$698,800 GREY
766 Gerussi Lane, Gibsons
2 bd · 2.0 ba · 1,006 sqft
· built 2013
· 32 DOM · MLS R3159165
Listing: Redfin search · fetched 2026-09-27T19:15
Description
Located in Parkland — one of Gibsons most sought-after neighborhoods —this charming rancher is just a short stroll to shops, grocery stores, walking trails, the recreation center, and local coffee spots. Perfect for first-time buyers, small families, retirees, or anyone looking to downsize and enjoy easy living. This detached home offers low-maintenance living with exceptionally low strata fees. The spacious primary bedroom features a large 3-piece ensuite, while the second bedroom offers flexibility as a guest room, home office, or hobby space. Complete with a single-car garage, this is a fantastic opportunity to enjoy comfortable, convenient living in a welcoming community.
From listing remarks (Sutton Group-West Coast Realty)
Rating 4 /100
| Equity | 0/40 | -249,622 vs limit (-42.1% of ARV) | |
| Cash flow | 0/30 | -1,152/mo | |
| Suite-arb | 4.0/15 | zone permits a suite; other conditions short | |
| Motivation | 0.3/15 | 39d on market, no cuts — anchored seller |
Offer case
GREEN at $423,000 — that's $275,800 (39.5%) below the $698,800 ask. Long shot
That discount is
16.7× what this market normally concedes.
EVIDENCE
- Coast-wide, homes sell at 97.6% of list — a 2.4% discount is simply normal here.
- Asking $695/sqft where comparable homes sold at $545/sqft (+27%) — the ask is above the local clearing price.
Support score 0.25 — evidence weight that this seller
would entertain the discount. Not a prediction; a checklist with numbers.
The four tests
Equity — FAIL
(price + $40,000 reno + PTT+legal closing) <= 85% x ARV
all-in = $698,800 + $40,000 + $14,476 = $753,276
ARV = $592,534 → limit = 85% × ARV = $503,654
margin = $-249,622 · at band low ($556,318): $-280,406 — GREEN needs this ≥ 0
Rent — PASS
est. rent >= 0.40% x ARV
est. rent = $2,706/mo (whole house (2bd) $2,706)
floor = 0.4% × ARV $592,534 = $2,370/mo
rents table: Gibsons · as of 2026-08-02
Cash flow — FAIL
rent - carrying >= -800/mo (PM-managed, typical rent, at ask)
payment $2,799 (loan $559,040 @ 4.4%/30y)
+ tax $359 (mls) + ins $158 + maint $135 + vac $162 + PM $244
carrying = $3,858/mo · rent $2,706 → cash flow = $-1,152/mo (floor $-800)
Suite-arb — FAIL
zone permits suite AND sqft >= 1,900 AND no suite language AND $/sqft < community median
zone RL-1 suite:yes · sqft 1,006 (min 1,900)
suite language: no · $/sqft 695 vs median 494
Scored 2026-10-02T05:55 · thresholds from criteria.yaml
Cash-flow scenarios $/mo · hover a cell for carrying cost
| Price | $2,706 typical self-managed |
$2,706 typical PM |
$2,993 high self-managed |
$2,993 high PM |
|---|---|---|---|---|
| $698,800 | −$908 | −$1,152 | −$653 | −$922 |
| $663,860 −5.0% | −$768 | −$1,012 | −$513 | −$782 |
| $639,402 −8.5% | −$670 | −$914 | −$415 | −$684 |
Rents: rents.yaml as of 2026-08-02 · financing from criteria.yaml
Comps & ARV
ARV $592,534
range $556,318 – $750,811
(about half of comparable sales landed inside this band)
median $/sqft of 7 renovated size-matched sales (7 priced from list × measured sale ratio — ~3y registration lag) · confidence medium
($/sqft used: 589)
| Sold | Dist | Sqft | Price | $/sqft | Date | Reno |
|---|---|---|---|---|---|---|
| 4657 Whitaker Rd | 14.7 km | 1,104 | ~$781,022 | 707 | 2025-10-08 | ✓ |
| 5750 Spindrift St | 18.26 km | 1,176 | ~$556,548 | 473 | 2026-05-10 | ✓ |
| 5808 Anchor Rd | 18.71 km | 1,056 | ~$780,144 | 739 | 2026-02-20 | ✓ |
| 6270 Homestead Ave | 20.41 km | 1,284 | ~$756,710 | 589 | 2026-01-21 | ✓ |
| 5636 Cascade Cres | 20.49 km | 1,284 | ~$721,364 | 562 | 2026-07-18 | ✓ |
| 6472 Jasper Rd | 20.81 km | 1,163 | ~$750,852 | 646 | 2026-07-01 | ✓ |
| 5625 O'brian Rd | 29.86 km | 856 | ~$868,020 | 1,014 | 2026-03-06 | ✓ |
| ~ = 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) | ||||||
Solds from Redfin sold-search + public-records sale prices (belowTheFold)
Price & sale history
Seller basis: $299,428, 2015-09-30 — asking +133.4%
| 2026-08-27 | relist | time-on-market reset — relisted |
| 2026-08-25 | delisted | absent from search results |
| 2026-08-03 | new | 698800 first seen at $698,800 |
| 2026-08-24 | Listed | $698,800 GVR |
| 2015-09-30 | Sold (Public Records) | $299,428 Public Records |
| 2014-08-01 | Listed | $314,999 GVR |
History: Redfin belowTheFold · fetched 2026-09-27T19:16
· events observed by Coastwatch
Zoning & land
RL-1 — RL-1 - Low-Density Residential Zone suite OK
Gibsons Low-Density Residential. Far stronger than a suite: THREE dwelling units on lots up to 280 m2 and FOUR on anything larger, max four units per building, 325 m2 GFA cap for a standalone dwelling. Rear building height of 6.5 m within 7.5 m of the rear lot line is what makes suites-above-garages and laneway homes work where there is a lane. Minimum lot area 280 m2. [gibsons.ca Bylaw 1342 s.2.2.1]
- Aquifer Protection DPA: Aquifer Protection Sub Area 3 — Aquifer protection DPA: septic siting and well drilling are constrained.
| PID | N/A |
|---|---|
| Parcel | 763 WRIGHT RD (Gibsons) |
| Wastewater | Town of Gibsons sewer service |
| Water | Gibsons Zone 3 - Gibsons Aquifer system |
| Fire protection | Gibsons/West Howe Sound FPA |
Town of Gibsons Zoning Bylaw (current, via Property Viewer service) · fetched 2026-08-03T05:46 · meanings from zoning_rules.yaml (verify before relying)
Assessment
Not fetched yet — runs with the next enrichment pass.
Open questions
- Aquifer Protection DPA: Aquifer Protection Sub Area 3: Aquifer protection DPA: septic siting and well drilling are constrained.
- 32 days on market — ask the listing agent why it hasn't moved.