Olympic Village marketer Bob Rennie has confirmed as many as 100 of the 474 unsold condos at Millennium Water may be rented at market rates to fill the development as soon as possible.
Business in Vancouver reported last week rumours were rife that marketers were considering renting some of those units. (See “City may consider renting Olympic Village units” – BIV Business Today November 29.)
“One of the strategies and one of the recommendations being looked at is, ‘Do we rent out 100 of the units that I can go sell later,’” Rennie told BIV.
“Let’s just pick a number. So, the ideas people are having are all being dissected. There’s no silver bullet. There’s no magic answer to this one.”
None of the units are currently for sale. They will be in 2011 when Rennie restarts sales.
City Coun. Geoff Meggs hinted to media last week that the units could be sold at a 20% price reduction.
Rennie said the 20% figure is just an estimate.
“We have to be careful with using generalized statements when it comes to the [former Olympic] Village. If somebody says 15%, that means some of the units are at a 5% discount and some of the units are at a 22% discount. If somebody says 20%, that means some units are at a 5% discount and some have a 25% discount. There is no standard discount.”
Various people have made suggestions for how the city could best market the remaining units. (See “Athletes’ Village marketing makeover urged” – issue 1102; December 7-13.)