Comparative Market Analysis

532 Delora Dr. Colwood, BC V9C 0M2

Site evaluation & Pricing

Based on the sold data, the range of prices for waterfront homes in the area is between $940,000 and $1,260,000 with a median price of $950,000. This suggests that the subject home should be priced within this range, taking into account its specific features and condition.

Looking at the active properties for sale, we can see that the low price is the same as the low price of the sold properties, but the median and high prices are higher at $1,154,500 and $1,390,000 respectively. This suggests that there may be higher-end features or finishes in these homes that justify the higher prices. However, it is important to note that these properties are currently active on the market, which indicates that they have not yet sold and may be overpriced for the current market conditions.

Another factor to consider is the average days on market for the active properties, which is 153 days. This suggests that the market has been slower, or there may be an oversupply of waterfront homes in the area, which could potentially impact the pricing strategy for the subject home.

Finally, the fact that the subject home has some finishing to the interior that will need to be undertaken by the buyers should also be taken into consideration when setting the price. In addition to the needed interior finishing, it is important to note that the exterior waterfront side of the home is overgrown and will require cleaning up.

Furthermore, the large crack in the concrete wall, although not structural to the home, could put up some red flags for buyers who may be concerned about potential long-term issues or expenses related to the repair of the wall.

Finally, the deck will need to be fixed or repaired, which could also be a deterrent for some buyers who may be looking for a home with a fully functional outdoor space. This could potentially be a turnoff for buyers who are looking for a move-in ready home with well-maintained outdoor areas.

Based on these factors, it is even more important to price the home realistically to account for the needed repairs and potential buyer concerns. it would be reasonable to price the subject home within the range of the sold properties.

Waterfront Properties

Meet Stephen...

'Stephen has an effective team that works around him, so that every time we had a concern or needed something, no matter what other deals he had going, we were helped immediately' Dr. Pite

Stephen Foster Real Estate

Stephen Foster | Real Estate Adviser

Stephen is a residential Real Estate Agent with a boutique brokerage in Victoria specializing in urban residential real estate in Victoria, BC and the surrounding areas as well as rural & recreational properties in the Gulf Islands.

Stephen draws on his past experience as a professional performer in Broadway shows across North America with Andrew Lloyd Webber productions. He has worked in film and television producing live product launches and events for large corporations.

He embraced online marketing long before it was a trend: showcasing waterfront homes via his self produced “HGTV” styled YouTube Channel.

With the growth of internet marketing and the power of social media, Stephen’s online presence continues to be ahead of the curve, pushing the envelope of online marketing by using Google and Search Engine Optimization blogging strategies, with the sole purpose of getting his clients homes in front of as many people around the globe as possible. Live Facebook feeds as
well as customized audience ads reach a wider demographic than conventional advertising. Stephen’s motto continues to reflect this business model: “You have to be seen to be sold.” This marketing process has resulted in unprecedented success for his clients.

Stephen is a multiple MLS® Gold Award winner as well as being recognized for exceptional sales achievements and excellence .

Top Victoria Realtor 2021

Meet Melissa...

Melissa McMahon
LIcensed assistant & operations manager

Melissa is a licensed Realtor working with Stephen Foster Property Group at Coldwell Banker Oceanside Realty as a Licensed Assistant and Operations Manager.

Melissa is originally from Ontario and has been a licensed Realtor since 2001. She specializes in both urban and rural residential real estate. She is a second generation Realtor and grew up in the business with her father who previously had a 35 year career as a Real Estate Broker who owned and operated his own brokerage. Her extended family members work in Property Management, Construction and Mortgage Finance, so she has been well versed in many aspects of real estate throughout her career.

Melissa moved to Vancouver Island for its gorgeous landscape, mild climate and quieter pace of life. She enjoys the island lifestyle which allows her to camp, hike and swim in the most picturesque settings with her family. Melissa is thrilled to be a part of the team at Stephen Foster Property Group!