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Wakefield Beach
10-20-2013, 10:45 AM, (This post was last modified: 10-20-2013, 10:57 AM by doondog.)
#9
RE: Wakefield Beach
You are welcome for the information Skook, I hope it is of some help to you and others reading the forum for their own considerations.

We enjoyed our Sunshine Coast and Sechelt living during the time that we were there including owning a property further up towards the Pender Harbour area as well. Both were beautiful spots but we were not paying close enough attention to the underlying conditions in the real estate market to recognize things were far from stable there at either end of the coast. Watching prices drop and properties listed forever it seemed caused us as it would most serious concern and we sold both of our places and returned to the lower mainland but do miss the calm and serenity of the Sunshine Coast. We don't miss the ferry system though as it always felt like we had a curfew imposed upon our travel plans let alone the increasing cost and often frustration of the entire system itself as charming as the short ride to or from Horseshoe Bay is. I miss that sodium laced gravy though on those expensive french fries on the ferrySmile Yummy otherwise!

We found the people friendly everywhere for the most part but as an outsider you never quite were accepted as a local regardless it seemed of how long you owned property there either on a permanent residence basis or a recreation usage. Things are expensive there though as there is little competition amongst retailers such as on the Mainland and sometimes if you needed something around the house or elsewhere right away you would have to order it in and wait for it or until the next trip off the coast.

The Geothermal was very nice to use and surprisingly efficient but at the Wakefield I don't believe the Property Managers and Councils properly or adequately service the homes systems as they are required to do under the service contract with the original supplier of the system used by both complexes. This may have changed but at BCS3079 the Council initially was completely unaware of the need and their responsibility to do so right down to the supply of the filters for the systems from unit to unit. These are not inexpensive to repair or replace as and when necessary and hopefully they have adopted a better approach to the regular inspections and maintenance for these and budgeting for the future in this regard. I would live where these type of heating/cooling systems were originally installed again but as a consumer I don't think I would make the costly expenditure to have a system installed believing personally that the true cost benefits take an extraordinary time to adjust and balance themselves out.

We have considered returning to the coast to capture a lower cost of living by virtue of the current property pricing but have no true sense of where a bottom might be for anything up there regardless of what or where it is and knowing full well that selling afterward can be a disappointing and expensive proposition and a financial risk to anyone as the stats and data the past few years support. I am aware of properties further up in the Garden Bay/Daniel Point area that have been listed now in excess of 5 years with no takers and if not mistaken there is a statistical supply in excess of 8+ years of vacant serviced building lots available. Pender Harbour Landing and Whittakers are just two examples of this and both beautiful projects but very few homes built even 6+ years after their completion and at Whittakers 4 out of the 6 homes actually ever constructed are currently listed for sale on the MLS and my best wishes to anyone trying to recover their initial capital outlay for these as nice as they are. I think the developer still has 9 unsold lots remaining and they have been unsold for many years since the inception of the project. The same holds true for Sakinaw Ridge where some of the prime lots such as No.21 languish for buyers at half their original listing prices and a subsequent insolvency of the first developer. Few homes have been built 6 years past the asphalt being placed and again a lovely and scenic setting for those that chose to build and live or vacation there themselves so far. As many may be aware some of these lots sold a while back at a Ritchie Brothers Auction for what appeared to be bargain basement prices but once placed back on the MLS and resale market for a quick flip proved otherwise as the sales data once again will prove.

In keeping with this and in respect of the new waterfront twin condo development in the heart of Sechelt why anyone would spend significant capital for some of the very high end units all the while and with sincere respect co-living with subsidized housing amongst it so I understand is beyond me personally though I do recognize and appreciate the need for affordable housing especially on the coast for those less fortunate so it is a classic Catch 22 I suppose. Reading and comprehending all of the terms and conditions of its DISCLOSURE STATEMENTS are critical and it is Caveat Emptor otherwise or buyer beware in simpler terms. Few buyers ever read these critical documents carefully enough even though they have to endorse their signatures for a purchase agreement that they had and understood all that was set out. They are the Blueprint to a development if you will and I wish I had a nickel for every time I heard someone say "I didn't know" yet out there somewhere is their own signature verifying that they did. Only time will tell how this plays out. Strata life so commonly turns out to be strata strife! I would not be in a hurry to get your money back out of any of these investments either anytime soon so you better want to live in or use these for recreational usage and set aside any notion of a quick or beneficial investment return at least in the foreseeable future I suspect. I hope I am proven wrong but for now my hand remains firmly placed on my chequebook while in doubt.

Aside from that it is worth exploring either as a vacation visitor or for those considering retirement with the hospital in Sechelt expanding and respected. Clearly though it is not a young persons place to stay forever and there is a very greying demographic to its residents and citizens and they tend not to spend a lot of money to keep local business alive and thriving as they require in order to do so even though everyone does support these as best they can when and where possible. I don't think a Costco is coming to the coast anytime soonSmile

Thank you for your own hard work in researching and posting your own material here Skook, it too has been a real eye opener for us and appreciated very much as I hope others that read it do as well.

Back again another timeSmile

Take care,

doondog,
Reply


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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