You all remember the 'sell out' at Marine Gateway that we first talked about on March 22nd and again on March 26th.
When sales launched at 9 a.m. Saturday for the 443 homes in Intracorp’s MC2 project at Marine and Cambie, the development community throughout the Vancouver area was watching closely.
Marketer Bob Rennie, who has been spearheading the project’s sale campaign, believes that up to 60 per cent of the condos will be snapped up by the end of today, while his colleague — Rennie Marketing Systems president Tracie McTavish — thinks that up to 80 per cent will be gone within a week to 10 days.
That's a far cry from the sell-out of Marine Gateway last March. It begs the question... if this project required that exclusive agents acquire the same ratio as has been suggested in the past, does that mean that less than 10% of the units for sale sold to actual buyers/speculators?
Of course there is an explanation for that:
“The hardest thing to do today is come out with a positive story on real estate because the armchair speculation is all the other way,” said Bob Rennie.
Rennie says. “But the building [will be] already approaching 50 to 60 per cent sold out by the end of the day that first day. That’s our expectation ... This is one that the development industry is watching, based on design and [its] transit-oriented site and all of the [items on the] checklists. We’re not overly confident; we’re just really, really confident, based on fundamentals.”
But you can't really blame us. We saw evidence of agents buying up units in the developments they were marketing with Cam Good back in April 2012.
And scepticism can only compound when the media portrays these agents as non-involved members of the public who have purchased as 'investors'.
Of course it's all just armchair speculation. Something I understand is somewhat rampant these days.
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