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Sunshine Coast - Land Sales (2014 & Historical)
12-03-2014, 02:26 PM, (This post was last modified: 12-03-2014, 02:31 PM by Skook.)
#11
RE: Sunshine Coast - Land Sales (2014 & Historical)
Nov 2014 SC Land Sales

There were 5 vacant lot sales in November: 1 in Gibsons, 2 in Sechelt and 2 in Pender Harbour. 2014 year-to-sales have already surpassed last year’s total sales (54) by a good margin and at this pace could pass 2013 total sales (65) by the end of December. However, 2011 total sales (75) remain out of reach.

[Image: attachment.php?aid=1010]

November’s single lot sale in Gibsons is interesting and worth a more in-depth look. The lot is actually outside the Town of Gibsons, but Elphinstone (Area E) is included in the Gibson real estate market area.

The land in question is Lot 9 Sunset Place located in what was Phase 1 of the Georgia Crest subdivision up Harry Road. The red arrow in the lower right image below indicates its southern coast location (the numbers indicate active lot/land listings in the area). Zooming in on the “13” showed there are currently 11 lots listed in what is Phase 2 Georgia Crest. The Georgia Crest site plan shows all the lots for Phase 1 (#s 1-31) and Phase 2 (#s 33-56). The red arrow indicates our Lot 9 Sunset Place.

[Image: attachment.php?aid=1011]

I have no idea of the “provenance” of Lot 9 – in other words, how many times this “historical” half acre may have been flipped. I was able to ascertain that most recently it went on the market in March 2013 (V995123) at $149,000. The asking price was eventually reduced to $129,000. The lot was relisted in August 2014 at $129,000 and it sold in November for....drum roll, please...$122,000.

Now, I just so happen to have in my possession the June 2004 Georgia Crest Phase 1 Price Map which you can feast your eyes on below. Now, I think it is safe to assume that lot 9 likely sold for $124,900 which included the then 7% GST; so, the lot was roughly valued at $116,700.

Well, now, what do you think of that ten year return on investment if the seller was the original owner - beauty, eh?

[Image: attachment.php?aid=1012]

Let’s revisit those Phase 2 Georgia Crest lots currently listed. Using SC Realtor Gary Little’s fantastic Interactive Real Estate Map, I hovered over and clicked on Lot 34 and you can see the nearly half acre lot is priced at $169,500; however, included in the images uploaded with the listing is the original 2007 Price Map and back then the lot was listed at $219,500. I’ve also added two pricing tables showing those 2007 prices and the most current.

[Image: attachment.php?aid=1013]

My research seems to indicate that the $169,500 price has been around since mid-2010 and hasn’t budged since. Wow, a -22.8% drop in just three years – a fine example of what can happen to real estate and land value when there is an economic “shock” (2009 US-led banking crisis).

Now, it is important to realize Georgia Crest is in good company. You’ll find lots in Sechelt that likewise have been listed over 7 years and we won't even touch dear ‘ol Pender Harbour.


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RE: Sunshine Coast - Land Sales (2014 & Historical) - by Skook - 12-03-2014, 02:26 PM

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