One of the most asked questions in real estate. Second only to why are houses in Fernie so expensive?
The most often used method of appraising the value of one's home is by using the Comparative or Market method. This process involves collecting and analyzing market sales data for similar properties which have recently sold. This method operates on the principle of substitution, which assumes that the market value of a subject property will be comparable to prices paid for similar properties.
Often when working with a buyer I will break down the price of homes into cost per square foot. ie. 1000 sq foot home sells for $300,000. Cost per square foot will be $300 (300000/1000).
Based on sales in the past 6 months, here are the costs per square foot to purchase a detached home in various neighbourhoods in Fernie.
Annex - $199 per sq. ft.
Airport - $188
Coal Creek - $169
Downtown - $208
Golf Course - $251
Ridgemont - $257
West Fernie - $210
Other mountain towns.
Golden - Downtown - $169
Whistler (Up to $1000000) - $538 per sq. ft.
We're still a bargain compared to Whistler and we have way better skiing than Golden.
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Ryan
(ryan@c21maximum.ca)
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