February Sales: Here we go!

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Continued low interest rates, a (relatively) stable political environment, plenty of money and a number of houses that have been sitting out there for several months all combined in February to make this one of the most exciting months in Westmount’s real estate history.

The second-highest price ever paid for a residence in Westmount was announced publicly by Marie-Yvonne Paint, who helped negotiate a price of $6,410,000 for 205 Edgehill Road, which had been on the market since last May. With an indoor pool, elevator, modern kitchen, coach house with bachelor apartment and three-car garage, garden with waterfall and fishpond, this house brought the highest price since April, 2001, when 80 Sunnyside Avenue drew $6,501,000, before the land at the corner of Lexington Avenue and Edgehill Road — right across the street from this property and now with hoardings going up for new construction — was divided away for redevelopment.

Beyond that, however, volume picked up as 15 sales were posted in February, all but two over $1 million and the lowest price a dazzling $875,000. The average markup over valuation was more than 30 percent and pushed the “average” Westmount house value to $1,500,000. At least eight of those houses had been on the market for more than 200 days — the average days-on-market was 203 — so it is clear that buyers were finally committing themselves to grab whatever they could find. Besides 205 Edgehill, three other prices were over $2 million, five more between $1.5 and $2 million. Agents are still hungrily looking for listings as there is plenty of demand in the spring market.

Five condominium sales were announced, all under $1 million, and 11 sales involved houses and condos in adjacent-Westmount areas, with two properties east of Westmount going for prices over $2 million. So the demand is not just Westmount single-family; in fact a full triplex sold for $1,300,000. Co-op apartments, particularly in 2 and 3 Westmount Square and 300 Lansdowne Avenue, also are moving, and one more sale of a condo in the under-construction 1250 Greene Avenue was announced last month.

So the spring market is off to a fast start, unlike last year when it lagged until April, and as supply tightens up we can expect to see prices rise even higher.

Posted by andy February 2012

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