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With 913 active listings, folks looking for a condo in Richmond have plenty of choice ranging from the low end of $68,000 for a studio in Brighouse with its easy Skytrain access to a palatial three-bedroom in the same neighbourhood for $6,880,000. Brighouse is the city’s community of extremes: 31 of its 33 $1-million-plus listings are there as are 75 per cent of listings under the $100,000 threshold. At the low end, the Brighouse properties are all 16 years old and well under 500 square feet. Despite their low sticker price, none has been snatched up; they have been on the market from between 61 to 989 days as of press time.
The latest Richmond listings to come on the market are also in Brighouse and Brighouse South. There are three condos to satisfy middling budgets: a $238,628 one-bedroom; a $349,000 two-bedroom; and a $469,000 three-bedroom. Their square footage ranges from 751 to 1,144.
Studios make up a small percentage of the overall number of available homes – just one per cent. But, these can be the best entry-level homes. The seven currently listed range in price from the previously mentioned $68,000 Brighouse property to a brand-new Bridgeport studio listed at $270,900. The latter is in the Parc Riviera master-planned community that runs along the river’s edge in North Richmond.
Taking a look at the 25 Richmond condos that sold between September 5 and 18, only three went for over asking. Even then, those margins on two of the three were small: one property asking $435,000 sold for $440,000; the other went for $1,000 over its $549,000 list price. The owners with the biggest smiles on their faces were the Brighouse South ones who listed at $539,000 and settled for $570,000.
A one-year-old, two-bedroom condo in that same Parc Riviera master-planned community mentioned earlier was sold for close to asking: $800 off its $412,800 price tag. Even with that unit on the market for 278 days, the owners were willing to hold on until they got a good offer.
When it comes to brand-new properties, Richmond is a condo hunters dream. More than 10 per cent of the current listings are for new construction or presales. Several of these developments are ready for move ins this year; some won’t be ready for you to put down roots until 2018. Polygon Home’s Avanti in the West Cambie community is in its preconstruction phase and expects to be complete by 2017. A number of two-bedroom units there were listed recently ranging in price from $579,900 to $649,900.
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