Luxury, executive, and million-dollar homes are all part of the real estate menu at Crown Isle. Now that we are past the half way point of the COVID-19 year, where is this local housing market headed?
Crown Isle home prices started their climb around the end of 2017and they peaked in the summer of 2018. Since that time there has been a slow but steady decrease in prices until the end of August of this year. The average price of a home remains about 150 thousand dollars above where it was three years ago. At the end of August, the average price was just above $800,000 while the median price was about $750,000.
When discussing Crown Isle, there are several factors that need to be considered. First, the age of the home makes a difference because of the difference in building codes that applied when the home was built. Today’s standards are higher, and for some aspects of a home, significantly higher. The additional systems that have recently been made part of the building code cost more money and the changes to the code have resulted in changes to indoor air quality and thermal comfort. These all come with a cost and new homes are more expensive to build. Second, when homes were first built in crown isle in the 1990s, many of the homes had shake roofs. Now, they have tile roofs. The cost of these two different coverings is fairly significant and it is reflected in the price of homes from then and to now.
As time has passed, builders have offered and added many more features in homes that have been both functional and decorative. Kitchens and master bathrooms are always a focus but other areas such formal dining rooms and specialty rooms like home theatre rooms, panties and wine cellars have also received attention. Beyond these types of indoor differences, the overall level of finishing has increased in many homes over the years. Wainscotting, and increasingly elegant ceiling shapes and levels of trim have all been part of the process to enhance beauty and elegance in these high-end luxury homes. However, while all of this has happened lot sizes have generally become smaller. These are just a few of the many factors that need to be considered when trying to compare homes built in the 1990s, 2000s, 2010s and today. Comparisons are often apples to oranges when it comes to custom built homes so it is important to have expert knowledge of the area and of the homes. This is gained by first-hand knowledge of the homes by being in them to see them all of the differences in person.
Crown Isle is an amazing place to live and while there are still a few lots available in the main part of this development, they are quickly running out. This neighbourhood is the jewel of the homes market in Courtenay. Soon the main part will be fully developed and only offer resale homes on the local market. Why not drop by and see this area for yourself? It remains a bargain compared to comparable residential neighbourhoods on the mainland.