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There was good news for people searching for a condo in New Westminster last month. While sales were down slightly (5.9 per cent) in September compared with the previous month, the number of new listings rose by 2.4 per cent. Median selling prices are also going down. That number in August was $323,000; it dropped almost 12 per cent to $285,000 in September. Last month’s median selling price was also below that of September 2014 when 50 per cent of condos sold for more than $310,390. That’s a more modest drop of a tad over eight per cent.
Meanwhile, the median list price for a condo at the time of writing was $309,450. You can enter the New West condo market at $94,900 in a close-to-historic 50-year-old, one bedroom home in Norfolk House in Uptown. Or, if your tastes run to the more modern, at the top end of the market is an eight-year-old, three-bedroom condo at The Residences at Victoria Hill in Fraserview for $825,000.
Whatever your preference, keep in mind that, of the 19 condos that were reported as sold in this city between September 19 and October 2, only one went for over asking. That two-bedroom apartment in Uptown was priced to sell at $129,900. After 49 days on the market, its owner accepted an offer six per cent over asking: $137,600.
Uptown
There were 89 active listings in this neighbourhood at the time of writing with a median price tag of $226,000. This community offers a wide price range with the most expensive listing topping out at $740,000 for a 21-year-old, two-bedroom condo. There has been some recent development in the area, with a number of homes now on the market in the two-year-old Viceroy tower. The other recent addition to the neighbourhood is 258 Condos on Sixth Street; there are two homes on the market in this 2014 building.
Seven of New Westminster’s 19 reported condo sales between September 19 and October 2 were in Uptown. Besides the only property to go for more than list price, owners accepted offers between one and six per cent below asking.
Fraserview
The median listing price of a home in this younger neighbourhood is substantially more: $368,000. Here, prices start at $168,500, which will buy you a one-bedroom home in a 21-year-old building on Blackberry Drive.
There are a number of new projects in development in this community including Onni’s The Lookout nearing completion on Victoria Hill and the same developer’s Parkside complex, which is currently under construction also on Victoria Hill. Condos listed in these two brand-new complexes range from $293,900 to $511,900.
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