Before discussing Crown Isle real estate, let’s mention how Christmas in Crown Isle is magical. Drive around this community of high-end homes at night and take in the Christmas decorations and lights. There are a number of social events that take place at this time of the year as well. The Christmas Market at Crown Isle takes place on the 15th of December along with a breakfast with Santa. Do not forget about the Christmas Dinner Buffet on the 25th of December at the Crown Isle Resort.
What about real estate? The Crown Isle Resort and Golf Community is a jewel in the Comox Valley real estate market. While it only accounts for a small faction of the overall home sales in the Comox Valley, it does account for a significant number of high-end executive and luxury home sales.
The entry level for single-family homes in Crown Isle was about $600,000 in 2017. At the end of 2019, these same homes are being sold for about $750,000. A total of 36 homes exchanged hands as of mid Dec 2019. Prices ranged from a low of about $571,000 to a high of 1.04M. Most of the home sold were above $700,000. Ranchers and ranchers with bonus rooms were among the most popular styles of homes sold.
In 2019, only one home sold for more than $1M. Prior to 2010 there was one home that sold above $1 million and the next million-dollar sale did not occur until 2013. Five years later there were four million-dollar sale in 2018. As of mid December 2019, there were five homes listed for more than a million dollars and time on the market varied from 11 days to 120 days. Clearly, this luxury homes market has gone through some interesting cycles, particularly those of 2018 with the wild swings in prices month to month. As of the writing of this update, there were 27 homes of all types on the market in this golf course bordered community, and their time on the market ranged from 11 days to 331 days. Like all real estate markets, Crown Isle is local and it is affected by a number of local influences.
Yes, 2018 was a significant real estate year in Crown Isle but at the end of 2019 there are definite signs of change and more stabilization. Prices are starting to follow a more normal cycle and prices, in a number of instances, have stabilized and even corrected downwards slightly is some segments of the home market. This resale home market has been in direct competition to the new home builders’ market that continues strongly as it moved to encircle Crown Isle Drive and extend down Crown Isle Boulevard towards the Comox Peninsula. Having said this, soon, the new homes market will taper off as lots for sale have dropped in numbers commensurate with this development approaching its capacity. As new construction tapers off, it will shift outside of Crown Isle to the next big home development that is expected to be approved for Union Bay. If you are looking for a luxury home in an established high-end neighbourhood close to many amenities, contact Brett for more information on Crown Isle.