Plus 900k Salt Spring Real Estate

The plus $900k (high end) range of Salt Spring real estate had an abundance of homes on the market (approx 80 or so) from 2008 until about 2015.  In 2015 30 high-end homes sold and then in 2016 33 sold.   Most of this movement in the high end has been a result of the Vancouver market taking off from buyers from China buying up homes there.   Most of the sales on Salt Spring were from people moving from Vancouver to Salt Spring.  The supply of higher-end homes has been reduced to 30 or so homes for sale at any given time.  Stylish homes in pristine shape are usually selling within a few weeks of being listed.

Let’s look at what has happened over the last decade.  Note: Numbers are approximate and don’t include private sales.

Some homes in this price range are of a high standard.  Some of the inventory has good bones but requires some upgrading.  There are a few good homes to be had by keen shoppers.  Some sellers are motivated to sell quickly and have dropped their asking prices and made their home the value leader in the high-end market.  With a good eye, one can find a real bargain in this range.  The house might need some updating, but if it is priced right it may be a deal.

The inventory in the high-end price range is selling at a steady pace.  If a home is very sharp, with stunning views (preferably waterfront), hardwood floors, a high-end kitchen, great open design and priced at less than 1.5 mil, it will sell in 2018.

 

Historic sales statistics;

List of 31 home that sold in the high-end on Salt Spring for 2017;

 

Average list price for 2017 – $1,468k

Average selling price $1,376k

Average size of home 2571 sq ft

Average size of lot 444,621 sq ft

Average home had 3 bedrooms and 3 bathrooms

Average “Days on the Market” as posted 78.

Waterfront subgroup of high-end homes. 16 out of the 31 high-end home were on the water.  At the lower end most needed major work.  Not all waterfront is the same basically there are four main types, low-bank, mid-bank, high-bank, and semi-waterfront.  Low-bank is basically 10-20 feet above the high tide mark with direct access.  Mid bank is 30-60 feet above the ocean and high-bank is usually just a view with a long walk if at all to the ocean below.  Semi-waterfront is across the street from the ocean with the other side of the road non-buildable land only.  The other main factor is orientation, is it south facing or north facing? Does the home get any sun?  Salt Spring has 77 miles of shoreline out of that only  8 and 1/4 miles has a sandy beach bordering land with a slope of 20% or less.  South facing low bank is the rarest of all waterfront.

 

 

List of 33 home that sold in the high-end on Salt Spring for 2016;

Average list price for 2016 – $1,576k

Average selling price $1,489k

Average size of home 3231 sqft

Average size of lot 291,193 sqft

Average home had 3 bedrooms and 3 bathrooms

Average “Days on the Market” as posted 117.

 

There were some great deals to be had in 2017 on high-end homes.  I had the fortune of shopping for many in this price range and finding incredible deals on homes that were sold well below replacement price if one considers it cost between $400 – $500 per sq ft to build a custom home on Salt Spring.   Some of them needed basic upgrades but were architecturally stunning homes that will stand the test of time.  They all had a great location either on the water or with large lots.

Cheers
Scott Simmons

 

Please note all stats are from the Victoria Real Estate Board data.