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Sunshine Coast Price Drop: How low will they go?
12-12-2014, 05:04 PM,
#11
RE: Sunshine Coast Price Drop: How low will they go?
I have just updated two of my "How low will they go?" posts:

4830 Sinclair Bay Rd, Pender Harbour
(scroll down for update)
4220 Mika Rd, Sechelt
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12-13-2014, 03:41 PM, (This post was last modified: 04-12-2015, 07:03 AM by Skook.)
#12
RE: Sunshine Coast Price Drop: How low will they go?
[Image: attachment.php?aid=1032]

Well, my golly gosh...
What we got happ’nin at thet fancy Watermark at Sechelt?
Are dem dare price drops?

Yep, dem dare shur ‘ar!


[Image: attachment.php?aid=1033]

Two Watermark resale listings dropped their prices today which grabbed my attention. I paid a little visit to my Watermark spreadsheet and said to no one but me, “Well, this is not looking good.”

This is so sad, isn’t it? I mean the developer and the Watermark marketing team worked so hard. I don’t know about you, but they certainly raised my expectations.

I guess I should have clued in when all the unsold units were thrown on the market back in May. So, what have we got here...in Phase 1 (5665 Teredo St) after 3½ years there are 12 unsold units (or 23%) and in Phase 2 (5725 Teredo St) after 2½ years there are 18 unsold units (or 35%). It’s definitely not the best situation for an owner wanting to flog their unit. I think we’ll be seeing a few more price drops before all this is said and done.

And, then there are all those unsold commercial units...sigh...oh, my.

April 12, 2015 Update:

#302 – 5665 Teredo St remains unsold with no further price drop.
#500 – 5725 Teredo St remains unsold with no further price drop.

Now here’s the rub for #500. There are now 4 of those expensive water facing units at 5725 on the market (including #500). Its neigbour #501 was listed back in June, 2014; #600 was listed back in October, 2014; and, #400 was added to the mix this past week. My thoughts are that these front units will have to have significant price drops to move because the smart money has gone. It’s the early in, early out flips that leave with a smile on their face and that happened with the Phase 1 water facing units. The cachet has gone from Watermark – the developer placing a rental ad on craigslist in early February sent that message out loud and clear. We shall see.

#203 – 5725 Teredo St dropped an additional $24,000 from its list price a couple of weeks ago.
#600 – 5665 Teredo St sold in January.

Look close at that #600 table. The seller needed to knock off a further $49,000 to move that baby. It sold at $250,000 – almost $35,000 below the original 2011 purchase price. Factor in all the additional expenses (commissions, lawyers fees, taxes, insurance, etc., etc.) and we have ourselves a real winner. I always wondered if it was an interior decorator that bought the unit based on how it was staged – if so, then maybe he or she can write off some of that loss.

[Image: attachment.php?aid=1096]


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01-25-2015, 09:46 AM, (This post was last modified: 04-17-2015, 10:24 AM by Skook.)
#13
RE: Sunshine Coast Price Drop: How low will they go?
4830 Sinclair Bay Rd Update

It’s hard to believe but the price drops keep coming for this Garden Bay home up there in Pender Harbour. My original post for this waterfront property can be found here. However, I’ve reached my maximum image limit there so I’m adding its new spreadsheet in this post.

Since my last update in November, there have been two more price drops. The last drop occurred when the property was relisted on January 14 which freshened up the MLS listing number.

(April 17, 2015: old price spreadsheet removed - new spreadsheet in update below)

Interesting enough, the property was listed on Craigslist in December as a holiday escape rental. It had quite a wordy write-up and offered these rates:

Quote:$495 per night Sept -- Oct 13
$395 per night Oct 14 -- Dec 22
$495 per night Dec 23 -- Jan 2
Rate quoted is based on up to 12 people in the main house.
Extra people @ $25 per night each
Min. stay is 1 night

I wonder how this is working out.

Let's see...the next drop should take place in mid-February.

April 17, 2015 Update...


Well, me golly gosh...4830 Sinclair Bay Rd has sold. I was just looking at the table the other day thinking a price drop was overdue, too...LOL.

So, let’s see. It finally sold at $595,000 – an additional drop of almost $55,000 since January’s last list price “correction.” The property’s market “value” (what the market perceived it was worth) dropped a total of $334,900 or -36% from the original January 2014 list price.

To think that back in May 2007, this Pender Harbour waterfront property was listed for close to $1.5million and likely sold close to asking because that was a wild and wooly year. You can read about the 2007 pricing in my first ‘4830’ post by clicking here.

[Image: attachment.php?aid=1121]

That's a wrap.


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01-25-2015, 01:51 PM, (This post was last modified: 04-12-2015, 07:14 AM by Skook.)
#14
RE: Sunshine Coast Price Drop: How low will they go?
5520 McCourt Rd Sechelt

I have been following a roughly 2 acre property in West Sechelt since about mid-2013. The site was to have been Phase 2/3/4 of the Seaview Villa Estates; however, the project went into foreclosure. The story behind this development is a sad one because of the personal impact on the developer. The details are found in Part 2 of my ‘Sechelt - Dead Ducks, Non-fliers & Snake Oil’ thread (Scroll down).

As you can see in the spreadsheet below the property has gone through substantial price drops since its original listing in mid-2012. With the recent price drop this week, more than a million dollars has been shaved from the original list price – a drop of almost 60%.

(Price spreadsheet removed. Updated spreadsheet added below)

The assessment for this property isn’t much better. The 2015 assessment dropped $4,000 and if we add it to the huge drop in 2013 (↓$114,000) the total loss in value since 2011 stands at $118,000.

I walked around this development many times back in 2009-2010 and was impressed with both the phase 1 townhomes and the incredible view; however, I just took a look at the new listing pics and that view has been impacted by the Orca Vista development below (see photo 19). Bummer.

April 12, 2015 Update:

Another price drop this past week. Wow, down almost -65% from its July, 2012 list price. The only thing I can think of to explain this precipitous price dropping is that the bank wants this property off its books and fast. Do you think it’s getting worried about the insanity swirling around Vancouver house prices?

[Image: attachment.php?aid=1097]


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01-29-2015, 12:34 PM, (This post was last modified: 01-29-2015, 12:39 PM by Skook.)
#15
RE: Sunshine Coast Price Drop: How low will they go?
I want to update three properties I looked at back in March 22, 2014 (Post #6 – has pics). I grouped the three together because the houses were similar in style. They’re what you might think of as 2 storey, traditional clapboard. I thought they might have difficulty selling because it isn’t a common house design these days on the SC and would likely appeal to only a small pool of buyers. Since all the homes were located in Sechelt, I figured it might take a long time for the homes to move unless they were willing to substantially lower their listing price.

So, here’s how things stand. 6101 South Gale Ave continued its slow death by a thousand cuts until October, 2014 when a buyer was able to talk the seller into settling below $300,000 for a total drop of -$42,500 off the original list price or -12.5%. The house sold below its 2014 Assessment and the lucky new owner got to see his/her new home drop a further $16,000 in 2015. Sweet. By the way contrary to media reports, the majority of Sechelt home owners saw their home values drop again this year.

[Image: attachment.php?aid=1061]

As for the other two homes, they’re still listed. 5736 Emily Way refuses to even contemplate lowering the list price. The last ad in the Sunshine Coast Real Estate Guide (Dec/Jan) indicates the home remains rented out at $1,500/mth. I guess that rent is covering costs so the owner is not desperate. The asking price is just a tad above the 2015 Assessment - down $4,000 from the 2014 Assessment.

[Image: attachment.php?aid=1062]

6340 Jasper Rd finally bit the bullet and dropped its price after a year on the market. It was relisted in July at $425,000 – a drop of $14,000; but, darn it’s not going any lower, so there. It’s priced about 14% above this year’s new assessment which also dropped compared to 2014 (-$3,000).

Hmm, time for a relist to freshen up those listing numbers, me thinks.


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03-31-2015, 09:07 AM, (This post was last modified: 03-31-2015, 10:57 AM by Skook.)
#16
RE: Sunshine Coast Price Drop: How low will they go?
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.

[Image: attachment.php?aid=1066]

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.


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04-12-2015, 07:20 AM, (This post was last modified: 04-12-2015, 07:23 AM by Skook.)
#17
RE: Sunshine Coast Price Drop: How low will they go?
I have just updated two postings:

The Watermark Units, Sechelt
5520 McCourt Rd, Sechelt

I also want to show the final result on a lot listing in the Sandy Hook area of Sechelt – that’s the east Porpoise Bay boonies. I posted the blurb below at the bottom of my October 2014 SC Land Sales Post:

Quote:Today, there was a price drop on a 0.23ac lot in the Sandy Hook subdivision in the east Porpoise Bay area of Sechelt. Back in a March post, I highlighted the significance of the first sub-$100,000 lot listing in Farrington Cove in Pender Harbour. Well, that notable drop has long been surpassed in other SC market areas over the course of this year.

Lot 4 Sandy Hook Road is listed on PropertyGuys.com by the owners for $99,000 (List description indicates lot went up at $112,000 - $26K below assessment. In 2011, lot was assessed at around $149,000 and dropped $33,000 in 2012.). That listing gives the 2013 Assessment as $108,000 (it dropped a tad further in 2014). The lot also went up on MLS and on October 7 was relisted for $57,750 (V1088822). Despite that auspicious listing number with all its 8s and its low price it didn’t move; so, today the price was dropped to $49,900. We’re at -50% and counting. Given that there are other lots listed along that same road at $119,000 to $134,000, I think it is safe to assume that the owners of Lot 4 paid much more than $100,000. Unfortunately, I think Sandy Hook area and other outer areas hold little attraction for those now moving to the SC. However, these falling SC lot prices might be finally grabbing the attention of long term investors who just love holding land; and, in some areas of the SC it will be a very long term investment, indeed.

The lot sold on Feb 10, 2015 but I couldn’t understand the why the price increase at the end until I managed to catch the lot listed on SC Realtor Fran Miller’s website Foreclosures webpage before it was taken down as a result of the sale. There must have been more than a few parties interested. Still that winning offer has got to hurt property values in the Sandy Hook area.

[Image: attachment.php?aid=1098]


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04-17-2015, 10:34 AM,
#18
RE: Sunshine Coast Price Drop: How low will they go?
Good bye 4-8-3-oh, my old friend,
I’ll not ever update your table again...


I’ve just posted an update for 4830 Sinclair Bay Rd...it sold!!!

Click here for the details.
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