$738,888 GREY
Description
Rating 12 /100
| Equity | 0/40 | -209,334 vs limit (-30.4% of ARV) | |
| Cash flow | 0/30 | -959/mo | |
| Suite-arb | 4.5/15 | zone permits a suite; other conditions short | |
| Motivation | 7.9/15 | 51d on market, 2 cut(s), 1 relist(s) |
Offer case
GREEN at $491,000 — that's $247,888 (33.6%) below the $738,888 ask. Realistic offer
EVIDENCE
- Coast-wide, homes sell at 97.6% of list — a 2.4% discount is simply normal here.
- 2 price cut(s) already — the seller has shown they will move.
- 1 previous failed listing(s) — this seller has been here before.
- Asking $655/sqft where comparable homes sold at $552/sqft (+19%) — the ask is above the local clearing price.
The four tests
Cash-flow scenarios $/mo · hover a cell for carrying cost
| Price | $3,100 typical self-managed |
$3,100 typical PM |
$3,450 high self-managed |
$3,450 high PM |
|---|---|---|---|---|
| $738,888 | −$680 | −$959 | −$368 | −$679 |
| $701,944 −5.0% | −$532 | −$811 | −$220 | −$531 |
| $676,083 −8.5% | −$428 | −$707 | −$117 | −$427 |
Comps & ARV
ARV $688,038
range $637,574 – $853,448
(about half of comparable sales landed inside this band)
median $/sqft of 11 renovated size-matched sales (11 priced from list × measured sale ratio — ~3y registration lag), blended 70%/30% with assessed × 1.03 (sale/assessed, renovated) · confidence medium
($/sqft used: 589)
Cross-check: comps say $664,392, BC Assessment × sale ratio says $743,211 (-11% apart)
| Sold | Dist | Sqft | Price | $/sqft | Date | Reno |
|---|---|---|---|---|---|---|
| 776 Geddes Rd | 7.99 km | 1,460 | ~$877,784 | 601 | 2026-02-19 | ✓ |
| 4657 Whitaker Rd | 17.37 km | 1,104 | ~$781,022 | 707 | 2025-10-08 | ✓ |
| 5750 Spindrift St | 20.7 km | 1,176 | ~$556,548 | 473 | 2026-05-10 | ✓ |
| 5808 Anchor Rd | 21.12 km | 1,056 | ~$780,144 | 739 | 2026-02-20 | ✓ |
| 6270 Homestead Ave | 22.89 km | 1,284 | ~$756,710 | 589 | 2026-01-21 | ✓ |
| 6307 Homestead Ave | 22.9 km | 1,403 | ~$776,238 | 553 | 2026-01-24 | ✓ |
| 5726 Emily Way | 22.97 km | 1,360 | ~$729,371 | 536 | 2026-03-16 | ✓ |
| 5636 Cascade Cres | 22.99 km | 1,284 | ~$721,364 | 562 | 2026-07-18 | ✓ |
| ~ = 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: $90,000, 1990-05-01 — asking +721.0%
| 2026-09-10 | price_cut | 770000 → 738888 -4.0% |
| 2026-08-14 | relist | time-on-market reset — relisted |
| 2026-08-14 | price_cut | 775000 → 770000 -0.6% |
| 2026-08-03 | new | 775000 first seen at $775,000 |
| 2026-09-10 | Price Changed | $738,888 GVR |
| 2026-08-12 | Listed | $770,000 GVR |
| 2025-07-07 | Listed | $675,000 GVR |
| 1990-05-01 | Sold (Public Records) | $90,000 Public Records |
| 1989-02-22 | Sold (Public Records) | $65,000 Public Records |
| 1974-04-15 | Sold (Public Records) | $28,500 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]
- DPA #3 - Slope Hazards — Steep-slope DPA: a geotechnical engineer's report is required for foundation work. This is the one that most often kills a lower-level suite excavation.
- DPA #5 - Aquifer Protection and Stormwater Management — Aquifer protection DPA: septic siting and well drilling are constrained.
| PID | 013-073-672 |
|---|---|
| Parcel | 915 MARINE DR (SCRD) |
| Wastewater | none mapped — septic likely (no suite carve-out) |
| Water | Chapman system |
| Fire protection | Gibsons/West Howe Sound FPA |
| Bylaw | https://www.scrd.ca/zoning-bylaws/ |
Assessment
| Assessed total | $744,700 |
|---|---|
| Land / improvements | $662,000 / $82,700 (89% land — the higher, the more the value is in the dirt) |
| Assessed / ask | 1.01 asking under assessment |
| BCA folio | 746.00559.000 |
Open questions
- Built 1945 — oil-tank era. Ask for a tank scan or decommissioning certificate.
- DPA #3 - Slope Hazards: Steep-slope DPA: a geotechnical engineer's report is required for foundation work. This is the one that most often kills a lower-level suite excavation.
- DPA #5 - Aquifer Protection and Stormwater Management: Aquifer protection DPA: septic siting and well drilling are constrained.
- 45 days on market — ask the listing agent why it hasn't moved.