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This hot property in Coquitlam sold for 25% over asking in one day

Properties aren't getting the huge price gains that were common earlier in the year. But one two-bedroom condo near SkyTrain in Burquitlam was snapped up by a motivated buyer.

Properties aren't getting the huge price gains that were common earlier in the year.

But one Coquitlam penthouse apartment stands out in the growing neighbourhood of Burquitlam where SkyTrain has set off a flurry of condo construction.

Listed as sold on Zealty.ca on Monday (April 25), a two-bedroom corner unit in the Stanton House at 607 Cottonwood Ave. sold for $870,000 — nearly 25 per cent above asking.

What's more, it sold in late March after just one day on the market.

There were lots of things to love about this apartment, including nine foot ceilings and proximity to schools and SkyTrain.

"It is perfect apartment for a small family and investor," the listing stated.

But this massive price gain is uncommon in recent sales posted to Zealty.

With a recent interest rate hike and more to expected to combat inflation, the housing market is expected to continue to be elevated but ease from the highs of 2021.

Coquitlam apartments sell for top dollar

In the last seven days in western Coquitlam, the scene of the city's most active real estate market, there were 17 homes listed as sold in the last seven days.

Buyers continued to snap up apartments and they were willing to pay over asking in eight of 12 sales posted to the real estate website.

But single-family homes aren't faring as well, especially pricey ones, with buyers more cautious and looking for value in their purchases.

One property with a 63-year-old, seven-bedroom home sold for $200,000 under asking and for less than the BC Assessment value from last July.

The home is surrounded by large trees and, although it needs work, it appears to be a forested oasis in an increasingly urban neighbourhood.

The property on a half acre, likely to be subdivided, in Coquitlam's plushy Vancouver Golf Course neighbourhood, sold for $2.60 million, down from $2.88 million listed price.

BC Assessment value for the property at 450 Walker St. was $2,820,000.

They paid more than $1,000 per square foot

Nearby, with units overlooking the golf course, is the Wynwood Green development by Anthem on Austin Avenue.

Two units recently sold in this brand new development for top dollar.

A one-bedroom, 538 sq. ft. unit sold for $655,000, slightly under the asking price of $699,000.

Still, the buyer paid $1,217 per square foot for the unit.

In the same building, a two-bedroom unit unit sold for $790,476, slightly less than the asking price of $839,000.

The buyer of this larger unit paid $952 a square foot. 

Also posted in the last seven days in western Coquitlam were two other single-family homes, which sold as follows:

  • a 8,910 sq.ft. level lot in western Coquitlam at 704 Ebert Ave. sold for $1.75 million; the property was listed for $1.89 million
  • a four-bedroom, two-bathroom family home at 332 Blue Mountain St. sold for $1.5 million, slightly above the $1.499 million listing

And two townhomes also sold for less than asking. However, the more expensive townhome took the bigger hit as buyers search for more affordable properties:

  • a one-year-old, three bedroom townhome at 450 Westview St. was listed for $1.240 million and sold for $1.19 million in five days
  • a 31-year-old, two-bedroom, recently renovated townhome at 501 Cochrane Ave. was listed for $783,500 and sold for $780,000
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