31 ELLIOT ST., UNIT 903, NEW WESTMINSTER, B.C.
ASKING PRICE $428,000
SELLING PRICE $480,000
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DAYS ON MARKET 8
TAXES $1,266.83
MAINTENANCE FEE $409.55
LISTING AGENT Owen Bigland, Macdonald Realty Westmar
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The Action: The seller had purchased the property in 2015 for $298,000. He renovated the unit and lived in it, but got a job in Toronto, listing agent Owen Bigland says. The first-time buyers are a young Vancouver couple who had been renting.
"Interest in this unit was very high," says Mr. Bigland, who saw more than 50 parties attend the two-day weekend open house.
He says condos in concrete buildings with a view such as this one don't come onto the market often. As a result, he received multiple offers.
"They saw the value in New West and were able to take SkyTrain into the city each day for work."
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What They Got: The 12-storey building was built in 1974. The 1,000-square-foot, two-bedroom unit has views of the river and mountains. Over the past five years, the building has undergone a major renovation, including new windows, balconies, plumbing, electrical and elevators. The unit includes two parking stalls and storage locker.
The Agent's Take: "Even at this record setting price there is good value here," Mr. Bigland says. "A unit like this in Vancouver's West End would be well over $1.1-million. New Westminster is on the rise and I'm starting to see more young people move into downtown New West."
The selling price works out to $480 a square foot, which is high for an older building in New Westminster, he says. The last two-bedroom sold in the building went for $399,000 in February.