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Sunshine Coast, BC - Its collapsing real estate market.
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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RE: Sunshine Coast, BC - Its collapsing real estate market. - by Skook - 10-17-2013, 11:49 AM

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