James Wong Richmond Realtor

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 also spur 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 spilling 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. Click here to view condos for sale in Richmond City Center.

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 Center 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 or email me.

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.

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 .

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:

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 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 604-721-4817.