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2961 Shakespeare St
Score
0
Victoria, BC

2961 Shakespeare St

1000K
4 bd • 3 ba • 2,213 sf

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

List Price

$999,888

Price/Sq.Ft

$452

Year Built

1989

AI Property Analysis

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

The Good

This 2,213 sqft property offers excellent value at $451.82/sqft, which is approximately 15% below the Victoria average of $530/sqft for similar homes. The 4-bedroom, 3-bathroom layout is ideal for large families, providing 20% more living space than the local average of 1,800 sqft. Its location steps from Hillside Mall significantly enhances convenience, with a likely walk score of 80+. The updated kitchen with modern appliances adds approximately $20,000-$30,000 in value. The suite potential offers an opportunity for rental income, conservatively estimated at $1,400/month based on local rates for 2-bedroom units. Proximity to top-rated schools (Oaklands Elementary, Lansdowne Middle, and Oak Bay High) typically commands a 5-10% premium in the Victoria market.

The Bad

At 34 years old, the property may require some updates and maintenance. The electric baseboard heating system is less efficient than modern alternatives, potentially leading to higher utility costs (estimated 15-20% more than homes with heat pumps). The lack of air conditioning, common in Victoria, may be a drawback for some buyers. The property's days on market (7) is slightly above the Victoria average of 5 days, suggesting potential pricing or condition issues. The median income in the area ($58,607) is lower than the property's price point, which may limit the local buyer pool.

The Ugly

Victoria's high property taxes (approximately 1.3% of assessed value) could result in annual taxes around $13,000 for this property. The potential for earthquakes in Victoria (seismic hazard value of 0.61g) may lead to higher insurance premiums and the need for costly seismic upgrades. The foreign buyers' tax (20% in BC) could significantly impact international demand. The property's age may necessitate major system replacements within 5-10 years, including roof ($15,000-$20,000), HVAC ($10,000-$15,000), and potential plumbing updates ($5,000-$10,000).

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 large families with household incomes of $180,000+ (based on a 28% front-end ratio). It suits buyers prioritizing space and location over modern amenities. Investors could benefit from the suite potential, projecting a possible 5-6% cap rate. The property is well-suited for those working near Hillside Mall or downtown Victoria, with an estimated 10-15 minute commute. Long-term buyers can capitalize on Victoria's consistent 5-7% annual appreciation rates.

Not For

Not suitable for buyers seeking turnkey, ultra-modern homes. The potential maintenance and upgrade costs make it less ideal for first-time homebuyers or those with limited budgets for improvements. The electric heating and lack of AC may deter buyers prioritizing energy efficiency. Not recommended for short-term investors due to high transaction costs (5-7% of purchase price) in BC.
Demographics
Area Median Income

$58,607

Property History

Price History
Ownership Timeline
$0Cash Purchase
Jun 5, 2009
Fuselier,Terry L Sr & YvonneGarcia,Albino
Warranty Deed
Transfer

Sunlight Analysis

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Sunlight Analysis

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Schools

Nearby school quality by education level

Middle

7.0/10
Good

Financials

Monthly Costs
Market Rent (4 bed)

$792

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Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Subject Property

Price
$999,888
Price/sqft
$452
Layout
4 bd•3 ba
Days on market
6 daysat time of analysis

Stats in the Area

Based on 1 comparable properties nearby

Average Price

$1,165,000

14.2%

Your price is 14.2% below average

Median Price

$1,165,000

14.2%

Based on 1 recent sales

Price per Sq.Ft

$601

24.8%

Your price is 24.8% below average $/sqft

Comparable Properties

1648/50 Gladstone Ave, Victoria, BC V8R 1S7
Price: $1,165,000
Sq.Ft: 1,939
Beds/Baths: 4/2
$/Sq.Ft:
$60133.0%
Sale Date: 10/12/2024

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