Phase X Marketing

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From the glossy piece of advertising that slid through the letter slot this morning, it looks like 2220 Kingsway aka Kensington Gardens is about to enter Phase X of its prolonged marketing campaign. At this stage, customers can walk down the street to inspect a partly-dug hole in the ground before deciding whether to plunk down for a chunk of the air above that hole. Take a look at the two sides of the marketing card:

 
2-kengar-150522
 

Some yet unsold subset of the triplet towers has now been singled out as Vancouver View Estates.
Here’s the key hype:

        The first release of 40 luxury view homes in Vancouver’s most sought-after new community

The big question is, if this fortress compound is really so sought after, why do so many units remain unsold after fifteen months? If only 40 are left, that would be about 10% of total dwelling units. But the unsold portion of the development seems likely to be far greater.

On-the-ground observations have shown that previous “releases” of entire towers generated no line-ups at all. Revisit the sales debacles of 8 February 2014 and Half-Sold After Ten Months and 25 October 2014.

It seems likely that the only real “releases” involved here are developer and marketer desires to find release from their financial commitment to those green glass towers that the Norquay Plan said should never happen to our neighborhood. (Much of the Norquay Plan flew out the window when big developer Westbank told City of Vancouver planners what it intended to do. Especially the “plaza” requirement that morphed into a parklet excrescence.)

The Kensington Gardens web site now features this amusing map:

 
kensingtongardens
 

First notice those four little red dots numbered 2 and 3 and 4 and 5 over to the left, across the great east-west divide: St. Georges, Crofton House, Little Flower Academy, York House. Surely prospective condo owners aspiring to toney private schools for their offspring would not settle for a grungy Kingsway address? Well, maybe the “King” part of Kingsway could fool them.

Next notice the impossible travel times. Impossible unless you’re lifting off from the roof in your helicopter …

Twenty minutes to UBC. Ten minutes to Downtown. Ten minutes to BCIT. Five minutes to Commercial Drive.

Would you buy a new condo from people who do these kind of numbers?
 

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Written by eyeonnorquay

22 May 2015 at 2:19 pm

Posted in Events, News

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