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Bring an offer to the table: of the 29 recently reported condo sales in Burnaby, only two went for more than list price. Another six, all brand-new units, sold for their asking price. That leaves 72 per cent of the sales going for under asking – anywhere from one to nine per cent less.
The new owners of a one-bedroom condo in Highgate’s Ventura building drove the hardest bargain. They picked up their new home for $23,000 less than the $258,000 asking price. That property had been on the market for 115 days, a clear indication that it was indeed overpriced.
At the other end of the scale, the sellers of a five-year-old, two-bedroom Motif apartment in the Brentwood Park community presumably walked away happy from their sale. They certainly ended up with $25,000 more in their pockets than their $655,000 list price. That condo was on the market for less than a week.
South Slope
This neighbourhood lies below Metrotown between Imperial and Marine on the south-facing slope overlooking the Fraser River. Most of the area’s condominiums have easy access to the mall and all its amenities. There are 40 active listings here, with prices ranging from $299,000 for a one-bedroom apartment in the 22-year-old Wyndham Court building to $1,875,000 for a three-bedroom penthouse in the 23-year-old The Savoy.
Right around the middle of the pack is a two-bedroom home in the Belvedere tower which went on the market in September and is listed at $388,000. This nine-year-old condo with a total floor area of 827 square feet has a large south-east facing patio overlooking a park. If amenities are important to you, this property has access to an exercise room with hot tub, a steam room, theatre, library and a social room.
There were two sales recently reported in this neighbourhood. One went for one per cent less than its $365,000 list price after four days on the market. The other owners held out for 60 days and walked away with two per cent more than their $439,900 list price.
Capitol Hill
North Burnaby’s Capitol Hill neighbourhood is widely known for its multicultural communities as well as its easy access to nearby Simon Fraser University. Of the area’s five active listings, three are in the same Empire Drive building while the other two are along Hastings Street. All are two-bedroom homes and they range in price from $189,900 to $498,500. That top-end unit is in the three-year-old Altezza complex and has mountain views.
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