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Wakefield Beach
10-20-2013, 08:48 AM, (This post was last modified: 10-20-2013, 08:53 AM by Skook.)
#8
RE: Wakefield Beach
Fantastic info, doondog! Thank you for taking the time to put it together and posting it. I will redo my spreadsheet at the earliest opportunity and repost it in my thread.

I’m sitting here thinking about the poor sods that bought Unit 4 - 6496 Ember. So, according to your data, Unit 6 - 6500 Ember sold the same day for almost $200K less (including GST) - same height, same square footage. So, how could this happen? I have these thoughts on this.

Presales for Phase 2 began in the Fall, 2007 - right when the stock market went belly up. You can see by your sold date data that none of these units began moving until almost a year later when investors began to feel more confident the world was not ending as a result of the financial mess in the States. By this time, Phase 2 construction would have been nearing completion,too (late 2008/early 2009?).

Now, Phase 2 sales were handled strictly by the developer (as initially with Phase 1) and not one unit was ever listed on MLS during the pre-construction phase; therefore, I assume the developer then is at liberty to set and sell at whatever price he wants. Also, the developer (any developer) wants to send the message that the development is a ripping success if possible and you do so by selling your units. So, here is the big question…who bought units 5 & 6? Were these buyers known to the developer? Were the buyers perhaps Realtors? With either scenario, the developer might have given them a deal on the price as a means to help spur sells - better to lose a little profit early if it helps to sell out the development in the long run. What is interesting to note here is that the first “flip” of any unit in Phase 2 occurs in 2011 and it is Unit 5 - 6498 Ember. It was listed for $569,500 (original purchase price if you remove the GST?) and sold on May 16, 2011 for $552,500. (Question - would the initial buyer of this unit have applied for and received a GST rebate - I believe this can be done if the purchase is for a primary residence.)

I wonder if the buyer of Unit 4 had been represented by a Realtor as a go-between with the developer if this situation could have been avoided. Unit 5 sold one month earlier and though its purchase price was not available through MLS, the sale would still have had to been registered. A Realtor could have performed a title search perhaps on any units sold previously and better to pay a Realtor a small commission then overpay by $200K. Now, I am only guessing this might be possible and I honestly don’t know for sure if this would have helped. I can only image how the buyer of Unit 4 felt after learning what the other units sold for - sick to their stomach, I am sure.

doondog, if you have anything at all you would like to post about in the Sunshine Coast forum - like your thoughts on living in Sechelt at the time, your experiences with geothermal heating (its pluses and minuses which would be very interesting!), anything at all - please feel free to jump aboard! It's not so lonely here now that you and punnoval have begun to share your thoughts and experiences...Big Grin
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Messages In This Thread
Wakefield Beach - by doondog - 10-14-2013, 09:34 AM
RE: Wakefield Beach - by Skook - 10-14-2013, 09:53 AM
RE: Wakefield Beach - by doondog - 10-14-2013, 11:56 AM
RE: Wakefield Beach - by Skook - 10-14-2013, 03:51 PM
RE: Wakefield Beach - by doondog - 10-17-2013, 09:02 PM
RE: Wakefield Beach - by Skook - 10-18-2013, 07:47 AM
RE: Wakefield Beach - by doondog - 10-19-2013, 07:17 PM
RE: Wakefield Beach - by Skook - 10-20-2013, 08:48 AM
RE: Wakefield Beach - by doondog - 10-20-2013, 10:45 AM
RE: Wakefield Beach - by Skook - 10-20-2013, 11:15 AM

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