A home in Coquitlam's Ranch Park neighbourhood made local real estate history earlier this month.
The 4,000 sq. ft. home at 2975 Lazy A St. sold for $500,000 over asking in a bidding war that lasted a single day.
And Sutton Group West Coast realtor Jaden Narduzzi still can't believe what happened.
"We thought we’d priced it pretty sharp and didn’t expect a sale price this crazy," recalled Narduzzi.
The 55-year-old, six bedroom renovated home on a 13,000 sq. ft. lot — with a ground heated pool — was listed for $2.799 million on Feb. 28 and Narduzzi had several showings for later in the week.
But what happened next surprised Narduzzi, 23, who lives in Port Moody and is a Heritage Woods Secondary school grad.
First, he got a call from a realtor representing a Kelowna man who wanted to drive in and see the home the next day.
Then, he heard from another 11 groups that wanted to see the home that day, too, bringing to 12 the number of showings on March 1.
The first offer was for more than $3 million — about $200,000 over asking — so the remaining potential buyers were warned so they would have to sharpen their pencils.
Of all three offers that came in that day, the winning bid was $500,000 over asking, which Narduzzi and his team say is a record for Ranch Park.
"Everybody was like, 'Wow,'" said Narduzzi, who believes a shortage of listings and high interest in the area pushed the buyers to bid over the listed price.
As for the Kelowna man, he bought another property on the same street.
As more listings come on the market this type of story may be less common, but Narduzzi credits "perfect" timing for the Ranch Park sale.
Narduzzi said more listings are coming on stream in the neighbourhood, and while prices aren't dropping, it's looking like a more balanced market for buyers and sellers.
Narduzzi grew up playing hockey and took business courses when he graduated; introduction to real estate caught his interest and he's never looked back.
"I can't imagine doing anything else," he told the Tri-City News.
