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Vernon : Real Estate Advice

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Thu May 8, 2014
sonicktruth asked:
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Wed Aug 5, 2009
Adam Rust answered:
You know the addage that the three rules of real estate are: location, location, location. So, the answer to your question depends largely on where these houses are located. Also, give careful consideration to quality of construction. There is a lot of new construction out there that is dressed up enough to make people think it's good when it really isn't.

I suspect that I know the two houses you are referring to. They sound like two places that are located close to Alberta park. Those units have a pretty sweet location, but I don't think that their finish quality justifies the asking price. I just sold a new construction house near NE Killingsworth & Rodney Ave. that had more square footage, much higher quality finish, at a lower price than what is being asked for the houses by Alberta park. One way to think of it is in terms of price per square foot. The place I sold went at $188/sqft. The places near Alberta park are asking $206/sqft and $215/sqft respectively. That's quite a difference in value, especially when the houses you are asking about have higher asking prices for a lower quality of finish. I think that it is fair to pay somewhere around $190/sqft for a well done house with nice finishes. For a house with mediocre finishes, I would suggest something more in the range of $175/sqft.

I hope this info helps. I am sure that a more precise answer to your question could be formulated by examining more specific information about the houses your are asking about as well as other comps.
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