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MC² at Marine and Cambie and the nearly one day sell-out

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Artist's Rendering of MC2 in South Vancouver

Aside from the words “sold for $100,000 over asking”, nothing makes the real estate junky salivate quite like the term “one day sell-out” – a term that’s thrown around when pre-sale marketing leads to people lining up around the block like West Side families trying to get their kids into French immersion. (Urban legend has it that many of these people risking nerve damage from standing on their feet for hours on end are not, in fact, actual condo purchasers, but are paid by investors who then take their place in line when it’s time to enter the building and sign the contract to purchase).

Well, Intracorp’s pre-sale of their new property at Cambie and Marine didn’t quite sell out; but it far exceeded expectations according to real estate marketer Bob Rennie.

347 out of a total of 443 homes sold on opening weekend, which is certainly respectable given the high amount of inventory on the resale market. Similar to projects around transit nodes like Brentwood and Metrotown, Intracorp MC² project seeks to capitalize on its location close to the Canada Line SkyTrain station.

 “We hoped to sell 60 per cent in our opening weekend of sales and exceeded that goal already, with nearly 80 per cent sold and just 96 homes left,” said Rennie, principal of Rennie Marketing Systems. “This weekend’s strong sales are a clear sign that when developers build for and identify today’s consumers’ needs and purchasing ability – close to amenities, transit and bike routes – the Metro Vancouver homebuyer is very strong.”

One and two bedrooms are still available at MC² starting at $259,000, with 40 homes under $299,000. “Over half of the 443 homes are affordable to buyers with an income of $60,000 a year," said Rennie. "It has to be convenient for commuters, and it has to be affordable. And MC² has both."

The presentation centre at MC² is located at 8160 Cambie Street (at Marine Drive) in Vancouver, and is open daily from 12 noon to 5 pm (closed Friday or by appointment only).

For more information, visit http://intracorp.ca/mc2living/.

(6) Comments

Zbigniew November 2nd 2012 | 11:11 AM

I'm a bit disappointed at the lack of critical analysis in this article, which takes Rennie's word at face value. In particular, I'm wondering how many of those purchasers are real estate agents picking-up multiple units, an all-too common practice in these parts.

Z

PS. Doesn't " ... one-day near sell-out" read better?

Ace November 2nd 2012 | 1:13 PM

$260K for 439 sq. ft. = $592 per sq. Was that cheaper than Marine Gateway? Sounds pricey to me down on Marine.

Aaron Zacharias November 2nd 2012 | 11:23 PM

I still don't know anyone who could afford to buy these units.  We need strict legislation to promote affordable housing in this city.   Half those units should be subsized for low income residents, and rented at 30 per cent per tenant's income.  The others can be sold as condos.  The developers have been given far too much power and it is time to take it back from them.

sharleen November 11th 2012 | 10:10 AM

great share this article is.. do you have any updates on downtown vancouver real estate ?  need some advice for my real estate business


bigpurpleguy November 14th 2012 | 3:03 AM

i don't think current situation of real estate Vancouver willl be imoroving in near by future

 

http://www.thevancouverrealestate.ca/ 
Mick January 9th 2013 | 10:22 PM

Just another blog telling us everything is ok, though even a fool can see everything is not ok.

 

"Denying reality does not change reality, it cripples our response to it."