Downsizing in B.C. can often mean getting caught up in unforeseen renovations and complicated strata bylaws, but that doesn’t have to be the case. When realtor Reza Shei’s clients set out to find a new home, they weren’t specifically looking for a strata community, but a fully renovated condo in Coquitlam’s 55-plus Princess Gate complex piqued their interest with its move-in-ready condition and proximity to family. The buyers ultimately managed to snag the home for $557,000—a record selling price for the complex.
“It was a bit of a surprise that we managed to get this price,” said Shei, “but I think it was a steal of a deal.”
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The property
- Type: Condo
- Neighbourhood: Canyon Springs, Coquitlam
- Beds: 2
- Baths: 2
- Square footage: 1,097
- Year built: 1993
- Listing price: $565,000
- Selling price: $557,000
Prior to listing, the home was completely updated from top to bottom, including new appliances, smart toilets, an updated kitchen and radiant in-floor heating throughout the entire unit. Some finer details included a fireplace and crown moulding.
One of the most appealing upgrades was removing the polybutylene piping—a popular material during the 90s for its flexibility and affordability. Despite being easy to install, however, Poly-B piping is quite prone to leaks, so removing it was an assuring way to spare future buyers from a headache.
Luxury isn’t confined to the unit’s interior, either. Residents have access to a number of amenities such as an indoor pool and hot tub, a fitness centre, a clubhouse, a lounge and guest suites. The complex’s location is also a stone’s throw away from Lafarge Lake, Coquitlam Centre, Evergreen Cultural Centre and a SkyTrain station.
Shei also noted that the building’s older demographic means that significant time and attention is given to upkeeping the amenities and ensuring lavish living conditions for everyone. “That’s one thing that stood out,” he said. “They were very, very ahead of everything.”
The sale
All Shei’s clients knew was that they wanted a two-bed, two-bath home in the Tri-Cities area. After touring almost a dozen non-age-restricted properties, however, they kept running into the same issue. “None of them really struck a chord with them,” Shei said. “They would have to move in and do a bunch of work, and they didn’t really want that.”
When they came across the Princess Gate condo, it was exactly what they needed, but since it sat a bit outside their budget, they lobbed a low-ball offer. “To our surprise, the sellers accepted it,” said Shei, noting that this sale actually set a record low for recent sales in the complex; not only did the home sell for $8,000 under asking, but also for $35,000 below a comparable, unrenovated unit that recently sold in the building.
For other buyers considering age-restricted living, Shei’s best advice is to really scrutinize the respective strata documents and understand how the building is maintained, rather than get distracted by exciting amenities. “If the residents are spending time in the building and taking care of things, then the building will be in good condition.”
