Real estate buyers are seeking out large lots in a desirable Coquitlam neighbourhood to build their dream home.
Case in point, a luxury home at 1921 Orland Dr.. which was just completed this year, sold on Nov. 8 for $3 million after 36 days on the market, according to the listing on Zealty.ca.
In fact, the house is so new that Google Maps shows it under construction in 2020 and BC Assessment shows a photo of the original home, which was sold in the same year for $1.12 million.
This property, was described on Zealty.ca as a "stunning," 5,408 sq-ft. home on an 8,000 sq-ft. lot, "with quality finishings, excellent craftsmanship, open concept floor plan and fantastic amenities."
It has seven bedrooms, eight bathrooms, multiple kitchens, a media room and a sauna.
"This rare offering is built by experienced renowned builder: Recanvas development. With exceptional 10ft ceilings on the main floor, this property comes equipped with radiant heating on all 3 floors, MIELE appliances, spacious back yard, air-conditioning, and security systems."
It was listed for sale at $3,288 million, and the buyer purchased it for $3 million, a savings of $288,000 or about nine per cent.
$1.28M for small home on large lot
Meanwhile, a few blocks away, a buyer purchased an older house on a large lot in the hopes of building their own dream home.
Located at 2173 Lorraine Ave., the house was sold "as is" for $1.28 million on Nov. 25., according to Zealty.ca, with the buyer purchasing the home for $212,000 or 15 per cent less than the $1,499 million asking price.
Built in the 1955, the home was likely a beloved family home for many years, and sits on a 10,098 sq-ft. lot with lane access and a handyman's shed in the back yard.
It was sold after just 59 days on Coquitlam's real estate market.
Now it could soon be someone's forever home if they build on the lot, as was suggested by Zealty's online posting of the Nov. 25 sale.
"Builders Alert! This Central Coquitlam location on a quiet street is ideal for a new build," the listing states.
What will Coquitlam home values be in January?
However, the sale was subject to probate, the listing further noted.
Meanwhile, BC Assessment is warning property owners that their assessments, available Jan. 3, 2021, will be lower than the July 2022 value because the market has changed since the early spring and summer when the market was hot.
Now, with sales volumes and prices dropping and interest rates climbing, the market value of single-family houses, townhouses, condos and apartments is dropping.
In November, for example, the $1,057,700 benchmark price for a Coquitlam home dropped 11.9 per cent, compared to six months earlier, while Tri-Cities' homes sales dropped 56 per cent compared to the same month in 2021.
- with a file from Kyle Balzer, Tri-City News
