Adam Goss PREC : Archived blog posts for : November 2023

Just Sold: Prime Development Opportunity in New Westminster’s West End

Posted on November 7, 2023 by Adam Goss

Posted in New Westminster House, New Westminster House Sold, New Westminster Realtor, West End NW, New Westminster Real Estate

Just Sold: Prime Development Opportunity in New Westminster’s West End

Thrilled to announce the successful sale of this incredible property in New Westminster’s West End! More than just a home, this massive 9,273 sq. ft. lot with NR-1 zoning presented an exciting opportunity for future development or a dream home build. With lane access, a prime location across from Grimston Park, and steps to the 22nd Street SkyTrain Station, this was a sale that required strategy, persistence, and expert marketing.

With a sales-to-active ratio of 15%, the New Westminster detached home market remains strong, and through a future-focused approach, we maximized value for our client.

🏡 Property Highlights: A Rare Lot with Endless Potential

MLS #: R2822292
Property Type: House
Lot Size: 9,273 sq. ft.
Zoning: NR-1 (Neighbourhood Residential)
School Catchment:
- Elementary: Lord Tweedsmuir
- Secondary: New Westminster

💎 Why This Property Was a Standout

✔️ Expansive Lot with Lane Access: Ideal for future development, multi-family housing, or a custom-built dream home.
✔️ Unbeatable Location: Directly across from Grimston Park, offering green space, a playground, and walking trails.
✔️ Transit & Connectivity: Steps from 22nd Street SkyTrain Station, making commutes to Vancouver, Burnaby, and Surrey effortless.
✔️ Niche Market Appeal: Large building lots in this area are rare, attracting buyers looking for redevelopment potential.

🚀 The Strategy: Overcoming Challenges & Maximizing Value

✅ Targeted Marketing & Buyer Outreach

We positioned this home as a premier development opportunity, attracting builders, investors, and families alike.
A strategic pricing approach ensured we generated strong buyer interest while maximizing the sale price.

✅ Navigating Unique Sale Challenges

With tenants in place, we ensured respectful coordination for showings and open houses.
Worked closely with the City of New Westminster to gather key details on zoning, redevelopment, and potential land use.

✅ Strong Communication & Seamless Collaboration

Maintained open communication with the buyer’s agent to ensure a smooth negotiation and due diligence process.
Focused on clear, transparent discussions that highlighted the property’s long-term potential.

📍 Why Buyers Love New Westminster’s West End

West End is one of New Westminster’s most desirable neighborhoods, offering a mix of historic charm, modern amenities, and easy transit access.

🌳 Parks & Outdoor Spaces

Grimston Park – A beloved local park with green space, a playground, and picnic areas.
Westminster Pier Park – A scenic waterfront park with walking trails and stunning Fraser River views.

🏫 Top Schools Nearby

Lord Tweedsmuir Elementary – A well-ranked school with strong community engagement.
New Westminster Secondary – A top-tier secondary school with advanced placement programs and state-of-the-art facilities.

🛍️ Shopping & Transit Access

22nd Street SkyTrain Station – Quick connections to Downtown Vancouver, Metrotown, and Surrey Central.
Queensborough Landing – A major shopping hub featuring big-name retailers, restaurants, and grocery stores.

🎉 A Future-Focused Sale with Fantastic Results

This wasn’t just about selling a home—it was about maximizing an investment opportunity. Through smart marketing, expert negotiation, and seamless collaboration, we helped our client achieve an outstanding result.

Thinking of Selling? Let’s Make It Happen!

🏡 Large lots and development properties require a specialized sales strategy. Whether you’re selling or looking to invest, we can help you achieve top results.

📩 Contact us today to see how we can maximize your property’s potential!

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October 2023 Real Estate Market Update: Steady Conditions with Balanced Trends

Posted on November 1, 2023 by Adam Goss PREC

Posted in Market Update

October 2023 Real Estate Market Update: Steady Conditions with Balanced Trends

The real estate market in Metro Vancouver demonstrated steadiness in October 2023, as balanced conditions brought opportunities for both buyers and sellers. While sales remained below historical averages, increased inventory levels and moderated price growth signaled a market adjusting to ongoing economic pressures.

Key Highlights for October 2023:

Sales Activity:
- Residential sales reached 1,996, a 3.7% increase compared to October 2022.
- While sales were 29.5% below the 10-year seasonal average, the market showed resilience in a challenging financial environment.
- Detached homes: Slight 0.7% decrease year-over-year.
- Apartments: Sales grew by 4.9%, maintaining steady buyer interest.
- Townhomes: Increased sales of 6.6%, reflecting robust demand in this category.
Listings and Inventory:
- New Listings: Increased by 15.4%, providing buyers with more choices compared to October 2022.
- Active Listings: Total inventory rose by 12.6%, exceeding the 10-year seasonal average by a modest 0.6%.
Pricing Trends:
- Benchmark Price: All residential properties were priced at $1,196,500, up 4.4% year-over-year, with a slight 0.6% decline from September 2023.
- Detached homes: $2,001,400, steady growth with a 4.0% annual increase.
- Apartments: $770,200, up 5.1% annually, showing consistent strength in this segment.
- Townhomes: $1,100,500, reflecting a 4.8% year-over-year increase.

Market Conditions by Segment:

Detached Homes:
A sales-to-active listings ratio of 12.9%, indicating balanced conditions.
Townhomes:
Strong demand with a ratio of 20.9%, leaning toward a seller’s market.
Apartments:
Steady performance with a ratio of 21.5%, also in seller’s territory.

Regional Insights:

Burnaby:
Detached home prices remained stable across all areas, while townhomes in Burnaby South saw notable buyer activity.
New Westminster:
Apartments continued to attract buyers with affordability and accessibility as key drivers.
Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):
Strong demand for townhomes and apartments underpinned price stability.
Vancouver East and West:
Both regions showed steady activity, with apartment prices holding firm and detached homes experiencing balanced conditions.

What This Means for Buyers and Sellers:

For Sellers:
Increased inventory offers more competition, making strategic pricing and marketing essential to stand out.
For Buyers:
Moderated price growth provides opportunities to enter the market or upgrade, particularly in areas with higher inventory levels.

Your Market Experts:

As the year draws to a close, understanding these trends is crucial for navigating the ever-changing real estate landscape. Whether buying, selling, or investing, contact me today to craft a strategy tailored to your needs.