$699,000 GREY
811 Reed Rd, Gibsons
3 bd · 1.5 ba · 1,678 sqft
· 10,395 sqft lot
· built 1978
· 116 DOM · MLS R3131841
Suite potential (per listing)Septic / well
Oil-tank era
Listing: Redfin search · fetched 2026-09-27T19:15
Description
Well-maintained 3–4 bedroom family home on a spacious 10,000+ sqft lot in a central location close to schools, shopping, and amenities. Functional living spaces and flexible use of a fourth bedroom, office, rec room or suite potential that adds versatility for extended family or rental income. Large 11'x25' drive through garage. Recent updates include new plumbing throughout, updated flooring, and fresh interior and exterior paint, offering a clean, move-in ready feel. The large, level yard provides ample space for kids, gardening, or future potential. A solid opportunity in a convenient, family-friendly neighbourhood.
From listing remarks (Sutton Group-West Coast Realty)
Rating 25 /100
| Equity | 0/40 | -125,720 vs limit (-17.0% of ARV) | |
| Cash flow | 3.3/30 | -644/mo | |
| Suite-arb | 11.1/15 | zone permits a suite; other conditions short | |
| Motivation | 10.5/15 | 121d on market, 1 cut(s) |
Offer case
GREEN at $524,000 — that's $175,000 (25.0%) below the $699,000 ask. Long shot
That discount is
10.6× what this market normally concedes.
EVIDENCE
- Coast-wide, homes sell at 97.6% of list — a 2.4% discount is simply normal here.
- 121 days on market vs a 60-day median.
- 1 price cut(s) already — the seller has shown they will move.
- Already asking below the $545/sqft local sold level — little room to push.
Support score 0.35 — 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 = $699,000 + $40,000 + $14,480 = $753,480
ARV = $738,541 → limit = 85% × ARV = $627,760
margin = $-125,720 · at band low ($676,853): $-178,155 — GREEN needs this ≥ 0
Rent — PASS
est. rent >= 0.40% x ARV
est. rent = $3,300/mo (whole house (3bd) $3,300)
floor = 0.4% × ARV $738,541 = $2,954/mo
rents table: Gibsons · as of 2026-08-02
Cash flow — PASS
rent - carrying >= -800/mo (PM-managed, typical rent, at ask)
payment $2,800 (loan $559,200 @ 4.4%/30y)
+ tax $325 (mls) + ins $158 + maint $165 + vac $198 + PM $297
carrying = $3,944/mo · rent $3,300 → cash flow = $-644/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 1,678 (min 1,900)
suite language: no · $/sqft 417 vs median 494
Scored 2026-10-02T05:55 · thresholds from criteria.yaml
Cash-flow scenarios $/mo · hover a cell for carrying cost
| Price | $3,300 typical self-managed |
$3,300 typical PM |
$3,650 high self-managed |
$3,650 high PM |
|---|---|---|---|---|
| $699,000 | −$347 | −$644 | −$35 | −$364 |
| $664,050 −5.0% | −$207 | −$504 | +$105 | −$224 |
| $639,585 −8.5% | −$109 | −$406 | +$203 | −$126 |
Rents: rents.yaml as of 2026-08-02 · financing from criteria.yaml
Comps & ARV
ARV $738,541
range $676,853 – $955,442
(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: 433)
Cross-check: comps say $726,574, BC Assessment × sale ratio says $766,464 (-5% apart)
| Sold | Dist | Sqft | Price | $/sqft | Date | Reno |
|---|---|---|---|---|---|---|
| 962 Cemetery Rd | 0.75 km | 1,916 | ~$1,049,630 | 548 | 2025-11-28 | ✓ |
| 561 Spyglass Pl | 1.16 km | 1,962 | ~$1,170,704 | 597 | 2025-11-13 | ✓ |
| 617 Gower Point Rd | 2.14 km | 2,003 | ~$799,672 | 399 | 2026-01-16 | ✓ |
| 1453 Davidson Rd | 3.36 km | 2,016 | ~$844,586 | 419 | 2026-01-02 | ✓ |
| 304 Esplanade Rd | 5.84 km | 1,733 | ~$937,246 | 541 | 2026-06-15 | ✓ |
| 776 Geddes Rd | 6.12 km | 1,460 | ~$877,784 | 601 | 2026-02-19 | ✓ |
| 4598 Whitaker Rd | 15.42 km | 1,707 | ~$712,772 | 418 | 2026-02-03 | ✓ |
| 4967 Laurel Ave | 16.08 km | 2,039 | ~$820,078 | 402 | 2026-02-23 | ✓ |
| ~ = 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: $39,430, 1978-06-15 — asking +1672.8%
| 2026-08-26 | price_cut | 749000 → 699000 -6.7% |
| 2026-08-03 | new | 749000 first seen at $749,000 |
| 2026-08-25 | Price Changed | $699,000 GVR |
| 2026-06-03 | Listed | $749,000 GVR |
| 1978-06-15 | Sold (Public Records) | $39,430 Public Records |
| 1977-11-15 | Sold (Public Records) | $42,500 Public Records |
History: Redfin belowTheFold · fetched 2026-09-27T19:45
· 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 | 007-430-086 |
|---|---|
| Parcel | 811 REED 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
| Assessed total | $768,000 |
|---|---|
| Land / improvements | $567,000 / $201,000 (74% land — the higher, the more the value is in the dirt) |
| Assessed / ask | 1.1 asking under assessment |
| BCA folio | 524.00878.310 |
BC Assessment via SCRD parcel layer · fetched 2026-08-03T06:45
Open questions
- Built 1978 — oil-tank era. Ask for a tank scan or decommissioning certificate.
- Septic/well: age, last pump-out, and any permits on file? Get the well log and water potability test.
- Aquifer Protection DPA: Aquifer Protection Sub Area 3: Aquifer protection DPA: septic siting and well drilling are constrained.
- 116 days on market — ask the listing agent why it hasn't moved.