Sprawling waterfront properties continue to rank as some of the highest-valued real estate on the mid-Island assessment roll this year.
B.C. Assessment recently released its annual Top 100 properties for the mid-Island and the 10 priciest homes in the Nanaimo-area. Ladysmith dominates the list with 34 per cent of the luxury properties and a waterfront spread worth double the top-valued mansion in the district.
But Lantzville and the Harbour City aren't too far behind when it comes to boasting expensive real estate, tying for their equal number of the pricey waterfront addresses along Dickinson Road, Hammond Bay and Stephenson Point.
According to B.C. Assessment, an oceanfront mansion with a sprawling lawn and pool at 6970 Dickinson Rd. tops the list of highest valued local properties, with a total taxable value of $2.7 million. The property is followed by a new cliff development in Nanaimo on Hinrich View near Hammond Bay which is assessed at $2.66 million and the old Beban Estate home on 3576 Planta at $2.15 million.
Real estate agent Troy Gibson isn't surprised by the location or value of top real estate. People have always paid more for coveted waterfront homes and Lantzville and Nanaimo boast much of the desired property. "We have beautiful waterfront property- and unique (parcels of land) on Arbutus Ridge and Benson Meadows where people are building luxury homes," Gibson said. "And we've never seen prices as high here as on the Lower Mainland . . . where there is a different demographic willing to pay the high prices. It's about supply and demand."
B.C. Assessment shows the top valued residential property in Surrey is worth $14.1 million and a Point Grey residential property is assessed at $39.3 million - more than twenty times higher than the highest valued property in Nanaimo or Lantzville.
Gibson adds that most of the assessments will reflect what the waterfront homes will go for on the real estate market, since numbers are based on market activity. This year there was a "softening," he said, with a trend towards lower priced homes. It accounted for a two to three per cent drop for some Nanaimo properties.
But there is also always the chance for properties to buck the assessment if demand is high enough. A waterfront home near Neck Point sold $100,000 over its asking price this year for $1.45 million. Agents are currently trying to sell the estate at 3576 Planta Rd. for close to $3 million for its "prime development potential" while the well-known Jessie Island is going for $3.9 million-the assessed value is $1.6 million.
Other notable homes include Ladysmith's waterfront spread at 11800 Elliot Way, which is the highest assessed property in the mid-Island at $4.06 million and 3598 Juriet Rd., valued at $3.3 million.
TOP ASSESSED PROPERTIES
1. 6970 Dickinson Rd., Lantzville: $2.7 million
2. 5025 Hinrich View, Nanaimo: $2.66 million
3. 6952 Dickinson Rd., Lantzville: $2.2 million
4. 3576 Planta Rd., Nanaimo: $2.15 million
5. 3384 Stephenson Pt. Rd., Nanaimo: $2.07M
6. 7386 Lantzville Rd., Lantzville: $2.04 million
7. 3560 Planta Rd., Nanaimo: $2 million
8. 3374 Stephenson Pt. Rd., Nanaimo: $1.9M
9. 3127 Northwood Rd., Nanaimo: $1.84 million
10. 6998 Strait Rd., Lantzville: $1.74 million
© Copyright 2013