Versante' Condos is located right in Richmond City Center, across from Lansdowne Shopping Center. The 183 unit Versante project consisting of 2 concrete towers is being developed by the Toyu Group. The condo is designed with floor-to-ceiling windows. The presale for all the condo units was launched at the end of 2005,
The condos are consisted mostly of 1 bedroom and 2 bedroom units. The 1 bedroom units range in size from 551 sq ft to 567 sq ft, The smaller 2 bedroom, 2 bath units are between 737 sq ft to 770 sq ft, while the largest units are from 1,042 to 1,087 sq ft. The mid-size 2 bedroom units are around 845 to 895 sq ft.
In 2006, some remaining units from the developer were sold off. The assignment sales as reported through the MLS system showed that there were over a dozen Versante' condos resold by investors in 2006 and 2007 at a profit. The selling cost per sq ft for these units ranged from around $440 to $498, with the majority clustered around $450 to $460 per sq ft.
Active Versante' Listings
There are presently 34 active listings on the MLS, mostly with asking price between $450 to to $475 per sq ft. At this point in time, if the units are not sold prior to completion, the sellers are expected to complete and pay the GST and the provincial property transfer. The assignment sale to-date for 2008 totaled 5 units at selling cost per sq ft from $444 to $483. The buyers are responsible to pay the GST at the time of closing. The extra GST cost to the assignment price is from $19 to $23 per sq ft.
The Versante' condo sellers will be competing with the 57 new condos released for sale by the receiver manager for "Garden City Residences On A Park" There are also over 56 units of new condos at the more up-scale Lotus Living competing for buyers. With the slower sales and so many new condo listings, home buyers will not have any trouble finding a home they like.
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