RCMP building leads October sales

Sale of the one building led the way in registrations registered in October last year, a month which saw 17 single-family homes change hands for $17.13 million, so the raw average price of local real estate stayed above the $1 million mark for the sixth month in a row. If we look at the average markup over valuation, the 'typical' Westmount house has had a value above $1 million since February of 2006.

Last October, then, the 17 single-family sales ranged in price from $637,500 – the highest minimum price in Westmount’s history – to $1.52 million, with eight sales over $1 million. The month did not see sales of the more substantial Westmount homes in the $2 million-plus category. This year only six sales have been registered above $2 million, compared with 16 all of last year.

The highest price involved 347 Redfern Avenue, one of only five sales over $1.5 million below Sherbrooke Street in Westmount and the first since last April when 336 Redfern sold for $1.5 million. Lowest price went for 378 Grosvenor Avenue at $637,500, while a close neighbour at 364 Grosvenor brought the second-lowest price, $655,000, in the same month.

Markups over valuation were fairly low, except in the sale of the totally-renovated 4547 Sherbrooke Street, just west of Mount Stephen Avenue, which brought more than double its municipal valuation. Three sales were for less than municipal tax value, the lowest at 355 Metcalfe Avenue which went for $795,000, about 6 per cent less than its valuation.

Five condominiums were turned over in October, all apartment-building condos with prices between $285,000 and $585,000, with only one – at 4476 St. Catherine Street – selling for much more than municipal evaluation, and even that brought a markup of only 7 per cent. This is a further indication there has been very little movement in condo prices over the past two years.

Sale of a triplex on St. Catherine Street and a 60-per cent share of 442-44 Grosvenor – basically, the two-storey apartment at 442 Grosvenor – also took place in October.

NOTE: The following article relates to the registration of deeds of sale for Westmount property in October, 2007, provided by city officials.