Patrick Lui/Patrick Lui
371 Wood Dale Drive, Mayne Island, BC
Asking price: $438,000 (July 12)
Selling price: $418,000 (July 20)
Days on the market: Eight
Taxes: $874.31
Listing agent: Ian Watt, Heller Murch Realty
What they got
The home was in perfect condition and was easy to show, said listing agent Ian Watt.Patrick Lui/Patrick Lui
Mature trees surround the nearly half-acre meticulously landscaped south-facing lot, on which stands a two-storey, 1,777-square-foot house built in 1974.
The house had updates, including a chef’s kitchen within the open-concept upstairs living area, which has an exposed-wood vaulted ceiling and wood-burning stove. There’s a spacious bedroom with a vaulted ceiling, a formal dining room, and a two-bedroom suite downstairs with a separate entrance.
The home was in perfect condition and was easy to show, said listing agent Ian Watt.
“It was a completely spectacular home,” he said.
The action
Mature trees surround the nearly half-acre landscaped south-facing lot.Patrick Lui/Patrick Lui
About 12 groups went through the house and some people offered half the listing price, said the agent. The house sold quickly in a slow summer market because it was such great value, said Mr. Watt. Normally it would have sold for at least $200,000 more, but the house is in a rock slide zone because of a cliff above it. Without the necessary insurance for a mortgage, the buyers had to pay in cash.
“It had limited buyers, but if you sold your house or condo for $1-million and wanted to downsize, you’ve got a terrific deal,” said Mr. Watt. “Where else can you buy and then put $600,000 in your pocket?”
The sellers had lived in the house for years but purchased another home on the island. The buyer came from another Gulf Island.
The agent’s take
The house had updates, including a chef’s kitchen within the open-concept upstairs living area.Patrick Lui/Patrick Lui
When it last sold, it had been assessed at $158,900. The assessed value this year jumped to $445,500.
“It just shows you how all over the map these assessments are,” said Mr. Watt. “I never look at assessed values for an accurate guide for what a buyer is willing to pay in today’s market.”
The sale completed Nov. 29.