Richmond New Condos

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 by Bosa Properties available for sale.

Post GST Pricing For "Lotus Living" Condos

Buyers were paying from $450 to over $500 per sq ft in early 2006 when they contracted to buy their Lotus Living condos for completion in 2008. These sellers now have to sell at $500 / sq ft or more after paying their GST and property transfer tax to avoid losing money.

In view of the slower sale and reduced demand, the market will be tough on these sellers to avoid losing money on their investments. For those who rather sell than holding on to their investments, they hope to recover their investments or take some losses.

So far, the losses for some condo sellers at Lotus Living ranged from a few thousand dollars to over $40,000. The price range for the condos sold were between $295,000 to just over $500,000.

Mandalay at Mclennan North offers some luxurious mid-rise condos for the more decerning buyers who are looking for a more up-scale residence with great amenities. Just steps away from the Garden City Park, Mandalay is close to Richmond City Center and all the shopping, entertainment and public amenities.