Salt Spring Island house prices and replacement cost

Salt Spring Island house prices and replacement cost... I watch the house prices every day that is part of my job but sometimes I'm just shaking my head at the asking prices.

Now I'm not allowed to talk about other listings so this is just example not about any one listing.

Now lets say a house was listed at 4 million and it was a very nice place. Here is my test for the value of the house;:

1. can the house be duplicated on a empty lot near by,
2. is the house so unique it could never be duplicated,
3. how traditional is the design is it way out there or does it have good Carma.

Now if the 4 million house could be duplicated and you could by a lot near by for less that $1,000,000 that would leave you with $3,000,000 to build even if you where going to pay $500 per sq ft to build (about twice the norm) and built a 4000 sq ft house you would still have money left over.

So if the house does not stand up to this simple quick test it wont sell and the proof is the Days on the Market once a house has gone over a year it is time for the sellers to seriously lower the price.