Sunshine Coast Price Drop: How low will they go?

[Skook]

That sinking feeling in the pit of your stomach...

Yep, the owners of this Gibsons condo can tell you a thing or two about that. When I saw it undergo another price drop today, I decided to set everything aside and put together this post.

This 1 bedroom, 1 bathroom, 724sf condo has been listed for at least two years. I haven’t been following it so I can’t give the exact initial list details, but from today’s search I have pulled together the following price drop info.

Anyone following my development posts knows that condos and townhomes have been slow to move – especially in Gibsons. Soames Place, the new condo project (28 units) that will be move-in ready in a few short months, has 16 current listings. Blue Heron Village Phase 2 completed last summer has soId only 3 of its 6 live/work units. Island Vista, an 8-unit townhome development completed late 2011 still has 5 units listed – yes, they’ve never sold.

So, if these new projects aren’t moving then how do you move 20 year old units like this one at Park Rise? Well, the only way is by dropping the list price...again and again and again. This unit has now gone through at least 12 price drops and sits almost -$50,000 below that initial list price. Believe me, this unit is way, way below its 2015 Assessment and to add insult to injury its assessment rose this year! There are currently 8 condo units on the market at Park Rise and 6 are listed below their new property assessments.

My advice to all these unit owners is to check out the ‘hood using e-valueBC because around the corner at The Rosewood (624 Shaw Rd) the 2015 Assessment on a 1 bedroom/1bathroom condo dropped. Yes, it is a smaller unit at 633sf compared to Unit 34’s 724sf; however, The Rosewood development is only 6 years old compared to the 20 year old Park Rise.

To get condo/townhome assessments at e-valueBC you have to enter the address correctly. For example for this unit, enter:

34-689 Park Rd Gibsons BC (there are no spaces on either side of the hyphen).

This BC Assessment website uses ‘auto-complete’ so when you eventually see the address pop up as you type click on it and you’ll get the assessment details.