Vancouver Price Drop: Richmond Example of Due Diligence

From Vancouver Price Drop

http://vancouverpricedrop.wordpress.com/

The Weekly Drop – October 15, 2012

#8 ) Address: # 212 14200 RIVERPORT WY, East Richmond, Richmond

March 09 V934864 $498,500 $0 0%
April 12 V934864 removed
April 14 V943239 $459,900 $-38,600 -8%
April 28 V943239 $449,900 $-48,600 -10%
May 11 V943239 $435,000 $-63,500 -13%
June 09 V943239 $424,500 $-74,000 -15%
June 19 V943239 $415,000 $-83,500 -17%
July 10 V943239 $399,900 $-98,600 -20%
July 28 V943239 $389,900 $-108,600 -22%
September 05 V943239 $372,500 $-126,000 -25%
October 11 V943239 $362,900 $-135,600 -27%

Assessment: $432,000

4 sales here last year averaging 6% ABOVE assessment and this unit is now 16% BELOW assessment.  PLEASE BUY BECAUSE I AM SO DESPERATE THAT I WROTE THE ENTIRE DESCRIPTION IN CAPS

SPECTACULAR RIVER VIEWS FROM YOUR SOUTH FACING BALCONY.

THIS 2 BED/ 2 BATH WATERFRONT CONDO IS LARGE, OVER 1100 SQ. FT. WITH A BONUS DEN, LOCKER, IN SUITE LAUNDRY AND STORAGE ROOM.

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COMMENT :

In the future, I “may” do more of what I have done previously ie comment on each property listed in this excellent blog.

However,  this one stood out for a few reasons…….  and as usual its  Location, Location, Location .

This unit is located on Riverport Way, which is near # 6 Road and Steveston Highway.  It is located near the Fraser River, and behind Silver City .

While it may seem like a nice location….there are some devil in the details. I have to admit that I stumbled across the information via a previous news article, this is a good lesson to DO YOUR HOMEWORK … DUE DILIGENCE.

What am I referring to ?

A while back, it was noted that the railway line along Shell Road was going to be decommisioned. In essence, this rail line mainly serves the Auto Port at the South end of Steveston Highway, where ships unload vehicles.

However, this auto port will still remain and require rail services…right?

Well, soon after the railway discussed decommisioning, it was reported that it will open up a new rail extension wold be constructed to the auto port.

Where ?

RIGHT BESIDE the RIVERPORT CONDOS…..as there is an existing railway easement / land dedication immediately North of this condo development.

This will result in a lot of noise (ever heard trains going by or  being connected …it can sound like loud thunder ), as these condos are effectively adjacent to an industrial area.

 

Who’s to blame ?

Well…….. I could never figure out why the City developed that area for the current urban uses ( Pools ,Rinks,Recreation ,Movies) . They are far outside the urban area and as we speak there are NO movie theatres left in the City Center. Residential ?  I couldn’t believe it when it was proposed here, even Metro Vancouver voiced its concerns. This is more of  a sign that Richmodn City hall is bought and paid for by outside interests. This also harkens to the West Cambie Area…directly under a flight path. This area should never have gone residential, but it appears that Council was somehow convinced to .  When the market tanks….people will get choosy,and WILL separate the wheat from the chaff…who wants to live under a flight path or beside a busy rail line?

Ultimately, regardless of where the blame lies….it does take (2) to tango aka a Buyer and a Seller.  The Owners were once Buyers….now some are Sellers . Thus, when you buy, you cannot trust many, if any, as at the end of the day… you will be deserted , on your own.  Nothing is 100%, but there are certain things you do have control over, and this is another example of what DUE DILIGENCE is all about .  There are ways to find such things out.

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