$749,000 GREY
Description
Rating 50 /100
| Equity | 24.0/40 | +31,593 vs limit (+3.2% of ARV) | |
| Cash flow | 0/30 | -1,035/mo | |
| Suite-arb | 11.8/15 | zone permits a suite; other conditions short | |
| Motivation | 14.0/15 | 137d on market, 1 cut(s), 3 relist(s), asking 153% of assessed |
Offer case
Price can't fix this. rent test — needs 3,934/mo vs 3,200 estimated. Price cannot fix this; only higher rent (a suite) or a lower ARV would.
EVIDENCE
- Coast-wide, homes sell at 97.7% of list — a 2.3% discount is simply normal here.
- 137 days on market vs a 75-day median.
- 1 price cut(s) already (-6.5%) — the seller has shown they will move.
- 3 previous failed listing(s) — this seller has been here before.
- Asking only 153% of assessed value — a genuine discount to the roll, not the usual 1-2%.
- Already asking below the $736/sqft local sold level — little room to push.
- ARV confidence is LOW (thin or unrenovated comps) — the target price below could be off by 10%+ in either direction.
The four tests
Cash-flow scenarios $/mo · hover a cell for carrying cost
| Price | $3,200 typical self-managed |
$3,200 typical PM |
$3,600 high self-managed |
$3,600 high PM |
|---|---|---|---|---|
| $749,000 | −$747 | −$1,035 | −$391 | −$715 |
| $711,550 −5.0% | −$597 | −$885 | −$241 | −$565 |
| $685,335 −8.5% | −$492 | −$780 | −$136 | −$460 |
Comps & ARV
ARV $983,615
range $761,970 – $1,146,000
(about half of comparable sales landed inside this band)
median $/sqft of 12 renovated size-matched sales (12 priced from list × measured sale ratio — ~3y registration lag), blended 70%/30% with assessed × 1.03 (sale/assessed, renovated) · confidence low
($/sqft used: 493)
Cross-check: comps say $914,022, BC Assessment × sale ratio says $1,146,000 (-20% apart)
| Sold | Dist | Sqft | Price | $/sqft | Date | Reno |
|---|---|---|---|---|---|---|
| 776 Geddes Rd | 0.25 km | 1,460 | ~$877,963 | 601 | 2026-02-19 | ✓ |
| 962 Cemetery Rd | 5.79 km | 1,916 | ~$1,049,845 | 548 | 2025-11-28 | ✓ |
| 143 Pratt Rd | 5.83 km | 2,223 | ~$795,929 | 358 | 2025-11-05 | ✓ |
| 522 Eaglecrest Dr | 6.4 km | 2,375 | ~$1,171,919 | 493 | 2026-01-09 | ✓ |
| 565 Wildwood Cres | 6.64 km | 2,221 | ~$1,170,943 | 527 | 2026-01-08 | ✓ |
| 617 Gower Point Rd | 6.76 km | 2,003 | ~$799,835 | 399 | 2026-01-16 | ✓ |
| 681 Fairmont Rd | 6.95 km | 1,448 | ~$876,987 | 606 | 2025-09-03 | ✓ |
| 264 Arbutus Reach | 7.37 km | 2,027 | ~$2,631,937 | 1,298 | 2025-09-18 | ✓ |
| ~ = final list price × measured sale ratio (BC title registration lags ~3 years, so recent solds have no registered price; the proxy is within ~2% of the registered price when both exist) | ||||||
Price & sale history
Seller basis: $95,000, 1989-02-09 — asking +688.4%
| 2026-08-25 | delisted | absent from search results |
| 2026-08-03 | new | 749000 first seen at $749,000 |
| 2026-07-13 | Price Changed | $749,000 GVR |
| 2026-06-10 | Listed | $775,000 GVR |
| 2026-05-04 | Price Changed | $799,900 GVR |
| 2026-04-10 | Listed | $829,000 GVR |
| 2019-05-31 | Delisted | GVR |
| 2019-04-03 | Listed | $669,000 GVR |
| 2018-12-31 | Delisted | GVR |
| 2018-08-30 | Listed | $799,000 GVR |
| 1989-02-09 | Sold (Public Records) | $95,000 Public Records |
| 1984-07-25 | Sold (Public Records) | $80,000 Public Records |
Zoning & land
R1 — Residential One suite OK
Single-unit dwelling zone in all three bylaws, but the suite path differs. Areas B/D/E/F: suite permitted on any parcel EXCEPT inside an SCRD wastewater service area — check that first, it is the one thing that kills it outright. Also an auxiliary dwelling unit over 2000 m2 and a second single-unit dwelling over 3500 m2. Area A: no general suite right at all; an auxiliary dwelling unit needs over 2000 m2, a second dwelling needs 4000 m2. Sechelt R-1: secondary suite is a listed accessory use, plus a detached accessory dwelling unit at 2000 m2 and up (unsewered large-lot zone). [Bylaw 722.9 s.5.1.1(h), s.5.24.1, s.7.1.2; Bylaw 337 s.601.1; Bylaw 580 s.1.1.2-1.1.3]
| PID | 007-264-682 |
|---|---|
| Parcel | 2405 MILLINER RD (SCRD) |
| Wastewater | none mapped — septic likely (no suite carve-out) |
| Water | Chapman system |
| Fire protection | Roberts Creek FPA |
| Bylaw | https://www.scrd.ca/zoning-bylaws/ |
Assessment
| Assessed total | $1,146,000 |
|---|---|
| Land / improvements | $846,000 / $300,000 (74% land — the higher, the more the value is in the dirt) |
| Assessed / ask | 1.53 asking under assessment |
| BCA folio | 746.02268.050 |
Open questions
- Built 1976 — oil-tank era. Ask for a tank scan or decommissioning certificate.
- 76 days on market — ask the listing agent why it hasn't moved.