Sunshine Coast, BC - Its collapsing real estate market.

[Skook]

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…

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

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.