The developers of Vancouver's Olympic Village say there's an incentive plan coming they hope will boost sluggish condo sales.
Peter and Shahram Malek of Millennium Development Corp. deny their condos are overpriced but admit they have to do more to entice homebuyers hit with the harmonized sales tax.
"We need to give some incentives here so that we can get some momentum created," Peter said.
The upscale residential development has struggled to find buyers since the Games ended, despite 223 presales in 2008.
Only 36 more have sold since the units hit the market in May, leaving 454 units unsold – more than half of which are currently priced at more than $1-million.
Bob Rennie of Rennie Marketing Systems, the firm responsible for selling the homes, says a new marketing plan with updated pricing should be approved within the two to three weeks.
"I feel good about it but it has to be a cohesive package, you just can't come out with an idea a minute," he said.
Rennie also said he's confident his company will be able to sell all of the units in due time. "It's not milk; it doesn't expire. It's real estate on the water," he said.
Last week, the City of Vancouver announced that Millennium had come up $8-million short on a $200-million loan payment due at the end of August.
Another $75-million payment is due in January, but the Maleks say they're confident Millennium will pay its bill in full.
Shahram refused to say whether it would be Millennium or the city on the hook should the condos fail to break even.
"There will not be a shortfall," he said.
With files from The Canadian Press and CTV British Columbia's Shannon Paterson
