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Sunshine Coast Price Drop: How low will they go?
03-04-2014, 11:21 AM, (This post was last modified: 04-06-2014, 05:13 AM by Skook.)
#1
Sunshine Coast Price Drop: How low will they go?
(March 20, 2014 Update: I have changed the thread title. New posts to follow soon will illustrate why.)

I was checking for new Sunshine Coast listings and price changes also appear in the data. One of those price changes caught my eye and I thought, “Wait, didn’t that property drop its price not that long ago?” So, where could I go to check that this was a second price drop? I can go here - www.univs.ca

I’m not sure how long this website has been up, but I first started noticing it showing up in property searches late spring last year. The company name seems odd, but here is how they explain it:

Quote:'Univs' was inspired by the concept of 'Universal' online search accessible to everyone. All consumers are entitled to acquire full and complete database and knowledge for their Real Estate decisions.

So, one way they fulfill this mission is to give the complete price history, but only if the MLS# hasn’t been changed. I also look at Gary Little’s Interactive Real Estate Map; however, he only records the latest price change and there I could see the property dropped its price today from $455,000 to $439,000 (-$16,000). So, I headed to Univs and here is their pricing history for the property:

[Image: attachment.php?aid=759]

Univs hasn’t yet recorded the new price drop but I can see I was right that this is the second reduction in less than two months. So, the property was listed back in October for $468,000 and after two price changes the list price is now $438,000 - a total drop of -6.4%...so far. I say “so far” because as I pointed out in my Jan/Feb stats post yesterday, homes listed above $400,000 aren’t grabbing buyers' attention. For properties to move in that range, they seem to have larger lots (0.5ac plus), or a desirable location like Roberts Creek (where everything is more expensive), or be a new build that has already knocked off about $50-100 thousand.

Let’s take a closer look at this property…

[Image: attachment.php?aid=760]

This is an old timer that has been completely renovated inside and out; and, as you can see from the outside pics the owners have done a beautiful job with the landscaping. To take a look at the inside, visit the ReMax listing page.

I love this house. It is so typical of the old timers’ homes that dot the coast which is what really grabs my attention. It is a 1400sf, 4bd/2ba home and I can’t image wanting anything bigger. Personally, I can’t comprehend retirees who move to the coast and buy homes in the 2000sf+ range. Who wants to clean, maintain and pay taxes on all that wasted space.

The new list price is 25.4% above the 2014 assessment. The assessment has valued the “improvements’” at $91,800 and this has remained at that level over the last four assessments which I find hard to understand - it seems rather low to me. So, BC Assessments says it is the land that gives value to this home by a factor of just under 3.

The home sits on a corner lot at N Fletcher Rd/Corlett Rd in Lower Gibsons. You can access it two ways off Gibsons Way (via School Rd & N Fletcher) and via Marine Dr to School Rd. It appears to be in a great location; but, maybe not.

Many people who choose to move to the SC do so for a change in lifestyle. Many just want to get out of their damn car and start walking. That’s what I did living north of Pender and I continued that when I moved to Sechelt which is how I got to know the developments in West Sechelt, along the waterfront and into the village. I only took the car out of the driveway to get groceries. So, what could possibly be the problem with this home’s location…well, it’s the topography and here’s the Google Sreetviews to show you what I mean.

[Image: attachment.php?aid=761]

It is steep inclines up and down no matter which way you go - tough on the knee joints. The inclines could be an issue in winter, too. Gibsons can get more than its fair share of snow being so close to the North Shore Mountains and sitting there along Howe Sound. It could be an exciting slippery slide down those slopes on those snowy days and maybe impossible to drive up on some. But, I doubt any potential buyers would think about that.

I discovered I happen to be acquainted with the woman who owns this home. I don’t know how long she and her husband have lived there and if they are responsible for the upgrades or what they initially paid. I do know they are at retirement age and this likely is a factor in putting it on the market. It could also explain those price drops.

So, what is your take on this property? What do you think of the pricing? How far do you think it will have to drop to sell? Will this last price drop do the trick? I think if they get it under $400,000 it could move, but can they afford that drop or can they afford not to make the drop?

April 6, 2014 Update: SOLD!

The property changed hands about two weeks ago for $410,000 - total price drop from original asking price was $58,800 - down -12.5%.

That's not too bad since it went close to 25% above assessment. But, then again, we will never what profit the sellers made on the home. The new buyer should be pleased since I doubt any work will need to be done inside or out. So, my favourite little coastal classic is gone. I hope the new owners treat it kindly so it can be passed on, again and again.


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Sunshine Coast Price Drop: How low will they go? - by Skook - 03-04-2014, 11:21 AM

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