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.
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.
MLS description for 855 Hope Spring Rd, listed at $839,000: Custom built west coast home on 5 acres, located in the popular Hope Spring Rd subdivision! The moment you drive through the gates to the carport, you feel as if you are stepping into nature. This peaceful property features a mix of well-established shrubs and plants & natural landscaping. The main level features a lovely open floor plan with vaulted wood ceilings, propane parlour stove on tile hearth and door that opens to the wrap around deck. Also on the main floor is a guest bedroom, 3 pc bathroom and laundry room with extra storage space. On the upper level you will find the loft/office and den which could be converted into a third bedroom. The master bedroom with walk-in closet and window nook and 4 pc bathroom with soaker tub, are also on the upper level. Adding to this package is the 20’x32’ workshop. Located at the end of a no-thru road, adjacent to the Heriot Ridge and Hope Spring hiking trails, come experience the serenity of Quadra Island living today!
Call me at 250-203-8652 to book your showing today. This one won’t last long! View the photo gallery here.
1114 West Rd listed at $969,900, Completely renovated family home on 10 acres! 3182 sq.ft. 5 Bdrms & 4baths. Large family room with woodstove, 2 bdrms & 2 baths down. Open concept up with stunning kitchen. Beautiful granite counters top, propane stove, wall oven custom cabinets, soft close & ducktail draws and features a large pantry with barn door. The dining room is open & central to living room & kitchen with French doors onto the Deck. Milled fir mantel with fusion stone fireplace is the focal point of the living room. Large Primary bdrm with French doors onto vinyl wrap around deck & additional lower wrap around composite deck. Huge walk-in closet & ensuite with travertine floors, shower and Delta double shower heads. In addition, all the lighting throughout the house is LED transformers, Heat pump & woodstove, generator panel. Out buildings included: 2 large grey fabric detached boat shed & trailer shed with power. 220amp 40 x 30 detached shop, detached 8 x 16 tool/garden shed and 8x 8 pump house.
