Kiyoko Fujimura

Buzzbuzzhome Corp.
May 19, 2010

Millennium Water‘s [map] Grand Opening was quite the event. Olympians were there signing autographs and they even managed to sell 40 units! The developer’s goal to sell 60 of the 474 total units by the end of June looks like it’s bound to be achieved, right?

But when it comes down to it, these properties are expensive. And they’re expensive because they’re on the waterfront and were built to the highest environmental standards. For those whose main priority isn’t price, this is not a concern. But how many people aren’t concerned about price? These units range in price from $600,000 to $4.7M. So they’ll have to find hundreds of buyers willing to spend that much.

Tracie McTavish, president of the marketing firm handling the sales for Millennium Development Corp., said:

“I’ve got [units] priced at $550 a square foot to $1,550 a square foot and everywhere in between…the closer to the water, the more expensive, the bigger the view the bigger the price,” applies to this project…At the high end, McTavish said prices are comparable to the more posh enclaves of Coal Harbour, and at the lower end, they are similar to what people can expect to pay in other developments on the south side of False Creek, such as the Exchange building. At that building, which Rennie is also selling, pre-sale prices have averaged $725 a square foot. The Vancouver Sun


So McTavish is claiming that Millennium Water is competitively priced, especially given the fact that it has achieved a Platinum ranking from the Leadership in Energy and Environmental Design (LEED). But those premiums, according to a Vancouver realtor, amount to 20-60% compared with other properties. And he’s not sure if demand will meet expectations, especially for the smaller units priced at $600,000+.

That being said, the sales team knew at the outset that dumping 474 units onto the market all at once meant that the selling period would be a long process. They’re happy to have sold 40 units so quickly. We’ll see if they can sell the rest!

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