Realtor cuts a deal on the Mayne Island fixer-upper

241 Spinnaker Dr., Mayne Island, BC

Asking price: $479,000 (Nov. 3, 2022)

selling price: $375,000 (Nov. 13, 2022)

Days on market: 10

Taxes (2022): $1,772.07

listing agents: Glen McLeod, Gulfport Realty

Buying agents: Ian Watt, Sutton Group West Coast Realty

What they got

This half-acre property is on the south side of Mayne Island, near Dinner Bay Park and the ferry terminal. The one-level, 1,065 square-foot house has three bedrooms, two bathrooms and is set far back from the road. The modest house, built in 1972, does not have a view and is surrounded by trees. It’s a fixer-upper, says agent Ian Watt, who purchased the house for himself. The sale completed Dec. 6.

The action

Although Mayne Island is mostly a recreational market, there are some retirees and remote workers who live there, says Mr. Watt, who intends to fix up the house and then possibly rent it out. Because the market has adjusted in recent months, he made a much lower offer, in cash, without subjects, which was accepted. He knew of no other offers.

“I told the agent, I don’t want to insult the seller, but this is a declining market. I didn’t want to pay last year’s price, especially with the cost for renovations.”

The agent’s take

“I already have people asking me if they can rent it, that’s how tight the rental market is on Mayne,” Mr. Watt says.

He knows of a comparable house nearby that is renting for $4,000 a month, furnished.

“I might rent it, or live in it,” he said. “We’ll see what the market is doing in two years.”