Richmond Condos – Lotus Living

July 19, 2008

Lotus Living market update. Over the past 12 months, some buyers had successfully sold their presale condos through assignment sales. Currently, there are over 2 dozen new condos for sale on the MLS, through ‘assignment sale’. A buyer who is buying a presale condo through assignment is responsible for the completion of the contract. The pace for assignment sale is moderate. Topping the for assignment sale are condos at Versante – Lansdowne Road and Lotus Living – Westminster Hwy / Alderbridge Way.

For those who were successful in selling their units through assignment sales, the buyers were responsible for paying the GST due on completion. Others are expected to complete their contract and take possession of their condos.

Lotus Assignment Sale

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The cost per sq ft varies and for assignment sales concluded recently, the selling prices were from around $450 to $500 per sq ft. There were about a dozen units sold the past few months through assignment sale, and another 2 dozen currently listed for sale. There were 2 sales that appeared to be selling for less than the purchase prices. Most of the other sales were just covering cost or at a small profit for the sellers.

More Post-GST Resale Listings Expected

Over the next few months, more post-GST condos at the Lotus can be expected to be listed for sale by investors. At the end of July 2008, there are around 56 new condos at “Lotus Living” listed for sale. Progressively when more presale new condos in Richmond are completing the next few months, more new condo are expected to be listed for sale.

The increase in Richmond’s resale condo listings and slower sale as reported in June 2008 if continue to gain traction, will put tremendous pressure on condo sellers. The fall and winter months’ activities will have a significant impact on what we can expect for 2009.

If you are interested to have more information on condos available for sale in Richmond, kindly call me at 604-721-4817 or email me.

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