Lotus Living - This was one of the hottest development projects in Richmond City Center in ealry 2006. The first 2 condo buildings in Lotus Living made headline news when all the condo units were sold out in one week. The presale condos were sold from around $265,000 for the 570 sq ft 1 bedroom unit to around $410,000 for the higer level 2 bedroom unit with around 872 sq ft.
The incredible response from frantic home buyers resulted in the developer releasing the third tower soon after. Prices jumped 3% to 7% and some 570 sq ft 1 bedroom condo were sold over $300,000 and the higher level 872 sq ft 2 bedroom condos were snatched up at over $425,000.
Unique features about Lotus Richmond Living are hotel-style amenities within the building complex. The condo location, geographical close to Richmond's hotels, Shopping Malls, Banks, shops, restaurants, library, Richmond Aquatic Center and Minoru Park was one contributing factor to the pace of sales.
The condos were built and designed for energy efficiency with air conditioning for year-round comfort...one of very few condominium projects to offer this feature. With high energy cost, it is difficult to say for now whether the condos in Lotus Living with central air-conditioning is a "good feature" for resale buyers.
Assignment Sale & Resale Market
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, Currently (mid July/2008), there are over 50 new condos at "Lotus Living" listed for sale on the market. There were 2 sales that appeared to be selling for less than their purchase prices. Most of the other 50 plus condos at Lotus Living were just covering costs or at a small profit for the sellers.
The increase in Richmond's resale condo listings and slower sale as reported in June 2008 if continue, will put result in more competition and lower prices. Condo sellers at Lotus Living are competing with sellers at Aqua, Ocean Walk, Versante', Flo, Paloma, etc that are priced at $460 to $485 per sq ft inclusive of GST.
Update On July 31/2008
There were 2 recent 2 bedroom resale condos at "Lotus Living" where the sellers lost money as the GST and property transfer tax paid could not be recovered. Top up with real estate commission, the losses reported were substantial. The total number of condos for sale at Lotus Living as of today is 56.