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May 17, 2010

Olympic Village in Vancouver is up for sale! Well, there are a total of 737 residential units and 263 were sold before the Games, now there are about 200 of the remaining 474 units which were put on the market over the weekend, in the Millennium Water [map].

About 300 people, including politicians, developers and Olympic representatives attended the official unveiling of the project to the public on Saturday morning.

According to the marketing firm, Rennie Marketing Systems, there were 36 sales in the two days, which ranged from a 505-square-foot one-bedroom that went for $445,000 to a 3,000-square-foot waterfront unit costing $4.75 million.

Why the demand for these slightly used suites (slightly used, as the athletes used them during the Olympics)? Maybe the waterfront location, or its connection to the Winter Games, or it could be the shortage of condos in Vancouver over the next few years.

According to The Vancouver Sun:

“Saturday’s events included a protest from a group of antipoverty advocates unhappy about the amount of affordable housing in the project, which is separate from the 737 market units.

Protest leader Maxim Winther, 23, charged the city’s pre-2006 promise of 33-per-cent social housing “has dwindled to a token amount in the context of gentrification and a city-wide decline in available affordable housing.”

He noted homelessness has gone up 12 per cent in the past two years, according to a recent city study. He said he doubts Rennie can sell the majority of the market units to people other than foreign real estate speculators.

Earlier, Robertson told the media that the city had in fact met its promises on social housing in the village according to the last proposal submitted in the final agreement with Vanoc.”

The new seven-block community, Millennium Water, consists of 16 buildings.

Suites start at $389,000 for a 475-square-foot unit ($819 per square-foot), rising to about $10.5 million for a 4,000-square-foot penthouse ($2,500 per square foot) overlooking all of downtown Vancouver and the North Shore mountains.

According to the Vancouver Sun:

“The public was invited to visit nine suites, each decorated by a different interior designer. The biggest selling points marketed by Rennie’s team include location, quality of life and sustainability.”

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