Media reports leading up to that release said prices were 30% off, and in some cases as much as 50% off, as demand had fallen well below expectations. Those latest discounts seemed to have pulled in an unexpected demand from buyers, however.
The city paid $740 million for the development last year, but sales stalled and only 30% of the units had been purchased prior to last week. Retailers had also balked at moving in.
The Sun said the latest sales still leave $630 million in construction loans owed by the city and foregone land profits from when it sold the property to Millennium Developments. Even if all the units sell, it could still be a bottom line loss for the city, said the paper.
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In just the past weekend alone, 97 condo units were sold, bringing the total to 128 units sold since the 230 units officially went on the market last Friday, according the Vancouver Sun. The average price paid was $778,000 for a unit, although one 10th-floor unit sold for $3 million.