Listed for $8.9 million in failed 2017 sale, beachfront home now assessed at $4.3 million

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      It was once listed as one of the most expensive homes for sale in Delta.

      It’s a half-hectare waterfront property with a 2,900-square-foot-plus home in the English Bluff neighbourhood.

      With sweeping views of the Strait of Georgia, 598 Tsawwassen Beach Road is indeed desirable.

      For $8.9 million, the owner was willing to part with it in 2017.

      But after 217 days on the market, the house did not sell.

      In 2019, the beachfront property was assessed at $4.3 million.

      Owner Kenneth McNames, who listed the property in 2017, believes that the assessment was too high.

      McNames thinks it should be assessed at only $2.2 million.

      The government's assessor for Richmond and Delta regards the assessment as fair.

      A B.C. property assessment appeal board settled the dispute, and confirmed the $4.3 million valuation.

      In a decision and order, panel chair Bruce Turner noted that listings, such as the one in 2017 of McNames', serve a purpose.

      “Listings do represent some evidence of the owner’s perception of their property’s value, but they are generally understood to set the upper limit of value,” Turner wrote.

      Turner looked at 10 waterfront properties in the same neighbourhood for comparison of land assessments.

      Turner found that the 2019 assessment of McNames’ property does not exceed market value.

      According to Turner, the $4.3 million valuation is “consistently determined along with those for similar properties”.