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Sechelt Development - Edgewater at Porpoise Bay
09-15-2013, 09:54 AM, (This post was last modified: 09-05-2015, 12:46 PM by Skook.)
Sechelt Development - Edgewater at Porpoise Bay
I have already written three posts on the Edgewater at Porpoise Bay development but it’s time to get really serious about this project and I will tell you why in a moment.

The first post appeared in my ‘Dead Ducks, Non-fliers & Snake Oil’[/i] thread and actually was a serious post. I outlined the history of this development which first came to market in 2007 as [i]‘Waterfront at Porpoise Bay’. It was terrible timing for its Vancouver-based developer, Onni Group, with the stock market melt-down on the horizon. The project was put on hold and brought back to life in 2010 as ‘Edgewater at Porpoise Bay’ and, once again, Onni’s timing stinks with the SC in a real estate melt down. I think Onni needs to trade in its crystal ball for a newer model.

My second and third posts were not quite so serious. No, not quite. In both, I was nominating Onni for the Vancouver Peak RE ‘Magical’ Marketing Award. You can view the first nomination post here and the second nomination post here.

So, why this new thread? It just so happens that last week Onni listed four of its yet-to-be-built townhomes on MLS so it is time to give the development a spreadsheet. I think the fact that it has done so means its own pre-sale endeavour was the pits over summer. Of course, it doesn’t help when you give conflicting information about when the Sales Centre is open. On its company website, it says the Sales Centre is open every Saturday and Sunday while on the Edgewater website it says it is open daily except Tuesdays. So, if you showed up on Monday, Wednesday, Thursday, or Friday was it open or closed? Well, I guess that happens when you're juggling so many projects in the air all at once.

[Image: attachment.php?aid=407]

I see Onni has added a Gallery to the Edgewater website. I’m not sure how long it has been there because they don’t make it very obvious (Gallery link is in top right corner of home page). I have a feeling it was recently added along with the ‘Media’ link which has only two examples of coverage - both from this past August.

I have posted a few examples of the computer generated interior renderings below - yawn. These new condo/townhouse developments are all starting to look the same on the inside - boring, really, really boring. Note, the recessed book shelves on either side of the fireplace and the recessed built-in buffet in the dining area do not show up in any of the floorplans. Perhaps, both are options?

[Image: attachment.php?aid=408]

So, the project received media exposure on August 20th when the Vancouver Sun purchased Coast reporter Christina Symons' independent piece (hence ‘Special to the Sun’) in the byline. The article went out over the newswire and I noticed via Google that it was reprinted in the Ottawa Citizen and perhaps by others in the chain. However, as I said above, the fact Onni is now listing units likely means the publicity didn’t amount to much so Onni will have to bite the bullet and pay commissions on any sales via Realtors. But, you know, I don’t think there will be very many at least not this year.

So, here is the 'Edgewater at Porpoise Bay' spreadsheet. As you can see, four townhomes have been listed and they are in the second and third rows away from the waterfront. No waterfront townhomes are on the block and I think it is because Onni doesn’t like being laughed at. It will be interesting to find out what Onni feels the waterfront units are worth if and when it ever decides to make it public. I noticed in the Symons Van Sun piece she only lists the ‘starting from’ price. I am guessing based on what Onni wants for Floorplan D units ($514,900) that the waterfront townhomes are approaching the $750-$800,00 mark. Sure, go for it.

[Image: attachment.php?aid=409]

I have gone through all the floorplans (I will attach them at the end of the post) and the waterfront units (floorplans A & B) are each two storeys in height. All other units in the two rows back are three storeys in height. So, will they manage a peak at the water? They might if the owners choose to live in the master bedrooms on the third floor and likely only if they are standing up. By the way, Onni offers no outside images of the these three storey townhomes and I wonder why. I would recommend reading the fine print at the bottom of each floorplan - the answer may be there.

I have one final note to make about the project - remember folks this is only Phase 1 and amounts to only a quarter of the overall total development which you can see below. Cozy, real cozy. Where are all these 116 individual buyers coming from? If Onni knows the answer to that one, I am sure other SC developers would be willing to pay.

[Image: attachment.php?aid=410]

It is really is difficult to understand why Onni is proceeding with this project given the state of SC RE market right now. I guess the company is tired of bleeding money on this site and is willing to give it a go. They must have shelled out a few million at least since 2007 preparing two separate development plans, marketing for both, and having to attend countless DOS council and planning meetings. But, they know there is a risk which is why Onni has demanded flexibility from the DOS and asked for up to four years to meet its ‘go-ahead’ obligations.

Over half a million bucks for 'Floorplan D'...ROFLOL...jeeez, enough already; you're killing me!

Here are the Edgewater at Porpoise Bay Floorplans (and note the disclaimer at the bottom of each floorplan):

.pdf   Edgewater-Plan-A.pdf (Size: 681.82 KB / Downloads: 617)

.pdf   Edgewater-Plan-B.pdf (Size: 638.43 KB / Downloads: 597)

.pdf   Edgewater-Plan-C.pdf (Size: 673.68 KB / Downloads: 523)

.pdf   Edgewater-Plan-C1.pdf (Size: 715.14 KB / Downloads: 571)

.pdf   Edgewater-Plan-D.pdf (Size: 664.21 KB / Downloads: 585)

.pdf   Edgewater-Plan-C2.pdf (Size: 634.74 KB / Downloads: 533)

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Sechelt Development - Edgewater at Porpoise Bay - by Skook - 09-15-2013, 09:54 AM

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