Condos fire sale offers up to 40-per-cent discounts
by investor on 19/01/09 at 5:57 pm
Onni executive vice-president Chris Evans sits in one of the firms’ condos that is on the block. ‘No one could never have imagined the real estate market would drop as much as this,’ he says.
In what’s being marketed as a real estate liquidation sale, the Onni Group of Companies is offering 375 Metro Vancouver condos valued at $150 million at prices it says are discounted by up to 40 per cent from those originally advertised.
Onni executive vice-president Chris Evans said Thursday that Onni was facing high costs in carrying the units under current financing terms. “It made sense to sell our remaining inventory.”
As well, Evans said in an interview, the sale makes sense because of the slowing real estate market.
“No one could ever have imagined the real estate market would drop as much as this. This is a reaction to the market that’s slowing.”
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.”
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