Pricing Real Estate on Cortes Island – Part 2: Finding True Comparables in a Unique Market
By Jeramie Ellingsen, Real Estate Advisor
In Part 1 of this series, I explained how I use the relationship between assessed value and actual sale price—currently averaging 1.04x on Cortes Island—as a foundational pricing tool. But the next critical layer in pricing is identifying true comparables. And on Cortes, that’s anything but straightforward.
Unlike urban markets where rows of near-identical homes allow for clean side-by-side comparisons, Cortes properties are wildly diverse: off-grid cabins, oceanfront estates, cooperative leaseholds, forested acreages, and everything in between. This diversity means I can’t rely on automated CMA reports or generic sales stats alone—I need to use discernment, context, and deep local knowledge.
When I evaluate comparables, I start by casting a wide net across recent sales, then carefully narrow the list based on the following:
• Property type and ownership: Is the property freehold, leasehold, or part of a land co-op? This affects both marketability and financing.
• Access and services: Is there road access? Is it on the power grid? Does it have year-round water and septic?
• Condition and improvements: What is the actual livability of the home today—not just its square footage or assessed value? Has it been well-maintained or is it functionally dated?
• Land use potential: Is the zoning flexible? Is there room to add a cabin, studio, or workshop? Could it be subdivided or rented seasonally?
• Emotional and aesthetic value: View corridors, privacy, garden infrastructure, natural features, and architectural charm all matter on Cortes—and they can’t be quantified in spreadsheets.
I also look at buyer motivation and transaction context. Was the sale arms-length? Was it a family transfer, a distress sale, or a bidding war? Those details matter when determining whether a comp reflects true market value.
Because of all these variables, pricing here is rarely a perfect science—it’s a careful blend of logic and instinct, numbers and story. My goal is to present pricing that reflects reality while also respecting the uniqueness and potential of each property.
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If you’re curious about the current market value of your property on Cortes Island, I offer free, personalized assessments that combine local knowledge with data-driven insight. Reach out anytime—I’d be happy to walk you through where your property fits in today’s market.
In Part 3 of this series, I’ll explain how I use buyer psychology and timing to position listings for maximum exposure—and how small pricing choices can make a big difference in outcome.
