An article today, 24 Jun 2010, at the CBC.ca tells of 11 presale buyers at Millenium Water who are suing to have their purchases cancelled. Excerpt – “The 473 remaining units went on the market in May and 36 have been sold so far, according to Bob Rennie, a Vancouver condominium marketer”
That’s fine, until you look at what Rennie said to the Vancouver Sun 17 May 2010 – “Bob Rennie, president of Rennie Marketing Systems, confirmed he made 36 sales in the two days, about double the number anticipated.”
This implies that no further sales have been made in the 5 weeks since 17 May. At this pace, the inventory at Millenium Water won’t get sold in the 2 years predicted by the marketers. In fact, if those presale ‘buyers’ successfully start giving back units (can anybody say ‘speculator’ and ‘moral hazard’?), who knows how long it’ll take? -vreaa
Vancouver Real Estate Anecdote Archive 
Wow, great catch.
This would indicate the end for the high end market. From what I hear, the OV is pretty nice, but way over-priced.
For the prices they are asking (and basically need to get in order to break even) you could get something far nicer downtown. You know, where there are actual amenities, not just a partial views of some water and other buildings across the inlet.
I noticed that as well. Funny enough I was looking for the original article from the first two days report and there you are VREAA, right at the top of Google.
Anyways, you might be interested in my first hand report I just published. I can attest to the fact that things are not completed… aside from the money and title swap. Poor form Millennium, poor form!
Here’s the link to mine (though I think you follow my RSS feeds…) http://agentwill.com/development/olympic-village-taking-possession-or-not/
I listened carefully to the lawyer’s interview and I think he’s drawing on a long bow…..but hey, I’m not a lawyer.
I wonder if Leo Chen is one of his clients?
😉
Here is the video:
Millenium Water is DEAD in the WATER !!!!!