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Westcoast Condominium
Following trends seen throughout Metro Vancouver, Richmond and South Delta experienced a cooling-off period this December in their condo real estate markets. In Ladner and Tsawwassen, listings were down close to 36 per cent over November and sales were off by a fraction over 11 per cent. It was a similar story in Richmond where there were 25 per cent fewer new listings and close to a 23 per cent decrease in sales. Still, December 2015 was a banner month with sales up considerably in both Richmond and South Delta compared with December 2014. By all accounts, it’s a harbinger for a strong 2016.
Brighouse
With 358 active condo listings, this is a great place to search for a new home in Richmond. Brighouse encompasses Richmond’s downtown core and major shopping district, and also offers great access to the Canada Line. The median list price of a condo here is $488,500, with the range starting at $68,000 and going as high as $6,880,000. Not only does the price range vary widely, so too does the age of buildings. The oldest listing is a two-bedroom in the 44-year-old Blue Haven building (asking price: $168,800); there are also over 100 listings for brand-new condos in the neighbourhood – several of which won’t be ready for occupancy until 2018.
Seven recent sales in Brighouse paint a picture of what buyers can expect when making offers. Four of the sales were in Tempo, a new development that will be complete in 2017. As with most new builds, the developer did not negotiate and all four units went for their list prices (from $301,900 to $547,900). The other properties sold for anywhere from one to four per cent less than asking; the best deal was for a two-bedroom unit in the three-year-old Saffron building. The owner here was hoping for $418,000 but walked away with $401,800 after 16 days on the market.
Beach Grove
Tsawwassen is known as a quiet community and that’s particularly true in the close-to-nature neighbourhood of Beach Grove. There are two condos on the market here; both are two-bedroom units on View Crescent with similar asking prices: $379,000 and $379,900. The distinguishing feature here is their age and their square footage. The slightly less expensive option is in the newer building (nine years old and 994 square feet). If a more dated kitchen is not a concern, you might be happier with the costlier option. That home is in a 32-year-old building but is much more spacious with 1,345 square feet.
Richmond Condo Market Snapshot
