Richmond BC Real Estates

Trading Up In a Down Richmond Housing Market

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Sat, 08 Nov 2008 14:24:44 -0600

The reasoning for trading up in a down Richmond housing market is best summed up by Sebastian Albrecht, a Vancouver Realtor at Royal LePage Westside.

The housing market in Richmond is similar to the markets in other Greater Vancouver Municipalities. Home prices had come down by 10% to 12% from the peak towards the end of 2007.

Trading Up

Obviously, you must have the need for trading up to a newer or larger home, a better neighborhood and you can afford to make the move.

If you are in a similar situation wondering whether you should trade up, the post helped to explain why you should do it:

"Not only is our young couple saving money, they are also more likely to find the home that they want in this market. There are lots of choices and you have the luxury of finding the right home for you in this market. That’s not a luxury you’d have in a seller’s market".

You can read Sebastian's full article here.

Richmond Housing Market

You can view the most recent sales and pricing activities in Richmond by following my on-line real estate postings on Richmond Housing Report.

If you like to have more information on buying or selling your home in Richmond, you can contact me at 604-721-4817 or send me an email.

CMHC Fall Report - 2008

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Fri, 31 Oct 2008 12:38:31 -0500

CMHC predicts shallow real estate correction

The correction in Greater Vancouver and British Columbia real estate markets should be shallow, according to Canada Mortgage and Housing Corp., provided the province maintains projections for weaker economic growth and doesn't go into a full recession.

CMHC released its fall market forecasts Thursday, which predict lower housing sales to the end of 2008 and on through 2009, with price declines to the end of 2009 in the range of seven per cent provincially and nine per cent in Metro Vancouver.

Read the full article here.

What I think:

Month-over-month housing price trend

Recent month's home selling prices had dropped significantly. The price decline for Greater Vancouver going forward on a year-over-year could be as much as 10% to 12%.

Most of the homes sold the past 3 months registered heavy price discounting from prices recorded in early 2008. Some home prices are now listed for sale at 2007 level. In general, the average price could have dropped 10% to 12% from the peak.

CMHC's projection for 9% drop in price for Metro Vancouver could be too optimistic as current market sentiment is pointing to a larger drop in home prices. The drop in price for 2009 is likely to be in the range of 12% to 15%.

Canada's Economy & Employment

The anticipated US recession will affect Canada's economy and employment. The slow down in construction activities and loss of manufacturing jobs in Canada will impact consumer confidence.

Speculative home purchases pushing up home prices the past 3 years will work in reverse. Speculators and home sellers will unload their investments, pushing home prices down in 2009.

Market value vs city assessment value

Many homes sold in the past 3 months were selling below the city assessment values. Average selling price as compared to the city assessment value dropped from around 13% the 2 previous quarters to 4% in the third quarter of 2008. Further price erosion will result in Metro Vancouver homes selling at or below city assessment values.

There are some good buying opportunities in today's market. You need to find the real good deals with the help of your local realtor.

Whether you are planning to trade-up, trade-down or buying your first home, you should discuss your needs with your realtor. You can get the latest real estate market information by following my monthly real estate market up-date.

You can email me if you have any questions on your real estate needs.

Presale Buyers May Be Liable For Damages

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Wed, 29 Oct 2008 22:20:06 -0500

Pre-sale buyers who are not able or willing to complete their contracts can be sued by the developers. Some of these buyers are leaving large deposits and walking away from sums as high as $40,000.

There is no accurate figure as what proportion of these pre-sale buyers are speculators. Some people in the industry estimate that as high as 70% of these pre-sale condo buyers could be speculators. With banks tightening on lending, some buyers are not able to get financing, while others simply no longer want to complete the deals.

"There's a lot people there to make a quick profit, and it backfired on them," said Mario Mainella, a vice-president at Bowra, whose firm is now contemplating legal action against some of those owners.

"The way most contacts are written, the developers can pursue a damages claim if the unit is sold for less than what it was sold for originally," Mr. Mainella said.

Read the full article here on "Cracks appearing in condo land".

Another recent report by Merrill Lynch & Co "Housing market ‘alarms' Merrill" quoted:

"Falling prices, overbuilding and too much unsold inventory in Canada are creating a trend similar to that in the United States a couple of years ago, Merrill economists David Wolf and Carolyn Kwan said in a research note.

Merrill made headlines recently with a report suggesting Canada's high household deficit level could make it vulnerable to a U.S.-style housing collapse".

Analysts agree that B.C.'s housing market is taking a beating, with sales slowing and inventory rising in the wake of global economic upheavals.

The extend of the price correction is opened to debate. Some are predicting a 30% or more price correction. The tight credit situation, cautious lending by the banks, over-extended borrowers, slumping stock market and over supply of housing units all will exacerbate the housing market.

If you are thinking of selling or buying, you need to know how best to deal with your situation. Not selling now could result in further erosion in the price you can get for your home. If you are buying, you need to know if you should wait a little longer or get ready and look out for a great deal coming your way.

For more insights on the current real estate market in Greater Vancouver, you an email me or call me at 604-721-4817 for a discussion.

Richmond Real Estate: Market Value Compared With City Assessment Value

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Tue, 28 Oct 2008 22:45:52 -0500

Richmond Real Estate Pricing Trend

The most common question asked by home buyers on the value of a home is the relationship between current market price and the city assessment value of a property.

The market value of a detached home is affected greatly by the location, home condition, and improvements done to the house. Homes that are more desirable will command higher selling prices. The city assessment value being an aggregrate valuation of similar homes in the neighborhood, will not reflect the dsirability of a home to a buyer.

What can the city assessment value tells us?

The city assessment value being a previous year's value and a lagging indicator. It tends to be lower than the market value in a rising housing market. During the boom years from 2005 to 2007, the selling prices for most homes were found to be 12% to 15% above the city assessment values. Conversely, when home prices drop sharply for a few months, the market value of a home may be lower than the city assessment value.

The following table helps to track the housing market pricing trend, and the relationship between market value and city assessment value. It is the supply and demand for housing that affect the market price:

Selection Criteria for comparison

The homes selected for this comparison are based on older homes located in West Richmond. The homes were over 25 years old and with lot sizes between 7,000 to 9,000 sq ft. The reason for the setting the above parameters was to track the home builders demand for these type of homes.

When home builders' were competing for building lots, they pushed up the selling prices for these homes. Up until the beginning of 2008, home builders were still actively buying up these older homes - the average selling price higher than listing price in Jan-Mar/08 was the peak period for multiple offers on building lots in West Richmond.

These homes were torn down to be replaced by million dollar homes.

Quarter	No. Homes	Av. List Price	Av. Sold Price	Av. City Value	% Var. Sold vs List price	% Var. Sold vs City value
Oct-Dec/07	24	$689,100	$680,100	$638,400	-1%	+7%
Jan-Mar/08	27	652,800	683,900	600,800	+5%	+14%
Apr-Jun/08	14	691,100	687,700	609,400	-2%	+13%
Jul-Sep/08	7	672,100	633,400	607,200	-6%	+4%

Sample Size Limitations

The small number of sales registered for Jul-Sep/2008 could have skewed the comparison between market value and city assessment value. The average selling price showed a drop of around 8% compared with the previous 3 qaurters.

Market Value Vs City Assessment Value

The average city assessment value for Oct-Dec/07 was skewed by more higher valued homes being sold during the period. After adjustment to the value, the average selling prices for the 3 quarters before Jul-Sep/08 were around 13% to 14% higher than the city assessment values for the quarters.

From March 2008 onwards, 6 months of declining sales and widespread price reductions resulted in the average selling price for the Jul-Sep/08 quarter at just 4% higher than the average city assessment value. With the current housing trend continuing its decline for the next few quarters, home prices are expected to slide lower. It is likely that the selling prices for many homes will be below city assessment values.

We will continue to monitor and report on the pricing trend each quarter.

For current real estate information in Richmond, Vancouver and Burnaby, you can view my postings here.

Richmond Housing Trend - Average Monthly Sale

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Sun, 19 Oct 2008 22:31:22 -0500

Richmond Housing Trend from total sales recorded since 1998 reached the highest number of homes sold in 2005. That year, the total number of homes sold were 4,335 units with a monthly average of 470 units. The 2-year moving average trend line indicated sales momentum was slowing down in 2006 and 2007. The trend line as shown on the chart below (up to September 2008) showed that 334 average monthly sale was 12% lower than the 380 trend line units.

The September home price decline as reported for Greater Vancouver was around 8%. Richmond will follow the general market, and a decline in the median price can be expected in the next few months. There are no positive news in the market and BC economy that will help to reverse this housing price decline.

Tracking The Sales

The July, August and September 2008 sales figures at 287, 178 and 234 units respectively were way off the mark, and fell to the 1998 to 2000 sales figures. Current market sentiment has changed dramatically from last year, and buyer confidence is lacking. More bad news are expected from the housing market. The media are expected to continue reporting the bad news, and the housing market will continue to adjust to current over-supply and dwindling demand from home buyers.

Prices Are Dropping

The housing market in Greater Vancouver is now in a buyer's market. Prices are trending down and there are many great buying opportunities for home buyers. Many sellers have reduced their asking prices to sell their homes. Those that are reluctant to reduce their selling prices and priced their homes according to today's market, will have a tough time selling their homes. Many areas are already reporting home prices coming down by as much as 10% to 15% compared to 2007 home prices.

Should You Buy Now?

You should position yourself to make a quick move if and when you can get a great deal. There are definitely many more buying opportunities now. Whether you should buy now or wait a little longer depends on your own comfort level. You should watch the market closely. Only when you are feeling comforatable with the market, you make your move to buy.

For more information on the market, you can contact me at 604-721-4817 or email me.

NOTE: This representation is based in whole or in part on data generated by the Real Estate Boards of Greater Vancouver

Richmond BC Real Estate: Dealing With A Buyer's Market

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Wed, 15 Oct 2008 22:35:04 -0500

Richmond BC Real Estate

Declining Market

Since April, 2008, home sales activities in Richmond dropped significantly. It may take another month or two for the chart below (tracking median prices for Richmond homes , townhouses and condos/apartment) to show the declines in home prices.

Another housing market tracking and pricing charts presented by Brian Ripley showed that Edmonton's home prices peaked in May, 2007 and Calgary followed in June, 2007. Vancouver's top was recorded in June, 2008 and since then prices had been declining significantly for July, August and September.

The price correction will continue until demand picks up. This will happen when prices reach a level when home buyers are feeling comfortable to get back into the market.

Presently, Richmond inventory is still very high, with around 11 months supply of homes. Unless sales improve or the number of listings drop significantly, the list/sale ratio will take a while to reach a more balance market... around 6 months inventory.

Data from Real Estate Board of Greater Vancouver

Market Update

Greater Vancouver housing sales were down 43.2% in September from a year earlier, while the average sale price dropped 8% to $535,598 over the last year.

Greg Klump, chief economist with CREA said "As the Canadian market continues to cool, houses will stay on the market longer. Canadian sellers are not under financial duress to sell so many will just pull their homes off the market if they don't get their price and that will result in a continuing decline in listings.

Canadian homebuyers should not expect to see the kind of price correction that's underway in the U.S. where overly indebted homeowners are selling into a housing market where foreclosures and the number of newly constructed unoccupied homes are increasing."

Click here to read the article.

What you should do in a buyer’s market?

If you are a seller, you have to be realistic with your expectation and adapt to the market. You need to know the sales and inventory in the market place. Before you list your home on the market, find out how many months an average home takes to sell, and monitor the market activities closely.

If there are 2,500 properties on the market and 250 are selling, only 10% of the properties are selling for the month. Your home has to be at the top 10 % in the marketplace in order for your home is sold. When there are 10-month inventory in the market, your home priced priced similar to other homes will take 10 months to sell.

So, to sell your home in a buyer’s market, it has to be priced lower than comparable homes listed on the market a lower priced home get sold more quickly.

If you are a home buyer, you need to know whether the home you are buying is a good buy. This could be a good buying opportunity as there are more choices, sellers are more motivated to sell and home prices are more attractive now.

For more information on the real estate market in Greater Vancouver, and Richmond Vancouver and Burnaby in particular, you can follow my blog postings here.

Mellinium Water, Vancouver's Olympic Village - 2010 Games in Crisis?

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Wed, 08 Oct 2008 20:42:32 -0500

Mellinium Water Vancouver's Olympic Village - Trouble Ahead?

As the credit crisis south of the border begins to creep north, concerns are mounting over the impact it may already be having on construction of the athletes' village for the 2010 Winter Games.

Last week, members of Vancouver's city council held an emergency, in-camera meeting to get an update on the project. Much of the discussion revolved around the city's obligation in the event the developer, Millennium Development Corp., can't meet demands from the bank because of massive cost overruns, according to sources briefed on the meeting.

Click here to read the full article.

Another article in the Vancouver Sun "2010 Games in Crisis" raised concerns that B.C. taxpayers could be on the hook for about $1.5 billion.

Just a week ago, Denis Du Bios on October 03, 2008 published in Energy Priorities a glowing report "Vancouver 2010 Olympic Village" as a model for urban sustainability.

This South East Fales Creek land - once a mishmash of shipyards, sawmills and municipal incinerators had many past controversies. NANCY MACDONALD at Maclean's Magazine published on November 19, 2007 "New Condo Will Double as Vancouver's 2010 Olympic Village" gave an account on the project when the condos were released for sale in October 2007.

For more information on Millennium Water Condos, kindly contact James Wong at 604-721-4817 or email me.

Best Of Richmond BC

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Mon, 06 Oct 2008 20:42:17 -0500

Why Best of Richmond BC?

It is about time that Richmond residents write about the "Best of Richmond BC" and tell others why they nominate the restaurants, people, places, experiences, shops, etc.

As the subject is about the Best of Richmond BC, all submission are to be related to Richmond, BC.

Richmond's residents are welcomed to send in their articles, stories and photos.

Photographic enthusiasts are also encourage to submit their favorite pictures as a supplement to the "Best of Richmond".

Localism, Richmond BC

The nomination will be posted on "Localism.com/bc/Richmond". The Administrator for this online website is James Wong, a long time resident of Richmond. All appropriate articles will be processed and posted on

Merchant Sponsors

Local merchants are encouraged to sponsor and provide special discounts, coupons or gift certificates to encourage readers to write in to tell their stories and why they think their nomination is the best. The benefits to local merchants are more online exposure and buzz about their businesses. Where appropriate, links may be provided to direct readers to visit the merchants websites.

Local merchants are encouraged to test drive and find out how "Localism.com/bc/Richmond" can increase their online traffic.

Kindly email all articles and attachments to Localism Richmond BC

Richmond City Centre population to triple over 25 years

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Sun, 05 Oct 2008 21:38:36 -0500

Changes are coming to Richmond City Centre

Two years ago, ALEXIS ROOHANI wrote:

The rush to Richmond

Planners are preparing for a tripling of the population over the next 25 years as Vancouver's housing refugees flock to the suburb in search of affordability and a better quality of life, writes ALEXIS ROOHANI

ALEXIS ROOHANI Special to The Globe and Mail POSTED ON 06/10/06

Richmond is coming of age, and its claim to fame is beginning to reach well beyond its reputation for prolific shopping centres and tasty Chinese cuisine.

"Richmond has a higher profile. You think about moving here now," says Tracy Lakeman, a veteran of the Strathcona area who moved to Richmond with her partner in 2005, buying a home in Richmond's Seafair neighbourhood. "It's not so much a suburb of Vancouver any more; it's becoming a city in its own right."

Moreover, says Ms. Lakeman, now Executive Director of Tourism Richmond, all the development hasn't erased the area's other pleasures. "When I'm out walking, I'm watching bald eagles, hawks, coyotes, blue herons, ducks..."

Home builders have taken note.

Hani Lammam, Vice President of Development and Acquisitions for Cressey Development Corp., has watched affordability turn Richmond into one of the Lower Mainland's biggest real estate hot spots.

"We see a higher demand for real estate in Richmond than we do in Vancouver," says Mr. Lammam. "The values are better in Richmond because land is cheaper, and yet the quality of the product is comparable."
As one of Richmond's foremost developers, Cressey is responsible for kick-starting McLennan North, a major developmental collaboration with the City of Richmond that has evolved into one of the city's most coveted neighbourhoods.

"Because of Richmond's demographics and geographic advantages, we predicted that it would be a success," says Mr. Lammam of the company's decision to spearhead the master planning for McLennan North 12 years ago. "It had everything going for it."

Whether you chalk it up to clairvoyance or just prescience borne of proper due diligence, Cressey could hardly ask for a better return on its wager. The July release of Mandalay and Brandywine Lane, Cressey's crowning residential projects in McLennan North, saw more than 250 realtors in attendance, hinting at the high level of demand in Richmond's real estate market.

"It's been a tremendous success," Mr. Lammam says, "way beyond our expectations."

Sassan Pourfar, who bought into Brandywine Lane in July, chose Richmond specifically for what it offers to homeowners who don't want to sacrifice quality and lifestyle for the sake of affordability.

"Compared to other places around Vancouver, the price of living [in Richmond] is much less," says Mr. Pourfar, who researched the Lower Mainland area extensively before moving from Iran and settling in Richmond with his wife in 2001. Since then, Mr. Pourfar has purchased two properties in the city, experiences he believes provided him with a better return on his investment.

"If I wanted to buy something in Vancouver for the same cost [$600,000], I'd have to buy a 40 or 50 year-old house, and even then I'd have to redevelop it," says Mr. Pourfar. "Based on what I expect in terms of quality and design, there's no comparison for what I found with Cressey and for the price I got in Richmond."

Strong market values may be a draw factor, but Richmond's ability to satisfy diverse lifestyle needs is ultimately what keeps people in the city. The city has attempted to provide that by implementing a strict plan for densification.

"We are taking densification very seriously," says Terry Crowe, Manager of Policy Planning for the City of Richmond. "We only have a limited amount of land in Richmond that we can effectively use for urban growth. If we want to continue to have an agricultural land reserve and a sustainable region, we have to densify the areas that are designated urban now as efficiently as we can."

Urban density has not characteristically been one of Richmond's calling cards, a fact best illustrated by the uninspiring strip malls that dominate many of the city's main drags.

But with plans in place for supporting 120,000 people in the city centre by 2031 -- an increase of 80,000 over the area's current population -- it's safe to say that the times are a'changing, a point that will only be reinforced by the introduction of rapid transit over the next few years.

Focusing densification primarily on arterial roads and shopping districts (in order to protect the city's fiercely guarded single-family neighbourhoods), the city's planning department is also committed to building five high-density urban villages around each of Richmond's scheduled rapid transit stations.

These villages will be designed as individual live/work/play communities, and will strive in their planning to maximize transit ridership and effectively eliminate the need to own a vehicle.

While a vibrant and diverse downtown core satisfies the requirements of a complete community, What makes Richmond appealing to many residents are the city's 1,500 acres of open park space and comprehensive network of recreational facilities -- assets that city planners are making every effort to balance with growth.

"We have to grow to make the community livable at the end of the day, and what makes it livable are parks and other amenities," says Mr. Crowe.
A livable city also means job opportunities, which proves to be yet another area of surprising wealth for Richmond. According to Craig Jones, Executive Director for the Richmond Chamber of Commerce, current figures estimate a total of 1.5 jobs per resident, a ratio that even Vancouver can't boast.

"We've got a number of industries that have decided to locate here because of the talent pool that's available and the city's proximity to the airport, the U.S. border, and the local port authorities," Mr. Jones says.
Several industry hubs have been cultivated by the city over the past few decades, including high-tech, agriculture, biotech, manufacturing, transportation, and the overflow from Vancouver's diminished warehousing sector.

"Companies like to locate here because it's affordable for their staff to live and work in their community," explains Mr. Jones of the 12,000 companies that call Richmond home. "In Vancouver, that's changed dramatically."

Another Major City Centre Project Approved

A new Richmond City Centre project located at the current site of Lansdowne GM’s car dealership was proposed to the city’s planning committee, and councillors unanimously agreed with a staff recommendation to support a rezoning bid by W.T. Leung Architects. The proposed development is consisting of a new 33,000-square-foot community centre - City Centre South Community Centre, a 22,000-square-foot campus for Trinity Western University and a $1-billion residential development, comprising five high-rises with nearly 600 apartments and dozens of stacked townhouses.

There are many older and newer resale condos available for sale in and around Richmond City Centre. Click here to view some of the Richmond City Centre condo available for sale.

For more inforamtion on buying a condo in Rihmond City Centre, kindly contact me at 604-721-4817 or email me.

Want to live longer? Move to Richmond, B.C.

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Fri, 03 Oct 2008 20:24:13 -0500

As reported by CBC News

A Statistics Canada study that shows people in Richmond, B.C., have a higher life-expectancy than those in Japan has stumped at least one expert.

The report Health Indicators, released Tuesday, shows that babies born in Richmond today can expect to live to an impressive average of 83.4 years, two years more than the average in Japan, which tops the World Health Organization's rankings.

"That's ridiculously high," John Hsieh, a professor of biostatistics at New York's University of Rochester, told CBC News Online. Hsieh said that Richmond's average age means that there are many people living to almost 100 and very few who are dying in their 60s.

Click here to read the full article

Relocating To Richmond

If your are retiring, you may want to consider settling down in Richmond. Richmond is a vibrant, safe and colorful City. It has the lay-back rural farming atmosphere all around it...you can take life at your own pace, while all the modern convenience, amenities and shoppings are just a short distance from your home.

There are many neighborhoods like Steveston Village, Terra Nova, Garden City Park, Minoru Blvd, etc with great amenities to support your lifestyle needs.

If you like to have more information on trading up or down sizing to relocate to Richmond, you are welcomed to contact me for information on the real estate market of Richmond.

Vancouver Spectrum Condos - Yaletown, Vancouver

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Thu, 02 Oct 2008 22:02:28 -0500

Vancouver Spectrum Condos, Yaletown

Spectrum 1 - 111 West Georgia Street, 30 levels - 221 condos

Spectrum 2 - 668 Citadel Parade, 27 levels - 222 condos

Spectrum 3 - 131 Regiment Square, 26 levels - 211 condos

Spectrum 4 - 602 Citadel Parade, 32 levels - 245 condos

The last 2 of Spectrum Towers 1, 2, 3 & 4 were completed by the fall of 2007. The neighborhood came to live when Costco opened it's Downtown Vancouver store in 2006. Presale condo buyers were the lucky ones who recognized the incredible values Spectrum condos had to offer.

The presale condos were selling at $129,000 for the 483 sq ft studio units and up to $375,000 for the larger 958 sq ft 2 bedroom + den condos. Click here for price range for resale Spectrum condos over the past 12 months

Condo owners and renters moved in by the fall of 2007. The resale prices for studios reached as high as $313,000 and the higest price 2 bedroom + den condos were selling close to $599,000. The great demand for Spectrum condos spurred condo buyers' interest on other developments around International Village/Tinseltown and Bosa's Brighton Towers at Citigate.

Transformation Of Downtown Vancouver

As part of Concord Pacific Group's Spectrum project, Costco bought the 127,000-square-foot store and successfully opened for business in 2006. Access to this new Costco Downtown Vancouver store is from Expo Boulevard. This new Costco warehouse store is a feat of engineering. The store is bordered by GM Place, the Georgia viaduct and the eastern end of Vancouver's downtown.

Concord Pacific has also incorporated an elevator and stairway that connect the store to the Stadium-Chinatown SkyTrain station above it. This Costco store has two floors of parking below it and two floors of parking above it. The four Spectrum Towers with with 900 condos perched above it.

This Costco store is a very valuable piece of real estate - Downtown Vancouver is one of the most densely populated areas in North America. "It is the most unique Costco in the world," said Robin Ross, Costco's regional marketing manager for Western Canada. An expanded deli selection of "home ready meals" catering to the shopping needs of singles, couples and young families living in Downtown Vancouver.

Click here to read the story : "Warehouse retail chain opens doors of its most urban outlet in North American to a horde"

Is this a good time to buy a condo in Downtown Vancouver? There answer depends on whether you feel comfortable to make the move.

If you like to have more information on some of the great buying opportunities at Spectrum towers, kindly call me at 604-721-4817 or email me.

Downtown Vancouver Condos > Vancouver City Condos

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Tue, 30 Sep 2008 17:17:26 -0500

The Markket For Downtown Vancouver Condos

Most of the condos in downtown Vancouver can be found around Vancouver City Centre, Coal Harbour, False Creek South, False Creek North/Yaletown and Vancouver Westend. Currently, there are around 1,535 condos listed for sale in the above mentioned neighborhoods.

More than 50% of these condos are under 5 years old. 532 units, or one-third of these condos are under 2 years old!

Wide Selection of Condos

There are incredible choices for Condo buyers in Vancouver. With so many choices, you can pick and choose where you want to live. Your biggest challenge is to find the right home.

Generally, condo prices are higher in downtown Vancouver. But, they are not much more than those located in adjoining municipalities like Richmond and Burnaby.

Example: Some great deals are available at Spectrum - an award winning project by renounced Vancouver Developer, Concord Pacific.

You buy a new or near new 1 bedroom condo at the Spectrum Towers for under $300,000. There are a good selection of condos warying in sizes from 483 sq ft studios to 958 sq ft 2 bedroom + den condos. The 1 bedroom condos vary in sizes from 624 to 684 sq ft.

The Myth That Downtown Vancouver Condos Are Too Expansive?

You can buy a new or near new condo in Vancouver downtown at just over $500 per sq ft.

Currently available for sale is a 655 sq ft one bedroom + den condo on the 15th floor. At the reduced price of $329,000, this 1 year old condo is listed at an incredible price of $502 per sq ft. The sale price will likely to be under $500 per sq ft when eventually this condo is sold.

There are other smaller condos at Spectrium priced below $300,000. You may ba able to find and buy a nice condo there for under $290,000. This is a great time to look around, and sellers are motivated to sell!

If you don't want to miss out on this buying opportunity, call me now at 604-721-4817 for more information on condos available for sale at Spectrum.

The above mentioned 655 sq ft condo will not last, as someone else will beat you to it!

Is This The Right Time To Buy A Downtown Vancouver Condo?

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Tue, 30 Sep 2008 15:51:20 -0500

Condo buyers are faced with the question whether this is the right time to buy a downtown Vancouver condo. What is certain is that prices have definitely come down. While selling prices are expected to continue to decline, it is difficult to know when will condo prices hit the bottom. If you feel comfortable buying, you can then commit yourself to look for the condo you like.

Up until the spring of 2008, the demand for Vancouver condos remained strong. Condos in downtown Vancouver continued making price gains through 2007 and the first 3 months of 2008. Since then, the real estate market ran out of steam and sales took a dive in April, 2008. Demand for condos in downtown Vancouver dropped significantly in April, 2008 and continued into May and June, 2008. By July and August, condo sales were down as much as 40% compared with the previous year.

Prices Are Dropping

The condo market in downtown Vancouver is now in a buyer's market. Prices are now trending down and there are many great buying opportunities for condo buyers. Many sellers have reduced their asking prices. Recent sales of 1 bedroom and 2 bedroom condos were found to be down by as much as 10% to 15% as compared to similar units sold at the end of last year.

Should You Buy Now?

You should position yourself to make a quick move if and when you can seize a great deal. If you missed the opportunity to buy in 2006 or 2007, you should get yourself ready to jump at some great buying opportunities. For many buyers, the attraction in of Downtown Vancouver is the proximity to all the interesting events and activities only Vancouver City can offer. If you work in Vancouver City, this may be your chance to get into the market as you can buy your condo at a reasonable price now.

Why Commute When You Can Live In Downtown Vancouver?

Commuting from Richmond or Burnaby to downtown Vancouver will take over 30 minutes daily - Monday to Friday. The time spent commuting, or if you own your car... the cost of gas, maintenance, parking and financing add up quickly. You can ditch owning a car and use the money for your mortgage and live a lifestyle you compromised for owning a car.

Although Burnaby and Richmond are good alternatives for most condo owners, why go for the second best if you can afford the best. You do have the option now with so many great buying opportunities around downtown Vancouver.

A Second Look At Living In Downtown Vancouver

Condos in Burnaby and Richmond offer amenities like storage lockers and parking stalls. These amenities may have to be scarified in exchange for living in downtown Vancouver. When you compare the selling prices, condos in Richmond and Burnaby are not much cheaper than those in Downtown Vancouver.

Paying around $500 a sq ft for condos in the City of Vancouver is doable. When the pros and cons of living in downtown Vancouver City is compared with other metro Vancouver cities like Burnaby and Richmond, it makes sense to live in downtown Vancouver.

Higher Rental Rates In Downtown Vancouver

The attractiveness of Downtown Vancouver can be illustrated by comparing rental cost - rental in downtown for a new d1 bedroom is around $1600 to $1,900. For similar condos in Burnaby and Richmond, the rental is between $1,400 to $1,500. So for about the same price, you a getting a better deal buying in Vancouver City.

There are some very attractively priced resale new condos available for sale at Spectrum Towers, near to GM Place Stadium. Click here to read the story about the Spectrum project.

For more information on buying a 1 bedroom or 1 bedroom + den condo at Spectrum at prices from $295,000 to $350,000, kindly contact James Wong at 604-721-4817 or send me an email.

House price falls 'accelerating'

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Fri, 26 Sep 2008 16:52:44 -0500

Housing Marlet Update From England

"The fall in house prices has accelerated in England and Wales, according to the Land Registry".

Its latest report shows that prices fell by 1.9% in August, taking the annual rate of price deflation to 4.6%.

The figures mean that the average property now costs £174,493; £8,320 less than a year ago, with £3,871 of that drop occurring last month.

Prices in London fell by 3.2%, the first monthly fall since the Registry started publishing its figures in 2000.

Read the full report here ...

Asset Price Deflation?

Canada had been experiencing a low down in residential real estate sales for the past 5 months, with many provinces registering price declines year-over-year. This trend on real estate price decline that started in the USA, has spread over to Australia, New Zealand, UK, Spain, Turkey and other countries.

Over Supply Of Condos in BC?

Canada may be able to withstand the price decline better than the US and UK. The extend of the price correction eventually is determined by the supply-demand by home buyers. With the large supply of homes currently available for sale, coupled with huge price gains over the past 6 years, double digit price correction may be expected.

In BC, the biggest build-up in inventory is multi-family condos and townhomes developments. The slowing down in sales for resale new condos in Downtown Vancouver is now showing up in price weaknesses. One bedrom new and near new resale condos at Spectrum Towers that sold for $350,000 to $360,000 last year can now be bought at $290,000 to $320,000 range.

Good Time To Buy Now?

If you are planning to buy a condo, this can be the best time to start looking at the deals available around you. You may be lucky to buy a Downtown Vancouver resale new or almost new condo at $500 per sq ft or less. There are many condos that are priced significantly less than their selling prices a few months ago.

Please contact me at 604-721-4817 for more information on finding a great deal in downtown Vancouver. Or send me an email me on available condos for sale in Downtown Vancouver.

The Fastest Selling Condos In Richmond

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Mon, 22 Sep 2008 23:34:08 -0500

The following table summarized the August sales of condos in Richmond:

Price Range	No. Units	Per Cent	Active Listings	List/Sale Ratio
< $300,000	41	53%	329	8.0 mth
$300,001-$400,000	25	32%	338	13.5 mth
$400,001-$500,000	6	8%	208	34.7 mth
Over $500,001	5	7%	110	22.0 mth
Total Units	77	100%	985	12.8 mth

At the beginning of 2008, Richmond's housing market was strong, registering list/sale ratios at around 4 months. Since April, the collapse in the real estate market in B.C. had resulted in Richmond's list/sale ratio increasing to 12.8 months in August.

The housing market is now a Buyer's market. There were many media articles in the past few months that could have contributed to many home buyers staying on the sideline.

The above analysis showed that the fastest selling condos in Richmond were those priced under $300,000.

Affordability could be the main reason for these lower priced condos accounting for more than 50% of the total condo sales. Condos priced in the $400,001 to $500,000 registered the higherst list/sale ratio. These condo sellers will have to price their condos accordingly to attract buyers.

Sales By Age Group

When the age group was analyzed, the following interesting data emerged:

Age of Condos	No. Units	Per Cent	Active Listings	List/Sale Ratio
< 2 years	16	21%	325	20.3 mth
< 3 years	23	30%	416	18.1 mth
< 5 years	26	34%	475	18.3 mth
< 10 years	33	43%	549	16.6 mth
Total Units	77	100%	985	12.8 mth

The data showed that there was a large supply of new condos under 2 years old - around 33% of the total condo listings.

The sales for condos under 3, 5 and 10 years old all were exceeding 16 months. For a condo seller, this is as good as facing a 6% chance of selling his or her condo! The alternative for condo owners who are not prepared to reduce their prices to sell, is to rent out their condos until sales pick up.

Will condos in Richmond return to a balance market?

A balanced market is when the list/sale ratio is around 6 months. This will only happen when sales pick up and double the present sales from 77 to 164 units a month. This may only happen when more buyers are getting back into the market. This may not happen unless condo prices declined significantly.

during the height of the housing boom in Richmond, the average sales for condos in 2006 and 2007 were 167 and 171 units per month. Not only prices have to be more affordable, the minimum 5% down payment requirement for CMHC hig-ratio financing effectively eliminated many first time home buyers from getting into the market.

Over Supply Of New Condos

Based on the current new developments coming on stream, and the large over-hang of condos for sale, the market is flooded with too many condos and not enough buyers. It is inevitable that condo prices will be under a lot of pressure to come down.

How far prices will decline is anybody's guess.

The collapse in condo prices has not happened yet in Richmond in spite of the past 4 months huge drop in unit sales. The prospect is not looking good as financial problems in the US and elsewhere will likely spill over, dampening consumer confidence in Canada.

Multi-family high-rise and low rise projects in Richmond

Click here to view the various new condo projects under construction in Richmond. Currently Prado is reported to be offering 5% discount to limited number of buyers. The offer is for 10 condos on first come first serve basis, and buyers can select their own condos at the published selling prices for the units.

The Flo by Onni are entertaining buyers' making their offers on the selling prices for the remaining units. The MLS sales over the past few weeks showed that some of the remaining condos at Garden City Residences On a Park that were "competitively priced" were selling well.

What to expect when developers are clearing their condos?

The time will come when developers are forced to sell off the remaining condos they own. There will be incentives, discounts or the GST being absorbed in the selling prices for new condos as happened in the last housing downturn in 1995.

This will obviously pose a problem for buyers who bought at the developer's prices. Effectively, some of them are already losing 5% of their condo values while these condos are still under construction.

We will continue to monitor and post our findings on Richmond's housing sales and pricing trends in the coming months.

NOTE: This representation is based in whole or in part on data generated by the Real Estate Boards of Greater Vancouver

The Fastest Selling Detached Homes In Richmond

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Fri, 19 Sep 2008 19:52:54 -0500

The following table summarized Richmond's August sales:

Price Range	No. Units	Per Cent	Active Listings	List/Sale Ratio
$500,000-$650,000	25	45%	210	8.4 mth
$650,001-$800,000	13	23%	350	26.9 mth
$800,001-$999,000	9	16%	169	18.7 mth
Over $1,000,000	11	20%	280	25.5 mth
Total Units	56	100%	1,009	18.0 mth

Detached Home Sold In Richmond - August 2008

An analysis on the types of detached homes sold in Richmond revealed some very interesting data.

It can be seen from the sales summary here that detached homes under $650,000 formed 45% of the detached homes sold for the month.

About one-quarter of the homes sold were mid-level homes between $650,000 to $800,000 price range.

The higher priced excutive homes over $800,000 accounted for about one-fifth of the single family homes sold. Those between $800,000 and $999,999 made up just under 10% of the homes sold. The million dollar homes accounted for 11% of the total detached home sold for the month.

Typical detached home $500,000 to $650,000

Better value detached home $650,000 to $800,000

Executive detached home $800,000 to $950,000

Million dollar new detached luxurious home

Trading-up Market Opportunities

The slower sales for detached homes and high number of homes listed for sale in Richmond is showing around 18 months of supply. This will put pressure on selling prices, a drop in the median price for detached homes.

For home owners who are trading up, this is a good time to seriously consider a move. More homes were sold under $650,000 as the demand for homes in this price range is the highest. A home owner whose price is in this range will find it easier to sell his or her home.

In a soft market, higher priced properties takes longer to sell as can be seen from the data below. The probability of a move-up home buyer negotiating and buying a home at a good price is high. In a seller's market, sellers will be reluctant to make the price concession to sell their homes.

Solving The Dilemma - Sell Or Buy First

The advice any experienced Realtors give to their clients is to act decisively on preparing the home for sale, and at the same time looking out for the right home within the price range.

The basic requirements to sell a home fast have to be followed... price right, prep the home in tip top selling condition and have full market exposure to sell the home.

The Reasons For Trading Up In A Buyer's Market

A buyer's market present an excellent opportunity for a trade-up home owner to buy a better home in a more desirable neighborhood.

If the market price has dropped 10%, a home that previously can be sold at $650,000 will now sell for $585,000. The a list/sale ratio around 8.4 months, makes selling at this price range easier. For homes over $800,000, the supply demand ratio at around 22 months is much higher, and takes much longer to sell. Home sellers are more inclined to drop their prices more than 10% to find buyers.

Should You Make The Move?

You should discuss your options with your local Realtor whether trading up make sense to you. If moving to a better home in a more desirable location is feasible to you, your have better opportunities to do so in a buyer's market. For details on how you can make this possible, you can contact James Wong 604-721-4817 at Remax Westcoast or email me.

NOTE: This representation is based in whole or in part on data generated by the Real Estate Boards of Greater Vancouver

Why Microsoft Chosed Richmond, BC?

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Wed, 17 Sep 2008 21:11:10 -0500

Richmond welcomes Microsoft Canada Development Centre

Microsoft's software development centre is located at Crestwood Corporate Centre in Richmond BC. The Microsoft Canada Development Centre will focus on software development and will eventually employ 700 highly-skilled and well-paid workers from around the world. The centre consisting of two buildings totalling 80,000 square feet in the Crestwood Corporate Centre.

Crestwood Business Park

The Crestwood Business Park is acknowledged as one of the leading business parks in the Greater Vancouver area. Richmond is already home to some of Canada's leading international technology firms including MDA, Sierra Wireless, Sage Software, Ventyx and McKeeson Medical Imaging. The addition of Microsoft will ensure Richmond
continues to develop as a nexus for technology industries in Western Canada and the Pacific Northwest.

Why Richmond?

The main reason for Microsoft establishing its Software Development Centre in Richmond is as a result of a cap on working visas for the skilled workers required by Microsoft. The Microsoft jobs are in computer software development, requiring the specialized skills of designers and programmers that are in high demand around the globe. Read here for a write up on why Microsoft chosed to locate its Canada Research Centre in Richmond B.C.

In addition to location and access to global markets, Microsoft cited quality of life for its employees as an important consideration in its selection of Richmond. A modern city with a full array of recreational, cultural and commercial amenities, Richmond was recently named as "Canada's Healthiest City" by Canadian Living magazine and is one of Canada's most culturally diverse cities.

Real Estate Values and Microsoft

The presence of Microsoft's employees in Richmond has a direct effect on the real estate values in Richmond. The additional demand from Microsoft's employees and their families for housing will boost rental rates. For those who want to own instead of rent, they will add to the pool of home buyers for Richmond.

Some Microsoft employees may apply to become permanent residents in Canada. These skilled workers will add to the skilled immigrants Canada is trying to attract under it's present immigration policy guidelines.

Rental Rates Heading Higher

The rental rates for new condos in Richmond jumped substantially by 30% to 50% from 2 years ago. It was reported that relocation companies involved with finding accommodations for Microsoft's employees were reported to be offering up to $1,500 a month for a 1 bedroom new condo. The higher rental rates are partly the result of the doubling in real estate prices over the past 6 years.

The planned developments and densification of Richmond City Centre in conjunction with the Canada Line Skytrain system connecting Richmond to Vancouver City is an important factor contributing to the strong new Condos market in Richmond.

New Condo Prices Are Holding

In spite of the slower real estate market in Richmond over the past 4 months, higher rental rates are helping to support new condo prices at the $450 to $550 per sq ft level. Currently, investors are able to rent out their new 1 bedroom condos at $1,300 to $1,500 and $1,600 to $1,800 for their 2 bedroom condos. These rental rates are sufficient in helping new condos holding to their prices.

The effect of the financial market meltdown in the US in recent weeks will definitely dampen the real estate market in British Columbia. The extend of the US down turn and stock market decline may only be known on a much later date.

If you like to have more information on buying a home in Richmond, you can contact James Wong 604-721-4817 at Remax Westcoast or email me.

Richmond Real Estates And The Skytrain Effect

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Wed, 17 Sep 2008 19:05:02 -0500

The Skytrain Effect & Richmond Real Estates

The Canada Line - the Skytrain under construction now connecting downtown Vancouver to Vancouver International Airport and Richmond, not only changed Richmond's skyline, it may also spurs the demand for new condos. This $1 billion plus Skytrain rapid transit line is scheduled to become operational towards the end of next year.

Will property values near key Canada Line stations spike up in values as experienced by home owners along the Expo and Millennium Lines?

According to a report by Landcor Data, from 1986 to 2007 the value of land within 500 meters of Skytrain stations increased 628% compared to 352% for other land in host municipalities. If the Canada Line is having the same effect on real estate values, Richmond home owners will benefit from the appreciation in their home values.

Key Canada Line Skytrain Stations

Broadway-Vancouver City Hall Station: Several new multi-family residential developments are now taking sharp around the station. Transformation of the area is spillingg over to the north and south side of Braodway to Cambie Village at West 16th.

Richmond Stations: The Canada Line stations in Richmond are at Bridgeport, Aberdeen, Lansdowne and Richmond-Brighouse. Many concrete high-rise multi-family developments in Richmond are planned along this skytrain corridor. Some of these developments like Acqua, Paloma, Ocean Walk, Versante', Lotus Living, Garden City Residences On A Park, The Flo were completed or completing the next month or two, while others like Prado, Comino, Centro and Paloma2 are in various stages of construction.

How the recent down turn in real estate affect home prices in Richmond?

The residential real estate sales activities for Richmond over the past 4 months were significantly affected by the Canada-wide slow down in sales. There are now close to 14 months supply of homes. Home prices for resale homes under the flight path and older homes sought after by new home builders were in decline.

New condo prices around Richmond City Centre are holding for now!

The selling prices for new and resale condos are holding at the $450 to $500 per sq ft level. Many of the 57 new condos at Garden City Residences On A Park released for resale by the Receiver Manager were reported to be sold. Investors who listed their Richmond new condos for resale are keeping their prices.

For now these investors are hoping to sell at their prices, and some are renting out their condos. There are no significant price reductions on these resale new condos in spite of the present sluggish market.

How significant is the Skytrain effect on Richmond new condo prices?

The Richmond real estate market is still adjusting to the sudden collapse in sales and the financial turmoils in the US. Home buyers are cautious and most are holding off making any purchase for now. The higher market rental rates for new 1 bedroom condo at $1,300 to $1,500 and $1,600 to $1,800 for 2 bedroom condos may have contributed to the new condos holding to their prices.

With more new condos completing this year and the next 2 years, the Skytrain effect may have successfully propped up the new condos market in Richmond.

We will continue to monitor the supply and demand for new condos in Richmond City Center and track their selling prices over the next few years.

If you are looking for information on the latest resale new condos in and around Richmond City Centre, you are welcomed to contact James Wong 604-721-4817 at Remax Westcoast or email me.

Moving To Richmond BC?

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Sat, 13 Sep 2008 23:31:05 -0500

Why you should make moving to Richmond BC your top choice?

Richmond has all the attributes of a great, safe and vibrant community for any new comers to reside in and build a future for their families. The schools, amenities, ease of transportation, employment opportunities, etc all contribute to making Richmond a great place to live.

Richmond's ability to attract Microsoft to open a 700-employee software development center goes to prove that the city has the world-class commercial resources and infra structures to attract high-tech multi-national corporations.

Richmond BC Relocation

Richmond BC is a favourite city for individuals and families who are relocating from another Canadian province, USA or from other parts of the world. Richmond is well known for its quality parks, leisure facilities, and recreation services. It is a place to live, work, play and raise a family. For a family, Richmond has all the educational facilities for elementary, secondary, college an university education.

Click here to learn more about Richmond's neighborhoods and Real Estates.

Richmond is a garden city

Richmond has over 1200 acres of park land and a variety of recreational amenities, including pools, arenas, community centers, tennis courts, playgrounds, picnic areas, golf courses, lacrosse boxes, running tracks and playing fields.

Richmond Outdoor Activities

A favourite pass-time for residents of Richmond is to explore the parks and heritage village of Steveston, Gary Point Park and the system of dykes/wetland habitats along the West Richmond Trail.

Richmond City offers diverted shopping, restaurants and specialty stores catering to the needs of Richmond's multi-ethnic residents. The Richmond library, Aquatic Center, Ice Arena and Minoru Track/Park are located off Minoru Blvd... to the west of Richmond Shopping Centre.

Real Estate Services

I understand relocating and moving to another new community is seldom easy. When you are ready to make a move to buy your own home, I can help to facilitate your move by providing you the help and guidance you needed. Let me be your new host and help you with your real estate needs.

You can click on this link to view my profile. Call me at 604-721-4817 to discuss your real estate needs or email me.

Rarely Available Home On Acreage, North Delta - Asking $1,400,000

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Thu, 11 Sep 2008 20:11:16 -0500

Are you looking for an acreage home close to Vancouver?

I may have the property just right for you. The property is currently zoned for agriculture use and there is an up-dated detached 3 bedroom 1,400 sq ft rancher on the property. The house is currently rented out at $2,500 a month.

Property Location.

The property is consisted of 5 acres (756' X 285' ) fronting Highway 10 and 112th Street, with easy access to Highway 99.

Centrally located, the property is within a short drive to shopping amenities on Scott Road, Surrey. Access to South Delta and Richmond is equally convenient.

The property is suitable for different types of agricultural related businesses. Build your mansion here or live in this renovated rancher and use the land for your own berry or vegetable farm.

Asking Price: $1,400,000 - Private Sale

This is a rarely available property so close to Richmond, Delta and Surrey. This is an excellent holding property with long term potential. The cost per acre is just $280,000 as compared to over $500,000 per acre in Richmond.

Click here to find out why acreage homes are attractive to some home buyers.

If you like to have more information on this property kindly contact James Wong 604-721-4817 at Remax Westcoast.

Richmond Regency Park Towers - 6611, 6631, 6651 Minoru Blvd, Richmond

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Fri, 29 Aug 2008 23:32:08 -0500

Richmond Regency Park was Richmond's premier concrete 17 storey high-rise project that was built more than 30 years ago. For many years. the 3 high-rise towers were one of the most outstanding land-marks in Richmond city Center. Residents on the higher floors at Regency Park Towers can enjoy sweeping views of Richmond and the snow-capped mountains of Northshore and Mt. Bakers.

In spite of its age, Richmond Regency Park is still a favourite residence for many of its residents.

Prime Richmond City Center Location

Richmond Regency Park towers are located in Richmond City Centre, and to the east of Richmond Centre Shopping Mall. The high-rise towers are within walking distance to Minoru Park, Richmond main library, Minoru Community Centre, Richmond Aquatic Center, Ice Skating Arena and Richmond Center Mall.

Over the past few years, many more high-rise condos like Acqua, Ocean Walk, Lotus Living, Versante' Hampton Park, etc were built in and around Richmond City Center. Richmond Regency Park Towers compared very favourably on location, amenities and being next to scenic Minoru Park. Richmond Regency Park condos are affordable alternative residences for home owners who prefer living in the City Centre of Richmond.

The convenience of Richmond Centre Shopping Mall, the soon to be completed Skytrain transit system, public amenities, etc enhance the attractiveness of having a residence at Richmond Regency Park Towers.

Price History

The appearance of Regency Park Towers may not be as appealing as compared to the new condos. But, compared with the newer condos around Richmond's City Center, the selling price per sq ft at Richmond Park Towers at just around $300 per sq ft is un-beatable. The following table summarized the condo prices from 2005 to present:

Condo Type	Size sq ft	2005	2006	2007	2008
1 Bedroom	626 to 879	$138K/176K	$145K/200K	$194K/238K	$210K/232K
1 Bedroom + den	805 to 895	$170K/180K	$195K/209K	$220K/245K	$290K
2 Bedroom	1,043 to 1,256	$210K/275K	$223K/256K	$265K/365K	$298K/345K
2L Bedroom	1,463 to 1,623	$280K	$325K	$322K/360K	No Sale
3 Bedroom	1,570	No Sale	no Sale	$368K/375K	No Sale

The Regency Park towers cost around $300 per sq ft, and this compared favourably with current new condos' prices around $450 to $500 per sq ft. A smart home buyer who desires a more comtemporary home can spend a modeerate sum of money to remodel and up-date his/her condo. Some buyers will pay a higher price for units that are on higher floors that have panoraic view of the Minoru Park and the snow-capped mountains.

If you like to have more information on the condos available for sale at Richmond Regency Park, kindly email me.

Richmond BC Warehouses - Sale & Leasing Opprtunities

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Tue, 26 Aug 2008 12:37:32 -0500

Richmond BC warehouses are in demand by business owners and investors. The market for warehouses and commercial and Industrial properties in general are very different from residential properties. The capital appreciation for such properties is keeping pace with the rate of inflation. And in areas of high growth, the appreciation in property values is much higher.

Warehouses that are built to cater to business owners are designed to provide a show room at the front and warehouse space at the back of the building. Most also have office space on the mezzanine floor or second floor just above the showroom. Most Richmond's warehouses have between 1,500 to 1,800 sq ft on the ground floor and between 500 to 750 sq ft on the mezzanine or second floor.

Richmond Warehouse Sales And Leasing

One of the most active commercial and industrial property market segment in Richmond is warehousing. The market activities on warehousing are centered on the sale and leasing of warehouses to business corporations and business owners.

Business owners prefer to own their own premises if ownership makes more sense to them. Business corporations that are established and profitable will want to buy their own business premises rather than continue to pay rent for their warehouses. Click here to view 2 richmond warehouses available for sale or lease.

Warehouse Financing

Unlike residential properties, the financing and capital appreciation of industrial buildings and warehouses are different from residential properties. For some real estate investors, there are certain aspects of commercial and industrial property investments that are appealing to them.

If you are interested to have more information on strata warehouses or industrial buildings for sale or for lease in Richmond, you are welcomed to contact James Wong at Remax Westcoast.

Richmond City Center Condo

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Mon, 25 Aug 2008 21:26:08 -0500

View from Richmond Center Mall
roof-top parking lot

Richmond Center Mall Condo

#1008-6080 Minoru Blvd

1 Bedroom + Den

751 square feet

Reduced: $368,800 359,000

The Horizons - When you choose to live at The Horizons, you choose a lifestyle of Richmond city living at your door step. Enjoy the sweeping 180 degree view of Richmond to the north, west and south from high above on this 10th floor condo. Hurry, before this condo is sold!

View to the north from balcony	View to the south from balcony
View of living area and fireplace	View of dining and kitchen
View of gym in recreation center	View of whirlpool in recreation center
Entrance to Richmond Center Mall	The Bay, Richmond Center Mall

Richmond Terra Nova Housing Market Update

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Fri, 22 Aug 2008 14:47:26 -0500

Richmond Terra Nova Neighborhood

This is a planned residential sub-division to the north west corner of Richmond. The residential homes here are consisted of single family houses, townhouses and some co-op (under Richmond's social housing guideline) townhouse units. Development works started in 1990 and by 1992 home buyers took possession of their new homes.

Historical Prospective - 1992 to 1995

The earliest sub-division where the new homes were built were around the Cornwall sub-division. The lot sizes were mostly from around 5,500 to 6,600 sq ft and the built up area ranged from around 3,000 to 3,400 sq ft.

There were a few homes on larger lots with built up area just over 4,000 sq ft. Most of these homes were designed with 2 garages, 4 or 5 bedrooms and 3 to 5 bathrooms.

Over the years from 1992 to presence, house prices followed the market cycle in Richmond. From the base price around $400,000 - $450,000 in early 1992, home prices in Terra Nova followed the real estate cycle and rose to the peak price level around $550,000.

2001 to Presence

During the period from 1995 to 2001,the selling prices for home in this part of Terra Nova held on to their values quite well. Homes owners who sold during this period were selling their homes at $450,000 to $500,000 range.

Home prices in general took off in after 2001. By 2003, home prices in this area were changing hand at around $600,000. More gains were recorded every year after that pushing home prices higher to $650,000 to $800,000 range in 2005. By 2007 most homes in the Cornwall sub-division were selling at $900,000 range. Current prices are holding steady at close to $1,000,000.

There were a few homes sold at $1,2000,000 range and the larger homes on River Road with great river and mountain views were sold at $1,500,000 range recently.

The gains in home prices in Terra Nova had been spectacular. This is not confined to detached homes in a newer sub-division like Terra Nova. Townhomes in Terra Nova also gain in value over the past 7 years. The Terra Nova sub-division is a preferred neighborhood for home buyers.

Future Outlook

With the demand and sales of residential properties in Greater Vancouver dropping off sharply, the market sentiment has changed. Many home buyers are cautious and they are watching the market closely. Home sellers are adjusting to the market, and some are lowering their prices.

The supply and demand for homes is now in favour of home buyers. For those who are actively looking to buy, they are in no hurry to make their offers. More low-ball offers can be expected from home buyers. If the market can not hold up, selling prices will drift down.

A moderate correction of 10% to 15% in the market prices can be anticipated over the next 18 months. If you are interested to find out more information on properties for sal in Terra Nova, kindly call me at 604-721-4817 or email me.

West Richmond Million Dollar Homes - Market Update

James Wong Richmond BC Realtor > Richmond homes (Remax Westcoast) — Tue, 19 Aug 2008 20:26:09 -0500

A typical Richmond new single family million dollar home

Old home with large lot - to be replaced by a new home

West Richmond detached homes sale in June and July 2008 at 115 and 92 units respectively were down significantly from the average sales of 150 units for 2007.

The impact of a softening housing market on homes prices had resulted in a drop in median home prices around 4% as compared with the previous month. Although there were no significant price drop recorded for prime west Richmond building lots, the large reduction in sales and demand for homes could be followed by a drop in selling prices in the coming months.

New Home Sale Activities

For builders who purchase older homes in prime west Richmond and pay up to $750,000 to $800,000 for the building lots, they need to sell the new homes they built at $1,800,000 or higher to generate a profit.

According to Richmond MLXchange sales data, there were 11 under 2 years old new homes over a million dollars sold in July. This is just about 44% of the past 3 month's average sale of 25 units. There are around 250 homes in Richmond that are priced over a million dollars. At this pace, the current supply of million dollar homes will take 22 months to sell off. With the housing market slowing down, home builders will be under pressure to drop their selling prices.

Will Richmond Housing Repeat What Happened in 1993?

When comparing with the housing peak in 1993/1994, the stake this time is much higher. The average selling price then for new homes in prime Richmond locations were just around $850,000. The selling prices for these new homes dropped to $685,000 level and the market languished for almost 8 years before recovering to the $850,000 level in 2002.

With new home prices now at double the previous peak level, the financial impact is huge to the Richmond housing market. There are many more new spec homes under construction. These new homes will add to the already blotted inventory in the market. If sales remain anemic, a repeat of the 1993 housing slump may happen again.

Newly completed million dollar detached home in Richmond