Update: Onni’s Condo Liquidation

January 19, 2009

Update: Onni’s Condo Liquidation – Richmond & New Westminster

The sale to the public organized by MAC Marketing according to the sales offices in Richmond and New Westminster  is on first-come-first-serve basis for buyers who registered to buy the 375 Onni condos and townhouses.

Discounted is at 25% only

The publicity on 20% to 40% discount as reported in the media the past few days according to the sales staffs was only at 25% of the list prices. Over the weekend, January 17 and 18, interested buyers were required to register and indicate the type of units they were interested to buy.
The next step in the sale process for prospective buyers was to wait for the respective sales offices to contact them. A buyer who receives the appointment confirmation, will have to firm up his or her purchase by  paying the 5% deposit. GST is to be paid by a buyer who is successful in this Onni’s condo liquidation sale. Closing of the sale and purchase transaction is expected to be completed within 30 days.
Onni Flo condos

Will the campaign be successful?

Judging from the crowd that showed up to find out more information in the Westminster and Richmond sale offices, the 25% discount was well-received by the buyers who showed up. I guess the Richmond condos and townhomes are likely to be sold out. No doubt, the discount represents great value as those 1 bedroom condos priced at $313,00 to $316,000 range can be bought at $235,000 to 237,000

The 2 bedroom new condos at Victoria Park in New Westminster that are priced close to $400,000 will be sold off at around $300,000. These units have floor space from 885 to just over 1,000 sq ft. The cost per sq ft works out to around $300 to $338.

First move advantage

The developer will likely sell off all the 375 units during this marketing campaign. If after this first campaign at 25% discount, there are some units remaining, the developer can work on higher discounts to dispose the remaining units.

The move is undoubtedly a very bold and smart move. The question is what we can expect from other developers who are faced with unsold completed units similar to Onni’s situation. The effect of this Onni’s condo liquidation on new condo prices in Greater Vancouver will be closely watched by everyone.

If you are interested to find out more information on condos for sale in Richmond, kindly contact me at 604-721-4817.

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