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The Royal City wasn’t breaking any records when it came to condo real estate deals in early September: only two sales were reported between September 5 and 18 and both went for under asking. A one-bedroom, seven-year-old listing in Fraserview, which had been on the market for 39 days, sold for $252,000. That was close to $3,000 below list price for this 657-square-foot property. The other sale was for a one-bedroom in the now sold-out Trapp + Holbrook development near the Quay. This brand-new, 600-square-foot apartment was on the market for $324,000 and went for $316,500. It’s in a landmark building just steps away from the new Anvil Centre as well as shopping, outdoor recreation, and a Skytrain station.
Both sale prices were over the average price per square foot of current listings. The older property’s sale price works out to $384 per square foot; the new condo went for $528 per square foot. The average price per square foot of the current listings in the Quay community is $388. That average rises dramatically when only considering new properties in the neighbourhood. With that factor taken into consideration, the average price per square foot is $526.
RiverSky2 by Bosa is one of the Quay’s newest developments to come to market. The final phase in a two-tower site, the building is in its pre-construction phase and expects to be complete by 2018. It has 15 active listings ranging from $310,900 for a one-bedroom, 555-square-foot unit to a three-bedroom, 1,196-square-foot unit for $596,900.
The Quay is one of New Westminster’s most vibrant communities with many advantages that attract condo buyers including waterfront access and easy transportation in and out of the city centre. As of September 18, there are 56 active condo listings in the area with an average price of $423,137. That’s a little over $100,000 more than the city’s overall average.
Bringing that average up is the city’s current most expensive condo listing: a two-bedroom, 23-year-old unit in The Excelsior came on the market in late August. Its asking price is $1,299,000. The next most expensive listing in the Quay is a $750,000 two-bedroom home in Tiffany Shores.
At the Quay’s low end, a one-bedroom condo in Q at Westminster Quay is on the market for $280,000. At 730 square feet, that six-year-old home works out to $383 per square foot, which is pretty much in line with the neighbourhood average.
New Westminster Condo Market Snapshot
