Real estate continues its climb as Richmond home flips for $260,000 more in just 7 months

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Seven months after a Richmond house was purchased, it was sold again – for $260,000 more – making it the biggest flip one realtor saw in the city last year.

“A gain of $260,000 or about 15 per cent in seven months – not bad,” said Adam Major.

The 1,324 square-foot house, at 8300 Pigott Rd., was sold on June 1, 2020 for $1,765,000. Seven months later, the same house (without updates) was listed for $2,068,000 and sold on Feb. 2, 2021 for $2,025,000, said Major.

One of the craziest flips he’s seen overall across the Lower Mainland, is the price tag of a West Vancouver home jumping 1,000 per cent in 10 years. The home was flipped a couple of times and ended up selling for $22 million.

Major also noted that Richmond recorded its highest sale price in three years on April. 7.

A property at 6351 Gibbons Dr. was sold on April 7 for $7 million, which was the first sale to hit the $7 million mark in three years, according to Major. Although that same house was sold for $7.28 million on April 3 in 2017, so actually it decreased $280,000 in value over four years, he added.

Regardless, the house is only assessed at $4.85 million, according to the BC Assessment website.

“Richmond did have a record month for sales in March with 762 properties sold. For May, 2021 although sales were down to 504 – that is a huge increase of 220% over the COVID-reduced 154 sales recorded a year ago in May,” said Major, adding that the luxury market is picking up but still has not caught up with where it was in 2016 and 2017.

“I think we see this in terms of markets as well – less expensive markets further from Vancouver have seen a bigger run up in prices in the last year. Markets that were already expensive, like Richmond and Vancouver’s West Side, have not risen as sharply overall.”