BC ASSESSMENT VALUE vs MARKET VALUE… are they the same?
Short answer is NO.
Many people assume their property can be listed for above assessed value.
I just did a full analysis of Active and Sold properties over the past year on Quadra.
In my list I see that 1/3 of properties are priced below the assessed value (sold and active).
About 37% of the sold properties in the past 12 months sold for below the current assessed value.
You will not find a pattern by looking at assessed values. When real estate agents are taught how to price properties they are told to not use assessed values for good reason.
In the past year we have had properties sell for up to $575,000 below the assessed value. There is one currently listed for $334,000 below assessed.
We have also had properties sell for up to $575,000 above assessed value.
The most important thing to remember is that (sing along with me! ) “A Property Is Only Worth What a Buyer is Willing To Pay For It“. Your real estate professional who has their boots on the ground and is actively speaking to buyers in your market will know what people are looking for, and what they are willing to pay. Pricing is so important! In a market with such limited inventory properties should hopefully sell fairly quickly. On Quadra, in my experience, most buyers don’t want to spend more than $1 million. It seems to be about a 50/50 split between people looking for views and people looking for private acreages/farms. Most want more than 2 bedrooms and 1 bathroom. Most would love zoning that allows for a second dwelling/cabin. If your property has been on the market for a year, with no price reductions…maybe it’s not priced right. Or is there some other issue?
I just looked at assessed values for 2 properties on the same street on Quadra. One has more land, a larger house and about the same age home, in good condition, same view, AND it’s waterfront AND has a second dwelling on the water while the other one isn’t waterfront. And this larger waterfront home has a lower assessed value than the other non-waterfront one. Makes me scratch my head. So just don’t look at it when thinking about market value or you might go crazy. And let’s see if those assessed values go down this July since the market has quietened down. Do you think they will go down? Let’s see……
Useful for going cross-eyed. Looking for patterns-not so much.
Two new listings hit the market today. They are both high bank waterfront lots (bare land strata) at 129 Joyce Rd. The views are amazing!! The whole parent property is so picturesque, even the long driveway meandering in looks like a beautiful landscaped paradise. It looks south towards Mitlenatch Island with Campbell River to the right and the mainland and Coast Mountain range to your left, as you stand at the edge of the property looking to the water below. Really stunning place. Lot 1 is listed at $698,000 and Lot 2 at $722,000. The lots are already serviced with drilled wells and hydro. Call me for more info or to view.
Hello all, happy Easter! I hope you did not have trouble taking the ferry in that windstorm this weekend! I just wanted to keep everyone posted on the property that is for sale at 1421 West Rd on Quadra Island ( MLS 920857 ).
This is the 4.8 acre property with the workshop and suite above, and the home below. It is a foreclosure sale so that means all offers are to be reviewed in court. The court date is approaching quickly and the date for that is April 19th, 2023. All bids must be submitted by 4pm on April 17th.
Are you looking for representation, or more info about the property or the offer process? Give me a call or send me an e-mail. I would be happy to help. Click the property search button at the top of this page to view the listing and photo gallery.
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.
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.)
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.
