The Condo Craze makes a Return
The Vancouver real estate market has been abuzz for the past several weeks as sales and prices continue to creep toward their 2008 peak figures. On Saturday morning, a pack of enthusiastic investors braved inclement weather to queue for hours to get the first crack on pre-sale condos in a tower yet to be built in Yaletown. Apparently, some investors even decided to sleep outside on Friday evening to get a prime location in the line up.
The turnout was surprising, to say the least. 50 or so investors turned up to view models of the building which will eventually house 190 units in the first 26 floors of the tower. Expected to be completed in early 2018, units are likely to fetch anywhere from $320,000 to upwards of $900,000. In the end, developers are hoping to be approved to build 41 floors and are looking to market premier suites to international investors during the Vancouver Olympic games this coming February.
The international economic outlook is such that many experts doubted the success of the project. Global debt and the credit crisis have limited international investment over the past year and developments in other locales have seriously suffered. Take the crisis recently seen in Dubai for the perfect example. Yet, Vancouver looks to be making a very strong comeback.
There are few, if any, cities in the world that can compare with the rebound seen in the Vancouver real estate market. Its good location and rarity of similar projects make the Yaletown tower a highly attractive site. All evidence points to the expectation that Yaletown real estate will appreciate considerably after the Olympics and investors are excited for the opportunity to get a suite at today's prices. And the response from investors has not disappointed. Rushing to place bids on units, potential buyers drove up the prices by around $50,000 overnight. Moreover, prices are expected to jump again during the Olympics in February.
Indeed, the City of Vancouver is relying on the Olympics to help sell units in the $1.2 billion Athletes Village in False Creek. The City has been struggling to move these units due to the economic concerns of the last year and many of the units have been taken off the market until after the Olympics in a hope to leverage the celebration to entice buyers. In order to recovery a substantial investment by taxpayers, the City is looking to sell approximately 730 units.
The turnout was surprising, to say the least. 50 or so investors turned up to view models of the building which will eventually house 190 units in the first 26 floors of the tower. Expected to be completed in early 2018, units are likely to fetch anywhere from $320,000 to upwards of $900,000. In the end, developers are hoping to be approved to build 41 floors and are looking to market premier suites to international investors during the Vancouver Olympic games this coming February.
The international economic outlook is such that many experts doubted the success of the project. Global debt and the credit crisis have limited international investment over the past year and developments in other locales have seriously suffered. Take the crisis recently seen in Dubai for the perfect example. Yet, Vancouver looks to be making a very strong comeback.
There are few, if any, cities in the world that can compare with the rebound seen in the Vancouver real estate market. Its good location and rarity of similar projects make the Yaletown tower a highly attractive site. All evidence points to the expectation that Yaletown real estate will appreciate considerably after the Olympics and investors are excited for the opportunity to get a suite at today's prices. And the response from investors has not disappointed. Rushing to place bids on units, potential buyers drove up the prices by around $50,000 overnight. Moreover, prices are expected to jump again during the Olympics in February.
Indeed, the City of Vancouver is relying on the Olympics to help sell units in the $1.2 billion Athletes Village in False Creek. The City has been struggling to move these units due to the economic concerns of the last year and many of the units have been taken off the market until after the Olympics in a hope to leverage the celebration to entice buyers. In order to recovery a substantial investment by taxpayers, the City is looking to sell approximately 730 units.
posted by VancouverResidence
