$769,000 GREY

5702 Medusa St, Sechelt
3 bd · 2.0 ba · 1,448 sqft · 1 sqft lot · 179 DOM · MLS R3099668
Redfin ↗
Listing: Redfin search · fetched 2026-09-27T19:15

Description

This charming, bright and south-facing 1,448 sq ft, 3-bedroom rancher is just blocks from Sechelt’s shopping, cafés/restaurants, services, parks, transit and hospital. With a large, fully fenced 8,000 sq ft (745 sq m) lot, this property is a gardener’s delight with apple, plum and fig trees. Additional flowering shrubs, perennials, kiwis, raspberries, herbs, roses and raised vegetable beds augment the rear and/or front gardens. In the last 4 years, this home has been beautifully renovated and upgraded with energy conservation in mind, including a new enlarged kitchen and appliances, bar stool seating, and 2 new bathrooms. New hot water on demand, all walls and ceilings r
From listing remarks (RE/MAX City Realty)

Rating 8 /100

Equity
0/40 -187,599 vs limit (-25.0% of ARV)
Cash flow
0/30 -1,245/mo
Suite-arb
5.7/15 zone permits a suite; other conditions short
Motivation
2.2/15 8d on market, 1 relist(s)

Offer case

GREEN at $479,000 — that's $290,000 (37.7%) below the $769,000 ask. Long shot

That discount is 16.0× what this market normally concedes.

EVIDENCE

  • Coast-wide, homes sell at 97.6% of list — a 2.4% discount is simply normal here.
  • Only 8 days on market — too fresh for a big discount.
  • 1 previous failed listing(s) — this seller has been here before.
  • Asking 122% of assessed value — priced above the roll.
  • Asking $531/sqft where comparable homes sold at $495/sqft (+7%) — the ask is above the local clearing price.
  • ARV confidence is LOW (thin or unrenovated comps) — the target price below could be off by 10%+ in either direction.
Support score 0.05 — 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 = $769,000 + $40,000 + $15,880 = $824,880 ARV = $749,742 → limit = 85% × ARV = $637,281 margin = $-187,599 · at band low ($623,203): $-295,157 — GREEN needs this ≥ 0
Rent — PASS
est. rent >= 0.40% x ARV
est. rent = $3,000/mo (whole house (3bd) $3,000) floor = 0.4% × ARV $749,742 = $2,999/mo rents table: Sechelt · as of 2026-08-02
Cash flow — FAIL
rent - carrying >= -800/mo (PM-managed, typical rent, at ask)
payment $3,081 (loan $615,200 @ 4.4%/30y) + tax $406 (mls) + ins $158 + maint $150 + vac $180 + PM $270 carrying = $4,245/mo · rent $3,000 → cash flow = $-1,245/mo (floor $-800)
Suite-arb — FAIL
zone permits suite AND sqft >= 1,900 AND no suite language AND $/sqft < community median
zone R-4 suite:yes · sqft 1,448 (min 1,900) suite language: no · $/sqft 531 vs median 471
Scored 2026-10-02T05:55 · thresholds from criteria.yaml

Cash-flow scenarios $/mo · hover a cell for carrying cost

Price $3,000 typical
self-managed		 $3,000 typical
PM		 $3,450 high
self-managed		 $3,450 high
PM
$769,000 −$975 −$1,245 −$575 −$885
$730,550 −5.0% −$821 −$1,091 −$420 −$731
$703,635 −8.5% −$713 −$983 −$313 −$623
Rents: rents.yaml as of 2026-08-02 · financing from criteria.yaml

Comps & ARV

ARV $749,742 range $623,203 – $896,843 (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: 553)

Cross-check: comps say $800,744, BC Assessment × sale ratio says $630,736 (+27% apart — disagreement this large triples comp error historically)

SoldDistSqftPrice$/sqftDateReno
5750 Spindrift St 0.19 km1,176 ~$556,548 4732026-05-10✓
5808 Anchor Rd 0.75 km1,056 ~$780,144 7392026-02-20✓
6242 Norwest Bay Rd 2.17 km1,707 ~$671,275 3932025-10-19✓
5641 Nickerson Rd 2.41 km1,487 ~$805,530 5422026-03-06✓
6270 Homestead Ave 2.44 km1,284 ~$756,710 5892026-01-21✓
6307 Homestead Ave 2.47 km1,403 ~$776,238 5532026-01-24✓
5726 Emily Way 2.48 km1,360 ~$729,371 5362026-03-16✓
5636 Cascade Cres 2.56 km1,284 ~$721,364 5622026-07-18✓
~ = 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)
Solds from Redfin sold-search + public-records sale prices (belowTheFold)

Price & sale history

2026-09-16delisted absent from search results
2026-08-03new 769000 first seen at $769,000
2026-09-24Relisted GVR
2026-07-08Price Changed $769,000 GVR
2026-05-19Price Changed $774,000 GVR
2026-05-04Price Changed $779,000 GVR
2026-04-24Relisted GVR
2026-04-10Price Changed $784,000 GVR
2026-03-13Listed $789,000 GVR
History: Redfin belowTheFold · fetched 2026-09-27T20:45 · events observed by Coastwatch

Zoning & land

R-4 — Urban Infill Residential suite OK

Sechelt R-4 Urban Infill, one of the post-Bill-44 SSMUH zones. Secondary Suite is a named accessory use, and density is capped by combination rather than lot size: a single-detached dwelling with a secondary suite PLUS two detached accessory dwelling units, or a triplex plus one detached ADU, or a fourplex, or four townhouses, or a four-unit cottage court. FAR 1.5. A detached ADU is capped at 120 m2; a secondary suite has NO floor area cap (s.2.3.1). Confirm servicing capacity. [Bylaw 580 s.1.4.2-1.4.4, s.2.3]

PID009-431-489
Parcel5702 MEDUSA ST (Sechelt)
WastewaterDistrict of Sechelt sewer service
WaterChapman system
Fire protectionSechelt FPA
District of Sechelt Zoning Bylaw 580 (gis.sechelt.ca) · fetched 2026-08-03T05:55 · meanings from zoning_rules.yaml (verify before relying)

Assessment

Assessed total$632,000
Land / improvements $490,000 / $142,000 (78% land — the higher, the more the value is in the dirt)
Assessed / ask 0.82
BCA folio570.00179.072
BC Assessment via SCRD parcel layer · fetched 2026-08-03T06:45

Open questions

  • 179 days on market — ask the listing agent why it hasn't moved.

Notes