ome years ago I dropped in to see an elderly gentleman who wanted to
sell his cottage. Following his instructions, I arrived at the end of a
long road, and there, separated from the world beyond a thick hedge, was
a rundown cottage nestled neatly on the near side of a treed lawn. The
lawn followed a shimmering waterfront beach as together they disappeared
into the woods and around the corner of the lake. It was an idyllic
setting, even if the house did look a little rough.
The owner greeted me and showed me through the place with great pride.
There was a lot to criticize in the house, but there were three bedrooms
and a functional kitchen and bathroom. We discussed the value and the
price, rarely the same figure, and then he showed me his survey plan.
The property was broken up into two waterfront lots and three lots on the
other side of the road. Each one was significantly substandard, but all
taken together, he had most of an acre of land. "I've got 5 lots," he
told me. "That makes it worth a lot more money. I could sell these
separately." I could imagine the major asset of the property, its
privacy, being carved into five. I expressed my reservations and he told
me he'd get back to me.
Some weeks later, having heard nothing despite a couple of calls, I
decided to wander over and see how he was doing. When I arrived I found
instead a young couple who happily told me they had rented the house for
the summer. They were delighted with their find and extolled its privacy,
explaining how many inconveniences they would put up with for just such
an intimate place. We exchanged pleasantries and I left them my card. I
concluded that the owner had decided not to sell and put it out of my
mind.
The next weekend I received a call from the tenants. They asked me
if I could drop in. When I arrived, to my shock and horror there was a
gigantic silver and red trailer parked on the lawn beside the house. I
thought the tenants had brought it there, but when they came out of the
house, their faces told the whole story. The old gentleman was puttering
around, hooking up the beast. "Is he allowed to do that?" the tenants
asked me. "What can we do?" There was really nothing much to be done. I
could imagine three other trailers across the road by summer's end.
A country property is best conceived as an affair of the heart. Its
highest value will result from the pleasure you take in using it, not in
some scheme to exploit it. The Laurentians is a recreational playground
of great beauty that can offer something for a wide variety of tastes. It
is a place where thousands of families come to relax and play together,
winter and summer. It has lakes, ski-hills, trails, gardens, restaurants
and much more. Shifting the paradigm to the perspective of the developer,
though, it is a graveyard of failed projects. Surveyor's offices and
municipal registries are full of plans and subdivisions that should never
have been done. Curiously, many people have sold their country cottages
and done very well. They have discovered that highest and best use on the
market is the same one they enjoyed. They have simply sold that which
gave them pleasure.
Return to What's it Worth index