After the 2010 Olympic game, the Olympic village lost its former days of prosperity, and no one was living in the Olympic village for a long time. Since nobody was living in the Olympic village lights were always off, and the entire village was dark, so a lot of people called it the ghost town in Vancouver. However, the location of Olympic village is convenient, and it has beautiful view of downtown Vancouver, then what was making it so difficult to sell?

Let’s do a little analysis. In the market mix, a product needs to satisfy 4 factors in order to achieve good profit. They are product, price, place, and promotion. The Olympic village has a good location, and Olympic village belongs to water front estate category, so it is a high end property which indicates it is a great product. Also the developers of Olympic village did a lot of promotion Champaign. As a result the Olympic village already satisfied three of the four factors, then why can’t it generate excellent profit? Unfortunately, though the Olympic village already satisfied three of the four factors, it didn’t satisfy the second factor which is price. After doing research, I found out the pricing for Olympic village were really high. In 2010 a studio with no kitchen, no living room, and no bedroom was selling for 319,000. With this amount of money, people can already buy a 1 bedroom townhouse in Vancouver. The penthouses in Olympic village are also extremely expensive. The average price for a penthouse is 1,590,000. This year, the developers made radical changes on pricing. On average the pricing for any condo in Olympic village had deducted by 30%, making those condos much more affordable. As a result, the Olympic village is selling out much more condos compare to before.