Olympic Village condos not expected to sell fast
Olympic Village condos officially hit the market tomorrow. Rennie Marketing Systems will be selling the units to recoup the money City Hall spent bailing out the developer.
"If they're successful then we'll be successful. So there's very strong motivation for them to price them at the best possible price to move them and recover all they need to to pay themselves out and make a profit and pay us out at the same time," said Vancouver City Councillor Geoff Meggs.
Only wealthy buyers will be able to afford the high-priced condos.
"The penthouse above us is $10.5 million. But we have one bedrooms and studios on either side of $400,000 and everything in between," said Tracie McTavish, the president of Rennie Marketing Systems.
McTavish isn't expecting a stampede when the doors open at noon.
"You can't just open up 460 suites and say who's going to buy this one and sell in a day. It doesn't work that way. That's the old economy, this is the new economy," McTavish said.
He predicts the village will take two years to sell out, but he has no doubt it will.
"We've always described the Olympics as a $6 billion advertising campaign. We could not have scripted it any better the way it unfolded," McTavish said.
With a report from CTV British Columbia's Shannon Paterson.