Sechelt Development - SilverStone

[Skook]

SilverStone - Part 2

The first SilverStone press mention that I could find on the net is dated September, 2006. This Vancouver Sun piece titled, “Eternally summer: Sechelt - 30 lots above the strait latest sounding of retreat residency on this coast” is very strange (need to scroll down) so I’m not going to quote from it at all; perhaps Greypointe hadn’t firmed up its design concept at that point or it was still waiting for zoning. The Sun piece even had the lot prices wrong.

The December, 2006 edition of Western Canadian Resorts magazine offered a few lines about SilverStone and it listed the correct lot prices: Oceanview from $349,000 and Oceanfront from $699,000.

However, it seems by 2007, it was a go and the old home that had been used as a presentation centre was torn down, the trees were thinned, services put in and the road laid down and paved. Greypointe had picked Sechelt based Wakefield Home Builders as its contractor of choice and Wakefield began to build the first spec home on Lot 10 in late 2007. Here is the site map for the project:

In my post above, I described this development as being “overly planned” and “highly regulated” and I based my judgment on the project’s ‘Building Design Guidelines’ which would have been given to all buying into the strata. According to the document,

“The purpose of this schedule is to restrict the construction of improvements on the lots so as to enhance and maintain design quality and to ensure that improvements on the lots are compatible with the existing or emerging residential character.” (Italics as presented in document)

Greypointe justifies this Schedule of Restrictions in the document introduction:

Quote:The subject site is arguably the finest development site available with Sechelt or any of its neighbouring communities. In view of the relative scarcity of these lots and the unrestricted access to a priceless beachfront amenity a decision was made to develop the property slowly, in a thoughtful, orderly manner to ensure the property is utilized to its fullest potential. The following building design guidelines registered on the title of each lot will ensure that all owners realize the full potential of their lots, and that each owner can be confident that the actions of all other lot owners will be appropriate and will enhance the enjoyment of the properties for all.

There are six sections to this 32 page document and three appendices:

• Section 1: Interpretation and Objectives
  
• Section 2: General Restrictions
  
• Section 3: Detached Single Family Lot Restrictions
  
• Section 4: Detached Single Family Dwelling Design Restrictions
  
• Section 5: Construction Material Restrictions
  
• Section 6: Construction Protocol Restrictions
  

While most sections applied to those using a builder other than Wakefield, Sections 1 - 3 applied to everyone. For example in Section 3, there are four pages devoted to landscaping and each owner was expected to spend a minimum of $5000 and could only choose from the supplied list of trees, shrubs and ornamental grasses. Here is but one sample edict:

I’ve devoted time to this document because it boggles my mind and because I know of other such regulated strata developments that failed on the coast; I wonder if this could be one of the reasons for their failure. There is no doubt the timing of these projects couldn’t have been worse, but I just can’t fathom why anyone would want to buy into a development that limited your freedom on your property to such an extent. I guess I just can't appreciate 'group think' and being told what to do especially at those prices.

Wakefield would go on to build another spec home on Lot 27 and a commissioned home on Lot 19. Exterior and interior images of all three homes can be viewed on this Wakefield webpage.

Lot 10 (6001) - last row, 1st house
Lot 27 (6085) - last row, 2nd house
Lot 19 (6045) - 2nd row, 1st house

The completed vision of the development was presented in the following Globe & Mail article:

Quote:Family builders intend to maintain close ties
Thomasina Barnes
From Friday's Globe and Mail
Last updated Saturday, Mar. 14 2009, 1:38 AM EDT

Greypointe Properties has teamed up with Wakefield Homes for the sale of 30 freehold ocean-view lots at their SilverStone development in Sechelt, with the aim of taking the hassle out of vacation home shopping. While SilverStone purchasers are free to construct their home with a builder of their own choice, Greypointe Properties has chosen Wakefield Homes to help make the construction process as easy as possible.

"Buying a SilverStone home through us takes a lot of the complication out of the process as we manage timelines and budgets but still deliver the high-end result of a custom home," says Davy Sangara, the president of Greypointe Properties. "For clients out of the area, the advantage is huge because it is very difficult to manage the process from afar," he adds. However, Mr. Sangara has no interest in compromising quality for ease. "We have been creating relationships on the Sunshine Coast for over three decades and finally have found an organization, namely Wakefield Homebuilders, that shares our vision for responsible development and also meets our expectations for high-quality construction," he says. Wakefield Homebuilders are known for their Wakefield Beach development and its innovative 'Deep Green' design.

The Sangara family has owned the land at SilverStone for over 30 years and hopes to build a home of their own on one of the lots, so they have a very personal motivation in keeping construction to the highest standards and highlighting environmental considerations, says Mr. Sangara. "We wanted every home to have a view of, and access to, the water and to respect and be integrated with its setting," he says. The first Wakefield Home at SilverStone is now under construction. The homes will blend West Coast with modern styling. Large windows will accent the views. In keeping with its environmental theme, all purchasers have the option of geothermal heating.

SILVERSTONE AT SECHELT
DEVELOPER: Greypointe Properties
BUILDER: Wakefield Homebuilders/Greypointe Properties
PRICE: $1,400,000 to $1,900,000 (home and lot)
SIZE: Lots range from 7,501 sq. ft. to 10,856 sq. ft.

As I mentioned in the post above, this development has been disaster when compared to its original concept - a concept that first involved Sotheby’s International Canada Realty which said, "it was pleased to partner … because SliverStone in Sechelt is truly a unique and rare legacy development opportunity.” By August, 2008, Prudential Sussex Realty was on board - enough said. To date, it appears that only 11 homes have been built in the 30-lot site (via RE sold info and phone 411.ca listings that appeared during various searches).

Here is my spreadsheet on SiverStone at Sechelt (L=Listed, S=Sold, LT=Lot, H=Home, OR=Owner Resale).

Note:
In Dec, 2006, oceanview lots (#1-9) started at $349,000, oceanfront lots (#10-30) started at $699,000
By Mar., 2009, the Globe & Mail reports price for a home & lot package as $1,400,000 to $1,900,000.

Lots 4, 8, 9 were bought by developers who build homes and put them on the market.
Lot 10 - spec home originally listed at $1,395,000 - it’s possible the list price may have dropped to $1,250,000 by time of sale. It is highly likely it went for above $1,100,000 given the price paid for the spec home on Lot 27.


I managed to jot down a few 2012 Assessments for this project before my source site updated to the 2013 Assessments. So, I have created a small table noting what is happening to the assessed value of these lots and homes in SilverStone. I've also included some APP (Asking Price Premium) figures to show that Greypointe is willing to take a hit to move the lots listed this past February.

Those trying to flog their oceanfront lots (OR-L) purchased at premium prices - well, all the best.

The list price of Lot 30 (6101) has dropped at least $330,000 since 2007.