Paramount Richmond by Keltic -  VIP Client Event


I just visited the Paramount VIP Realtors Event by Keltic.  If you are curious about Presales in Richmond watch this video as this one is located right across Richmond centre.


Many Presales across Vancouver requires VIP access.  Watch this video as I walk thru the Paramount Project.


The Paramount Project is located Right across Richmond Centre, at the corner of No. 3 Road and Cook RD.  Its is also beside rapid transit, Richmond Bright house station. 


The paramount will have about 536 residential units, with 3, 15 storey towers, and one commercial office building. The estimated completion is year 2021.


The sizes of the units range from 425 sq ft – 1,075 sq ft.  With a starting price around the mid 300’s for a bachelor unit.  The 3rd floor is where the court yard is located.  It has a lush urban oasis with relaxing water features.  The buildings also have many curated luxuries such as a private dining room with a personal chef, wine room, indoor and outdoor dining areas, with state of the art Mclaren Racing Simulator, a movie screening room and exercise room.  Also if you have children they also have a child learning centre.  


The floorpans have been very well laid out.  Featuring Italian cabinetry, Miele appliances, quartz countertops and porcelain tilted bathrooms.  All units also have full air conditioning.


One thing I should add is that the residents at the paramount would have access to a lifestyle concierge.  That can look after the following, meals, shopping, housekeeping, dog walking, translation services, and driving lessons.  


So there you have it the Paramount Project in Richmond.  If you have any interest in this project please feel free to reach out to me, private client viewings are coming early November.  VIP buyers will get first selection, registration is required.    


Question of the day, what do you think of the Paramount Richmond?   Would you buy a presale in this market?  Please leave it in the comments below. I will try my best to personally answer all comments myself.     


 
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Vancouver presale condos


Are they a good buy?  


I will discuss 5 positives and 5 negatives that you should consider before purchasing a presale condo in vancouver. 


First lets talk about the Positives


  1. Good Rate of return on deposit if condos go up in value.  Think about it, your only investment is the deposit for the purchase of the presale.  What happens when the property goes up in value?  Say it went up 100k and your deposit was only 50k.  You essentially doubled your investment.  Thats an awesome rate of return. 
  2. You are buying brand new - Everyone likes buying brand new, in the newest and hottest new neighborhoods. 
  3. It has a warranty - all presale condos have 2-5-10 warranty, so you can rest assured that any repairs will be taken care of for the next ten years.  
  4. No PPT - Now thats an incentive.   You can qualify for this exemption if its is going to be your primary residence and the purchase price is under $750k 
  5. You may assign it the contract for profit -  Since you are holding this investment for about 2-3 years, that this investment has gone up in value.  Many investors cash out if they see a gain a big gain.  Gains are treated as business income though. 


Now lets talk about the Negatives

  1. Bump in price after sale.  Their was a story recently in new Westminster, of a developer asking for more money to continue on a struggling project.  One has asked for as much as an extra 15%.  Unless stated in the contract, their is nothing stopping the developer for demanding more money.  
  2. Return of deposit - if developer does not want to complete the project, they have the option of returning your deposit.    
  3. Floor plans can be altered from the time of purchase till completion - this actually happened to a client of mine who originally purchased a 2 bedroom with 2 bathrooms.   The developer wanted to change the floorpan to 2 bedroom with 1 bath.  
  4. Prices Going Down? -  2 years is a long time, and anything can happen.  The market can go up but it can also go down.  I have seen presale buyers selling for a loss back in 2007 and 2008. 
  5. Purchase price -  Are they a good deal?  Most assume they are a good deal.  But the fact is the developer is future pricing all the homes. They are pricing out homes on what they think homes will value in 2 to 3 years time. 


So there you have it the 5 Positive and 5 Negatives you should know about if you are buying a presale in vancouver.  If you have any questions please reach out to me.   If you are interested in purchasing a presale I can get you vip access on some popular projects across the lowermainland.



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