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Sunshine Coast Price Drop: How low will they go?
03-04-2014, 11:21 AM, (This post was last modified: 04-06-2014, 05:13 AM by Skook.)
#1
Sunshine Coast Price Drop: How low will they go?
(March 20, 2014 Update: I have changed the thread title. New posts to follow soon will illustrate why.)

I was checking for new Sunshine Coast listings and price changes also appear in the data. One of those price changes caught my eye and I thought, “Wait, didn’t that property drop its price not that long ago?” So, where could I go to check that this was a second price drop? I can go here - www.univs.ca

I’m not sure how long this website has been up, but I first started noticing it showing up in property searches late spring last year. The company name seems odd, but here is how they explain it:

Quote:'Univs' was inspired by the concept of 'Universal' online search accessible to everyone. All consumers are entitled to acquire full and complete database and knowledge for their Real Estate decisions.

So, one way they fulfill this mission is to give the complete price history, but only if the MLS# hasn’t been changed. I also look at Gary Little’s Interactive Real Estate Map; however, he only records the latest price change and there I could see the property dropped its price today from $455,000 to $439,000 (-$16,000). So, I headed to Univs and here is their pricing history for the property:

[Image: attachment.php?aid=759]

Univs hasn’t yet recorded the new price drop but I can see I was right that this is the second reduction in less than two months. So, the property was listed back in October for $468,000 and after two price changes the list price is now $438,000 - a total drop of -6.4%...so far. I say “so far” because as I pointed out in my Jan/Feb stats post yesterday, homes listed above $400,000 aren’t grabbing buyers' attention. For properties to move in that range, they seem to have larger lots (0.5ac plus), or a desirable location like Roberts Creek (where everything is more expensive), or be a new build that has already knocked off about $50-100 thousand.

Let’s take a closer look at this property…

[Image: attachment.php?aid=760]

This is an old timer that has been completely renovated inside and out; and, as you can see from the outside pics the owners have done a beautiful job with the landscaping. To take a look at the inside, visit the ReMax listing page.

I love this house. It is so typical of the old timers’ homes that dot the coast which is what really grabs my attention. It is a 1400sf, 4bd/2ba home and I can’t image wanting anything bigger. Personally, I can’t comprehend retirees who move to the coast and buy homes in the 2000sf+ range. Who wants to clean, maintain and pay taxes on all that wasted space.

The new list price is 25.4% above the 2014 assessment. The assessment has valued the “improvements’” at $91,800 and this has remained at that level over the last four assessments which I find hard to understand - it seems rather low to me. So, BC Assessments says it is the land that gives value to this home by a factor of just under 3.

The home sits on a corner lot at N Fletcher Rd/Corlett Rd in Lower Gibsons. You can access it two ways off Gibsons Way (via School Rd & N Fletcher) and via Marine Dr to School Rd. It appears to be in a great location; but, maybe not.

Many people who choose to move to the SC do so for a change in lifestyle. Many just want to get out of their damn car and start walking. That’s what I did living north of Pender and I continued that when I moved to Sechelt which is how I got to know the developments in West Sechelt, along the waterfront and into the village. I only took the car out of the driveway to get groceries. So, what could possibly be the problem with this home’s location…well, it’s the topography and here’s the Google Sreetviews to show you what I mean.

[Image: attachment.php?aid=761]

It is steep inclines up and down no matter which way you go - tough on the knee joints. The inclines could be an issue in winter, too. Gibsons can get more than its fair share of snow being so close to the North Shore Mountains and sitting there along Howe Sound. It could be an exciting slippery slide down those slopes on those snowy days and maybe impossible to drive up on some. But, I doubt any potential buyers would think about that.

I discovered I happen to be acquainted with the woman who owns this home. I don’t know how long she and her husband have lived there and if they are responsible for the upgrades or what they initially paid. I do know they are at retirement age and this likely is a factor in putting it on the market. It could also explain those price drops.

So, what is your take on this property? What do you think of the pricing? How far do you think it will have to drop to sell? Will this last price drop do the trick? I think if they get it under $400,000 it could move, but can they afford that drop or can they afford not to make the drop?

April 6, 2014 Update: SOLD!

The property changed hands about two weeks ago for $410,000 - total price drop from original asking price was $58,800 - down -12.5%.

That's not too bad since it went close to 25% above assessment. But, then again, we will never what profit the sellers made on the home. The new buyer should be pleased since I doubt any work will need to be done inside or out. So, my favourite little coastal classic is gone. I hope the new owners treat it kindly so it can be passed on, again and again.


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03-14-2014, 09:52 AM, (This post was last modified: 04-17-2015, 10:30 AM by Skook.)
#2
RE: Sunshine Coast Price Drop: How low will they go?
There are currently 19 Sunshine Coast properties listed on Vancouver-based HomeForeclosuresBC.com. I assume these properties are either in foreclosure or under a court-ordered sale (e.g. in the case of divorce and assets must be split).

One of these properties caught my eye because I had just recently posted about the Farrington Cove development and this waterfront home is close by. So, I plugged in the home’s address into Google and the search engine delved deep into its archives and sent me back some really, really interesting results.

I want to mention one thing before proceed with those Google results. In 2007, prices for homes and lots on the SC jumped by $100,000 or more in response to the frenzied sales of 2006. Waterfront properties led the way, of course, thanks in no small measure to the pumpers like Ozzie Jurock and his “Buy Waterfront Anywhere, Anyhow” mantra. So, up there in Pender Harbour, Farrington Cove and Whittakers hiked their prices and individuals selling waterfront homes happily followed suit.

The property I checked out via Google was 4830 Sinclair Bay Rd in Garden Bay. The search results included blog postings of North Vancouver Realtor Jacquie Swaisland who works out of Angell Hasman & Associates on Marine Dr. When Swaisland lists or sells a property she posts a little blurp in her blog and those posts go back to 2005 - thank you, Jacquie!

In September, 2005, she uploaded this property to her website. In May, 2007 she uploaded the property once again to her site and in November, 2007 she said she had sold the property. My belief is that when she relisted it again in May, 2007 it was to up the price. You can see the property, those blog entries and the May, 2007 listing data in the collage below.

On May 17, 2007, 4830 Sinclair Bay Rd was listed for $1,495,000 and sold in November, 2007.

[Image: attachment.php?aid=790]

The question is, “Did it sell for list?” Well, given the frenzy for waterfront properties, I think it did or at least was very close to it; but, it also could have sold for more.

I don’t know if this property ever changed hands after that 2007 sale, but here is what it is going for now - after a price drop. The listing actually went up on January 14, 2014 at $929,900 and dropped to $899,900 on February 25.

So, if the property sold for list in 2007, then that February price drop represents a decrease of -39.8%.

[Image: attachment.php?aid=791]

The property is currently listed with the Realtor team Joni Selmes and Gail Brachat (www.joniandgail.com) out of Sussex West Coast Realty in Gibsons. If you would like to see the property’s listing pics but like me hate sites with image viewers you can’t control, I recommend viewing the Re/Max Oveanview Realty reciprocity listing here. The Joni & Gail website listing is here.

I was curious to know the assessment on this property; however, I can’t report those figures. So, in the table below I have given the 2011 Assessment figures a value of “X” and the percent change for each subsequent year. In total, the assessment has dropped 15% over 4 years. Yes sirree, investing in Pender Harbour waterfront property has proved a windfall!

[Image: attachment.php?aid=792]

In the 2007 listing, the property taxes were estimated at $3702 and in the 2014 listing the estimate is $3204. I don’t know if that includes the floating boathouse which is assessed separately from the home and land. Yes, the lucky owner of this prime waterfront property gets two separate property assessment docs.

So, what do think? Is this turkey going to fly?

March 24, 2014 Update:

Hot off the internet. The list price for 4830 Sinclair Bay Rd featured in Post #2 above dropped today by -$27,000. This is the second price drop since its January listing at $929,900. The total reduction to date is -$57,000 or -6.1%.

The total drop since its May, 2007 list price of $1,495,000 is -41.6%.

June 15, 2014 Update:

Since my last update, 4830 Sinclair Bay Rd has been relisted and gone through at least two more price drops. I decided it’s time for a little spreadsheet to keep track of all the changes.

[Image: attachment.php?aid=923]

Looking at the big picture, the property has dropped -$680,100 or -45.5% in value since its May 2007 list of $1,495,000.

December 12, 2014 Update:

Since the June 15th update, this Pender Harbour beauty has undergone an additional two relists and six more price drops. It’s turning into one very steep ride down to the bottom; if there is a bottom. So, in 11 months this Garden Bay waterfront property has dropped -$250,000 or -26.9% since its January 14th list.

In seven years, the property has lost three quarters of a million dollars in value or -54.5%. Unbelievable.

(April 17, 2015 - old price spreadsheet removed - see last update below)

Poor owner. Poor neighbours. Poor, poor Pender Harbour.

January 25, 2015:

There is a new update but you will have to go here to read it. I've run out of room in this original post.

April 17, 2015:

New and final update can be read by clicking here.


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03-21-2014, 09:24 AM, (This post was last modified: 06-15-2014, 09:00 AM by Skook.)
#3
RE: Sunshine Coast Price Drop: How low will they go?
A new listing caught my eye the other day. When it popped up, I said, “Oh, you’re back! I wondered what had happened to you.” Here is the listing - crooked pic and all.

[Image: attachment.php?aid=806]

The main entrance shown in that listing pic is accessed from the back of the house via the driveway. The image directly above is what you see from the street.

I used to walk by this home once or twice a week on my regular walkabouts when I lived in West Sechelt from January, 2009 to March, 2010. On my first hike down Mika Rd, I noticed its ‘For Sale’ sign, lack of occupants, no landscaping and assumed the developer had just completed it. In hindsight, the lot was likely bought by a builder and when the home was completed he put it on the market with the hope of making a tidy profit. Unfortunately, the US banking crisis and stock market meltdown were just around the corner.

When I stumbled onto SC Realter Gary Little’s interactive map in the fall of 2012, I headed over to West Sechelt to see what was on the market and discovered this house still hadn’t sold. I been following it off and on ever since until late last fall when the listing disappeared. So, when I saw the new list price the other day, I thought this was worthy of Google search to find its complete listing history which you can see in the table on the left below. The assessment data on the right shows that since 2011 the land value has dropped a total of -$13,000, the improvements -$20,000 for a total drop of -$33,000; and, yes, this home is now priced below assessment.

(June 15, 2014: I was updating this post and goofed and removed the spreadsheet showing the listing history of 6220 Mika Rd. I have had to post that updated spreadsheet below as a “New Reply” - click here.)

Of course, anyone now attempting to sell their homes in this neighbourhood will face the same scenario and here’s another example. The home below was listed back in January, 2012 at $758,000. I have no idea how many if any price drops it went through before it was relisted in February, 2013 at $688,000. The home sold in August, 2013 for $625,000 for a total drop of -17.5% from original list price. My guess is that it sold at or just under the 2013 assessment. The buyers were smiling I am sure; however, when they opened their 2014 Assessment that smile likely disappeared.

[Image: attachment.php?aid=808]

There has been some vacant lot activity in this street, too.

Lot 36 Mika Rd was on the market last year at $199,900. It was relisted Jan 24, 2014 (V1044195) at the same price. It sold mid-Feb for $197,000 - a drop of -1.5%.

Lot 67 Mika Rd is currently on the market. The lot sold at the end of July, 2012 for $192,500. As you can see in the image below, it was back on the market 6 weeks later (Sept 10, 2012) at $197,500. Did the sale fall through or is it a flip? If it is the latter and sells for list, the flipper will have earned a pittance on the investment if you deduct all the expenses in the initial buy and subsequent sell. Or, maybe financial circumstances prevented building that dream home.

[Image: attachment.php?aid=809]

I was curious to know the development history of this area because the Lot 79 listing says “Pacific Ridge Estates” which I have never heard mention of before. The Lot 47 listing says it is in “Oracle Heights.” So, I began a Google search and was coming up with nothing which told me activity in the area was prior to 2005/06. I decided then to visit Google Earth and look at the timeline of satellite shots and the earliest available is November, 2004. I snagged that view and compare it to the most recent satellite shot, July 2013, in the image below.

[Image: attachment.php?aid=810]

On the July 2013 pic, I have added the street names and have indicated the locations for the homes and lots described above. I have added two red lines as well. These indicate the point where different district lots meet which made me think that different developers/land owners were behind the development of this area. By the way, there is another lot between 6220 Mika (A) and Lot 36 (D) - the one with the path beaten through it.

For the Oracle/Mika Rd lots east of the red line, the land was originally part of a larger parcel belonging to the owner of the large property to the south. As the November 2004 satellite image shows its development was well underway with roads and services in and homes built before work began on Oracle Heights Phase 1.

The upshot of my research is this: that the lots in the areas outlined in orange (Oracle Height Phase 1) and purple (Pacific Ridge Estates) in the zoning map below were completely sold out by 2006. So, the ones that have not been built on were bought by “investors” to be flipped at a later date based on their expectation land value would continue to rise. The price tag for the lots back then was likely between $175,000 - $200,000 and if you factor in the GST, Land Transfer tax and years of paying property taxes no one putting these lots on the market after 2007 will have made or will make any return on their “investment.”

As well, judging by whom I met on my walkabouts, many of those who built in this area are baby boomers. If they hoped the value of these homes would continue to rise and finance their retirement when they were ready to downsize and sell they are hooped. For not only have assessments fallen year-after-year since 2011, they also face competition from growing number of resale listing with continuous price drops as any new projects like the Sangara development ‘Silverstone Heights’ which has priced its yet-to-be-built homes in the 30 lot subdivision at $479,900 to $579,900 which is $19,000 to $119,000 lower than that new list price for 6220 Mika Rd - the property that prompted this post.

So, what do think the builder of 6220 Mika Rd should do? Well, I think he and everyone else needs to read RFM’s excellent post ‘Pricing Property in a Declining Market.’

[Image: attachment.php?aid=811]

Note: the subdivision outlined in blue is Oracle Heights Phase 2. It began marketing its lots in July 2006. Four of the 28 lots (30, 31, 34, and 35) have never sold. As of today, they have been listed for 2,739 days : 7 years 184 days and counting.


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03-22-2014, 05:43 AM,
#4
RE: Sunshine Coast Price Drop: How low will they go?
Skook, great work as always.

I've made this point on Vancouver Price Drop and it may not apply to Sunshine Coast places, but I honestly believe we are going to see drops of up to 80% in certain areas of the Lower Mainland BUT (and that's as big a but as I can make it) the drops are misleading in a sense, because the asking prices were such fantasy... e.g. a house went from 1.75 mil in 2007 to an asking price at peak of 8.888 (etc) mil in 2012 - now being offered for 5 mil 2 years later, and assessment is 3.5 mil.

Let's assume it sells for 2.5 million - the headline-grabber is "price drops over 70%!" - but of course the reality is (once the insanity has left us), the price has gone up by $250,000 in eight years...

All of that said, I honestly believe there is no end to the drops from these delusional levels. You know where I'm looking, and folks are still asking approx 30-40% over assessment in that area. As Navier said and I'm finding out, some people really are *convinced* that's what their homes are worth. Time and experience will tell them, I guess...
Reply
03-22-2014, 10:26 AM,
#5
RE: Sunshine Coast Price Drop: How low will they go?
Jimmy,

I offer my thoughts on the questions you raise back in your Gulf islands thread in this post. Also, I have taken the liberty to rename your thread to 'Bowen Island/Gulf Islands - help please?' since the posts are now concentrating on Bowen Island. This will help new visitors coming to VanPeak looking for BI info.
Reply
03-22-2014, 01:56 PM, (This post was last modified: 06-15-2014, 09:56 AM by Skook.)
#6
RE: Sunshine Coast Price Drop: How low will they go?
On March 17, 2014, the property below dropped its list price $9,900 from $324,000 to $315,000.

[Image: attachment.php?aid=814]

Was this the first price drop? Of course not. This is number 6 since the list went active on September 1, 2013. However, the earlier drops were for the most part piddling, “oh, god, I don’t what to do it” kind of drops as you can see below.

[Image: attachment.php?aid=815]

Now, if you’ve read RFM’s ‘Pricing Property in a Declining Market’, you will know that this seller has failed item #3: Reduce the listing price aggressively or you will chase the market to the bottom:

Quote:When property values are declining, reducing the price to the current market value is not sufficient. The price must be below market value to sell the property.

So, this seller is now slowly bleeding to death by a thousand little cuts instead of initially applying one deep cut across the carotid and damn well getting it over with in one fell swoop. But, the seller is in good company on the SC. By the way, the property is still priced above assessment.

It was the design of the house that made me sit up and notice its September 1st listing because there aren’t many like it. On my walkabout in West Sechelt back in 2009-10, I discovered two others: one on Emily Way in Cascade Heights and the other on Jasper Rd. Darn if they aren't both on the market now, too.

[Image: attachment.php?aid=816]

5736 Emily Way was listed September 20, 2013 at $359,000 and in October it dropped the price - the only drop so far. 6340 Jasper Rd was listed July 16, 2013 and is refusing to budge on that list price - at least publicly.

My thought is that all three homes will have trouble selling because of that house design. It will appeal to a very select few and to find three such buyers could take a very, very long time - unless, of course, they find a way to make themselves irresistible. What way is that? Price, baby, price - it's the only option. So, get out the eraser and that sharp pencil.

June 15, 2014:

6101 Gale Ave South continues to slowly bleed to death. Another little cut (↓$6,000) was inflicted on May 12th. The total number of wounds over the last ten months stands at 7 for a total drop of $30,000 or -8.8% from the original asking price (updated spreadsheet below).

After nearly a year on the market, 6340 Jasper Ave finally dropped the asking price. Drum roll, please…↓$4,000. That’s right, the price was lowered by an incredible 0.9% to $435,000 from $439,000. No doubt, we can expect to see the process repeated in June 2015.

5736 Emily Way has not lowered its asking price; however, I thought the Realtor ad in this month’s Sunshine Coast Real Estate Guide was noteworthy. Yep, I would say the seller has definitely left town for greener pastures. Guess whoever buys gets to play landlord for a spell.
[Image: attachment.php?aid=925]


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03-25-2014, 01:02 PM, (This post was last modified: 03-26-2014, 05:22 AM by Skook.)
#7
RE: Sunshine Coast Price Drop: How low will they go?
(March 26, 2014: Update added to bottom of post.)

A new Pender Harbour listing today caught my eye. Here it is…

[Image: attachment.php?aid=823]

It's been given the green banner treatment, but this isn’t really a "new" list, it's a relist. This property, like 4830 Sinclair Bay Road featured in a post above, can be found on the HomeForeclosuresBC.com website at its previous list price. But, the Foreclosure site doesn’t show this property’s many relists and price drops. For that information, you can view the January 29, 2014 post on Vancouver Price Drop. Here’s the ‘Full Monty’ courtesy VPD…

[Image: attachment.php?aid=824]

By adding today’s new list info, we get this…

…..March 25, 2014…..V1054239…..$819,000…..-$659,100…..-45.4%

So, from that April 2, 2012, 4703 Cameron has undergone a total price reduction of -$659,000 for a drop of -45.4%. It’s another "death by a thousand cuts" and all the relisting can't obscure that fact - not when there's Google.

Now, that first listing price in the VPD table really made my eyes pop when the next relist priced increased by over $1million. I went searching for an explanation but none can be found. Pure and simple, it was a listing mistake - they had forgot to put a “1” before the “3”; and, when it was discovered 22 days later, the listing was yanked and the property was relisted tacking on an extra $100,000 to boot - what the heck, why not. (Note: I believe such listing mistakes are rare; however, if you’ve listed a property, it’s always a good idea to check for errors yourself via the internet.)

While searching to solve this pricing mystery, I discovered 4 vacant lots in the same area that are currently listed. They’re displayed in Gary Little’s real estate map on the left below. 4703 Cameron occupies that gap between two of the lots. The addresses given to these lots really confused me, so I pulled the SCRD Pender Harbour address map and you can see that Warnock Road has now been extended and joins Cameron Road. Now, this house was built in 1998 so my thought is that the whole block of land shown in the SCRD map may have belonged with this house which is why its address is Cameron Rd. About a decade later, the owner decided to subdivide the property and you can see the result on the right. This home occupies SL 3. I don’t know if the current home owner was the owner back then, too.

[Image: attachment.php?aid=825]

So, here are those vacant lot listings and for Lot 2 Arbutus Landing Rd and Lot 4 Warnock Rd I provided their Price History. Yes, price drops here, too, and possibly the same for SL 5 and SL 6 (I didn’t search - why bother).

[Image: attachment.php?aid=826]

Lot 2 was listed July 14, 2011 at $649,900 so the total price reduction to date is -$150,900 for a drop of -23.2%.
Lot 4 was listed May 25, 2013 at $469,000 so the total price reduction to date is -$94,000 for a drop of -20.0%.

I came across an old Royal LePage agent ad from June, 2010 and in it the agents announce that in 2010 they had sold SL 1, SL 2, and SL 4 Arbutus Landing Road. So, the current listings for Lot 2 and Lot 4 are flips. In 2010, the SC real estate market saw an increase in activity after two bleak years; so, it’s possible these lots were bought as investments. If so, it’s too bad they didn’t have access to RFM’s sage advice on the ‘pros and cons of vacant land as an investment’ that you can read in this recent VanPeak post.

In my search for all things to do with this property, I came across this CottageCountry.com posting obviously long forgotten. In the pic, you can see the 4703 Cameron Rd property. On its right, is the location of Lot 2 Arbutus Landing Rd and on its left is the location of Lot 4 Warnock Rd. I wonder if they will ever straighten out all these addresses so that there is some logic to them. Well, I guess one day when there are actually people living at 4703 and occupied homes on all those lots. What do you think? 5 years? 10 years? Remember, these are waterfront lots and according to the BC Oracle, “Buy waterfront lots on rivers, lakes and oceans because they’re running out and will never lose their value."

[Image: attachment.php?aid=827]

For a look inside 4703 Cameron, you can visit its Kijiji ad. And, it is listed below
assessment.

March 26, 2014 Update:

Today, Lot 4 Warnock Rd lowered its list price by -$16,000. The total price reduction since its May, 2013 listing at $469,000 is -$110,000 - a total drop of -23.5%. The current list price is now $359,000.


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04-03-2014, 03:41 PM, (This post was last modified: 06-15-2014, 10:44 AM by Skook.)
#8
RE: Sunshine Coast Price Drop: How low will they go?
5445 Mills Rd, Sechelt

Every day, if I have time, I try to pop into Holywell Properties for two reasons: the first, is to see what’s new in rentals, and the second is to see if those new rentals offer any interesting listing pics - yep, kill two birds with one stone.

So, today, I found this new rental and this is a nice little home.

[Image: attachment.php?aid=854]

Now, that I am picking up on the cues, I read the description and immediately thought, “Aw, this home is for sale, too.” Here is the Holywell description with those cues highlighted.

Quote:This beautiful family home, located near bus route and downtown Sechelt on the Sunshine Coast, has 2 bedrooms plus a den and is fully furnished. The home has been renovated with high end finishing and 5 appliances. The back yard is south facing where you can enjoy sunshine all day long. This home is available May 1st on a short term rental basis.

So, I googled the address and here is the MLS listing.

[Image: attachment.php?aid=855]

The full description reads:

Quote:Beautifully renovated rancher with 2 bedrooms and a den in desirable West Sechelt. With a bright open plan, this terrific home boasts a newer kitchen, new windows, new flooring, and much more. Enjoy the cozy wood fireplace, huge deck for entertaining, a great neighbourhood and a short walk to the beach.

The home is 33 years old, but you would never know it. They have done a nice reno job without going overboard with granite countertops and stainless steel appliances. This is a great starter home that you could quite comfortably live in until you retire. If you have 1 child, no problem; with 2, maybe not. However, with life getting more expensive, you might want to set up bunk beds or give up the den and try.

Here’s Holywell’s listing page if you want to check out the pics. This rental listing may not last long if the renter plans to stay only one month; it’s an excellent price for a vacation rental that’s fully furnished. If you're coming to the coast for the summer you wouldn’t want to take a chance on it since it could be sold at any time.

So, why are they selling? Good question. I have a feeling they’re moving in with family somewhere if only temporarily because they don’t seem to need their furniture. Now, I also checked out the listing price history and it was listed January 9th at $294,000 and dropped the price today by almost $6,000. I also think they’ve dropped Re/Max because I found that listing above via the reciprocal search feature and nothing came up under Re/Max’s own agent listings.

[Image: attachment.php?aid=856]

Maybe with that price drop, the margins are cut too close and they will give PropertyGuys.com a try. I wonder if anyone has come to view this property over the last 3 months. With today’s price drop, it’s about $43,000 above the 2013 assessment and that assessment may have dropped about $5,000 or so this year.

It will be interesting following this property and see how low they will go.

June 15, 2014 Update:

5445 Mills Road is no longer listed for sale. I am sure the seller said, “What’s the point if it’s not moving at that price.” Of course, that notice in the Holywell rental ad that the home “was available May 1st on a short term basis” likely didn’t attract many rental inquiries either.

So, it’s no longer for sale; but it's it still for rent only now it is available August 1st and for $1400/month (Holywell ad); and, it's no longer furnished? Hmm, I wonder what all this means.

   


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06-15-2014, 08:54 AM, (This post was last modified: 12-12-2014, 04:59 PM by Skook.)
#9
RE: Sunshine Coast Price Drop: How low will they go?
June 15, 2014 Update:

6220 Mika Rd profiled back on March 21st has had another $50,000 list price drop. Here is the updated spreadsheet showing the total listing history for the property.

(June 15th spreadsheet removed. Its last entry was May 22, 2014)

Dec 12, 2014 Update:

I’m a tad late posting a new update. You see, barely a month after the June 15th update the property sold. I am so so so very happy for that “lone wolf” builder. What a relief it must have been to finally close the book on that house and move on.

So, here is the updated pricing history on 6220 Mike Rd. It took six years from its original list to sell. It sold for $528,000 – a drop of -$230,000 or -30.3% from the original asking price. It sold -14% below its 2014 Assessment. It sold.

[Image: attachment.php?aid=1030]


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06-15-2014, 10:56 AM,
#10
RE: Sunshine Coast Price Drop: How low will they go?
I have just updated four of my "How low will they go?" posts:

4830 Sinclair Bay Rd
6220 Mika Rd
6101 S. Gale Rd, 6340 Jasper Rd, 5736 Emily Way
5445 Mills Rd

Except for 6220 Mika Rd, scroll down to the bottom of the other posts to see the update.
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