A unique two-acre property on Mayne Island, British Columbia, featuring two cabins, has sold for $775,000, a figure $24,000 below its initial asking price. The sale, which took place on May 16 after 31 days on the market, highlights current trends in the recreational property sector.
Key Takeaways
- A two-acre Mayne Island property with two cabins sold for $775,000, $24,000 under the asking price.
- The buyers are a Victoria couple planning to relocate and work remotely.
- The sale underscores the importance of accurate pricing for recreational properties.
Property Details
The property, located at 759 Charter Rd., boasts a two-acre lot accessible via a one-hour ferry ride from the mainland. It features two cabins, measuring 678 and 651 square feet respectively. Each cabin is equipped with two bedrooms, one bathroom, laundry facilities, and decks. The interiors showcase exposed wood ceilings and wood ovens, and the sale included all furnishings, even down to kitchenware.
Additionally, the treed lot includes a fully stocked workshop and a woodshed, adding to the property's appeal. The listing agent described the property as rare for Mayne Island due to its size and the presence of two dwellings.
Buyer's Motivation and Market Insights
The buyers, a couple from Victoria, intend to make the island their permanent residence and work remotely, a lifestyle increasingly adopted by many island inhabitants. According to the buyer's agent, Ian Watt, the couple are first-time buyers and the property presented a compelling value proposition compared to urban housing markets.
Watt commented on the current real estate climate for recreational properties, noting that many listings on Mayne Island are priced above assessed value. He emphasized that properties need to be priced correctly to attract buyers, especially in the recreational market, which is often the last to see sales activity. The sale completed on July 21.
