Deal cut on Gulf Islands home in need of repair - The Globe and Mail

Real eState

Deal cut on Gulf Islands home in need of repair – The Globe and Mail

Published

1 month ago

August 25, 2023

Harry Miller

356 Mount Parke Rd., Mayne Island, B.C.

Asking price: $1,150,000 (June 7)

Selling price: $1,025,000 (June 8)

Days on the market: One

Taxes: $3,369.02 (2023)

Buyer’s agent: Ian Watt, Sutton Group West Coast Realty

It’s a bright house and has three bathrooms and a large deck.Engel & Völkers

What they got

This house was built in 1974 and could use a few updates, but the sweeping southern views helped it sell quickly.

The home is situated near a bluff on 1.92 acres of land. The 1,940-square-foot house has a curved staircase from the main level that leads to the upstairs, where there are three bedrooms.

It’s a bright house and has three bathrooms and a large deck. It is part of a bare-land strata ownership that includes three other houses on an approximate 10-acre parcel. The owners share a water well and a roadway that’s about one kilometre long.

The home is situated near a bluff on 1.92 acres of land.Engel & Völkers

The action

“I don’t know if there’s anything comparable – it has absolutely stunning views all the way from the U.S. to Victoria,” says the buyer’s agent Ian Watt.

The buyers already have a part-time home on Mayne Island and wanted a house with a better view. The seller had owned the house for many years. They received the one offer.

“There is no empty homes tax on the Gulf Islands, so they’ve become really sought after recreational properties now,” says Mr. Watt. “People can enjoy the lifestyle while working over here, so you don’t have to be retired.”

The 1,940-square-foot house has a curved staircase from the main level that leads to the upstairs, where there are three bedrooms.Engel & Völkers

The agent’s take

The buyer negotiated on the price because the home needed some repairs, says Mr. Watt.

“It’s well kept,” he adds. “It just needs some cosmetic work and a little bit of TLC that the Gulf Islands houses always need because of the weather.”

The sale completed Aug. 2.

It is part of a bare-land strata ownership that includes three other houses on an approximate 10-acre parcel.Engel & Völkers

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Real eState

China Evergrande Suspends Trading as New Trouble Roils Property Market – The New York Times

Published

9 hours ago

September 30, 2023

Harry Miller

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Real eState

Toronto Restaurant Real Estate Putting A Squeeze On Owners – Storeys

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11 hours ago

September 29, 2023

Harry Miller

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Why China’s Real Estate Crisis Is Different

Published

14 hours ago

September 29, 2023

Harry Miller

(Bloomberg) —

The troubles facing highly indebted property developers in China have dominated conversations about the Asian nation’s economy and markets this year. Yet according to Rayliant Global Advisors’ Jason Hsu, there’s an important distinction between this housing crisis and previous ones elsewhere: The developers are the ones who are over-leveraged—not households. And that difference is guiding policymakers’ response.Hsu, chief investment officer of Rayliant and a co-founder of Research Affiliates, joined the What Goes Up podcast to discuss China and other emerging markets. “Chinese households are not levered when it comes to real estate,” he says. “They’re not levered because they can buy their first home with money down—and they pay quite a bit money down—and they generally have to sort of have enough income to cover the payment. That bankruptcy you’re seeing in the developer sector is very engineered. On the household side, there’s not a balance-sheet crisis, because they’re not buying real estate on leverage. So they really don’t think there’s a meaningful problem there.”

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