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2918 Shelbourne St #1
Victoria, BC

2918 Shelbourne St #1

$898,500
3 bd • 3 ba • 1,523 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$898,500

Price/Sq.Ft

$590

Year Built

2010

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This end-unit townhome at 2918 Shelbourne St #1 offers exceptional value with its prime location and unique features. At 1,523 sqft, it's 15% larger than the average Victoria townhome (1,325 sqft). The price of $589.95/sqft is 5% below the Victoria average of $620/sqft for similar properties. Built in 2010, it's relatively new, reducing immediate maintenance concerns. The property boasts exclusive features like extra surrounding green space, full-height windows on all levels, and a private south-facing sundeck. Its location near major shopping, schools (including Camosun College and University of Victoria), golf courses, and public transit adds significant value. The 9-foot ceilings and open floor plan enhance the sense of space, while high-end finishes like granite counters and stainless steel appliances add luxury appeal. The three levels with 3 bedrooms and 3 bathrooms offer versatility for various lifestyle needs.

The Bad

The property has been on the market for 146 days, significantly above the Victoria average of 30-45 days, suggesting potential pricing or market challenges. The price has been reduced multiple times, from $999,500 to $898,500, a 10.1% decrease, which may indicate initial overpricing or changing market conditions. At $898,500, it's still above the median home price in Victoria (approximately $780,000 in 2024), potentially limiting the buyer pool. The electric baseboard heating system may be less efficient and more costly to operate compared to modern heating systems. The property is part of a small complex of only 7 homes, which could lead to higher individual costs for shared maintenance and potentially more challenging HOA dynamics.

The Ugly

The repeated price reductions (3.4%, 2.1%, and 5.0%) over a short period suggest potential market resistance or underlying issues not immediately apparent. This could impact future resale value or indicate a declining local market. The HOA fees and terms are not disclosed, which could be a significant hidden cost, especially in a small complex where individual unit costs might be higher. The property's proximity to major roads and institutions like UVIC could lead to noise and traffic concerns. Victoria's seismic activity risk is a long-term concern, and the building's resilience to earthquakes should be thoroughly assessed. The median income in the area ($50,592) is relatively low compared to the property price, which could impact future appreciation and rental potential.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is ideal for professionals or small families with a household income of $150,000+ annually, considering the $898,500 price point. It's perfect for those prioritizing location and modern amenities, especially individuals associated with nearby educational institutions or who value proximity to urban conveniences. The layout and features make it suitable for professionals working from home, with potential for a home office setup. Downsizers from larger homes in Victoria looking for a low-maintenance lifestyle without sacrificing space and luxury will find this appealing. Investors could also consider this property, with potential rental income around $2,800-$3,200 per month for a 3-bedroom unit in Victoria, although the yield may be modest given the purchase price.

Not For

This property is not suitable for first-time homebuyers or those with incomes below $150,000, given the high purchase price and potential additional costs. Families requiring more than 3 bedrooms or extensive outdoor space may find it limiting. Investors seeking high rental yields should be cautious, as the potential rental income may not provide attractive returns relative to the purchase price. Those sensitive to noise or preferring more secluded environments might find the location too busy. Buyers looking for single-level living or those with mobility issues may struggle with the three-story layout.
Demographics
Area Median Income

$50,592

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Risk Assessment

Risk Analysis

The property's extended time on market and price reductions signal potential resale challenges. Victoria's real estate market has shown signs of cooling, with a 6.4% year-over-year decrease in benchmark price as of January 2024, which could impact future appreciation. The small HOA (only 7 units) poses risks of high individual costs for major repairs or improvements. Seismic activity in Victoria presents a long-term risk, requiring thorough insurance coverage and potential retrofitting costs. The electric baseboard heating may lead to higher energy costs, especially with rising electricity prices. Proximity to major institutions could result in seasonal fluctuations in the local rental market, affecting potential rental income stability.

Financials

Monthly Costs
Market Rent (3 bed)

$1,789

Get a detailed rental estimate on Zillow®
HOA Fee

$522

Price History

Location & Comparables

Subject Property
Comparable Sales
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