Market Update For Ocean Walk Condos
Ocean Walk was released for sale in May 2005, and home buyers responded eagerly buying up 200 homes in one week. The timing was right, and geographically, Ocean Walk is ideally located. It is close to the City core for shopping, next to the Olympic Oval and within a short walk to the Richmond dike/trail and north arm of the Fraser River. The trail along the river is a favourite for Richmond's residents.
The great demand for Ocean Walk's condos were fueled by metro Vancouver's professionals and young couples who were ready to buy a home. Many first time home buyers and investors were attracted to Richmond because new condo prices were more affordable compared with Vancouver and Burnaby.
Sales Activities At Ocean Walk
At Ocean Walk, non-Asians accounted for 20 per cent of the buyers. Richmond is attractive to many first time home buyers due to its proximity to Vancouver. The soon to be completed Canada Line Skytrain system will further enhance the attractiveness of Richmond as a place to live.
The composition of condos at Ocean Walk are 1 bedroom - 622 to 637 sq ft, 2 bedroom - 850 to 865 sq ft, 2 bedroom + den - , 3 bedroom - 1,291 to 1,305 and some penhouse units between 1,592 to 1,655 sq ft. The selling prices ranged from $290,000 for the smaller units to $800,000 for the penhouses. The cost per sq ft varies from $430 to over $500.
At the time this blog is prepared, there are 8 units for sale from the developer, CENTURY GROUP LANDS CORPORATION. There are about 2 dozen resale units (post GST price) available for sale from investors. According to the MLS sales record, there were 72 units resold by investors in 2007 and 2008. About half a dozen of these units sold were from the developer.
Ocean Walk's condo sellers are competing for buyers who have a great selection of new condos to choose from. Now that the market is slowing down, condo sellers from other new condos like Acqua, Versante', Lotus Living, Mandalay, Garden City Residences On a Park, etc have to price their properties right to attract these buyers.
If you are looking a condo at any of the above locations, kindly call me at 604-721-4817 or email me.
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