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Sunshine Coast, BC - Its collapsing real estate market.
10-06-2013, 07:39 AM, (This post was last modified: 10-06-2013, 07:55 AM by Skook.)
#1
Sunshine Coast, BC - Its collapsing real estate market.
It looks like two developers have tired of playing Sunshine Coast ‘Hold Em’ and want to cash in their chips and leave the table. These development projects first appeared on the scene in those heady years of 2005 and 2006 and I profiled both in my Dead ‘Ducks, Non-fliers & Snake Oil’ thread. Yep, the Pender Harbour flu is moving south, folks.

The Drummond brothers of Western Eagle Development Corp in West Vancouver put ‘The Trails’ property up for sale on October 2, 2013. At slightly over 300 acres, the land is on the market for $6.1 million. As can see below, there was no address given so I headed to SC Realtor Gary Little’s RE Map and confirmed it was the Drummond holdings in West Sechelt. On GL’s Map, he has indicated it is only a left portion of the property; however, given the MacDonald Realty write-up it is in line with what Drummond’s proposed building on the entire site back in their 2008 re-zoning application.

Well, I can’t say I blame them now that the Sangaras are undertaking the development of their Silverstone Upland area and with all the other vacant lots and spec homes that have failed to sell in other Sechelt and coast developments. It will take years to clear the backlog of all the vacant lots, unsold spec homes/condos/townhomes and the hundreds of re-sales on the market in Sechelt and the coast as a whole.

[Image: attachment.php?aid=476]

Another site for one of those early development proposals went on the market in late spring with NAI Commercial (p. 2). In the first ’Dead Ducks’ thread post I wrote about a really silly proposal to build two twin towers each 12 storeys high. The plan also included a couple of 4 storey condo buildings and lots and lots of parking. Well, there were two parcels of land involved - a four acre piece and this piece below. I am not sure what the developer, SC builder Doug Spani did with that four acre parcel which is likely to the west of this patch - there was no overall site plan found for that early development proposal.

[Image: attachment.php?aid=477]

It won’t be an easy sell though for either of this listings because other developers are throwing in their cards, too, and giving up on the 2nd and 3rd phases of their developments.

I think I might take an overall look at failing projects and add to this thread in the weeks, months, (years?) ahead as time permits.


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10-09-2013, 09:18 AM, (This post was last modified: 10-09-2013, 09:29 AM by Skook.)
#2
RE: Sunshine Coast, BC - Its collapsing real estate market.
October 9, 2013:

This post kicks off my tour of the SC as I look for developers and ‘wannabe’ developers, who have folded, want to cash out and leave the Sunshine Coast RE ‘Hold Em’ game table. We’re heading due north to Sechelt’s ‘The Shores’ area bordering West Porpoise Bay. Below, I’ve put together a collage of all the Realtor ads in this month’s Sunshine Coast Real Estate Guide’ - the only exception was the ad for Lot 16 Crowston Rd which I pulled from last month’s edition. Accompanying the ads, is a RE map and on it I have indicated the lot locations.

[Image: attachment.php?aid=484]

So, I am looking for lots that specifically show some development planning that the seller is giving up on or lots of 5 or more acres in close proximity to larger developments where it appears the seller hoped to benefit from that growth in the future. I am creating a small spreadsheet for each post and will add notes about the listing if need be. I won`t spend a lot of time of this as the purpose is just to give an overview of larger land holdings that are now on the market.

[Image: attachment.php?aid=485]

This East Porpoise Bay land sell is an odd one. It looks like the owner has been trying to sell for some time. I found previous listing info from August 2010; however, if you look closely at that 2010 listing on the right it gives a total of 158 acres whereas the October, 2013 RE Guide advert says 170 acres.

To get an idea of this holding, I went to the District of Sechelt Zoning Map and pulled that image below. I also included the land holding for the `Silverback at Porpoise Bay` development for comparison (the orange lots - total 396 acres). Now the best that I can determine is that a `standard` rectangular District Lot = 60.2 acres and if you add up the Silverback holdings (minus that hashed triangular area) this seems to be correct.

The Lot 4681 ad says there is 51 acres of waterfront included. Now the zoning map shows that Lot 4681 has been subdivided into two parcels and Lot 4690 has been subdivided into 3 parcels and the latter have been given DOS address numbers. So, this would definitely work out to 5 titles, but this wouldn`t give 170 acres. So, maybe he owns only one title in Lot 4681, has a title to one of the other full lots and the three titles in Lot 4690…or…

I think I can see why he hasn`t been able to sell. There must be something about the complete package (he stresses it is being sold as “ONE” property) that is less than appealing despite the 51 acres of waterfront.

[Image: attachment.php?aid=486]

Next, I will head south to see what large holdings are on the market there.


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10-17-2013, 11:49 AM, (This post was last modified: 10-17-2013, 12:06 PM by Skook.)
#3
RE: Sunshine Coast, BC - Its collapsing real estate market.
Oct 17, 2013 Update:

There is nothing as enjoyable as solving a mystery. For myself when all the pieces come together, I’m as happy as a pig in poo even if more questions are raised and I have to dig a little deeper. I probably missed my calling and should have been an investigative reporter, or a private detective or how about a forensic auditor - maybe for Canada Revenue specializing in the Sunshine Coast. Maybe I should write a letter…LOL.

So, in my post above we had this big mystery concerning Lot 4681 courtesy Realtor Rob Jardine’s little advert in October’s Sunshine Coast Real Estate Guide. Well, look at the new MLS listing I’ve just discovered. Despite its greatly simplified description it mentions those 51 waterfront acres, R3 zoning and its Sandy Hook location.

Quote:Gorgeous views up & down Sechelt inlet, including 51 Acres of waterfront. Current zoning is R3 (half acre). Opportunity to rezone to higher density. Nicely treed with trails throughout.

However, the accompanying listing map is showing only a small triangular lot despite the fact the total acreage is given as 173 acres (up from 170 in Jardine’s advert) and it is now listed a DL7255. See…more questions to be answered. I then went to the ReMax Top Performers Realty website and it confirms this is Rob Jardine’s listing.

[Image: attachment.php?aid=491]

That ReMax listing is above and beside it is the wonderful map Jardine has uploaded along with some property pics. With the map, I now know that a standard rectangular district lot is 60 acres (one mystery solved), and that the holding involves Lot 4680 (1 title), Lot 4681 (2 titles), and Lot 4689 (1 title) and when we add up those numbers on the map we get 171 acres. Oops, we are short 2 acres and 1 title - ah, so that is where that little triangular vacant lot comes into play.

Right, let’s revisit the Sechelt zoning map.

[Image: attachment.php?aid=492]

Now, we can see Lot 7255 and in the enlarged picture I have circled the little triangular lot that makes up those missing 2 acres and land title. The whole package is now listed under the DL location of that one wee parcel.

So, to freshen up the listing gone is mention of Lot 4681, those 5 land titles and the fact it is being “offered as ONE property” and to sweeten the deal the listing price has been reduced to $4,950,000 - a drop of 4.8% (-4.8%) setting the Asking Price Premium (based on the 2013 Assessment) at a measly +9205%...bahahaha.

But, hey, we’re talking 51 waterfront acres and you know what the BC Oracle said “they don’t make waterfront property anymore; everyone wants to own waterfront; and, therefore, waterfront will never lose its value.

Let’s see, how many years has the seller been trying to move this stupendous “rezone to higher density” opportunity? And, what year did vacant lot sales peak on the Sunshine Coast? Lots sales peaked in 2004, you say? Well, my golly gosh, how time flies.


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10-18-2013, 02:52 PM, (This post was last modified: 10-18-2013, 03:16 PM by Skook.)
#4
RE: Sunshine Coast, BC - Its collapsing real estate market.
Oct 18-2013 Update:

Here we go, folks, I think we are now witnessing the complete collapse of all major land holdings on the Sunshine Coast. When I was preparing the zoning image for Lot 4681(now DL7255) in East Porpoise Bay for my October 9th post and decided to include the ‘Silverback on Porpoise Bay’ holdings for comparison, I asked myself, “I wonder when I’ll be seeing that on the market”. Well, feast your eyes on this…

[Image: attachment.php?aid=496]

Last week, I was on the NAI Commercial Realty site and this was not there. I headed back today just to double check on major holdings on the market on Field Rd in Sechelt which I planned to profile next and there it was.

I am not going to go into any detail on this (holdings in orange on map above) because I profiled ‘Silverback’ in my ‘Dead Ducks, Non-fliers & Snake Oil’ and you can get all the background info on these lands there. I will attach to the NAI Silverback flyer to this post. There is something interesting on the cover page. It says “397 acres, may be acquired as a phased development or individually.” I wonder if that means they will sell off blocks separately if there is interest.

So, there are now 570 back to back acres on the market in East Porpoise Bay alone. Can you imagine how the poor sod next door must fell who just listed his 173 acres (including his 51 acres of waterfront). He hasn’t a hope in hell.

Here is something to keep in mind as I proceed with this thread. At the end of September and given the pace of land sells on the SC, there is now an 87-month supply of vacant lots on the market. That works out to 7.25 years. Well, I think this listing just added another 3 years to the figure. (This statistic courtesy of SC Realtor Kenan MacKenzie).


.pdf   Silverback-NAI Flyer Oct 2013.pdf (Size: 603.63 KB / Downloads: 994)


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10-20-2013, 12:12 PM, (This post was last modified: 10-20-2013, 06:22 PM by Skook.)
#5
RE: Sunshine Coast, BC - Its collapsing real estate market.
It is time to hit the road and move south after all the excitement in East Porpoise Bay. The next stop is Wilson Creek which is still within the District of Sechelt. There are two large land holdings on the market and as you can see I stumbled onto them back in March 2013 on the NAI Commercial Realty site (click on Land & Agricultural Properties). I snagged the images on the right on October 18th. Each property has a NAI flyer which except for my location map I have used for my images below. I have determined that the asking price in the flyers must be in USD and this will explain why the CAD price varies in the small web adverts below.

Both these properties are on Field Rd and I have indicated their location on the DOS zoning map. The large purple area on the map is the Sechelt airport (there's a new story to be told here, too). The Sunshine Coast Regional District Administration Office can also be found on Field Rd. 1730 Field Rd is making its second appearance in this forum. The development originally planned for this site, EcoVillage, is another project I profiled in my ‘Dead ducks, Non-fliers & Snake Oil’ thread. This property has been listed since at least April 7, 2010 and the PL 5430 Ag Resource Site since May 20, 2011.

[Image: attachment.php?aid=498]

In the NAI’s “The Opportunity” write-up for 1730 Field Road, there is mention of a District of Sechelt study. That study was titled ‘Retail Development Overview’ and was released in August, 2009. It’s a very interesting read and I have prepared some demographic info in response to the report’s findings. I need to fine tune it and will post it in my ‘Demographics and other fun stuff...’ thread soon. Here’s the route to take on the DOS website to find the report as well as others that might be of interest.

DOS website > City Hall > Document Library > Studies and Reports > ‘Retail Development Overview August 2009’ .pdf

You have to click on a file folder in the left column to populate the field on the right.

So, in the DOS there are 1033 acres of developers and ‘wannabe’ developers’ lands now on the market. This is only what I have profiled, of course, and does not include all the vacant lots sitting unsold in projects that did get underway and have failed to live up to developer’s dreams and visions like Trail Bay Estates and Silverstone.

Time to keep trucking south because there is more, much more.


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11-04-2013, 10:12 AM, (This post was last modified: 11-05-2013, 06:11 AM by Skook.)
#6
RE: Sunshine Coast, BC - Its collapsing real estate market.
Got my motor runnin’
Heading for the highway
Lookin’ for the land flips
Cause they’re comin’ our way…


We’re heading further south, bypassing the Districts of Roberts Creek and Elphinstone, and aiming for the heart of Gibsons. Back in early October, I introduced you to the development lands of Gospel Rock in the thread “Gibsons Developments - Parkland, its Mews, and Gospel Rock” I only offered a brief description not feeling I needed to go into great detail; however given that another 18.8 acres right next door went on the market, I think we will take a second look.

So, on June 13, 2013, the 46.7 acre Gospel Rock parcel (officially, Block 7, Gospel Rock) was put on the market. Just over a month later on July 30, 2013, the 18.8 acre Block 6, Chaster Rd was listed. Both parcels are being handled by MacDonald Commercial Realty and the image below was created from the listing brochures.

[Image: attachment.php?aid=522]

The parcels have two different owners. Block 7 is registered to Gibsons Project GP Ltd and behind this company is Sander Van der Vorm of Vancouver-based Vorm Developments. According to an early October Coast Reporter article, ‘Town urged to ‘secure’ Gospel Rock property’, the property is going for song given that Mr. Van der Vorm originally paid $8.5 million. This purchase price tells me that it was likely bought in what will probably go down in local history as the big ‘Sunshine Coast Land Rush of 2005-2006’.

Another Coast Reporter article from October, 2012, ‘Residents blast plan at public hearing’, identified the owner of Block 6 as Roberts Creek resident, Mark Coleman “who said he’s been one of the owners of Block 6 for seven years” which, of course, means the land was bought in 2005 and they likely paid a stupid price for it, too. The other owners of this property may very well be the investors with Mr. Coleman’s company, Vancouver-based MC Equities LLC which according to its website “is currently aggressively buying communities” in the U.S. of “100+ Home Sites” and “Minimum Metropolitan Population of 50,000” - yes, we’re talking whole communities. So, that fact coupled with this land sell-off gives you a good idea of what Mr. Coleman must think the future holds for real estate development in Gibsons and thus likely all the Sunshine Coast.

There is an interesting blurb in the MacDonald Gospel Rock brochure that is worth quoting since it gives a good overview of the Official Community Plan vision for the whole Gospel Rock Neighbourhood:

Quote:The subject property is located in an area referred to in the Official Community Plan (OCP) as the Gospel Rock / Shaw
Neighbourhood. This area includes approximately 140 acres with 14 different properties.

The adopted Gospel Rock Neighbourhood Plan is the result of many years of negotiation and compromise between
property owners and concerned citizens.

The namesake subject property is the largest and most important property within this area, and its unique and environmentally sensitive land has long been enjoyed and recognized by the community.

The OCP projects an eventual build-out of over 1,000 residential units within the Gospel Rock / Shaw Neighbourhood.

In 2005, Gibsons hired the Vancouver consulting firm, HB Lanarc, to handle the consultation process in preparing this neighbourhood plan. On its website, Lanarc projected the process to be completed by December, 2006 - in your dreams! The OCP is back before the public for a final review and vote this year.

Nevertheless, here is a good overview of the neighbourhood and all the other lots beyond these two large parcels - most privately owned. The concept plan on the top right was prepared by Lanarc by early 2007 and shows the strip of waterfront lots that initially would be allowed but which the community fought over the years. The community won that battle on October 19, 2012 when the town council voted unanimously voted to “designate the Gospel Rock waterfront as green space, removing any future option for housing development.” It was this decision that likely was ‘the straw that broke the camel’s back’ for Gospel Rock land owner Van der Vorm. With this large Block 7 on the market, Block 6 owner Coleman likely saw little reason to hang on with the prospects of development that would bring roads and infrastructure into the area pushed far, far into the future.

(Note: the large blocks coloured dark yellow are municipal crown land holdings)

[Image: attachment.php?aid=523]

Finally, I offer a fine illustration of how speculation and the “prospects” for development can raise land prices through the roof. Compare the prices above with this listing I found in October’s Sunshine Coast Real Estate Guide. It, too, is 18.8 acres and is located at 322 Parker Rd in Hopkins Landing just outside and north of the Gibson municipal town boundary. (V1028466)

[Image: attachment.php?aid=524]

On October 25th, the asking price was reduced to $719,500.


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11-04-2013, 02:51 PM, (This post was last modified: 11-04-2013, 02:54 PM by Skook.)
#7
RE: Sunshine Coast, BC - Its collapsing real estate market.
Well, you don't know what we will find
Why don't you come with me mon chum
On a magic carpet ride
You don't know what we will see
Why don't you tell your dreams to me
‘Cause real estate will set you free…


We’re heading from one end of the peninsula to the other and I do know what we’ll see on our magic carpet ride as we fly over Garden Bay. Feast your eyes…

[Image: attachment.php?aid=525]

The large holding that we see grouped together are part of the Sakinaw Ridge Development and, alas, those vast real estate holdings did not make the owner “free” - they are all under a court ordered sale.

Here are the large Sakinaw Ridge holdings:
Lot 3921 Lee Rd (V997548) - 85.97 acres
DL3922 - 13803 Lee Rd (V997544) - 94.38 acres
Lot 31 Sakinaw Ridge Rd (V997550) - 65.0 acres

Smaller subdivided lots include:
Lot 12 Sakinaw Ridge Rd (V997553) - 5.26 acres
Lot 20 Sakinaw Ridge Rd (V997557) - 2.24 acres
Lot 21 Sakinaw Ridge Rd (V997542) - 1.98 acres
Lot 22 Sakinaw Ridge Rd (V997551) - 1.82 acres

[Image: attachment.php?aid=526]

Troubles began long ago for the developer BGD Holdings Ltd. In both 2008 and 2010, Ritchie Bros was brought in to auction off lots; the first time hoping it would generate interest and sales; and, the second time it was out of desperation. I will save the history of this development for future post. If interested Land Quest has much info to offer in its website. Or, you can visit this SC realty webpage.

The other large parcels for sell shown in the first image above include:
DL 3993 & 3994 Garden Bay Rd (V796010) - 200 acres - listed now for 4 years and 4 days.
4686 Irvines Landing Rd (V1022015) - 19.7 acres

I like the listing write-up for 4686:

Quote:Just about 20 acres in beautiful Irvine's Landing, fully treed, and very private. Set right in the middle of four of the best lakes the Sunshine Coast has to offer. This acreage is priced so you can hold on to it for the future or build your home right now. The topography is sloping, not steep, and fully treed with some merchantable timber. Surrounded by other large parcels of land this acreage offers great privacy. There is a wood stove in the cabin, no services, just a banjo in the closet and lots of candles.

There has to be a good story behind that cabin judging from the listing pics and I hope it’s written down somewhere.

Finally, there is one smaller lot that you can see in that first image above:
Lot 4 Irvines Landing Rd (V1014761) - 3.85 acres and listed for $225,000

There you have it - some of the large developer holdings currently on the market; but, this is only a snap shot of the vacant land mess on the SC. Next, I want to introduce you to some of the floundering subdivision whose lots make up that 7 seven year supply that I wrote about in my new thread, 'Sunshine Coast - Land Sales (Current & Historical)'. That’s where I’ll be posting. See you there.


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12-27-2013, 01:54 PM,
#8
RE: Sunshine Coast, BC - Its collapsing real estate market.
There are land sales to report.

After a number of years on the market, the 173 acres listed under DL7255 Mount Richardson Rd have sold (see post #3 above). I guess a little freshening up with new look and listing address was all it needed; so, congratulations to the long suffering previous owner.

There was a bit of loss on the sale. Originally listed for $5,200,000 early in the year, the price was dropped to $4,950,000 with the October relist. The property moved at $4,200,000. That $1mill drop from the earlier list works out to -19.2%.

It will be interesting to see what happens to these lands. Was the buy purely speculative or is there something in the works like...a new hotel? Let's see, a decade ago everyone was building resorts with spas. Ten years later, we're getting hotels with a condo residence or conference facility component. I guess we'll just have to wait with bated breath.

Two other small parcels moved in the last few weeks. Lots 15 & 16 Crowston Rd mentioned above in post #2. Both 4.9 acres lots carried a listing price of $499,900 and both sold for $350,000 each likely to the same buyer. That selling price is a -30% drop from the asking price.
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03-05-2014, 07:07 PM, (This post was last modified: 03-05-2014, 08:27 PM by Skook.)
#9
RE: Sunshine Coast, BC - Its collapsing real estate market.
Another one bites the dust
Another one bites the dust
And another one gone, and another one gone
Another one bites the dust


A couple weeks ago, this new land listing on SC Realtor® Gary Little’s Interactive RE Map caught my eye. I thought, “Hmm, I wonder…“

[Image: attachment.php?aid=767]

You see back in June there was a Coast Reporter story that caught my eye. The piece was about a new Halfmoon Bay draft OCP (Official Community Plan) being put forward for public review and approval. However, near the end of the news story was this tidbit…

Quote:Meanwhile, the SCRD planning and development committee voted June 20 to defer Nanaimo-based 3L Developments’ proposal for a 135-lot subdivision and small commercial hub above the intersection of Highway 101 and the north end of Redrooffs Road.

The decision came after 3L’s Kabel Atwall appeared before the committee, requesting the board give first reading to a rezoning bylaw for the project so that he could start the consultation process.

However, the real gem in the story came next...

Quote:Appearing with Atwall was Clark Hamilton, president of the Coast Community Builders Association, who spoke in support of the project and the employment opportunities it would create.

The only other mention I’ve come across of Sunshine Coast builders publicly interceding on behalf of a developer occurred back in 2008; you know when SC real estate was entering the second year of its big collapse. The project worthy of such divine intercession was that gorilla of a project - 'Silverback on Porpoise Bay' and that development led my ‘Dead Ducks, Non-fliers & Snake Oil’ thread.

Now, unlike with Silverback, the support of the Builders Association didn’t move mountains.

Quote:After the presentations, the committee voted to put the rezoning bylaw on hold until the board adopts the new Halfmoon Bay OCP. District of Sechelt director Darnelda Siegers opposed the motion. Under the draft OCP, the 3L property retains its current resource designation.

It wasn’t this rezoning wait that has brought this project crashing down; no, it's something far more serious and if only the Coast Community Builders Association had conducted a little internet research they might have concluded all was doomed.

Of course, as soon as I saw that land listing and associated it with that Coast Reporter story, I started my research into 3L Developments. I found its website and as I sat there looking at it I was thinking, “This doesn’t look like a developer’s website, this looks like a logging company website.” Well, guess what…

Quote:3L Developments is a division of Lemare Lake Logging, which originated in Port McNeill in 1984 and has become the largest contractor of its kind on Vancouver Island. This expertise allows us to handle our own road building and site servicing, so we can ensure each site’s sensitive ecological areas are protected.

So, I started researching Lemare Lake Logging…well my golly, gosh…look what I found at Industry Canada’s Office of the Superintendent of Bankruptcy Canada.

Now, I am going to stop here because I think this project, 3L Developments and the parent company behind it are worthy of the "Skook Treatment" and for that I need a little more time to pull the research together; but, here’s a teaser: the story is worth any penned by that great American myth-maker Horatio Alger.

I just have one more detail I want to share. Do you know you can actually see these 160 clear cut acres 90 miles (146 km) above the earth? That’s from the Thermosphere - the same atmospheric layer the International Space Station zooms around the earth in. it’s true, I looked it up here.

[Image: attachment.php?aid=768]

(Note: 3L Developments didn’t do the clear cutting, but did some substantial surface scrapping after).


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04-05-2014, 02:26 PM, (This post was last modified: 04-07-2014, 08:23 AM by Skook.)
#10
RE: Sunshine Coast, BC - Its collapsing real estate market.
Developer:
I'm glad to go I cannot tell a lie
Adieu, adieu to you and you and you

Response:
So long, farewell, auf weidersehen, goodbye
I heave a sigh and say goodbye…Goodbye!


Another developer is “fleeing Dodge” (Sechelt) and appears to have been trying to do so for a few years. Today, this new land listing appeared on SC Realtor Gary Little’s Interactive Real Estate Map:

[Image: attachment.php?aid=868]

After seeing the listing, I googled to see what District of Sechelt history I could find on this development and it was slim pickings; I found only two document entries. The first was in the DOS Parks and Open Spaces Master Plan, July 2006 on pg. 1:

Quote:The Havies Road subdivision (named Davis Lookout) includes a 1.13 ha site for a communal septic system and a .52 ha park dedication. Although the septic field has moderate slope it could serve as a field area for unstructured recreation activities.

The second entry was in the DOS 2010 Official Community Plan (OCP) on pg. 68 under ‘Recent Parks Acquisitions”:

Quote:A small park area dedicated at the Davis Lookout subdivision at Havies Road in Davis Bay (.52 ha).

I could find nothing on zoning and because of that and those two entries above, I concluded the subdivision zoning occurred in 2006 or earlier. So, I headed to Google Earth to get the lay of the land. On the top left, we can see the block and its proximity to the ocean on the left (west) and the Sechelt Airport on the right (east). On the top right, is the Sechelt Zoning map. Block A lies in L 1379.

[Image: attachment.php?aid=869]

What we see in these close-up GE shots is that the land was cleared by 2004 and judging by the greening up the logging occurred in stages from 2001 to 2003. GE shows no activity in 2006, but that changes by 2009. By 2013, those cleared areas have begun to fill in (alder and Scottish broom, no doubt) so whatever was planned had halted soon after 2009. Havies Road runs horizontal below the block and the vertical roughed in road within that small square runs into Laurel Ave to the south.

Seeing that activity in the 2009 got me back to searching using every term I could think of and I finally got lucky when I discovered it went by the address 5038 Laurel Ave, too. Based on search results, this block of land was purchased by Vancouver developer Rize Alliance Properties likely in 2006 when real estate was booming on the coast. That same year, a preliminary layout approval (PLA) was obtained from the DOS for a 79 lot bare land strata subdivision with lots ranging in size from 0.19 acres to 0.21 acres.

Riza began to hire firms to design the various aspects of the project:
  • Architecture by by Stuart Howard, John Hollifield, Formwerks, and Ramsey Wordern Architects
  • Interior design by Cause & Affect
  • Landscape Architecture by Eckford and Associates.
The development was renamed “The Homes of Davis Bay” (previously was Davis Lookout) and by mid-2007 the website was up. In June 2008, the project was profiled on the blog Presales Condos & Pre-Construction Real Estate which informed readers that the Sales Centre for The Homes at Davis Bay pre-construction sales was located on site at 5038 Laurel Ave and open between 10:30am and 5:00pm except Fridays.

Visitors to the sales centre would not view artist renderings of the homes but actual models which allowed them to lift the roofs and peer inside (I can't imagine the price tag on these homes):

[Image: attachment.php?aid=870]

The interior design company, Cause+Affect, put together a little video in 2007 that was added to the development’s website - to give viewers a sense of how their lives would be transformed by choosing to live at ‘The Homes on Davis Bay’ in particular and on the Sunshine Coast in general. Believe it or not, Cause+Affect uploaded that video to YouTube and Vimeo.com this past January. Take a peek, it’s short.



So with everything ticking right along, what happened? Well, on September 15, 2008 Lehman Brothers filed for Chapter 11 bankruptcy protection which initiated a US financial crisis that went viral. In response, the stock market had a meltdown which deepened the US recession that had kicked off in November 2007 in response to the US housing collapse.

The repercussions were felt everywhere even on the Sunshine Coast as development after development was mothballed as credit tightened and buyers disappeared. Some developers went bankrupt (Silverback on Porpoise Bay, Seaview Villa Estates) while others waited for better times which never came.

At some point, Rize Alliance Properties listed its Davis Bay land with Mark Lester at Colliers International perhaps as early as 2009; the asking price - $4,750,000. Google took me to the Colliers flyer (2 pg. pdf) which is in the database of Lester’s new business site Specialized Assests. The listing is not active there nor is it among the sold properties. So, Rize gave up on Lester at some point and just a few days ago listed with Holywell Properties in Sechelt at $3,500,000 - a price drop of -26.3%.

Interestingly enough, I can’t find any current commercial listing for the land. Nothing came up in my Google searches and I checked both NAI Commerical and MacDonald Commercial - nada. This is strictly an MLS listing with a Sunshine Coast Realtor. I wonder what this tells us?

The development is still on the ‘Projects’ page of the Rize website and can still be found on BuzzBuzzHome.com with the last update there occurring on July 5, 2012. Oh, at Buzz, it says ‘The Homes on Davis Bay’ is “sold out” - in their dreams.

[Image: attachment.php?aid=871]

After posting, I decided to try one more search using a different search engine and got lucky, again. I was able to grab the site plan. There were four different home designs and I think it is safe to assume they would be oriented towards the ocean view which would be on the left.

[Image: attachment.php?aid=872]


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