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Is Coquitlam still a hot real estate market? $300K over-asking sale pleases veteran realtor

This central Coquitlam home had as many as eight bedrooms, six on the main floor, which may have been what prompted hundreds of people to view the property at two open houses.

Coquitlam's Daniel Yang says he won the real estate battle last week with a final sale offer that was way more than the listed price.

Yang, a real estate specialist who had planned to take the summer off due to a weakening housing market, jumped back into the fray representing sellers in a couple of recent sales.

In July, Yang sold a house at 765 Shaw Ave., in west Coquitlam, for $1,568,000 — $130,000 over asking.

He was excited by the result, but predicted it wouldn't happen again.

"I thought, 'That's it.' I wouldn't be able to duplicate the same result again this year given the worsening real estate market and increasing bank mortgage rate."

But he was surprised by the lineup of potential buyers to view a home at 1869 Foster Ave.

As many as 65 groups came during an open house on Aug. 13, and another 68 groups on Aug. 14.

The home had been listed for $1.388 million and was within blocks of Mundy Park.

However, probably the biggest attraction of the 33 year-old home on the 8,645 sq. ft. lot was the number of bedrooms.

There are eight — six of which are on the main floor.

"It suits their needs," Yang said.

Indeed, it would be suitable for a family with loved ones needing main floor living. Plus there are four bathrooms.

Yang received 10 offers for the home, but eventually settled on two for his client — a main offer and a back up offer.

The home sold on Aug. 15 for $1.7 million — more than $300,000 over asking.

Meanwhile, there are two other homes for sale on the same street.

A home at 2021 Foster Ave., on a 12,000 sq. ft lot close to Mundy Park, is 56 years old and has five bedrooms and two bathrooms. It also has an in-law suite with separate entrance and shared laundry. It's currently listed for $1,488,800, according to REW.ca

Across from Yang's recently sold home, at 1870 Foster Ave., is a 59-year-old, four-bedroom, two-bathroom home on a 7,920 sq. ft lot selling for $1.45 million. 

Yang said the housing market has softened since the Bank of Canada started raising mortgage rates, but he said homes are still being offered for sale and people are buying them. 

It all depends on their personal circumstances.

"If it's your principal residence and you want to up size or downsize, go ahead," but he cautioned investors. "Don't sell if you don't have a plan."

According to the Bank of Canada reporting schedule, the next announcement about rates could come as soon as Wednesday, Sept. 7.

 

 

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