Onni Liquidation Sale of Vancouver Real Estate

http://kyegrace.com/ViewBlog/149/ There is a buzz about Vancouver Real Estate as local developer Onni has announced they will be liquidating 375 condo and townhouse units at 20% - 40% 'off'.

These units were purchased by Real Estate speculators at a pre sale where their obligation was a 15% deposit with balance due upon completion. For whatever reason the buyer did not complete, lost their deposit and Onni retains ownership of the property.

All these units were built by Onni to their standards, finish and fixtures. The condos have not been lived in nor are they discounted due to damage or other faults.

They are not discounted for any reason other than the market shift and the fact the developer has already received 15% of their desired purchase price.

The sale will be a one day bulk purchase with MAC Marketing co ordinating the purchase. There is no special legal process as with foreclosures or auction to particpate in. A Realtor can help purchase these units in the same manner they would any other unit. From a Home Buyer's perspective it will be straight forward. 5% down and a 30 - 60 day completion is required.

We are still awaiting word on which properties, exact pricing and when the sale will occur.

If you would like to know more or view any of the properties let me know and I'll make the arrangements.

The Onni developments with units available at these 'discounted' prices are:


Flo in Richmond

Suter Brook Village in Port Moody

Aria 1 and 2 at Suter Brook Village in Port Moody

Room Loft Living at Suter Brook Village in Port Moody

Libra at Suter Brook Village in Port Moody

The Grove at Victoria Hill in New Westminster

The Point in New Westminster

South Verde in Port Coquitlam

Escada in Surrey




Pricing info from the Vancouver Sun article:

Examples of the prices include:

• Richmond — a 900-square-foot two-bedroom originally priced at $472,900, or $525 per square foot, is now approximately $360,000, or $400 a square foot.

• Port Moody — a 1,106-square-foot two-bedroom-and-den originally priced at $453,900 is now approximately $340,000, a 655-square-foot studio originally priced at $319,900 is now approximately $240,000, and a 990-square-foot wood frame two-bedroom originally priced at $419,900 is now approximately $315,000.

• Surrey — a 1,100-square-foot two-bedroom and den originally priced at $360,900 is now approximately $260,000.

• New Westminster — a one-bedroom originally priced at $270,000 is now approximately $215,000.

• Port Coquitlam — a 1,000-square-foot two-bedroom originally priced at $389,900, or $390 a square foot, is now approximately $280,000, or $280 a square foot.

Evans said some of their units were selling at the original prices. Theres some demand for homes. The catch is that people are looking for a great deal.

This is a rare opportunity to afford a home you thought you never could, Evans said. This is an extraordinary time in the marketplace, he added, citing the combination of dropping prices and lower interest rates.

Category:

News & Politics

Tags:

• condo
• estate
• liquidation
• onni
• real
• sale
• vancouver

[kyegrace]

They sold them all! And some are selling them now for more then they paid...did not see that coming.

[BellaSwannCullen]

so what hapened?

[Kerrisdale90210]

Anyone with marketing experience knows that this is really just a preview, not of condos but, of things to come. The message it sends is clear whether or not they are the great deals they purport to be, that Vancouver smart money has long ago exited the market but there is still lots of dummies out there that don't understand market cycles. If any of those dummies are reading this, hang on for now, more fun to come.