Marine Gateway – Did 415 Pre-Sales Sell To Fewer Than 150 People?

‘Marine Gateway’ condo pre-sales were previously discussed here, in a post featuring Bob Rennie’s interview on CKNW Radio [16 Mar 2012]. The project was later widely reported to have sold out within 4 hours, and the event touted as “the most successful condo launch since Woodward’s in 2006”.
There has since been a report by ‘village_whisperer’ [whispersfromtheedgeoftherainforest 22 Mar 2012] that the 415 pre-sale units sold to somewhere between 110 and 150 people. If this indeed the case, this is another important landmark event in our speculative mania, and we record the link to ‘whisperer’s discussion here, for the chronological record.

21 responses to “Marine Gateway – Did 415 Pre-Sales Sell To Fewer Than 150 People?

  1. 4SlicesofCheese

    Drove by on Sat, no sold out stickers on the signage yet.

    • Is this some kind of a scam? Any buyers rescind? A major project selling out but no signage of a successful sale is strange.

    • The presale buyers have a week or two to think it over and get back their deposits.

      • 4SlicesofCheese

        I wonder how many will have buyers remorse.

        Plus it got a hell of a lot of coverage, how is it really newsworthy if it technically isnt sold out yet. Too bad they wont do an update and say oh by the way a bunch of people weren’t thinking when they signed away quarter of a million + away.

  2. These pretzels are making me thirsty

    Yes.
    {So it seems. Apparently there was not much frenzy either. Developer is not very pleased with the promoter (from a reliable source)}

  3. They probably felt hideously underleveraged

  4. Sold out. They took down names and contacts of unsuccessful presale buyers, in case the others back out.
    Another presale development Granville at 70th has sold in China, with some investors snapping up more than one unit each.

    • These pretzels are making me thirsty

      Really
      How do you know?

      • They phoned up someone I know to add him on their “spare tire” list and limit to one unit per buyer. However, wouldn’t surprise me if realtors and insiders booked up 10 units each.

        Polygon’s Chancellor after the sold-out sign came up and several months later, I was asked by some realtors if I would be interested as some units became available including a penthouse.

    • Any idea why these “investors” are buying at the very tip-top of the pyramid scheme, even as reports are circulating everywhere detailing the many reasons this thing is just beginning its crash and burn?

      And…the entire development was “sold in China?” Really?

      • I cannot read a gambler’s mind. However, the location and Canada Line would appeal to those used to living congested Asian cities with subway.

        Westbank’s website states “now selling”. The better units are taken or sold in China.

      • Basement Suite

        “Any idea why these “investors” are buying at the very tip-top of the pyramid scheme”

        Because it might not be. Feels more like another 2008 dip to me, that will be bought. I don’t see the crash until interest rates rise substantially, which ain’t happening any time soon.

      • “Any idea why these “investors” are buying at the very tip-top of the pyramid scheme”

        maybe this is not the tip top of the “pyramid scheme”. Buyers are using different fundamentals than yours.

      • yltnboomerang

        Oh F1, you’re so dot.com with your new fundamental talk.

      • Basement Suite,

        Rates don’t need to rise for a market to crash. Fear and rising inventory could do just the same as rising rates. There are many threats that could take this market down. If there are no buyers, interest rates are irrelevant. This months sales are likely lower than last month. When did this ever happen in previous years? See, people know now that there could be a bubble or prices are heading down. So the more people that hold off, inventories rise and the speculation slows. Investors get nervous, adding more inventory to the market. With an excess of condos already on the market, there is much more room for more. These prices are still unsustainable with these low rates. The market condition explains it all.

      • Basement Suite

        I understand that is possible Van guy. I’d love to wrong on this one.

      • Basement -> Your hypothesis that Vancouver RE will only crash (‘correct’?) if rates rise is a fair one; as is the viewpoint that, no, the market can implode under its own weight (sans any hikes). It’s going to be fascinating to see how it plays out.

      • Basement Suite

        Yes Vreaa that is my belief. I recognize the possibility of a crash based on a change in sentiment sans rate hikes. I just think there are hungry renters in this city who will snap up the perceived “deals” if the market falls as much as 20%. In theory of course we could fall through that level, and I would be quite happy to be wrong on this one.

  5. My view is that as long as interest rates remain low, mortgage payments will somehow be made so there will be no mass selling to drive prices down. There may be a short term inventory glut and downward pricing bounce as speckers bail out of the market, but homeowners who actually need a place to live will remain intact. It will take higher borrowing rates to actually restrain the Vancouver market.

    At least it will be entertaining to watch this market over the next few months, maybe even years….

  6. 4SlicesofCheese

    Drove by that area today. the signage is completely gone now.

  7. 4SlicesofCheese

    My mortgage specialist friends twitter update

    February 19, 2012 via Twitter

    Anyone interested in purchasing into the new Gateway Marine Development, contact me to get best selection on… http://t.co/hzA9oRi3

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