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Westcoast Condominium
Not surprisingly, both condo listings and sales in New West were down in December when compared with November. The Santa-factor plays a big role in owners not wanting strangers descending on their homes. The more interesting story is comparing December 2015 statistics with those of December 2014. Here we see a noted decrease in listings (31 versus 73) which speaks to reduced choice and higher sales (67 compared with 52). The median sales price of a condo in New Westminster in December 2014 was $278,000; by December 2015 that had ballooned to $323,000.
Downtown
Downtown New Westminster is an historic part of the city and it also offers easy access to SkyTrain stations, strolls along the waterfront, and front-row seats for various festivals and community events. Of the area’s 22 active listings, nine are on Carnarvon Street, where the views of the Fraser River can be stunning. While the median listing price for the neighbourhood is $329,350, you can get your foot in the door for as little as $168,900. This one-bedroom home came on the market in early December and is in the 40-year-old Peppertree tower on Royal Avenue.
A recent sale of a two-bedroom condo in nearby Fraser House indicates owners are willing to take offers. This 39-year-old home spent 47 days on the market before its owners sold for $290,000 – three per cent under their $299,900 asking price.
Fraserview
This area also enjoys a deep-rooted sense of culture and heritage and has the intimacy of a small town. There are 24 active condo listings here including several in brand-new buildings. Four homes are for sale in The Lookout on Victoria Hill; they range from $379,900 for a one-bedroom to $489,900 for a two-bedroom home. This complex, expected to complete soon, is part of a 65-acre community with over 40 acres of dedicated green space. Four new homes are also available in Parkside, which is part of the same master-planned Victoria Hill complex. These condos will also be move-in ready later this year.
While developers tend to sell their units right at list price, other owners are often open to negotiation. Two recent sales in Fraserview demonstrate that some properties go for under list (a two-bedroom in The Carlyle sold for two per cent under its $415,000 asking price after only 13 days on the market) while others go for more (owners of a two-bedroom on Ginger Drive held out 66 days before accepting an offer two per cent over their original price of $219,900).
New Westminster Condo Market Snapshot
