coming area but there's no incentives for up and coming prices. It's going to be market value and the people that are gonna buy in Downtown will buying Downtown the people that want to buy and live in the Olympic Village or rented out will probably do that. However, if your spending the same amount of money in the Downtown core chances are the vacancy rights are going to be much lower because it's going to be and it will always be a lot more sold after to have a rental unit in the Downtown core as a post to the Olympic Village. So it's apple and oranges I don't think it's going to have any affect on inventory in Downtown Vancouver. My name is Ian Watt and if you have any questions. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!