“Attention developers and investors” reads a listing for a New Westminster house that just sold for an eye-popping $3.4 million.
The house is on Marine Way in Connaught Heights and is 84 years old and 2,900 square. It’s had some renovations done, but selling for $3.4 million is a lot. It also sold for $900,000 over the asking price in just five days. The lot is .28 acres.
“The yard has a working koi pond in the backyard by the porch,” so there is that.
Yikes.
“Great potential with this holding property in Connaught Heights with potential for future development in the OCP of New Westminster from 2017,” reads the listing.
The Real Estate Board of Greater Vancouver's monthly report for March shows the cost to buy a single-family detached home, apartment, townhome or residential all increased last month.
The benchmark prices for a single-detached house in New Westminster in March was $1,230,700 – a 10.4% increase over the price from six months ago.
REBGV chair Daniel John said in the report when it comes to listings, there's less than half of what is needed to help shift the market into better conditions.
“We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure.
"The number of homes listed for sale on our MLS system today is less than half of what’s needed to shift the market into balanced territory.”
The real estate board says sales last month were 25.5% above the 10-year March sales average.
Follow Chris Campbell on Twitter @shinebox44.
