Sale of island fixer-upper closes as market comes to a standstill

1264 Scarborough Rd., Bowen Island, BC

Asking price: $649,000 (Feb. 14)

Selling price: $585,000 (Feb. 25)

Previous selling price: $275,000 (2005)

Days on market: 11

Taxes: $2,685.39

Buyer’s agent: Mary Lynn Machado, Macdonald Realty

The Action

The house, which was tenanted, has three bedrooms, one bathroom and a fireplace, but it’s so dated that there weren’t many selling features on the interior.Macdonald Realty

The house was listed on Valentine’s Day, and the Bowen Island market was hot, buyer’s agent Mary Lynn Machado says. Most properties were selling in less than a week, and the house went without an offer for 11 days. Ms. Machado’s clients, a young couple with long-time Bowen Island connections, wrote a lowball offer. They wrote a personal letter to go with it. Another offer came in, but the seller accepted the offer from the young couple.

“He works in the construction industry and she’s super hands on, so they knew this was a great opportunity,” Ms. Machado says.

The sale completed at the end of June.

What They Got

This 1,000-square-foot wood-frame fixer-upper was built in 1954 and is on a corner lot not far from Snug Cove, which has a general store and farmer’s market.Macdonald Realty

This 1,000-square-foot wood-frame fixer-upper was built in 1954 and is on a corner lot not far from Snug Cove, which has a general store and farmer’s market.

The house, which was tenanted, has three bedrooms, one bathroom and a fireplace, but it’s so dated that there weren’t many selling features on the interior.

The lot size is 0.19 of an acre, or 8,276 square feet, which is twice the width of a standard city lot. The house had sold in 2005 for $275,000.

The Agent’s Take

Owners Bayley Faragher and Josh Skuce with Linus the dog.Macdonald Realty

“This property is the lowest sale price for a single family home on Bowen since August 2020,” Ms. Machado says.

Only three homes have sold for less than $600,000 in the last two years, she says. The summer season has slowed considerably, with several price reductions on homes.

“The market has pretty much come to a standstill. Very few properties are selling, and we have more than quadrupled the inventory of single family homes since the end of March.”

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