Richmond Onni’s Liquidation Sale

January 20, 2009

Successful marketing campaign by Onni

The campaign to sell off all the remaining units on the book of Onni Development can be seen to be wildly successful. There was a big crowd of eager buyers lining up to buy the units on Friday evening when the sale process commenced at 5.00 pm on Monday, January 19, 2009.

One thing for sure is that there are still a lot of buyers in the market interested to buy when the prices are right. With the 25% discount from the developer’s list prices, the response from home buyers and the frenzy created goes to show the buying strength that exist in the market.

What’s next after Onni’s liquidation sale?

When the housing market showed signs of crashing in the early part of 2008, many presale buyers did not wish to complete their deals for their own reasons. Those that backed out from the “Garden City Residences On The Park receiver sale” must be feeling smart for not wishing to complete their purchases.

Now that the first salvo is fired by Onni setting the pace for such huge discount to dispose their inventories, other developers who are saddled with unsold inventories will have to cut their prices. When the new condos are completed and not sold, there are monthly interest and maintenance costs housing developers have to carry. It is inevitable that other new condo projects will have to slash prices to get ride of their inventories.

newcondo2.jpgDealing with buyers

Other developments will likely adopt different incentives like no GST, free upgrades, etc or mark-down and reprice to sell off their completed or about to complete condos and townhouses. There will be many issues and complaints from home buyers who are caught just completed or in the process of completing their purchases, and finding out that the developers are selling similar units at lower prices. Some buyers may have to resort to legal actions for compensations as any such price slashing by the developers will affect the market values of their homes.

Looking for a deal?

If you are looking to buy your home, you should do your research and find out within your budget, what type of home is suitable for you. Only when you are comfortable owning your home, you can start your house hunting process. Until the market out-look become more positive, the housing market may continue to decline in sales and prices.

For resale homes listed for sale on the mls, you can follow this link to view homes available for sale.

If you like to discuss you home buying or selling needs, you are welcome to contact me at 604-721-4817.

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