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Sechelt Development - Silverstone Heights
07-24-2013, 08:40 AM, (This post was last modified: 11-02-2013, 03:02 PM by Skook.)
#1
Sechelt Development - Silverstone Heights
I began preparing this post on July 9th but two-thirds of the way through I was so disgusted I had to set it aside. My hope was that after a week or so I could be more objective, but after a two week break I don’t think that will happen so I might as well get this piece done and over with regardless of how I feel.

I introduced you to the ‘West Sechelt Infill Area No. 1’ in my ‘Dead Ducks, Non-fliers and Snake Oil’ multi-post (follows 'Waterfront/Edgewater'). I stuck it in there because I honestly thought other than one tentative ‘kick of the can’ that had already occurred (Trail Bay Estates) it would likely be years before anything further happened in the Infill Area given the current RE situation in Sechelt and on the Sunshine Coast; as well as, the overall RE correction now underway in the BC southwest including Vancouver Island.

I couldn’t have been more wrong - a fact discovered after reading a July 6th Coast Reporter news story.

As I mentioned in that ‘Dead Ducks’ post most of the Infill Area No. 1 land is owned by two families: the Sechelt, third generation Claytons (DL 1385- 25.48 ha) and the Vancouver, Sawarne Lumber owning Sangaras (DL 1384 & 4295A - 69.44 ha). Both families have held the land for decades and in the fall of 2011 they went before the public with their combined development vision that would add 2,300 homes to West Sechelt over a 10-15 year time span.

I have taken the latest ‘Official Community Plan’ image of the area and indicated the Sangara/Clayton holdings as well as other pertinent information that will be handy to refer to as this post progresses.

[Image: attachment.php?aid=317]

So, the two families have already developed small portions of their holdings: for the Claytons it’s that 66-lot ‘Trail Bay Estates’ (TBE) and for the Sangaras their 30-lot ‘Silverstone’. Both projects commenced in 2006 and both have been a bust if judged by their initial development vision.

As of today, there are 19 lots listed for sale in the TBE. Going by the TBE site plans, 14 lots have never sold (presales began late 2007 or early 2008) and 12 of those unsold lots are currently listed. 7 who did buy lots in TBE obviously wished they hadn’t and are trying to unload them and of the dozen or so homes that got built, 6 are currently for sale. At Silverstone, 9 lots never sold (presales began early 2007) and all are currently listed at substantially reduced prices and 2 who bought the initially very pricey waterfront lots want to dump them. As well, only about a dozen homes have been built to date in the development.

So, these developments are what has already occurred within and across from Infill Area No. 1, and if we take a look at all of West Sechelt there are 112 vacant lots for sale and 181 homes for sale. Of those homes, there are numerous empty new builds and some which haven’t got beyond the pouring of the foundation. The images below show what the outlook is like as we zoom in closer and closer to the Infill Area. Of course, we are not even considering what is listed for sale in the rest of the DOS or the numerous vacant lots and empty spec homes in failed developments in the Gibsons area.

[Image: attachment.php?aid=318]

You would think that a “rational” development company would look at the market situation and bearing in mind its current failed development put any further plans for the Infill Area on a hold - well, I guess I don’t think like a 'company' because it is full steam ahead for Greypointe Developments (Sangara) and Phase 1 of what locals are calling the "Silverstone Uplands" development. The image below comes from that July 6th news story that left me ‘gobsmacked ‘and shows how far they’ve progressed.

So, according to DOS documents, this is phase 1 of a proposed 7 phase development but we can’t really be sure of the number of “phases” since the DOS has given the green light to this development despite there being no finalized Development Plan which back in November, 2011 Sechelt Council said was a requirement before they would pass Amendments to the Bylaw. As well, Greypointe has failed to submit another important report before proceeding and I will briefly look at both these issues later.

[Image: attachment.php?aid=319]

Okay, so what does Phase 1 look like? It was a hunt trying to find the development plan but find it I did and I have superimposed it over the Google Earth view of the Infill Area. Well, look at that, it is butting up next to and is a 31-lot extension of the hugely successful Trail Bay Estates; and it is right across the highway from Greypointe’s own equally stellar Silverstone project. Go figure, eh?

The Sangaras are nuts, right? No, they are not because there is an important financial incentive to proceeding. I will explain what that is in Part 2 of this new thread.


to be continued...

November 2, 2013 Update:

I have renamed this thread because I now know the "proper" name for Greypointe's Phase 2 development on the uplands. I will now add my second post.


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11-02-2013, 03:30 PM, (This post was last modified: 11-02-2013, 05:15 PM by Skook.)
#2
RE: Sechelt Development - Silverstone Heights
November 2, 2013 Update:

I sat down in early September, checked my “to-do” list and said, “Ah, right - Infill Area #1.” So, I googled various terms looking for anything new and a recent Western Investor posting showed up in the results. This article, “Blissful Coast Missed the Boom”, offered some interesting building permit figures for Sechelt; however, it also mentioned and gave a name to the new Sangara (Greypointe Properties) uplands development. To quote:

Quote:The area [Sunshine Coast] also dodged the residential construction rally that's seen building-permit values and new-housing starts ramp up in much of southern B.C. In the District of Sechelt, the largest centre, building permits through the first seven months of this year plunged to $6.5 million, down from $42.2 million a year earlier.

"It's been slow," said Ray Parfitt, the district's director of development services.

But there are signs the Sunshine Coast real estate boom has been merely delayed.

"I'm smoking busy," said Sechelt realtor Patrick Hobbs of Prudential Sussex Realty [Ed: Hobbs has since moved over to Re/Max Oceanview Realty], who is working with Vancouver-based Greystone [sic] Properties on the master-planned Silverstone Heights subdivision in Sechelt where pre-sales of 30 detached view houses will kick off the 600-700 home project this month (September).

Since reading this piece, I have been diligently googling “Silverstone Heights”, “Patrick Hobbs”, and “Greypointe Properties” for info on the big launch - nothing. Then today, I picked up the November issue of the Sunshine Coast Real Estate Guide and bingo! Let the bells ring out and banners fly…

[Image: attachment.php?aid=513]

So, it was back to searching for details and here is what was found…

[Image: attachment.php?aid=514]

So, the first lot with its “proposed” home is on the market and it sits there up above Phase 1 (Silverstone at Sechelt) with its 11 listed lots - 9 of them never sold despite 7 years on the market. Of course, it is also next to the inspiring Trail Bay Estates development with its 17 listed lots - 12 of them never sold despite being at least 5 years on the market.

Let’s take a closer look at the details in that RE Guide ad to see if there is any reasons offered to make this development stand out from its sibling below, its neighbour to the side and to the other developments sitting there in West Sechelt with unsold spec homes and lots.

[Image: attachment.php?aid=515]

Right, so the “proposed” home on the lot is going to be the cheapest since prices are starting at $479,900 - GST included and it’s a bungalow at 1604sf. The “proposed” home on the right looks larger, is likely more expensive but you might be able to offset the mortgage payments with a lower suite - if zoning will allow it. The house in the middle looks like a honker and it has to be at least $700,000 and should really appeal to all the retirees moving to the coast who just have to have 4 bedrooms. Yep, this development has success written all over it.

Let’s check out the 'hood. A five minute drive away at 6390 Samron Road in West Sechelt, we have an 8 year old, 5 bedroom, 3 bathroom , 2691sf home listed in April (V1002133) at $479,000 now at $469,000. Down the street at 6324 Samron, is a 6 year old, 4 bedroom, 3 bathroom, 2500sf home listed 1 year ago (V979289) at $474,000 and now at $469,000. One street over at 6360 Jasper Rd is a seven year old, 3 bedroom, 3 bathroom, 2650sf home listed back in January (V987438) at $469,000. The next street over at 6380 Picadilly Pl, we find a 5 year old, 5 bedroom, 3 bathroom, 3120sf home listed 10 days ago (V1033448) for $459,000, Oh, and just another street over at 6370 Higgs is a never-been-lived-in 3 bedroom, 2 bathroom, 2688sf home listed 80 days ago (V1022966) - it’s at $454,900 and the next street over at 5454 McCourt Rd is a cute little newly built, never-lived-in 3 bedroom, 2 bathroom, 1568sf bungalow that has just been relisted (V1034360) at $389,000. I’m only scratching the surface here, believe me.

The Silverstone Heights marketing says “incredible views”. Okay, let’s take a look at that view and compare it with another…

[Image: attachment.php?aid=516]

We have the Silverstone Heights “view” offered on the left and if you really want to “improve your point of view” head up to nearby Oracle Heights (picture on the right doesn’t do it justice) which offers more view than you know what to do with. There you will find a 4 year old, 5 bedroom, 3 bathroom, 3600sf home at 6220 Mika that has been relisted a number of times and gone through a number of price drops that has taken it from at least $698,000 late last year to its current $630,000 (all the builder has managed to do is rent it out). You can also grab a view lot further up in Oracle Heights Phase 2. Lot 31 Dodona Place (V613311) is on the market for $159,900 and it and three other nearby lots have been listed for only 2600 days (yep, 7 years and 45 days) and the price has never changed.

Okay, that’s the "view” and next we have “an unprecedented collection of 30 beautiful three and four bedroom single family homes…” Unprecedented, eh. Would that be comparable to saying, “is arguably the finest development site available within Sechelt or any of it neighbouring communities”? You see the latter is how Greypointe marketed its pricey Phase 1 waterfront development way, way back. Unfortunately, the marketplace didn’t buy into it; hopefully, Greypointe will have better luck with just “unprecedented.”

In addition to “improve your point of view”, Greypointe is also suggesting that at Silverstone Heights “Traditions Begin Here.” Now, what was written for Phase 1…oh, yes, “Silverstone residents will be able to enjoy an oceanfront lifestyle found few places on earth [Ed: extreme hyperbole matching the times, no doubt] - and establish a family legacy that can be passed down for generations.” “..a family legacy…generations…traditions begin here…” Me thinks, it’s the same marketing company.

Well, that’s all the news that’s fit to print but it is early and the big push won’t begin until January. In the meantime, the Silverstone Heights website is up but its only one page and is being fine-tuned as I type this; but that one page offers the most important piece of information for any would be buyer/investor:

“Pre-construction pricing now available. Don't miss out!”


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11-29-2013, 12:09 PM, (This post was last modified: 04-24-2015, 10:38 AM by Skook.)
#3
RE: Sechelt Development - Silverstone Heights
November 29, 2013 Update:

It’s “damn the torpedoes, full steam ahead!” for Silverstone Heights in Sechelt. The “torpedoes” in this case being all the dire news and predictions gathering momentum regarding the health of Canada’s real estate markets and economy.

Let’s see. In this past week alone, we have the International Monetary Fund (IMF) advising Canada to end CMHC insurance; Goldman Sachs recommending shorting the Canadian dollar because of our country’s current account deficit; the head of our Office of the Superintendent of Financial Institutions (OFSI) warning “industry players to remain vigilant to the dangers of a correction in the [RE] market and what it would mean for borrowers” and that it’s “preparing a set of guidelines specifically for the mortgage insurance industry to be unveiled next March”; that home affordability in Canada continues to worsen and that in Vancouver it now takes “84.2% of an average household’s pre-tax income to maintain a home”; and, we were told that Canada has the worst “house price-to-rent ratio” among OECD countries standing at a whopping 85% above the historic average of the IMF’s Global House Price Index. Whew, I can hardly wait for next week.

Greypointe Properties must be feeling lucky or poo-poos the news because it’s loaded every planned home for the new subdivision’s 30 lots onto MLS; seriously, I just about fell off my chair yesterday when I saw that big bounce in ‘active’ listings.

The Silverstone Heights website is now fully active and loaded with lots of “stuff” to convince you how fulfilled you would be buying one of its homes and living in Sechelt. Here are the seven craftsman-style homes proposed for the subdivision. Starting at the top left and moving clockwise, they’re named: Spruce, Maple, Dogwood, Arbutus, Hemlock, Willow, and Birch - feels like a stroll along West Broadway near VGH. If the daylight drawings hold little appeal, just wait a few seconds on the website for the “dusk” renderings when all the imaginary inside lights get turned on.

[Image: attachment.php?aid=561]

I will say I am impressed with one aspect of these mock-ups. I have a feeling Greypointe went the extra step and had the site laser surveyed and that info was fed into the CAD program because I think these homes give an honest depiction of how they will fit into the subdivision topography.

So, we have seven basic styles taking us from a 3bed/2bath 1604sf home at $479,900 to a 4bed/3bath 2616sf home at $599,900. Here is the Silverstone Heights spreadsheet with all the details:

[Image: attachment.php?aid=562]

According to the site plan, the “introductory” pricing includes the GST; if and when that ends, you can tack on an additional $23,995 to $29,995 to cover that tax. The Property Transfer Tax will add on another roughly $7,000 to $10,000 dollars, The Transitional Tax (move to PST) is currently set at 2% which adds on another $9,000 to $12,000. The Property Taxes would be somewhere in the ballpark of $3,000/year in Sechelt.

So, with the GST included in the purchase price, the final price after just these add-ons are factored in will fall somewhere from $496,000 to $625,000 depending on the home. If you have to pay the GST, the cost increases from $520,000 to $655,000. In my previous post, I guessed the largest home would run about $700,000 which proved to be $100,000 over; but, when you factor in all the add-on costs, I'm in the ballpark.

So, what do you think? Is Silverstone Heights going to fly or will it be a dud like its sister site below it (Silverstone at Sechelt) or its neighbour to the side (Trail Bay Estates)? To help you decide, let’s look at the Sunshine Coast Single Family Detached Home sales by price range. I upload this information with my monthly sales stats - it comes from the REBGV. I have created smaller versions of the table going back to July. As you can see below, except for August, most sales have occurred in the $300,000 - $399,999 with very few sales above $500,000. Bear in mind, too, that these are coast-wide sales.

Last night, I sat down and looked at sales this month from November 1st to 20th (what’s available to me until the end of the month) and that info is in the table on the far right. The home that sold in the $600,000 - $699,999 range was a 4bed, 2455sf home sitting on 8.6 acres in Roberts Creek. The home sold in the $500,000 - $599,999 range was a 5 bed, 4200sf home on 0.36 acres in Gibsons.

In Sechelt, only 4 single family detached homes sold during this time span and all were in the $300,000 - $399,999 range. The highest sales price is worth looking at further. The 24-year-old, 4bed/4bath, 4645sf home on 0.21 acres was listed this past May at $479,000. In July, the price dropped -6.3% to $449,000 and it sold this month for $398,000 - that’s $81,000 (-17%) below the original May list price.

[Image: attachment.php?aid=563]

Silverstone Height’s first listing at 5533 Peregrine Crescent (I’ll stick with the traditional spelling and not the site map’s Cres-e-cent) went up on October 22nd and there’s been no sale, yet; however, it is early in the game and the development’s official kick-off likely won’t be until spring. Without a doubt, it is going to be very interesting to follow the development into 2014. Yes, let’s see how many have the confidence and desire to “start a new tradition” and “build a new legacy that connects generations” as they “escape the bustle of city life” and “take time out to connect…to talk, laugh and share a few memories, or even make some new ones” at those prices. Well, at least the website doesn’t mention the damn hospital being close by - kudos, at least, for that omission.

(I almost forgot. There is one significant difference between this development and its sister site - Silverstone at Sechelt. Greypointe will not be hiring a Sunshine Coast construction company, but will build the homes itself in the new subdivision. I image local companies were hired for the site prep; but, as far as construction jobs are concerned they could be few if Greypointe brings in its own crews from the city).

December 1, 2013 Update:

Okay, I was wrong. There is no text mention of the hospital but there is a picture in the Photo Gallery under 'Amenities.' Jeesh.

   

I noticed something interesting in that gallery (now that I've figured out how to move through it) - there are quite a few pictures under 'Lifestyle' of Lower Gibsons particularly around the wharf area; and, snaps of the General Store in Halfmoon Bay make it into 'Amenities' - despite that fact it isn't a Sechelt 'Amenity'. Well, what can you do; after all, there aren't many photogenic structures in town to give you the "warm fuzzies."


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12-03-2013, 10:58 AM,
#4
RE: Sechelt Development - Silverstone Heights
December 3, 2013 Update:

Sweet dreams are made of this
Who am I to disagree?
I travel the world and the seven seas
Everybody's looking for…real estate?


In the post above, I looked at the price range of sales on the Sunshine Coast to see if Silverstone Heights has any hope-in-hell of selling at its listing prices. I mentioned that the majority of 2013 SC single detached home sales to date have occurred in the $300,000 - $399,999 price range. Looking at November sales, I pointed out that from the 1st to 20th there were only 4 SDH sales in Sechelt and all fell in that range.

Well, I have the sales figures for November 21st to 27th and they will really impress. There were another four SDH sales in Sechelt that week with two in West Sechelt and two in the Wilson Creek area. Only one sale occurred in the $300,000 - $399,999 price range and what about the other three? Drum roll please…$200,000 - $299,999!!!!

Let’s take a look at all four’s impressive listing histories bearing in mind this will be for only their most recent MLS listing - some may have gone through more than one listing.

House #1 (W. Sechelt): 40-year-old, 4bd/3ba, 2386sf on 0.30ac. Listed at $314,000, ↓ Aug 21, 2013 $4,500 (-1.4%), ↓ Nov 3, 2013 $20,500 (-6.6%). Sold $276,500. Drop from original list: $37,500 (-11.9%).

House #2 (W. Sechelt): 16-year-old, 3bd/2ba, 1282sf on 0.17ac. Listed $323,000, ↓Aug 25, 2012 $14,000 (-4.3%), ↓ Apr 25, 2013 $4,000 (-1.3%). Sold $299,900. Drop from original list: $23,100 (-7.1%).

House #3 (Wilson Ck): 23-year-old, 4bd/3ba, 1880sf on 0.18ac. Listed June 2013 $324,900, ↓ July 27,2013 $25,000 (-7.7%), ↓ Aug 29, 2013 $15,000 (-5.0%). Sold $265,000. Drop from original list: $59,900 (-22.6%). Note: the seller purchased the house in Sept, 2010 - list price was $269,000. No ROI with this property.

House #4: (Wilson Ck): 39-year-old, 5bd/3ba, 2024sf, on 0.94ac. Listed $279,900, ↓ Sept 7, 2013 $7,900 (-2.8%), ↓ Sept 30, 2013 $3,100 (-1.1%). Sold $303,333. Price increase from original list: $23,433 (+8.4%). Go figure, eh - unless the agent has make a mistake on that sale price, there must have been a bidding war - perhaps over the big workshop because it couldn't have been the house.

I think it would be safe to conclude that those buying in the District of Sechelt at least this past month are looking for the best bang for their buck. Forget the stainless steel appliances and granite countertops. I think none of these buyers are interested in starting “a new tradition” or building “a new legacy that connects generations.” All they want is a decent roof over their heads at a realistic price so they aren't carrying a mortgage to their graves. Maybe people are finally waking up.
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12-28-2013, 12:03 PM, (This post was last modified: 01-24-2014, 02:23 PM by Skook.)
#5
RE: Sechelt Development - Silverstone Heights
It’s been just over two months since the first property at Silverstone Heights (5533 Peregrine Cr) went up on MLS and just over one month since the remaining 29 properties joined it. Nothing has moved yet, but that shouldn’t be a surprise as there has been no substantial marketing of the project. That marketing likely will get underway once the show home/sales centre at 6010 Cowrie (lot 9) opens its door which is scheduled for sometime in January.

If Greypointe follows in the footsteps of previous SC developments, a local freelance writer will likely be hired to prepare a piece which will then be submitted, or sold, to the Vancouver Province or Sun to appear as a ‘Special to’ so it can get out on the Postmedia Network and with luck be picked up by the Calgary Herald or Edmonton Journal - you know, in that province that appears to have the last really “hot” real estate market in the country.

It looks like steps are being taken to get ready for the big marketing push. For instance, Greypointe has removed all the MLS waterfront lot listings down below in its not-so-successful first development ‘Silverstone at Sechelt’. These listings disappeared at the beginning of December and all that remains on MLS is one lonely owner resale lot (#17 - 6035) at the somewhat close to purchase price of $649,900.

It makes sense for Greypointe to remove these never sold, steeply discounted lot listings so that those searching on the internet for its new subdivision don’t get confused since there is no ‘Silverstone Lane’ in Silverstone Heights. However, the lots are still being marketed as the ad below shows. It appears in this month’s Sunshine Coast Real Estate Guide as it has in every addition since March. The lots will likely now be handled as exclusive listings by SC Re/Max Oceanview Realtors Patrick Hobbs & Carrie Caldwell who are marketing the new ‘Silverstone Height’s project. They also handled the ‘Silverstone at Sechelt’ project along with Sotheby’s International those six or so years ago.

[Image: attachment.php?aid=682]

A thought came to me as I was looking at the ad above. I think if I were Greypointe I would take the last two or three lots on the left and donate them to the DOS and throw them into the already existing parkland next door and go for a tax break. The DOS address map below shows that parkland (6133) created by Greypointe during the rezoning application for ‘Silverstone at Sechelt’. Those three lots have gone through substantial price drops especially 6101 ($499,900 in 2012 to $369,900 in 2013) and keeping them in the pool is only costing Greypointe money each year when tax time comes around.

[Image: attachment.php?aid=683]

Yep, dump those three and get the donation tax break. There are still the remaining six lots - four directly on the water - that could bring in some cash if waterfront properties should ever rise in price, again.

(Just watch, now that I have written this all those lots will be relisted again in January…nah, I doubt it)

January 24, 2014 Update:

Oh sure, prove me wrong. Yep, all the lots were relisted on January 15th...LOL. So, they have spanking new MLS numbers, but the same old prices. I think it might be time for a new site plan, though, to go with the nice new MLS numbers as the one up above has been kicking around for quite a while - Lot 13 sold way back on February 18th, 2013 (listed for $599,900 and sold for $525,000).


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01-07-2014, 01:20 PM,
#6
RE: Sechelt Development - Silverstone Heights
Silverstone Heights is scheduled to open its sales centre and show home sometime this month as I mentioned in the previous post above. To recap, the new subdivision will offer 30 homes at the following prices:
  • 3 at $479,900
  • 6 at $499,900
  • 21 between $529,900 - $599,900
Currently in the pre-construction sales phase, those prices include the GST; however, that “incentive” could be removed by the developer at any time. Couple the list prices all the other costs of purchasing and these homes become quite expensive in relation to what is in fact selling on the Sunshine Coast. To prove the point, I presented the SC Single Detached Homes Sales by Price Range for the months of July to mid-November in my November 29th post. As well, I offered examples of sales in the District of Sechelt showing their history of price reductions prior to their eventual sale.

I can now show the 2013 year end tally for Single Detached Home sales under $1 million by price range. As you can see in the table below, the majority of sales occurred in the $300,000 - $399,999 range followed by $200,000 - $299,999 range. Bear in mind, these are coast-wide sales, from the Gibsons area in the south to Earls Cove and Egmont in the north.

   

Now, what sold in Sechelt during 2013 and how many of those sales were within the Silverstone Heights pricing range? To the best of my ability, here is what I have determined:
  • 149 single detached homes without acreage sold with an average price $378,768
  • 9 single detached homes with acreage sold with an average price $525,844
Breaking this down further:
  • 29 SDHs sold in the $400,000 - $499,999 price range with 3 sales between $470,000 - $499,999 (1226sf - 2733sf)
  • 11 SDHs sold in the $500,000 - $599,999 price range; 1 sale @ 0.18 acres, 10 sales @ 0.23 - 5.0 acres (680sf @ 5.0ac - 4,088sf @0.49ac)
So, of the 158 single detached homes sales in the DOS during all of 2013 only 14 occurred in the Silverstone Heights listed price range and most of those sales involved lot sizes greater than 0.20 acres; in fact, the average was 0.34 acres and that is with the 5.0 acre sale removed from the calculation. Silverstone Heights will offer homes in the 1604sf - 2616sf range with standard subdivision lots of 0.15-0.18 acres.

The largest number of single detached home sales in the DOS occurred in the $300,000 - $399,999 price range thus mirroring the coast as a whole. Just glancing through the list, I would guess the average square footage at 1600 with 3 beds/2baths.

It would be interesting to learn if retirees were behind the majority of sales in the DOS and my guess is they were because unless you’re self-employed working out of your home you wouldn’t be moving to the coast for the job opportunities. If they are retirees, I think it would be safe to assume they have taken a real hit on their savings over the last 4 - 5 years because of low interest rates. So, if they managed to sell their previous home at a good price, I think they will want to tuck away as much of that equity as possible for the future and not see a good portion eaten up by a half million dollar plus, 4 bed/3bath home that they may have trouble selling in the future if all the dire warnings we now see in print prove true.

I am sure Greypointe is taking all this into consideration and the layout of its subdivision is not etched in stone. Yes, they’ve chosen to show case the largest home (4 bed/3bath, 2616sf at $599,900), but if all people will buy is the smallest rancher then that’s what they will build if the topography allows it.

I really don’t envy Greypointe or any developer on the coast going into 2014. This really has to be a nail-biting year for all concerned and it will be interesting to watch as the year unfolds especially in light of the ever increasing average detached home prices in Vancouver and Toronto. What will the federal do next? Stay tuned.

Note: I have posted an overview of 2013 Sunshine Coast sales and it is found here: 'Sunshine Coast, BC: 2013 Real Estate Sales - The Big Picture'. There’s a pretty pie chart showing the SDH Sales by Price Range.
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06-11-2014, 08:20 AM, (This post was last modified: 06-11-2014, 08:56 AM by Skook.)
#7
RE: Sechelt Development - Silverstone Heights
Congratulations to Greypointe Properties!

On April 15th, it sold the first ‘yet-to-be-built’ home at its new Silverstone Heights development. The sale was for a 3 bedroom/2 bathroom, 1672sf rancher listed at $529,900 - a price that included the GST. The final sold price of $504,667 accounts for that beloved 5% federal tax.

You can see the sold lot location below and, yes, that screenshot was taken from the Silverstone Heights website today and, no, there has not been another sale. So, the first listing went up October 22nd (232 DOM) which means the 8 month mark is less than two weeks away.

[Image: attachment.php?aid=907]

In early April, an acquaintance visited a few sites in and around Sechelt and here is what she had to say about Silverstone Heights…

Quote:The views are pretty impressive, arguably some of the best panoramic views in Sechelt. The infrastructure in place at Silverstone is equally impressive. Wide paved roads, plenty of room for on street parking, sidewalks with grassy boulevards, trees planted, and jet black light stands.

She mentioned the two completed homes used as the development’s show homes: 5533 Peregrine (Lot 27) and 6010 Cowrie (Lot 9); however, she also noticed foundations going in for two other homes. Perhaps, one was for Lot 22 and the other for Lot 15 because it appears Greypointe has built another spec home. SC Realtors Patrick Hobbs and Carrie Caldwell who are marketing the development mention this new home on a May 21st Facebook posting.

[Image: attachment.php?aid=908]

Hobbs isn’t one for using Facebook much. He created the page September 22, 2010 and left it dormant until March 1, 2013 and only about a dozen posts have followed since then. Social Media obviously isn’t his thing but the lack of sales at Silverstone has him concerned enough to write…

Quote:Help us out and share this page with your friends and family. We are looking to get the word out. THANKS! Patrick Hobbs

Now, he may have got a number of email responses, but not much on Facebook. Rhonda van Tent is a Coldwell Banker Realtor in Trail BC. Her question doesn’t hold much promise, does it? I looked at Hobbs’ FB stats page and that post generated a total of 6 “People Talking About This” that week…Zzzzzzzzzzzzzzz. Unfortunately, posting once or twice a month isn’t the way to use social media - that is giving it far less respect than email…LOL. Nope, not going to create any buzz about Silverstone Heights with that user pattern.

Personally, even if Hobbs managed a bit more “buzz” I think sales for this development will be a very slow trickle at best and I’ve offered my reasons why in posts above. So, would it make any sense to build more than those three spec homes (Lot 9, 15, 27)? Any thoughts on what you would do if this were your project?

******************************

Google Earth has been adding 2013 satellite shots and there’s a new view for Silverstone Heights. You can see how Cowrie St extends through Trail Bay Estates into Silverstone, connects to the Derby St and eventually meets up with Northwest Bay Rd. A route designed for traffic flow as West Sechelt Infill Area No.1 develops. No need to worry about that traffic flow for some time to come, I would say. Let's see, a quick count in Trail Bay Estates and what do we get? Only 20 homes built on those 66 lots. The complex in the upper right hand corner is the high school (Chatelech) that Hobbs mentions in his Facebook post.

[Image: attachment.php?aid=909]


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12-14-2014, 05:37 PM, (This post was last modified: 12-14-2014, 05:47 PM by Skook.)
#8
RE: Sechelt Development - Silverstone Heights
December 14, 2014 Update:

A Silverstone Heights update is long overdue. My last posting in June showed only 1 lot sold; now, feast your eyes below – 11 sales! Way to go, Greypointe! It only took 14 months to sell 37% of Phase1 – this is good, right? Well, as my dad would say, “Better than a kick in the butt with a frozen boot.”

Well, I think at these prices Greypointe should be absolutely thrilled with the number moved; because, with October's price increases of up to as much as $100,000 per I wonder how many of these “tradition” builders will move now. We all know though that when it comes to real estate people are “mad as a hatter” these days and just keep buying regardless of price. I’ll be adding a new spreadsheet at the bottom of the post showing all the changes in the past year (sales, price decreases, price increases and relistings with price increases).

[Image: attachment.php?aid=1036]

SC Realtor Patrick Hobbs is the agent handling this project and he has uploaded some listing pics which I found really interesting. In my June 11th post, I mentioned that Greypointe had built a spec home on lot 15 and we can now see its “front” and “back” which I show below.

I think the house wasn’t quite finished, but from what I see I don’t like it and feel it doesn’t quite live up to the original artist renderings; in fact, don’t think it matches any of those renderings (they show much better on the Silverstone Heights website). Back in June, Greypointe dropped the price on this home by $30,000 to $499,900 – could have kept going further, in my opinion.

[Image: attachment.php?aid=1037]

Hobbs took some inside shots, too; but, again, while under construction, so there are some issues and the these pics should be updated. Ok, the artist couldn’t bother to put in the full fan vent so we can ignore that. But we are missing the proper light fixtures, the backsplash and the island looks like it has been stained the wrong colour. The window doesn’t show like in the rendering and maybe that craftsman home feature has been dropped in the finished product. Let’s see, what does the website say:

Quote:All floorplans and specifications are approximations and may be modified or substituted by the developer without notice. Exterior and interior building renderings are artistic impressions only. The agent for the developer does not warrant the accuracy of any specifications, floorplans or architectural renderings, amenities or finishes described in the promotional material. E.&O.E.

Perhaps that goes to explain this whole house on lot 15.

[Image: attachment.php?aid=1038]

So, is it worth half a mill plus? I don’t know and really who knows anymore the value of anything especially when you have bidding wars with crack shacks selling for a million dollars in Vancouver. Hobbs has some inside images for the other spec home at 6010 Cowrie St and you can check out its interior and how it compares with the artist renderings. I think you might agree with me that Hobbs should go back into the Lot 15 home and freshen up the pics.

Let’s get the new spreadsheet up. Three homes sold between April and June and then on July 7th Greypointe lowered or raised the base price on a dozen properties. Good timing because sells picked up in September. At the end of October, 10 properties were relisted and all their prices jumped: 2 increasing by $20,000; 1 by $40,000, 1 by $70,000; and, 6 by $100,000. The two homes that sold in November did not involve these higher priced properties; so, it will be interesting to see how sales fare early in 2015.

[Image: attachment.php?aid=1039]

(Note: homes get built only when the property sells).


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