This has already been in the news and all, but I thought I'd mention it here. I broke this on Twitter a few days ago actually, so if you are not following me there please do. Basically Onni Group, who usually does their own condo marketing, have partnered with MAC Marketing Solutions to sell off their existing inventory of condos in Port Moody (Suter Brook Village), Richmond (FLO), Port Coquitlam (South Verde), New Westminster (Victoria Hill) and Surrey (Escada).
Some examples of the deals available (given in a number of the papers) were:
* Richmond: A 900-square-foot two-bedroom unit 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 $240,000, and a 990-square-foot wood frame two-bedroom originally priced at $419,900 is now approximately $315,000.
* Surrey: An 1,100-square-foot two-bedroom and den originally priced at $360,900 is now $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.
The marketing by MAC has been pretty lousy though with lots of misinformation (the papers all reported that there would be a one day sale in March, but they are actually selling the units this week) and a general lack of clarity on what is available and the process is going to work. Honestly I don't think they knew what the plan was when they started out.
Nonetheless these are obviously significant savings and whether or not they make these purchases the right ones for you is something you'll have to decide for yourself, or in consultation with a REALTOR. Feel free to email or call (604-916-4663) me and I would be happy to help you decide.
Matthew Collinge: Vancouver REALTOR®
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I think it's good you pointed out that the MAC info was at times misleading, because there were about 7 different versions of the protocol floating around our office. The further we get into this "liquidation" the smaller the discounts seem to be.......
On the upside, I would say it's a very positive reflection that one well advertised marketing "ploy" (which I believe we'll see more of in the near future) could bring out the buyers in droves. This just proves the buyers are out there waiting for the really good deals.
My only hope is that ONNI is giving them the deals they initially advertised in actual fact int the end, because I'm hearing otherwise all over the place.
My heart goes out to those who purchased in say Nov. or Dec. and are closing soon, because this may implicate bad things for them...... oh well, fingers crossed!