$729,000 GREY

5471 Secret Cove Rd #28, Halfmoon Bay

3 bd · 2.0 ba · 1,608 sqft · 2,465 sqft lot · built 1980 · 168 DOM · MLS R3103996

Oil-tank era

Redfin ↗

Listing: Redfin search · fetched 2026-09-11T07:15

Description

Set above the shimmering waters of Secret Cove, this beautifully renovated, low-maintenance West Coast home offers effortless, resort-style coastal living. New ocean-view decks on each level, including private balconies off both upstairs bedrooms, provide stunning places to relax and take in the scenery. The 1,608 sq ft split-level design features a sunken living room with vaulted ceilings and a striking floor-to-ceiling fireplace, an updated kitchen, and a main-level primary suite with ensuite and laundry. Recent upgrades include a heat pump, metal roof, Hardie siding, and thoughtful renovations throughout. Just a short stroll to the marina, trails, and the seasonal Upper Deck Restaurant, 

From listing remarks (RE/MAX Oceanview Realty)

Rating 3 /100

Equity	0/40	-145,064 vs limit (-19.3% of ARV)
Cash flow	0/30	-869/mo
Suite-arb	0.0/15	no suite path
Motivation	3.0/15	169d on market, no cuts — anchored seller

Offer case

GREEN at $499,000 — that's $230,000 (31.6%) below the $729,000 ask. Long shot

That discount is 13.5× what this market normally concedes.

EVIDENCE

Coast-wide, homes sell at 97.7% of list — a 2.3% discount is simply normal here.
169 days on market vs a 69-day median — but ZERO price cuts, so this reads as an anchored seller, not a motivated one.
Already asking below the $541/sqft local sold level — little room to push.

Support score 0.0 — 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 = $729,000 + $40,000 + $15,080 = $784,080 ARV = $751,783 → limit = 85% × ARV = $639,016 margin = $-145,064 · at band low ($646,533): $-234,527 — GREEN needs this ≥ 0

Rent — PASS

est. rent >= 0.40% x ARV

est. rent = $3,100/mo (whole house (3bd) $3,100) floor = 0.4% × ARV $751,783 = $3,007/mo rents table: Halfmoon Bay · as of 2026-08-02

Cash flow — FAIL

rent - carrying >= -800/mo (PM-managed, typical rent, at ask)

payment $2,920 (loan $583,200 @ 4.4%/30y) + tax $270 (mls) + ins $158 + maint $155 + vac $186 + PM $279 carrying = $3,969/mo · rent $3,100 → cash flow = $-869/mo (floor $-800)

Suite-arb — FAIL

zone permits suite AND sqft >= 1,900 AND no suite language AND $/sqft < community median

zone R2 suite:no · sqft 1,608 (min 1,900) suite language: no · $/sqft 453 vs median 429

Scored 2026-09-11T00:55 · thresholds from criteria.yaml

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
$729,000	−$590	−$869	−$278	−$589
$692,550 −5.0%	−$444	−$723	−$132	−$443
$667,035 −8.5%	−$341	−$620	−$30	−$340

Rents: rents.yaml as of 2026-08-02 · financing from criteria.yaml

Comps & ARV

ARV $751,783 range $646,533 – $895,809 (about half of comparable sales landed inside this band)
median $/sqft of 12 renovated size-matched sales (12 priced from list × measured sale ratio — ~3y registration lag), blended 70%/30% with assessed × 1.03 (sale/assessed, renovated) · confidence medium ($/sqft used: 475)

Cross-check: comps say $763,800, BC Assessment × sale ratio says $723,744 (+6% apart)

Sold	Dist	Sqft	Price	$/sqft	Date	Reno
7955 Connor Rd	8.95 km	1,746	~$829,133	475	2025-09-16	✓
5592 Curtis Pl	13.55 km	1,358	~$974,647	718	2025-11-14	✓
5726 Emily Way	13.69 km	1,360	~$729,520	536	2026-03-16	✓
6270 Homestead Ave	13.81 km	1,284	~$756,865	589	2026-01-21	✓
6307 Homestead Ave	13.82 km	1,403	~$776,397	553	2026-01-24	✓
5641 Nickerson Rd	13.87 km	1,487	~$805,695	542	2026-03-06	✓
6242 Norwest Bay Rd	14.36 km	1,707	~$671,412	393	2025-10-19	✓
5833 Heron Pl	14.94 km	1,915	~$830,012	433	2025-11-10	✓
~ = 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: $250,000, 2011-12-01 — asking +191.6%

2026-09-11	delisted	absent from search results
2026-08-03	new	729000 first seen at $729,000
2026-06-22	Price Changed	$729,000 GVR
2026-03-26	Listed	$749,000 GVR
2011-12-01	Sold (Public Records)	$250,000 Public Records
2010-05-14	Listed	$275,000 GVR

History: Redfin belowTheFold · fetched 2026-09-10T19:46 · events observed by Coastwatch

Zoning & land

R2 — Residential Two no suite / unknown

Areas B/D/E/F: single-unit dwelling zone, so a suite is permitted (watch the wastewater service area carve-out), plus an auxiliary dwelling unit over 2000 m2 and an additional single-unit or two-unit dwelling over 3500 m2. Area A: over 2000 m2 gets a duplex second unit OR one auxiliary dwelling unit, over 4000 m2 a second single-unit dwelling; max 2 units. Sechelt R-2: secondary suite plus SSMUH — up to 4 units where BOTH community water and sanitary sewer are present, otherwise 900 m2 for a detached accessory dwelling unit. [Bylaw 722.9 s.7.2.2, s.5.24; Bylaw 337 s.611.1-611.2; Bylaw 580 s.1.2.2-1.2.5] — SUITE BLOCKED: parcel is in the Secret Cove Wastewater service area, and Bylaw 722 s.5.24.1 prohibits secondary suites on parcels within SCRD wastewater service areas.

DPA Zone 1B: Coastal Slopes — 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.

PID	005-643-708
Parcel	5471 SECRET COVE RD (SCRD)
Wastewater	Secret Cove Wastewater blocks suite (722 s.5.24.1)
Water	Chapman system
Fire protection	Halfmoon Bay FPA
Bylaw	https://www.scrd.ca/zoning-bylaws/

SCRD Planning_ZoningLanduse · fetched 2026-08-03T05:46 · meanings from zoning_rules.yaml (verify before relying)

Assessment

Assessed total	$718,000
Land / improvements	$403,000 / $315,000 (56% land — the higher, the more the value is in the dirt)
Assessed / ask	0.98
BCA folio	746.06460.502

BC Assessment via SCRD parcel layer · fetched 2026-08-03T06:45

Open questions

Built 1980 — oil-tank era. Ask for a tank scan or decommissioning certificate.
DPA Zone 1B: Coastal Slopes: 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.
168 days on market — ask the listing agent why it hasn't moved.