Richmond, BC Real Estate News

By Sheila Atienza, Book Author/Content Creator
(Privilege Digital Media)
The time is now to look at the untapped value or riches you may have accumulated all those years as homeowner. Does home equity ring a bell to you? Have you built enough of it? Have you thought of investing by leveraging? Others have invested and multiplied their income and wealth through the value of their owned-real properties. Even a single owned property can create amazing opportunities such as a source of small business capital or down payment for income-property unit. Some qualified homeowners do consider owning more properties like a vacation home or a rental condo unit. The right timing or opportunity so they say helps one consider and decide whether a home equity mortgage may be appropriate to one's situation. If you would like to try and find out if this would be a good option...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
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. The smaller Richmond 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. The market activities on warehousing ...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
Richmond Terra Nova NeighborhoodThis 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 1995The 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. From 1992 to l...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
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. Homes prices dropped 4% compared with the previous month. High inventory combined with dropping sales will exert pressure on home prices until the supply and demand for housing is in balance. New Home Sale Activities For builders who purchased older homes as building lots at peak prices of $750,000 or more, they need to build and sell the new homes at prives over $1,500,000 or more to stay in business. According to Richmond MLXchange sales data, only 11 million dollar new homes under 2 years old were sold in July. With supply of 250 homes in Richmond priced over a million dollar, the market has 22 months supply. With the housing m...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
Garden City Residences On a Park The Garden City Residences is consisted of 2 nineteen-storey high-rise towers and the condos are designed with glass and concrete construction. Joining the 2 high-rise towers, the project incorporates 20 townhomes with private patios to cater to home buyers who prefer a townhouse residence. The residences are consisted of one bed, one plus den, two bed and two+den townhomes. There are some luxurious penthouse suites for buyers who favour them. Garden City Residences offer some of the most luxurious homes in the city. Higher-level condos enjoy the views of Northshore mountains, Mount Baker and Garden City Park. The McLennan North Neighborhood As part of this master planned residential community is 21 acre Garden City Community Park planted with shrubs, f...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
About Richmond Mandalay Condos Mandalay is a mid-rise concrete multi-family project  built by Cressey Development in Richmond. The Mandalay project is consisted of two five-story concrete low-rise buildings consisting of 232 luxury residences. The condo units are designed to offer a variety of floor plans finished with modern and contemporary designs. The centerpiece for Mandalay's luxurious condos is the 6,600 sq ft clubhouse which house an indoor pool, swirlpool, fitness studio with gym, steam room, games room and furnished terrace. The mid-rise architectural design for Mandalay allows for extension of interior floor space to the exterior through incorporation of the balcony space for each condo unit. Mandalay condos are considered the most prestigious and luxurious in Richmond. Henc...
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By John Doe
(Got IT)
Why Buy Instead of Rent When you're thinking about buying your first home, it's essential for you to be confident in your decision to buy instead of rent. However, you may not know about the many great reasons to buy a home! Here are just a few of them: Smart investmentWhen you invest in a home, it offers the possibility for appreciation in value. The equity becomes yours when you're still paying off your mortgage. You even get to live in it while your investment matures.  Planned housing costsYOU decide how much you spend on your home, including repairs and improvements. Unlike renters, homeowners with a fixed-rate loan can lock in their monthly housing costs.  Improvements to your tasteYou can choose which improvements to make your own property, such as a deck, kitchen remodel, or new...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
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...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
Steveston Village, Richmond Steveston is a historic fishing village and and a popular tourist destination because of its rich heritage character and many interesting places for tourists to visit. Post-war Steveston developed along with Richmond into a residential suburb for Vancouver as farmland was converted to housing. Since the 1970s the community, which remains an active fishing port, has developed its heritage character and its waterfront to attract business and tourism. Today, Steveston is still very much a small fishing village. Steveston Harbour is the home to Canada's largest commercial fishing fleet - home base to more than 600 seiners, gill-netters, trawlers and other vessels that line the docks. Steveston & Tourism The village boasts over 350 businesses and services to acco...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
Richmond Acqua CondosCentrally located, the Richmond Acqua residential condo tower is a seventeen story concrete and glass tower in the heart of downtown Richmond. This multi-family highrise project was built by Bosa Properties. The condos were completed in 2006. The condo suites are consisted of 1 bedroom - 609 to 668 sq ft, 2 bedrooms - 822 to 938 s ft, 2 bedrooms + den - 1,040 to 1,241 sq ft and limited number of pen-houses ranging in size from 1,402 to 2,375 sq ft. Current Acqua condos available for sale can be viewed here. The Acqua Condos Neighborhood All the amenities and local conveniences are within walking distance from this strata complex. Some of Richmond's landmarks around Aqua are Catcus Club Restaurant, Milestones, Sun Sui Wah, Earls, Safeway, Chapters, Best Buy, Future S...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
There are many Richmond new condos listed for Sale on the MLS. Close to 1,000 condos/apartments in are listed on the MLS. More than 50% of these listings are newer condos that are less than 5 years old. With more listings and slower sales, homebuyers now have a wide selection of condos to choose from. Garden City Residences On a Park According to the MLS listing information, there are now 57 1, 1 + den, 2 and 3 bedroom condos available for sale. These condos are priced from around $410 for lower level units to $490 per sq ft for the higher levels units. Most of the condos are priced from $435 to $465 / sq ft. These units are directly competing with condos that are offered as assignment sale at Versante that are priced around this price range. There are also many new condo units at Aqua...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
The Richmond new condos market is taking a turn for the worst in July if the weak sale trend continue.  Presently, there are close to 1,000 condo/apartment listed fro sale in Richmond. The average condo sales in Richmond over the past 6 months was 153 units. More than 50% of these listings are under 5 years old (as per mls record there were 520 units listed for sale as of July 22, 2008). The past 6 months average monthly sale for condos less than 5 years old was 58. At this rate of sale, it will take 9 months to sell off all the condos listed on the market. The sales todate for condos under 5 years old sold as per mls record was 12 units. The slowing down in the sales of condos will put pressure of condo prices. New Condos Under Construction There will be many more new condos completin...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
Home buyers are constantly perplexed on the question how home prices are determined. Generally, the value of a home is determined by the location, age, size, type of housing and the condition of the home. A home seller on consultation with his realtor used comparable market analysis to established the listing price for a home. When a property is listed and priced accordingly, it will result in home buyers viewing the property and finally a sale and purchase contract is negotiated. For example: In Richmond, BC the price history for the Timberwood Village Townhouses to-date confirmed that ultimately, the market price of a home was determined by the the buyer and the seller. These homes differed in size, type (middle, end or detached) and conditions. Unit No. Size Type> List Price $ Sale P...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
Richmond Housing Report - List Vs Sold June, 2008 Source: RealtyLink Online, Listings versus Sales Housing Type Active Listings Sold Listings No. Months Average Price Detached 895 115 7.78 $830,000 Townhouse 445 84 5.30 $470,000 Condominiums 995 146 6.82 $350,000 The Richmond total unit sale for detached homes, townhomes, and condos/apartments for June, 2008 registered a large drop of 19% - 345 sold for the month as compared with 424 for May  2008. The selling prices were maintained at around the same levels for May. Active listings for detached home increased from 790 units to 895, and condo/apartment listings increased from 895 to 995. The List/Sale ratios or Absorption Rates for condos and detached houses at 6.82 and 7.78 months respectively were higher than the 6-month threshold. Si...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
Richmond Housing Report - List Vs Sold May, 2008 Source: RealtyLink Online, Listings versus Sales Housing Type Active Listings Sold Listings No. Months Average Price Detached 790 149 5.30 $830,000 Townhouse 390 118 3.30 $470,000 Condominiums 895 157 5.70 $335,000 The Richmond total unit sales for the month of May dropped from 464 in April to 424 - lower by about 9%, but the average prices reported were higher than the previous month. Active listings for all 3 types of housing were higher; detached home increased from 670 units to 790 and Condos increased from 810 to 895 in May. The List/Sale ratios or Absorption Rates for Condos and detached houses were at 5.70 and 5.30 months respectively. The ratio for townhomes as registered for May was at 3.30 months. The next few months data will g...
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By Sheila Atienza, Book Author/Content Creator
(Privilege Digital Media)
Now more than ever, searching for properties via the net in Greater Vancouver made easier and better. With just one press iClickProperty.com will take you to the most up-to-date inventory listings made available and possible 24/7 through the Multiple Listing Service. The service helps potential homebuyers and existing homesellersmatch their needs through the professional service by the members of the Board. In effect, MLS creates a useful link between REALTORS and Clients. Launched recently at iClickProperty.com, Property Search takes the net surfers searching for a home to the mlslink. This gives them options to choose the cities they are interested in, such as Richmond, Burnaby East, Burnaby North, Burnaby South, Surrey, North Delta, Vancouver East,Vancouver West, Coquitlam and others...
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By Sheila Atienza, Book Author/Content Creator
(Privilege Digital Media)
Richmond, British Columbia, Canada. Property listings at Multiple Realty Richmond office as of the 23rd day of June 2008 have been posted with around fifty two units (52) of residential single detached houses. While attached properties such as Apartment/Condos have at least an average of forty five (45)units across Lower Mainland; and around eleven units for townhouse and duplex units. Homebuyers can check out these properties through http://www.iclickproperty.com First-time homebuyers and renters who have been contemplating of owning a home can arrange to view the properties by calling 778-896-4493. Likewise, application for pre-approval of mortgage is available for buyers particularly in the areas of Richmond, Burnaby, Vancouver, New Westminster and Surrey, who have not obtained appro...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
Source: statistics from Real Estate Board of Greater Vancouver   Richmond Detached Home Housing Report - April 2008 The sales and listings statistics for Richmond in April continued to track the seasonal pattern of having more listings and sales. Over the past 4 months, more listings were added to the market, and cumulatively the number of active listings is now surpassing 670 from the December low listing number just over 400. More inventory added It is now taking longer to sell a detached home with around 26% probability of an average home selling and the Absorption Rate is now tracking 3.87 months from the previous month in March at 3.6 months. The median price at $705,500 was marginally lower than the previous month at $711,000. The average price was reported for the month was high...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
  The lower sales for Richmond homes in the month of January and February 2008 can be attributed to the seasonally lower yearly real estate activities. Sales picked up from a low figure of 271 to 378 in February and reached a total sales figure of 427 in March. This compared favourably with the average Richmond 2006 and 2007 sales at 416 and 446 respectively. A more up-to-date tracking report by Paul Boenisch at Prudential Sussex Realty is showing a significant build-up in Richmond's housing inventory for April, 2008. Paul's chart showed that Richmond's housing inventory for April surpassed that reported the same month for 2005, 2006 and 2007. The next 2 months sales and inventory report will give us a better idea as to the direction of Richmond's housing market. The lower housing sale...
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By James Wong Vancouver Richmond, Chinese Realtor, Vancouver > Richmond
Average 2007 sales - 171 units/mth, Average 2006 sale -167 units/mth Month Active sold Absoprtion Mar/08 690 units 157 units 4.39 Feb/08 580 units 144 units 4.03 The Richmond condo market is showing a slightly longer time period to sell from 4.03 months to 4.30 months. Condo listings in Richmond are now showing 22.8% probability of being sold. This market segment is expected to be the first sector experiencing pricing pressure if inventory continue to increase. If you like to find out more information on the Richmond real estate market, you can contact James Wong 604-721-4817.  
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