James Wong Richmond BC Realtor > Richmond homes

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.

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.

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.

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

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.

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.