September saw two multi-million-dollar sales in Westmount

The highest price of $5,600,000 involved the larger, western section of the Noah Timmins mansion at 65 Belvedere Place, the huge stone mansion which was split apart in 1962. The price represents the second-highest amount for a residence in Westmount’s history, barely beating out the $5,590,000 paid for 619 Sydenham Avenue in November of 2005. The price is more than 2.6 times its municipal evaluation, second-highest since the 2004 valuation roll was established and by far the highest markup in September.

The highest price in Westmount’s history, of course, involved 80 Sunnyside Avenue when it was connected to a large stretch of land between the house and Edgehill Road in 2001. At the time, it sold for $6,501,000, then when the land was divided away from the house the main property resold for $2,650,000 in September, 2003. In September last year the house sold for $4,550,000, second-highest price in the month and 52 percent higher than its $3,000,000 evaluation.

Only one other house sold for more than $1 million in September, 501 Lansdowne Avenue which represented the lowest markup of the month at only 5.7 percent. Prices spiraled down to $464,000 for 445 Claremont Avenue, one of two sales under $500,000.

The two multi-million sales helped boost the average price for the month to almost $1.5 million, and the high markup at 65 Belvedere Place brought the average markup for September – still compared to 2004 evaluations – to 61.5 per cent, its highest level since December 2004. Only 12 one- and two-family homes sold in September, down sharply from 22 registrations in August and the lowest volume since March.

Five condominium transfers were closed in September, one with no price declared and the other four all between $342,000 and $495,000. The four priced sales bring to 10 the number registered in the third quarter of 2006, with an average price of $495,600 and an average markup (again, compared to 2004 valuations) of 45.6 per cent, up slightly from 44.9 per cent in the second quarter of the year.

Three other sales in September included the $3,275,000 sale of the apartment building at 4560 St. Catherine Street, corner Lewis Avenue, the sale of a rooming house at 4102-04 Dorchester Boulevard which had been operated for many years by the Salvation Army, and the share-sale of a portion of 29-31A Chesterfield Avenue to one of the existing owners of the building.