2015 Sunshine Coast Land Sales

[Skook]

April & May 2015 SC Land Sales

Land is a hot commodity on the Sunshine Coast which shouldn’t be a surprise after 10 years of more or less stagnant sales – it’s got to turn sometime and with this being the year of really cheap money (low interest rates) what a perfect opportunity to snap up similarly priced dirt cheap lots especially in Sandy Hook – where all April sales in Sechelt took place. With prices from $60,000 (0.18ac) to $95,000 (0.76 steep highbank waterfront), I wouldn’t be surprised if those Sandy Hook lot purchases are strictly investments – wouldn’t be my choice locale but I’m not buying.

Three lots moved in Roberts Creek in April – all acreages: 4.17; 6.37; 9.52. Given their final sale prices of $310,000 to $450,000 all were well away from the ocean with two of the holdings located on the “other” side of the highway. Lot J Spruce Rd (6.37ac at $450,000 – last list was $510,000) had a list write-up that sets the tone for SC 2015 land sales:

Quote:Prime development acreage well located in lower Roberts Creek with access off Marlene Road. Current zoning permits 1/2 acre parcels in this area. Develop now or hold for later, build on portion and develop remainder? PLA [sic] for 11 lots is in the final approval stage.

Maybe the buyer got the discount because the final approval hasn’t quite arrived yet? Hey, but it’s still a bargain at these interest rates, right?

One highbank waterfront lot sold up in Pender Harbour in the Sakinaw Ridge development (Garden Bay) – lots that have been hanging around for nigh on a decade. The 1.82 acres sold for $361,000 (last list $395,000). Would you believe the 2011 Assessment for this property was $566,000?

The big market area for land sales in April was Gibsons. I tell you the area is hot, hot, hot and how do I know? Because, two lots sold in Georgia Crest Phase 2 and one up in Vista Ridge. Nine lots moved with 6 under 0.50ac ($117,000 to $220,000) and three were acreages (4.32; 9.06; 22.0) with sale prices from $150,000 to $282,500. The 22 acres went for $230,000 (last list was $269,900. Why so cheap? Well, the listing write-up says it all:

Quote:Level south west ocean view acreage overlooking the Georgia Strait. This property is a total of 22 acres in size, however the usable plateau is 0.67 of an acre. The zoning allows for two full size homes. There is underground servicing to Lot line which includes natural gas, hydro and water. Quiet private family neighbourhood and sunsets from your new home. Call today for details!

As for May sales, there were two winners: Roberts Creek with 5 sales (all less than 0.50ac) and Pender Harbour also with 5 sales. However, looking at land mass Pender wins hands down with 4 large acreage sales – the biggest coming in at 1,783 acres. That’s right, but technically those acres aren’t in Pender but 30 miles up Jervis Inlet. The sale comprised of three district lots located past Malibu Rapids and inside the beautiful Princess Louisa Inlet. Here’s the list write-up typos and all:

Quote:DL 3516, 3517 & 3519 PRINCESS LOUISA INLET, EDGMONT [sic]. Situated approx. 100 km's [sic] North of Vancouver in Princess Louisa Inlet on the Sunshine Coast. Private retreat & land bank for long term investment. Timber resourse [sic] or conservation project. A rare opportunity to purchase such a significant oceanfront acreage so close to Vancouver.

The last list price for the three DLs was $3,600,000 and they went for $3,200,000. And, it’s Egmont not Edgmont and 100 km not 100 km’s (there is no plural designation because ‘km’ is a symbol and besides you’re indicating a contraction or possession) and resource not resourse. Jeez.

Now, for me the land sell of true note occurred in Halfmoon Bay although it’s being credited to Sechelt. This sale is noteworthy for two reasons: the first, because I wrote about this listing in March 2014 and the second, because the buyer got it – big time. So, back on March 5, 2014 when I posted about these 160 acres, they were listed as DL2389 Sunshine Coast Hwy Halfmoon Bay. At that time, the land was listed with Royal LePage Sunshine Coast, but Sotheby’s kicked things off in 2013. Neither company had any luck moving the land...so...time to bring in the big guns...George Wong & Lily Korstanje of Vancouver-based Magnum Projects Ltd which you apparently turn to for “High Calibre Project Marketing”.

Yessiree, with Magnum we’re after the Asian buyer. But, first we have to tidy up the address (9150 Highway 101 Sechelt) because we don’t want any Google search to point back to those old Halfmoon Bay lists since we’re upping the price by +60% to $6,380,000 from $3,980,000. Next, we have to freshen up the list write-up to appeal to our target audience:

Quote:Located in Sunshine Coast. The property is located in the community of Halfmoon Bay, which is about 7 minutes north of the Town of Sechelt. Halfmoon Bay is also only 40 minutes from the ferry terminal at Langdale and Gibsons. The area is also accessible by air, with regularly scheduled seaplane service into Sechelt, form [sic] both Vancouver and Richmond. Halfmoon Bay is a quite an eclectic area, in that many artists, movie stars, and business people from Vancouver and elsewhere live there, at least on a part time basis. It also features one of the best schools in BC. The property, itself, is 160 acres in size and it is located adjacent to Highway 101, which is the main Highway in the area.

Yep, there are the keywords in order of importance: Vancouver, Richmond, artists, movie stars, business people, best school – nothing else matters, the rest is fluff. (I think that “best school” might be the Pender Harbour Highschool which pushes out an amazing number of provincial scholars each year relative to its size – that’s my guess do correct me if I’m wrong.)

For comparison, let's look back to early last year and see how Royal LePage Sunshine Coast hope to garner interest...

Quote:Stunning 160 acre view parcel 2 minutes from the waterfront Government dock & hamlet stores of Halfmoon By. BC DL 2389 is zoned RU-4 & has been fully prepped for a single/multi family development. Major road networks throughout the property with beautiful build platforms take in wide open ocean views to the south & west. Surrounded by crown land forest on 3 sides the property has been selectively cleared with lots of arbutus trees, 4 large water pond/lakes. Graded roads built to suit further development lead to rocky outcropping & terraced building sites. Located 10 minutes past Sechelt in the heart of Halfmoon Bay, this is very unique offering. Tremendous investment/development/or property holding opportunity.

Hmmm, fascinating.

Of course, we can’t be sure If Magnum sold the property or another agency or if it was bought with HAM (Hot Asian Money); but, I think if I were the buyer and saw this listing history image below I’ld be right choked.

Note: Regardless of the MLS listing, I am not giving the sale of these 160 acres to Sechelt but to where they actually belong - in Halfmoon Bay stats. As a result, my chart shows no land sales in Sechelt in May and 2 sales in Halfmoon Bay.