I am getting a TON of questions about the new pricing being launched at the Olympic Village (now just 'The Village') condos today. WIth price drops ranging from as little as 5% on some of the smaller, less expensive units, to reductions pushing 50% on some of the higher end units, Bob Rennie is doing his best to create a buzz around a product that has gone stagnant and lost much of the consumer interest. All in all, the average price reduction is rumoured to be about 30%. The big questions that remains is... "Are the price reductions enough?"

My initial thoughts are, quite simply, no. I still believe that the condos at 'The Village' represent a poor value in today's market. Most of the available units are still being sold at $700/square foot and higher, and a great majority of the units being sold are interior units with no views of any kind. Comparable units the neighbouring Wall Centre at False Creek and the Exchange are being sold for as much as $150-$200/square foot less. As an investor, there is no way the rental income here makes up for the premium you have to pay to buy in. There are SOOOOO many better options available. And for those who are looking for a new home for themselves, you would have to REALLY love the area, as I suspect it will be at least 3-4 years before you will see any appreciation on property values here. With the premium already being charged (yes, even with the discounts) and the pending release of still more condos in The Village once this batch of 230 units is sold, I really struggle to come up with any justification as to why now would be a good time to buy here.

If you have any thoughts or questions, please feel free to fire away...