Gibsons Development - Island Vista

[Skook]

December 18, 2015 Update.

Christmas has come early for the owner of Unit #1 – yep, it sold on Monday for $440,000 – that’s a drop of -$38,800 from the list price. The unit was purchased four years ago for $375,000 – so the sale price looks pretty good. However, here’s a clip from the listing...

Quote:This home has been upgraded at construction and boasts many extras, such as wide plank oak flooring throughout, up-graded appliances, custom paint colours, built in storage in Master to eliminate clutter, outside deck enlarged, and added awning for sun protection as well as a craft area in the garage with a window and door for access.

When I read that write-up I couldn’t understand how the purchase price covered all those upgrades when the original list price in the fall of 2010 was $389,000 – that’s +$14,000 above that selling price. This is a head-scratcher unless the developer was really keen to make that first sale, but that doesn't fit either when you look at the purchase price for Unit #5 which sold the same day. Guess we'll never know.

Well, if after all the fees, commissions, sales tax, yearly property taxes, insurance costs and travel costs (if it wasn’t a full-time residence) are factored, I guess the owner might have made a bit extra, but not a whole lot I would think. A good investment?