How we Helped a Family Sell a Townhouse and Condo to Buy their Dream Detached House

This is the story of a family selling two strata properties and coming together to buy a multigenerational dream detached house in a scorching-hot market. We will rename them the Smith Family for the purposes of this blog post.

Currently, we are knee-deep in a Seller’s Market, and desirable, well-priced properties are flying off the shelf. While detached houses are selling quickly with overbooked showings and multiple offers, the buyer’s side is very competitive. Buyers may lose out on several houses before winning the bid. So, what does this mean for those wanting to buy AND sell?

Searching for the Dream Detached House

It was an advanced magic trick that required trust, timing, and finesse to secure this three-part deal for the Smiths. We had been searching for the perfect multigenerational home for the Smith family for over a year in the Port Moody real estate market. It was a slower Buyer’s Market when we started shopping so we had more time and less pressure to visit local showings. Unfortunately, the right product was nowhere to be found.

The Smith family was looking for:
– A completely above-ground in-law suite that felt like part of the main home.
– A property in the Heritage Mountain, Port Moody area to stay close to friends and family.

We found a few potential homes in the summer of 2020, but the market was starting to shift. We put in offers on 3 or 4 houses but lost out in multiple offer situations because we had Subject to Sale of TWO properties. 

Finding the Dream Home

Being Port Moody realtors, we had the advantage of regularly being in the area. We continued to keep an eye out for any new listings that fit the bill. It took time and patience, but a few weeks ago we finally found THE DREAM HOME! The Smith family was willing to do anything to get this house. The property was $200,000 over budget (and in our opinion a little overpriced), but otherwise perfect. My real estate partner Lucas and I discussed this purchase many times and it all boiled down to timing. 

Sale #1: How we Won the Dream Detached House

The dream detached house with a SOLD sticker

It is a challenge to negotiate dollars off the purchase price in a Seller’s Market. Our plan was to present the offer in a way that would convince the Seller that this is a win for all of us. We put our offer together with an extensive Comparative Market Analysis (CMA) arguing our case for the purchase price and a personal letter from the family.

We decided to drop the Subject to Sale of the townhouse because we had a good feeling about where the market was at for this type of property.

After a few cleanup items and a fair conversation with the Listing Realtor, the Seller accepted our offer! The house had been listed for over a year, and the family wanted it sold.

Condo and Townhouse for Sale

Now came the scary part: we needed to sell, and we needed to sell fast. With only two months until completion (the day you pay for the home), there was not a lot of time to test out the market. We priced their Westwood Plateau condo and Heritage Mountain townhouse at the top end of market value. This meant that we had to bring the heat with marketing their homes!

The townhouse in Port Moody was very popular, so we decided to give it 2 weekends on the market before looking at offers. This strategy was nerve-wracking and definitely tested our patience. For the condo in Coquitlam, we opted to look at the offers as they came. We put the condo on the market one week before the townhouse, as we knew it could potentially take longer to sell.

Sale #2: Offer time for the Cascade, Coquitlam condo

Two real estate agents standing in front of a sold condo in Coquitlam

The day before we were going to drop the condo price, we received an offer! We negotiated the price up to a very acceptable range: $5,000 higher than the price drop that was scheduled. Just to note, the contract did come with some subjects.

Sale #3: Offer time for the Discovery Ridge, Port Moody Townhouse

Two realtors standing in front of a sold townhome in Port Moody

We were scheduled to present offers on the townhouse in Port Moody the very next day. We received 8 offers after 45 buyer showings. Two of those offers really stood out. All buyers were given a chance to put their best foot forward and, in the end, we had a winner!

I want to take a quick break here to let you know that the winner was the LAST BUYER to view the property. We may have easily left money on the table if we had not given every person a chance to see the home.  

Once we had our winner, we negotiated the exact dates we needed for Completion/Possession to line up with the dates on the Smith’s DREAM detached house purchase. We also managed to slip in a very clever subject protecting the Sellers in case subjects did not get removed on the condo sale.

Are you still with me? To break it down, we put in a Subject to the Seller entering into an unconditional contract to purchase a new residence. This type of subject typically does not work in a buyer’s market, but we knew the moment was right and had the expertise to present it to the buyers in a way that made it feel like a win-win. We agreed to let the buyers do some due diligence during that time AND we got the 2nd best offer to agree to be in a Back-Up Offer position. This way, if the first offer fell through for any reason, we had another one on deck!

Putting up SOLD Stickers on THREE Properties

When Subject Removal day arrived, we were excited to remove subjects on all 3 properties. Our plan worked perfectly!

How were we able to quickly sell the strata properties? The major keys were market timing, appropriate price, and prepared real estate agents. Having the strata documents ready, all paperwork in order, and thoroughly reviewing the documents prior to listing gave buyers a sense of confidence. Buyers have a much higher rate of removing subjects when realtors can answer every question with clarity. This is extremely important. 

Goodbye strata life!

The Smith family is packing for the big move that is set to take place in just a few short weeks. Our real estate team is delighted for this family and so grateful that they put their trust in us. 

Congratulations to our amazing clients on your dream detached house in Port Moody!

Townhouses: Hot Spots, Trends, and Things you Should Know

Townhouses come in a variety of sizes, offering affordable options for families looking to upsize from a condo and empty nesters looking to downsize from a large house.

James and Denny breakdown what a townhouse is and examine the high demand for this type of property within the lower mainland.

This episode will focus on the benefits of a townhouse, the different ages and sizes available, strata fees and insurance costs that come with different types of townhouses, and our favorite areas that you should consider.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on SpotifyiTunes & Youtube.

Condos and townhomes in Burnaby are hot! March 2017 Market Update

The market for condos and townhomes in Burnaby is hot!
So hot, prices are up 25 per cent over this time last year. In fact, they’re even higher than the peak of the market we saw last spring and early summer.

One of the hottest neighbourhoods is Brentwood Park. This area, near Lougheed and Willingdon, is feeling the excitement from the redevelopment of the Brentwood Town Centre that is already underway.
When the $1.3 billion project is completed, it will be like its own city within the city.
And that’s boosted interest in existing developments nearby. Of the last 40 condo sales in Brentwood Park, 75 per cent of them went for list price or above.

Condos and townhomes in Burnaby are hot
A typical 2 bedroom 2 bath condo, 850-875 sq. ft., in an established development like Oma, is now going for about $600,000. Last year it would have sold for $480,000.

Condos and townhomes in Burnaby
A typical 630 sq. ft. 1 bedroom condo in an established concrete development like Tandem is now selling for $450,000. Last year it would have sold for $370,000.

 
We’re seeing similar stats in other areas of Burnaby as well, including South Slope and Burnaby East.
If you’re a buyer, the market for condos and townhomes in Burnaby might be more favourable in the Metrotown neighbourhood. An abundance of available product there means 60 per cent of  sales in the past 60 days have gone for below list.
And just as the market for high-end houses has been struggling a bit, the market for condos and townhomes in Burnaby above $600,000 is a little slower.
There’s a lot of new development coming down the pipe, so it’s hard to say how long the market for condos and townhomes in Burnaby will stay hot. But with interest in condos and townhomes high across the Lower Mainland right now, there’s no end in sight. That might be a little frustrating if you’re a buyer. But if you’re selling, you’ll be rewarded.

Burnaby Townhouse Sold for Record Price!

Property: #84 6878 Southpoint Dr., Burnaby
List Price: $798,000
Sale Price: $921,000
Sold Date: April 4, 2016
A three bedroom townhouse in South Burnaby doesn’t come along every day. So it’s no surprise that Burnaby Realtors James Garbutt and Denny Dumas were able to get a record price for this 3-level beauty at #84 6878 Southpoint Dr,.
The end-unit townhouse features 1700 sq. ft. of living space, making it one of the largest in the Cortina development in Burnaby’s South Slope neighbourhood. The three bedrooms are all located upstairs, along with two full bathrooms. The open-concept main floor has 9’ ceilings, a gourmet kitchen and a powder room. The basement has a spacious rec room and direct access to the underground parkade where the unit’s two side-by-side parking stalls are located.
The huge wrap-around patio borders a green belt that connects to walking and biking trails that weave through the area’s parks. The Edmonds SkyTrain station is a 5-minute walk away, as are Taylor Park Elementary School and two daycares. Shopping at the Market Crossing is only a short drive away.
With so much going for it, plus an awesome location, this Burnaby townhouse attracted the attention of real estate agents in Burnaby who presented multiple offers. It sold well above list in just 11 days!
Click here to see the listing for #84 6878 Southpoint

The living room at 84-6878 Southpoint Dr
The living room features high ceilings and a gas fireplace.

The dining area and kitchen at 84-6878 Southpoint Dr
The bright dining area and gourmet kitchen

The master bedroom at 84-6878 Southpoint Dr
The master bedroom looks out at a green belt.

 

"PARKSIDE" at Victoria Hill in New Westminster

Parkside at Victoria Hill New Westminster
Parkside is a 22-storey high-rise emerging from Victoria Hill’s North East corner. From its elevated position, stunning views of the Fraser River envelope you. Designed by the award winning IBI Group, the contemporary tower’s orientation has been carefully considered to maximize views from each home. In addition to the tower, is a collection of 22 townhomes. The orientation of the townhomes encourages a pedestrian friendly streetscape which contributes to the welcoming feel of the community.
Live life well with over 5,400 sq ft of amenity space including a party room and kitchen, professional fitness studio, guest suites, media room, outdoor pool and communal garden. Parkside’s recreation haven offers everything you need for relaxation and enjoyment right at home.
Make your home in a rich community set amongst heritage parklands and natural green spaces. Nested in nature, Parkside is Victoria Hill’s last high-rise.
PARKSIDE TOWNHOMES
Victoria Hill Townhomes at Parkside
AMAZING VIEWS FROM PARKSIDE
Parkside Victoria Hill View New West
LOCATION ON PARKSIDE (VICTORIA HILL) IN NEW WESTMINSTER
Victoria Hill in New Westminster Map

Parkside at Victoria Hill in New Westminster
1 bedrooms from $249,900
2 bedrooms from $350,900
Great Opportunity!


#33 245 Francis Way, New Westminster

Virtual Tour – #33 245 Francis Way, New Westminster

GLENBROOK AT VICTORIA HILL by ONNI. This Outstanding  1724 sqft 3 bed, 2.5 bath END UNIT Townhome is very privately situated at the back of the complex.GORGEOUS River & Mountain VIEWS. This impressive home features high ceilings on the main,new carpet, hardwood & lam. floors, beautiful kitchen cabinets, granite counters,stainless steel appliances, 3 decks, backard, spacious master bedroom w/large walk-in closet & luxurious ensuite, 2 car tandem garage + Bonus Media Room. FULL RAINSCREEN, remainder of 5-10 yr. warranty. LOW Maint Fees include: Outstanding Amenities at the “Broiler Room” Excercise Centre, Theatre Room, Study Area, Basketball Court, Lounge w/pool table. Excellent location. near Queens Parks, shopping, Transportation.

MORE INFO:

http://mlsr.realtylink.org/mlsr_get/res_sale_result_detail.cfm?comID=&agentID=52438&searchtype=both&CID=1180398&TMPL=1&MLS=V921962

#3 21535 88th Ave, Langley (Walnut Grove)

REAL ESTATE FOR SALE – #3 21535 88th Ave, Langley

REDWOOD LANE – Beautiful 3 bdrm, 2.5-bthrm townhouse, approx. 1394 sqft of comfortable living space. Ideal location close to shopping, recreation, Redwoods Golf Course, and adjacent to Mundy Creek, Bright living room with VIEW OF MOUNTAINS  (INCL. GOLDEN EARS). Stylish kitchen with granite counters, stainless steel appliances, eating bar, and tiled backsplash. Laminate flooring and 9′ ceilings throughout main floor. Extras include double tandem garage with access to under stairs storage, room for extra parking on front driveway, stacker washer/dryer on top floor, and rain screen construction, private fenced yard, and large south facing balcony off the main.

CLICK ON THE LINK BELOW FOR MORE DETAILS:

http://mlsr.realtylink.org/mlsr_get/res_sale_result_detail.cfm?comID=&agentID=52438&searchtype=both&CID=1180398&TMPL=1&MLS=F1124569

Video Blog – #5 12 E Royal Ave, New Westminster (Nurses Lodge at Victoria Hill)

May 3, 2011 – Video Blog of #5 12 E Royal Ave, New Westminster

Rarely available heritage townhome at the Nurser Lodge in Victoria Hill!!! Spacious 1690 SF, 2 bdrm + den (den large enough to be 3rd bed), 2.5 bath, very bright, 2 level end unit, surrounded by greenspace, an impressive view of the Fraser River, 2 heritage fireplaces & 2 side-by-side parking stalls.Main floor features an open living/dining/kitchen area with powder room,large den & balconies. Kitchen has S/S appliances & granite counters. Upper floor has 2 bdrms with a HUGE MASTER SUITE,walk in closet & private balcony.Enjoy the communal spice garden & a short 10 min walk to the skytrain!Excellent amenities at the “Boiler House” incl gym,theatre,basketball court,lounge area.Pets & rentals allowed. Remainder of 5-10 year Warranty!

CLICK ON THE LINK BELOW FOR MORE DETAILS:

http://mlsr.realtylink.org/mlsr_get/res_sale_result_detail.cfm?comID=&agentID=52438&searchtype=both&CID=1180398&TMPL=1&MLS=V884227

7360 11th Ave, Burnaby

August 9, 2010 – Video Blog of 7360 11th Ave

CLICK HERE FOR MORE PICTURES

I’m proud to present this excellent home on a nice and quiet street . This very well kept 5 bedroom home (3 Bed up, 2bed down) features hardwood floors on the main living/dining/halls/stairs, Laminate in bedrooms, large updated kitchen with beautiful wood cabinets and tile flooring, montgage helper down, HUGE 280sq ft balcony over looking large backyard with grape vines, pear, plum & fig trees. Great space for entertaining guests! Brand new high efficiency furnace, newer hot water tank (2yrs) Centrally located close to schools, public transportation, shops and restaurants.