April sales show improvement

Eleven of Westmount’s single-family dwellings changed hands in April, up from the three one- and two-family dwellings registered in March, but still below the average 15.6 for the month. A total of 25 dwellings changed hands in the first four months of the year, the lowest volume on record since 1996, when 24 sales were registered, and before that, in 1976, when only 21 deeds were signed.

In April this year, prices ranged from a low of $400,000 for the townhouse at 2 Prospect Street to $1.79 million for the cottage at 110 Upper Bellevue Avenue, which enjoys a spectacular view over the city. In fact, an extra tract of land was included in the latter sale, with no specification of the difference in price between the building and the additional land. That price, though, represents the second-highest in Westmount this year, edged out by the $1.8 million paid for 74 Gordon Crescent in January. Last year there were 15 sales over $2 million in Westmount, but none have been registered so far this year.

The April list shows only three sales over $1 million, but the others are mostly in the range of $850,000 to $950,000, enough to keep the average price at just under $1.01 million. The average markup of 17.3 per cent is an improvement from the 10-per cent markup in March, though the low volume gives less credibility to the samples for either month. The most dramatic markup in April involved 22 Arlington Avenue, which sold for $1,237,000, more than double its municipal evaluation. On the other hand, 2 Prospect’s low price also represented a markdown of 23 per cent from its valuation.

Other sales in April included one condominium apartment at 399 Clarke Avenue, which brings the total condos in the first four months of 2009 to four, compared to 15 during the same time period last year.

Finally, a building at 4633 Sherbrooke Street, west of Arlington Avenue which is being used as a medical laboratory, sold for $600,000.

NOTE: The preceding article relates to the registration of deeds of sale for Westmount property in April 2009, provided by city officials.