Sechelt Development - The Wharf Place

[punnoval]

Hey skook:

You are a great foot soldier, digging up the data on the two Sechelt developments. It seems pretty likely that neither will be money makers - but in the overall scheme of things on the SC, what do you think is the main driving force for these failures? Is it the decline in interest in vacation properties due to miscellaneous reasons (higher energy costs, lost savings in the last stock market meltdown, whatever) or is it the Ponzi scheme of continual real estate development when there is nothing else to back it up other than more real estate, or is it something else.

There are several little "new" developments in the Gibsons area that are also suffering from the same problem (although not quite as severe.) - Island Vista down about 40-50K, need to be at least dbl that, Gerussi Lane off Pratt, Cedar Gardens off Shaw.) There does seem to be a lot of "serviced lots" available in quasi developments along Howe Sound that are going nowhere. What ever happened to the supposed native waterfront development between Gibsons and Granthams? And why would anyone pay 1.7 mil for the derelict properties at 842 Marine, unless they are hoping for a development. Can't imagine why anyone would want to create more million + properties when there are some many for sale around already. Ditto for the so-called Gospel Rock development. Sounds like a sure money loser to me.

As an aside ,do you think that the Gibsons "George" development will ever happen? I can't imagine it unless they manage to pry extreme concessions from the local government.