A premanufactured mobile home in Coquitlam just sold for over $500,000.
This has some people shocked because a manufactured home, a type of mobile home that largely premade and assembled on site, is pretty much the cheapest option for a detached home.
According to Zealty, the Coquitlam residence at 145 King Edward St. in Millcreek Village is 35 years old and is 1,600 square feet. It sold for $520,000, which was $70,000 over asking, after being listed for six days.
RELATED: This Surrey Townhome Was Just Sold For $310K Over Asking
In perspective, one single (not prefabricated) detached home in Coquitlam that is less or around the same amount of square feet is often over $3,000,000.
Price wise, buying a detached home is more comparable to purchasing a condo.
Mobile home owners also need to pay a pad rental fee, which is comparable to a strata fee and can be around $700 – $1,100.
A big reason someone might consider a mobile or manufactured home over a condo is privacy. You are not sharing walls with neighbours.
This price for a manufactured home is indicative of a low supply of detached homes and an overvalued real estate market.
At this rate, if you are thinking about moving into a van down by the river, you should probably buy now.
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