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Aquilini, Wilson other big fish eyeing remaining condos at Vancouver's Olympic Village

Olympic Village marketing relaunch could happen as early as this weekend.

Vancouver Canucks owner and owner of the Rogers Arena has been in talks with Olympic Village receivers Ernst & Young. Reports say the Vancouver business man is very interested in picking up the remaining units but at a lower price than currently being asked. The Aquilini Group plans to aggressively market the remaining condos in China where demand for concrete condos in Vancouver are is at an all time high. The group also has a strategic partnership with Asian developers who have willing buyers for the highest end units.

Approximately 474 units remain part of the unsold condo inventory and part of the package that will be part of a new Olympic Village marketing relaunch slated for sometime later this month. Condo marketer Bob Rennie has previously mentioned that price reductions would definitely be one component of the new marketing initiative. I have definitely been running into not only more questions about the marketing relaunch but have run into buyers that are ready to go in and purchase. My feeling is that if they do a good job bringing prices in line with today's market, the first phase (which looks like it might be around 150 units) will be a great success.

Word on the street is that yoga wear magnate Chip Wilson, founder and CEO of Lululemon has also been eyeballing the remaining condo units but is torn between liquidating more of his high-flying company stock and holding the southeast false creek real estate. With renewed buyer interest in the development, it looks as though the upcoming marketing relaunch will rebrand the development simply as "The Village". I also believe that once the major retailers and service providers such as London Drugs, TD Bank and Legacy liquor stores commit to opening dates in the village, buyers will feel a lot better about dropping deposits. I think it's going to be a strong spring for sales at "The Village".

If any of you have more details about the upcoming Olympic Village marketing relaunch, please feel free to share!

About the Author

I am a Vancouver realtor and mortgage broker who has been in the real estate industry for 12 years.  My formal education includes a Bachelor's of Commerce from the University of Natal and a diploma in Urban Land Economics from UBC

I enjoy many outdoor pursuits such as fishing, surfing, kayaking, windsurfing and camping.

Vancouver is a great place to live!

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