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Ten years ago, Surrey was largely a bedroom community consisting primarily of single-family homes and townhouses. If you had the foresight then to invest in condos, you would probably take a special pleasure in reviewing the statistics the Fraser Valley Real Estate board reports out every month. The benchmark selling price of a condo in North Surrey and Surrey is now 40 per cent higher than it was a decade ago. The gains are less in South Surrey/White Rock at only 28 per cent. The area to report the greatest gain is Cloverdale where the $208,400 October 2015 benchmark price is 52.4 per cent more than it was in 2005. Who’s to say that trend will continue, but condo real estate certainly appears to offer a great return on your dollar.
Further October sales statistics demonstrate other reasons for Surrey condo sellers to rejoice. Monthly sales were up over the previous month (16.7 per cent) and signifi cantly over October 2014 (41.5 per cent). Comparing sales prices shows a slight increase in the benchmark price between September and October (3.7 per cent) and a healthy 5.6 per cent between this October and that month in 2014.
The silver lining for those looking to purchase is that recent sales also indicate many sellers will accept offers at or below their list price. Of the seven reported sales between October 31 and November 13, none went for over asking.
East Newton
Located in the heart of the city, East Newton offers residents a rich blend of parks and a host of other amenities. The neighbourhood’s 25 current listings range in price from $123,000 for a twobedroom ground fl oor unit in the 39-year-old Glencoe Estates to $284,900 for a spacious two-bedroom home in the top floor of Chelsea Gardens.
Both of these properties boast conveniences above and beyond your standard home. The apartment in the first building, which came on the market in August, has an indoor pool, exercise room, tennis courts, sauna and playground. The second, which was listed earlier this month, is part of a 23-acre site with a clubhouse, guest suites, pool, hot tub, library, exercise room and an Englishstyle pub with a billiards room.
Morgan Creek
This neighbourhood is considered one of South Surrey’s most desirable areas with its top quality facilities. Residents claim there’s a wonderful pace of life here – something you notice right away when you move here. The area’s 17 current listings start at $309,900 for a brand-new onebedroom unit in the Edgewater complex to $618,000 for a two-bedroom in the same development. One of Surrey’s most recently reported sales was also in Edgewater. The owner there accepted an offer four per cent under the asking price of $459,900.
Surrey Condo Market Snapshot: Nov 13
