Onni’s liquidation sale comes as the once hot Lower Mainland real estate market cools down amidst a global economic downturn. According to the company’s media release, the financial benefits of selling the properties at reduced prices outweigh the costs of holding on to the properties in hopes of getting a higher price.
At the Suter Brook development in PoMo, two-bedroom apartments once valued at $453,900 will now sell for $340,000 while 655 foot studio apartments, originally priced at $319,000, will now sell for approximately $240,000. In PoCo, a 1,000 square foot unit at South Verde, originally expected to fetch $389,000 will now sell for approximately $280,000.
The sale will also include other properties in the Metro Vancouver area, totalling more than 375 condominium suites worth close to $150 million.
