A 3.2 acre property located at 12320 Trites Road in the Steveston area of Richmond has been listed for sale with David Taylor of Colliers. An existing strata-titled industrial property known as ‘Steveston Industrial Estates’ represents a rare opportunity to develop 28+ single family lots in Richmond and achieve a 4% return during the rezoning process.

The property is designated in the OCP and local area plan for Single Family Residential. The existing strata industrial property provides solid income (approx. $520,000 net operating income) during a potential rezoning process. Furthermore, the existing lease terms allow vacant possession as early as 2013.

The property is located in an established residential area devoid of new single family lots, and there is potential for further assembly.

Please contact us for further details.

Resales volume for single family houses in East Vancouver have slowed somewhat over the past few months, in keeping with the trend for Vancouver towards a buyer’s market. August 2012 appears as though it will the slowest August for resales in several years. It is likely that there will be a flat or modest decline in pricing if sales volumes remained depressed over a period of months; however, pricing up to August 2012 did not appear to be showing a downward trend.

As of September 1, 2012, there were 662 active listings for single family homes in East Vancouver. The average asking price of these listings is $1,058,000. 286 listings (43%) are over $1 Million.

(August 2012 are a preliminary estimate and do not represent final stats for August)

Source: REBGV stats

Openroad Auto Group has purchased Translink‘s property in Burnaby at Lougheed Highway and Boundary Road for $19,174,000. The 7.413 acre property located at 2020 Boundary Road, is designated for commercial development incorporating industrial flex/office with potential service commercial uses. The property is ideally positioned just west of Brentwood Town Centre, a rapidly growing residential and commercial area. The site had been listed for sale; click here for a brochure.