Remember those frothy real estate prices when buyers were lining up to make an offer hundreds of thousands of dollars above asking?
Last winter, you might pay over $500,000 for a manufactured home in Coquitlam when post-pandemic buying reached its peak.
Those days appear to be over for now, according to some recent sales of local properties on Zealty.ca.
Higher interest rates and inflation may be making it harder to buy and sell homes, with patience and a sharp eye on real estate prices more important than ever when listing a home for sale.
That was certainly the case for one Coquitlam home owner who likely cracked open a bottle of champagne when their home at 3259 Karley Cres. finally sold.
$500K price drop
They cut their listed sale price by nearly 25 per cent to get a deal last month.
The home, located above David Avenue and Shaughnessy Street, close to the Coquitlam River, was listed in early June before multiple interest rate hikes kicked in.
It sold on Oct. 19 after 133 days on the market, according to the Zealty.ca listing.
What made this property attractive was the huge lot — about one third of an acre, or 15,500 sq. ft.
But also of note was the willingness of the property owner to come down on price — by a whopping $500,000.
The home was originally listed at $2,080,000 but the price was lowered to $1,700,000.
A further price cut to $1,580,000 was needed to seal the deal — much closer to the 2022 assessment value of $1,567,000.
The home is ideal for families as it has a large back yard, and who ever purchased the 25-year-old house will enjoy five bedrooms, three bathrooms and a newer furnace.
It was described in the listing as a "beautiful home with southern exposure offering mountain views and overlooking serene Coquitlam River on top of a private cul de sac in a 15,500 sq-ft. park like lot."
The seller reportedly spent $25,000 on a renovation, including new air conditioning and a new furnace in 2021, according to the description.
Single family home sells for $1.8M in eight days
Meanwhile, across town another home on a large lot took much less time to sell, although the property owner also had to reduce their selling price.
This property, located at 2194 Haversley Ave. near Mundy Park, was listed on Oct. 5 as having a 43-year-old house on an 11,122 sq-ft. lot.
It sold eight days later on Oct. 13 for $1,825,000, a four per cent drop from the original $1,899,000 listing, according to the sales report.
Meanwhile, the 2022 assessed value (based on a July 2021 evaluation) is $1,803,000, a much closer valuation to the final sale price, which probably resulted in happy buyers and sellers.
The home is described as a fully renovated rancher with partial basement on a one-quarter acre lot with an 800 sq. ft. shop and garage, "high end" finishings and "expertly crafted woodwork" as well as "potential" for a laneway house.
