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Big profit on flipped town house in Port Coquitlam

2380 Ranger Lane, unit 110, Port Coquitlam

Listing price

$564,900

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Selling price

$600,000 + GST

Days on market

22

Maintenance fee

$207.49

Listing agent

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James Garbutt, Denny Dumas, Keller Williams Elite Realty

The Action: The property was purchased as a presale in December, 2015, for $494,900 and then assigned (flipped) to a new buyer before completion this past month, for $600,000. The agents received three offers. A similar unit in the building sold two months prior for $565,000, says listing agent James Garbutt. "This seems like a lot," he says of the price lift. "But we've experienced gains like this a few times this year as the 2017 market has proven to be hot for townhouses like these, particularly new ones."

What They Got: The brand new two-bedroom and den townhouse by Mosaic is three levels with mountain views. The 1,440-square-foot unit features quartz counters, stainless-steel appliances, large centre island, laminate floors, and double sinks in the master bedroom ensuite. The den could be used as a third bedroom. The property comes with a single-car garage, and is steps from shopping and amenities. The building has a pool and fitness centre.

The Agent's Take: "There are simply not enough townhouses available at the moment and this sale price reflects that," says Mr. Garbutt. He says that 10 out of 13 recent townhouse sales in Port Coquitlam sold for more than asking. All townhouses had been built in the last 17 years. "Bidding wars are back."

Video: Done Deals: This unique two-bedroom corner-unit condo sold over asking in just one day
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About the Author
Real estate writer

Kerry Gold is a born and bred Vancouverite, and knows her city well. More

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