If anything, the upcoming sale of Woodward’s demonstrates the sheer marketing genius of Bob Rennie, Canada’s (maybe the world’s) number 1 realtor and owner of Rennie Marketing Systems. Mr Rennie has managed to generate so much buzz over the Woodward’s development that people are no longer thinking straight. 6000 people pre-registered, 1 hour long line up on opening day of preview only. Selling by appointment only to wristband holders. Pricing is up to $1,000 per square feet. With that many people registered and only 536 units for sale, the development should sell out in the first few days. Woodward’s is so hot that people are trying to sell their wristband for up to $5,000!
Kudos goes to Rennie for creating the ultimate herd mentality. I think it’s a good idea to study Rennie’s marketing methods because it’s classic! According to the Woodward’s website, this is your neighborhood.
Looks really nice doesn’t it? What many buyers, especially foreigners, may not realize is only a tiny part of the downtown eastside is being shown. The rest of the photo is showing the ultra expensive Coal Harbour. So what does the Woodward’s neighborhood look like?
“This is an authentic area, not a sanitized environment. Neighbourhoods like this are rare and offer a creative mix of cutting-edge culture, heritage and character. That’s why the intelligent buyer will get in early. This is the future. This is your neighbourhood. Be bold or move to suburbia. That’s why I like to call it an intellectual property.” – Bob Rennie
Is it any wonder that Rennie chose to locate the Woodward’s sales center at Shaw Tower? Shaw Tower is the tallest and one of the most beautiful buildings in Vancouver. It sits right at the waterfront of Coal Harbour. The view from the sale center is amazing. So you get all these non local investors walking though the sales center and the sale people are telling them that Woodwards is “Just a few blocks away from here.” The biggest quote for me was when the sale person told me that Woodwards is “Coal Harbour meets Commercial Drive.”
Woodwards goes on sale this Saturday. You can’t buy unless you have a wristband. However, units have already been sold. There was a sale to “friends and family” of the developer held yesterday. You can bet they already took all the good units to flip on Saturday. Yes I believe most of the friends and family will be flipping them. Why? Because the development is over priced. They are trying to sell a downtown eastside property for the same price as properties in False Creek and almost the same price as Coal Harbour. False Creek and Coal Harbour doesn’t have a neighborhood filled with drug addicts and hookers. And they’re for sure not known as the poorest neighborhood in Canada.
Woodward’s should offer a discount because of the risk factor but thanks to the marketing genius of Bob Rennie, Woodwards will sell for a premium. Another question you have to ask is who is buying? It’s all investors/speculators who will never live in it! The neighborhood is the poorest in Canada. Who are the speculators going to sell or rent it to when the project is completed in 2009? The locals? Ya right. Like they can afford it!
When this Vancouver housing bubble finally burst, Woodward’s will be looked at as the epicenter.