Onni Group of Companies Liquidation Sale
 

For those who are looking to purchase an apartment, Onni is having a liquidation sale of up to 40% off their original selling prices. This is only a one day sale on March 7th.

The sales includes: condos in Richmond (Flo); Port Moody (Suter Brook - Aria 1 & 2, Room Loft Living and Libra); New Westminster (Victoria Hill and The Point); Port Coquitlam (South Verde); and Surrey (Escada).

Example prices:
• Richmond: A 900-square-foot two-bedroom unit originally priced at $472,900, or $525 per square foot, is now approximately $360,000, or $400 a square foot.
• Port Moody: A 1,106-square-foot two-bedroom-and-den originally priced at $453,900 is now approximately $340,000.
A 655-square-foot studio originally priced at $319,900 is now $240,000, and a 990-square-foot wood frame two-bedroom originally priced at $419,900 is now approximately $315,000.
• Surrey: An 1,100-square-foot two-bedroom and den originally priced at $360,900 is now $260,000.
• New Westminster: A one-bedroom originally priced at $270,000 is now approximately $215,000.
• Port Coquitlam: A 1,000-square-foot two-bedroom originally priced at $389,900, or $390 a square foot, is now approximately $280,000, or $280 a square foot.


source: http://www.canada.com/story.html?id=1181254

note to all: stay away from the point

Not entirely true on the discount. $360,000 from $420,000 isnt really a discount since the economy- market value for real estate has gone down too.
its just a marketing scheme. if it was really a deal, then it should be market value-$360,000 MINUS the "liquidation discount".

dont take this the wrong way, but people love hearing the word "discount". When you really think aabout it, there really isnt a discount. unless you think that a decrease in property value is a discount.

thanks for the info.
probably going to drop some dough on that day ;>

whats wrong with it? 200k for a condo is pretty good investment.. it cant really get much cheaper now, can it?

quality is bad ass.

I went to look at the Flo in richmond , very good quality.
Surrey's Escada is shit compared to the first project on the land beside it charlton park or something. But for 260k for a 1100sq ft? It's a steal

no man. i live in the flo haha. i must admit it's not bad. but the quality of some things, fine details are just not there.

lol but i do blast my 500watt RMS stereo system fucking loud 24/7

even today from 1am-6am as i type this it has been blasting. so i either have no neighbours beside me and above and below me... or this place is fucking sound proof haha. that's all i was looking for. i love my music loud. 24/7

you gotta love these so called "liquidation" deal, the new prices are pretty much in line with where the market is going to be in the next 2 to 3 years anyways

attractive prices, can you still bargain

Wait it out...this is only the beginning of the drop in real estate. Global news interviewed abusiness analyst from SFU and he said the recession has started in Canada, but of course the finance minister won't publically announce it yet. The real estate market will basically drop for at least the rest of the year. Sales has gone down 51% since the boom.

$470K for a 900sq ft place in Richmond is ridiculious to begin with, making 360K sound like a steal when it really isnt.

Look at it this way, they are selling it to you now because they know it's going to get worse. If they didn't think so, they would just wait. They have pressure to sell units as sales are very poor.

This is nothing more than another marketing tool. Prices should be around $200 -$250 sq/ft

The overshot on the way up is the same on the way down. Ulic will know this. A stock has a price but when it shoots up it's overvalued, on the way down, it never settles at the 'true-value' but rather breaks through and becomes undervalued.

These buildings in question are horrible and were built on tight time frames. The number of corners cut would make your head spin.

When you look at an condo for quality, what do you usually look at to say that "A" is better built than "B"?

The condos that I have previously looked at, they have their little ups and downs but overall, the quality is very similar, from what I can see. :confused:

My family has a couple condos. In 2001, my dad stumbled into a showroom, looking for free food, and ended up buying a 1 br/den condo. The inspection didn't have too many quality issues that needed to be taken care of. A lot of it was just paint touch ups.

Fast forward to 2006, and we buy a new 2 br condo in Langley for around the same cost as the other one. There were a lot more things that had to be fixed up before I took possession. In short, fit and finish was nowhere near the quality compared to 5 years ago.

So the question is: Is there a way to tell what's good and what's bad after it's been built?

of course man, you got have an eye for the details. quality
of many things example. paint, drywall, walls, lighting, materials used for the building, electrical work, structural work,
when you walk in to a place look out for these things.
better to have a inspector or a person familiar with the construction

+1 for inspector

My brother was just looking at an apartment. Brought in the builder inspector, said there was a crack in the building envelope and said there were signs of previous leak in the apartment. A couple days later, when viewing the apartment again, it was leaking...

are these condos even finished?

pretty expensive free food ur dad stumpled upon

Better place that discount you got in a bank account so that you can pay for the inevitable assessment on your unit when the roof starts to leak or your parkade starts to crack...

I hope they don't sell too many of these.

prices around the GVRD need to drop alot more. and none of those selling would certainly set a nice tone.

They can only drop the prices so much. The cost to build these newer establishments are high ( mores specifically, labour cost ). I don't think they will sell these places at a lost.

So did all those units sell or what?