Thursday, January 15, 2009

Onni selling off current condo inventory at discount

Excerpts

Onni executive vice-president Chris Evans said in an interview Thursday that Onni was facing high costs in carrying the units under current financing terms. “It made sense to sell our remaining inventory.”

The sale represents all the company’s remaining inventory in projects completed over the past 12 months, Evans said. “And this is not a pre-sale. Every home is completed, brand new and ready to move into.”

The one-day sale will take place on March 7.

The sale includes condominiums in Richmond (Flo); Port Moody (Suter Brook — Aria 1 &2, Room Loft Living and Libra); New Westminster (Victoria Hill and The Point); Port Coquitlam (South Verde); and Surrey (Escada).

Examples of the prices include:

• Richmond — a 900-square-foot two-bedroom originally priced at $472,900, or $525 per square foot, is now approximately $360,000, or $400 a square foot.

• Port Moody — a 1,106-square-foot two-bedroom-and-den originally priced at $453,900 is now approximately $340,000, a 655-square-foot studio originally priced at $319,900 is now approximately $240,000, and a 990-square-foot wood frame two-bedroom originally priced at $419,900 is now approximately $315,000.

• Surrey — a 1,100-square-foot two-bedroom and den originally priced at $360,900 is now approximately $260,000.

• New Westminster — a one-bedroom originally priced at $270,000 is now approximately $215,000.

Commentary

Maybe VANOC should scrap the Olympic Village's million dollar units, and buy a few of the ones on sale.

Onni selling off current condo inventory at discount

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