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Buyers Require Their Own Representation

 

Did you know that as a Buyer you cannot be represented by the real estate agent whose name is on the For Sale sign?

In 2018 the BC government banned dual agency. What is dual agency? This occurs when the same real estate agent represents both sides of the transaction. For example, in the past, the listing agent (the person whose name is on the For Sale sign and who is representing the Seller) could also represent the Buyer. You can see how this would be a conflict of interest! The Buyer, of course, wants to pay as little as possible for a property, do as many investigations as possible, and pay the smallest deposit. The Seller wants the opposite. So why would a Buyer want to meet with the listing agent, who is representing the Seller, and write up a contract with them? Because of the ban on dual agency, if you were to get the Seller’s agent to fill out your offer to purchase, they would only be able to do so only in a “Non-Client” relationship. If you view the disclosure form below this would mean that they would owe you no loyalty, no duty of full disclosure, no duty to avoid conflicts, and no confidentiality. Yikes! Check out the form below then keep reading…

In addition to this, the Seller’s agent would be required to provide you with the Disclosure of Risks to Unrepresented Parties form. As you can see in the document below, this situation where you are choosing to remain unrepresented is not at all favourable to you! That agent could “fill in the blanks” for your offer, but they cannot offer any advice. Check out the document then keep reading.

Luckily when the Seller signs the listing agreement they are actually agreeing to pay two commissions. One goes to the listing agent who is representing them and the other goes to a Buyer’s agent. So if you as a Buyer do not have to pay a commission (except in rare circumstances…almost never) why would you not call and get your own agent? If you do not already have a REALTOR® then just get in touch with one for that market (and by “that market” I mean one who knows about that city or town and who knows about what problems to look out for there, not an agent who has never worked there….but that’s the topic of another post). What happens if you already have an agent and unfortunately that agent is the one on that For Sale sign-the person you’re not supposed to call?? Good question! It happens on Quadra Island a lot. Ask this realtor to refer you to someone else, even just temporarily to view and discuss that property. No need for an explanation, it is a common occurrence and they will totally understand. They also will usually get a referral fee from the Buyer’s agent. If you decide you are no longer interested in that property after viewing it you can go back to them. Yes it can be a bit awkward and annoying, but when you read those disclosures it makes sense and anyways it is a must-do. It is definitely advantageous for you to view the property with an agent who can actually write up an offer for you because they can point out any red flags while you are there together. There is also the possibility that the agent has never seen the place before either and they really must see it to or how can they advise on it when you call them to write up an offer?

So if my name is NOT on the sign, and you need an agent who can help you as a Buyer, then give me a call! I will book the showing, request and review all of the property documents with you, talk to you about the zoning and title documents, help you come up with an offer price, recommend a deposit amount, help you decide on closing dates that work for you, advise you on any conditions to include in the contract, guide you on your due diligence journey, help with negotiations, guide you through the subject removal and possible renegotiation, provide a list of contacts to help you along, make sure all of the documents are complete and sent away for the conveyancing, do a walk through with you on the possession date and finally welcome you home (that’s the best part)!

In addition to all this, if the property is For Sale By Owner, definitely still give a real estate agent a call to see if they can write up your offer and protect your interests. It makes the process go smoothly for you and the Seller since all of the legal contracts get taken care of and typically the Seller will still pay your agent for bringing you along.

 

 

 

What’s Happening in Today’s Market? September 2022

We have a recurring theme here in the real estate market here on Quadra Island, and that’s LOW INVENTORY. After consecutive years with very few properties on the market, and a growing pool of buyers, prices went up once again this year on Quadra Island. We currently only have 10 listings on the market and here are some details:

LAND

Lot 25 Wa Wa Kie Rd is a 0.4 acre walk-on waterfront lot on a desirable street close to amenities priced at $549,000. This just recently had a $50,000 price reduction.

DL24 Schooner Rd is an 11.29 acre subdivideable inland parcel and is priced at $749,000. It also recently had a $50,000 price reduction.

SINGLE FAMILY DWELLINGS

There are 8 properties in this category but unfortunately only 3 of them are priced under $1 million. I will list them in order of price.

1550 Schooner Rd is a half acre property which is commercially zoned. Residential use is only permitted secondary to commercial use. There is a spacious 2750 + 370 sq ft commercial building, a 420 sq ft garage, as well as a 2 bedroom suite upstairs. There really are endless options for this space and it’s in a great area! This property is priced at $859,000. I’m surprised it’s still available!

180 Sundance Rd is on a rare 10 acres (haven’t seen many of these for sale over the past few years!) and likely won’t last long. It’s on ALR land which, if you look up permitted uses in the ALR online (I can send you the link if you’re interested), allows for many possibilities. This one has a cute 1300 sq ft 2 bedroom home built in 2008 with in-floor radiant heat and a wood stove. You can now request permission for a second dwelling on ALR land so another house is possible here! This one is priced at $975,000.

1641 Thompson Rd just had a price reduction today, from $1,103,000 to a revised price of $998,000. The home has 2066 sq ft of finished living space with an additional 2053 sq ft of unfinished space to grow into. It also has a 525 sq ft cabin and a shop and the property is on 5.6 acres.

681 Bull Rd is a waterfront property in Heriot Bay and has a revised price of $1,049,000. This one is on 0.61 acre with a 2 bedroom home and a new 1200 sq ft shop. The home has many updates including a new septic system.

745 Anderson Rd has panoramic ocean view and is close to amenities in Quathiaski Cove. It is a very spacious 4 bedroom, 5 bathroom, 4871 sq ft home including a self-contained suite on 1.19 acre. It also has an overheight garage. $1,499,000

2095 Breton Rd has a revised price of $2,950,000 (from $3,500,000) and is a waterfront 5 acre property on Open Bay with a 3500 sq ft home and cabin. The house was built in 1991.

2011 Valdes Rd is back on the market with a new price of $5,100,000. This one is also on Open Bay and is located on a 5 acre peninsula with a tennis court.

2100 Redonda Dr $5,788,000 is back on the market and is also on Open Bay on a 6 acre waterfront lot with main home, cabin, and dock.

Click the Property Search link at the top of this web page to view all of the listing data and photo galleries!

If you would like to book a showing for any of these properties please email me or give me a call or text renee@quadraisland.ca //250-203-8652// I can also send you available property documents.

**UPDATE** from September 14th:

2100 Redonda has been taken off the market

NEW LISTING 2639 Cherrier Road – house and cabin on 2.6 acres in the Bold Point area/north Quadra Island

NEW LISTING 675 Cove Cres $669,000 – cute 3 bedroom newly built home on mini-lot within walking distance of shops and the ferry in Quathiaski Cove

(If you’re curious about sales, Quadra Island had 11 properties sell or go “pending” over the past 90 days. For detailed sales info please call or email me.)

 

 

History of Pemberton Holmes Real Estate – Since 1887

From Wikipedia, the free encyclopedia

Pemberton Holmes Real Estate is a Canadian real-estate company located in Victoria, British Columbia, Canada. It is considered one of the oldest family-owned real estate companies in North America; in continuous operation since 1887. The company was founded by Frederick B. Pemberton, a son of Joseph Despard Pemberton, who was responsible for the land surveying of the area. Pemberton Holmes has Vancouver Island branch offices located in Victoria, Oak Bay, Sooke, Sidney, Duncan, Ladysmith, Nanaimo, Parksville, Bowser, Saltspring Island, Courtenay, and Campbell River. The Pemberton Holmes’ telephone number may be one of the oldest in Canada, as Victoria was among the first cities in Canada to have telephone service; Pemberton & Son were issued exchange number 8124, which later evolved to its current phone number.

Family history

Joseph Despard Pemberton The company began in 1850 when Joseph Despard Pemberton of Victoria, British Columbia, was employed by the Hudson’s Bay Company (HBC ) as “a Surveyor and Engineer of thorough business habits and energy with reference the Colonization of Vancouver’s Island.”The Hudson’s Bay Company’s Minutes of January 22, 1851 contain this description of J.D. Pemberton’s arrangement with the company: The certificates of Mr. J.D. Pemberton having been taken into consideration, it was ordered that he be engaged as Surveyor for Vancouver’s Island at an Annual Salary of 400 pounds for a term of three years with a premium of such sum as the Governor and Committee may approve at the end of that period not exceeding 500 pounds provided they shall consider his services and conduct perfectly satisfactory. It is understood that he shall make himself generally useful to Mr. Douglas in all colonization business. This engagement is to be a charge upon the Colonization Fund to be held in Trust by the Company. It is also understood that the Company is to provide an outfit of the requisite instruments at a cost not exceeding 100 pounds – to pay Mr. Pemberton’s expenses of conveyance to the Island – and that the salary and commencement of the contract shall date from his arrival on the Island.

 Frederick Bernard “Fred” Pemberton (April 26, 1865 – November 7, 1947) was born in Victoria, BC, as the eldest son of Joseph Despard Pemberton and Theresa Jane Despard Pemberton (née Grautoff). At the University College of London, he studied civil and mechanical engineering, graduating in 1886. He had his credentials as a notary public, justice of the peace, surveyor, and miner. In 1887, Fred and his father went into business under the name of Pemberton & Son – Engineers, Surveyors, and Real Estate Agents. Part of a two-page memorandum written by Fred reads: “A rustling office would not in the long run pay us as well as one conducted on quiet and strict commercial principles.”For the first year, they concentrated mainly on engineering and surveying. On 29 November 1888, they opened an office on Fort Street. In 1893, they began to sell fire insurance as agents of Sun Insurance Office. He had a daughter, Philippa Despard Pemberton. Joseph Pemberton died in 1893, leaving the business to the 28-year-old Fred. Henry Cuthbert Holmes Henry Cuthbert Holmes (December 15, 1890 – May 23, 1968) was born in Bellary, Madras Presidency, India, and came to Canada around 1902. In the First World War, he served with both the Indian Army and the Irish Guards, rising to the rank of Major. He married Fred B. Pemberton’s daughter, Philippa Despard Pemberton, in Victoria, BC, on 12 October 1917. In 1920, Cuthbert Holmes joined his father-in-law, in Pemberton & Son. In 1933, Holmes became president of the company, which became Pemberton Holmes Ltd. in 1944. Holmes retired in 1967. Cuthbert Holmes Park is named after him, and is located in the District of Saanich, a municipality near Victoria, British Columbia. Philip “Pip” Holmes Philip “Pip” Holmes (February 2, 1924 – May 18, 2007), son of Henry Cuthbert Holmes, joined Pemberton Holmes Ltd. in 1945, and became president in 1965. He was elected chairman of the Provincial Capital Commission and served as vice-chairman of the University of Victoria’s board of governors. He was president of the International Real Estate Federation from 1975 to 1977. He was an advocate of the right to shelter, the right to own land, and land stewardship. On Vancouver Island, a number of properties were influenced by Holmes including the Cathedral Grove nature preserve. He believed that Vancouver Island could emulate Switzerland with high employment, good incomes, and green fields if the principles of good stewardship were in place. Phil Holmes In 1988, Pip retired and his nephew, Phil Holmes, headed the company to 2003. Phil Holmes is the son of Dr. Terry Holmes, the younger brother of Cuthbert Holmes. Phil Holmes moved the office to 805 Cloverdale Avenue. He focused on growing the insurance branch of the company. Later, Phil purchased Harbord Insurance and he merged the two firms into one. He sold the company to Michael P. A. Holmes in 2003.

Eponymous locations

Pemberton Building In 1899, Charles A. Vernon of the B.C. Pottery Company constructed a building at the corner of Broughton and Government Streets in Victoria, BC. A few years later, it became the offices of Pemberton Holmes Realtors. Originally the site of Fort Victoria, a tablet was affixed to the building to mark the historical site. In 1910, a new building was constructed at Fort and Broad Streets that became the offices of Pemberton & Son. The City of Victoria archives are home to a number of photographs of the interior and exterior of the building in various states of construction. Pemberton Chapel In 1909, the Pemberton Memorial Chapel was designed by J.C.M. Keith and constructed on the grounds of the Royal Jubilee Hospital by the Parfitt Brothers. Joseph Pemberton’s widow, Teresa Pemberton, donated the Pemberton Chapel to the hospital as a memorial of her husband. The chapel functioned as a regular church that held weekly services for patients and staff, as well as being the location of many of the nurse’s weddings.The Victoria Heritage Association describes it in this excerpt: A bridge from the modern hospital building, which wraps around it, replaces the original granite entry stair. The roof, with its original slate, is hipped, with a gable on the east end, over a modest rose window. The nave is rectangular, while the apse is semi-octagonal. Heavy timbers spring from hand-painted brackets to support the roof. The interior walls are panelled in stained and varnished wainscotting, with matching pews and furnishings; the walls above the panelling are natural brick. The windows throughout are simple diamond lights in round arched openings. The Norman-style chancel arch and the west windows are emphasized with terracotta mouldings. A choir loft at the rear now houses an organ. Pemberton Memorial Operating Room In 1896, the Pemberton Memorial Operating Room was built for the sum of $3,614.00 with funds donated by the estate of J. D. Pemberton. The facility featured “easily cleaned ceramic tile floor, radiused plaster walls, modern hot water system, and an attached sterilizing room;” features considered state-of-the-art during the period of its construction. The Pemberton Memorial Operating Room was designated a National Historic Site of Canada in 2004.

Donation of archives

In 2012, the company donated their historical business archives to the Royal BC Museum in order to make these artifacts available for study now and in the future. The collection included more than 2400 client files, 300 photos, maps, plans, and approximately 180 bound volumes of correspondence. It is one of the largest collections of single business holdings to be donated to the Royal BC Museum. The donation was reported on by local newspapers and television stations, including Shaw TV.

2021 Quadra Island Real Estate Sales Summary

Detached Homes

  • Average List Price $769,562
  • Average Sale Price $796,596
  • Average Sale/List Ratio 102.9%
  • Highest Sale/List Ratio for one property this year was 123.5% (list price in the $800’s and sale price above $1 million-this property had no ocean view)
  • A total of 26 properties are sold or pending in 2021
  • Average days on market of 34 days
  • Out of 26 properties sold, only 4 were oceanfront and these sold for between $860,000 and $1,400,000

Land

  • Average List Price $313,375
  • Average Sale Price $308,225
  • Average Sale/List Ratio 98%
  • A total of 20 properties sold or pending (accepted unconditional offer) in 2021
  • Lots ranged in size from 0.072 acre to 11.75 acres
  • Average days on market of 149 days
  • Out of 20 properties sold, only 2 were waterfront priced between $490,000 and $499,900

The median sold price for a single detached home went from $645,000 in 2020 to $810,500 in 2021. Record low inventory over at least the past five years continues to drive up prices.

Currently, there are only two homes for sale on Quadra below $1,000,000. One is a 2 bedroom home at 733 Cramer Rd listed at $799,000 and the other is a 2 bedroom home at 681 Bull Rd listed at $999,000. There are only 3 lots for sale at this time. Two of the lots are 4.9 acre lots at 129 Joyce Rd listed at $642,000 and $657,000 and the other is a 4 acre lot on April Point Rd listed at $1,400,000.

For a list of sales or current listings sent to your email including a link to photo galleries contact me at renee@quadraisland.ca or call/text 250-203-8652.

 

New Listings SL 1 and SL 2 129 Joyce Rd Quadra Island

Strata Lot 1 (MLS 878306) $642,000 : 4.9 acre highbank oceanfront lot, offering a private, peaceful island sanctuary away from the hustle and bustle and surrounded by nature. Part of a 76.9 acre beautiful and diverse development on the southern shores of Quadra Island subdivided into 8 diverse and appealing titles. Highbank oceanfront, substantial standing forest, beautiful pastoral land, a valley ravine and a secluded beach with clams and oysters. A long, meandering tree-lined driveway leads to the heart of the property. The development has the benefit of drilled wells with water piped to lots 1-4, and 6 while a septic system is installed on the common property with connections for Lots 1-6. Services include BC Hydro electrical power, which comes in along the driveway to the original house (SL 6) on power poles and then is underground throughout and to the individual lots. There is landline telephone service, cell phone service and options for internet.

Also available is Strata Lot 2 (MLS 878330) $657,000

Another option that is available is to buy the whole kit and caboodle for $4,288,000! MLS 869664 description here:

77.27 acre beautiful and diverse property on the southern shores of Quadra Island. Highbank oceanfront, substantial standing forest, beautiful pastoral land, a valley ravine and a secluded beach with clams and oysters. Subdivided into 7 diverse and appealing titles providing future opportunity to market the properties individually, or to divide them amongst family or like-minded individuals looking for a private, peaceful island sanctuary away from the hustle and bustle and surrounded by nature. A long, meandering tree-lined driveway leads to the heart of the property and the 2461sqft home on a 10 acre title. This property also has a residential yurt with full services for additional guests or family, a 482sqft workshop and a garden area. Drilled wells and septic system in place, power throughout property. A number of reports and evaluations have been completed, simplifying the process and eliminating the need for someone else to have to go through the process.

Contact me to view or for the virtual tour link.