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Sunshine Coast - is the real estate market shifting?
08-31-2015, 09:16 PM,
#1
RE: Sechelt Development - The Wharf Place
All

http://www.bigpacific.com/sunshinecoastm...-in-market

Interesting article I just came across, but from May this year.

Very upbeat forecast on real estate on the SC, contrarian view, or general consensus?
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09-02-2015, 08:34 PM, (This post was last modified: 09-03-2015, 05:38 AM by Skook.)
#2
RE: Sunshine Coast - is the real estate market shifting?
(Note: As you might notice above, Plelt originally placed his post in ‘The Wharf Place’ thread; however, I thought it deserved a thread topic of its own and moved it. So, take a gander at that BigPacific.com blog article and then offer your thoughts on it and/or what you are seeing take place on the SC. Is the RE market shifting and if so how is that shift manifesting itself in the day to day life of the SC or is it too early to tell. As Plelt indicates all opinions are welcome: for and against.)

I read that Big Pacific blog article within days of it being posted and it got me to thinking back then. So, I’ll kick things off now with a few thoughts about some of the sales and developments mentioned by those local SC pundits.

Now, about that 160 acre Halfmoon Bay land sale – well, take a look at my April & May 2015 SC Land Sales report (scroll down to just below the chart). All that’s interesting about this sale is who bought it and why. If it sold to a buyer from Magnum Projects Ltd target market, then we likely can guess why. Operative words: “blue ocean” and “park your money”.

As for the three District Lot sales up in Princess Louisa Inlet – so what. It’s forested land 30 miles up Jervis Inlet, past Malibu Rapids that’s accessible only by boat or float plane. It’s of no consequence at all to anyone other than the seller, buyer, Realtor(s)®/realty firm and those who like to ooh and aah at Chatterbox Falls. The latter may become quite agitated if the buyer decides to recoup purchase costs by logging – then it might get interesting; but, I doubt it.

Bathgates General Store in Egmont was originally listed for a tad over $2million eventually dropping down to $1.4mill after almost five or so years on the market. Who’s to say what it actually sold for – only your friendly Realtor®, the buyer and Bonnie and Clyde know for sure. What’s positive? The store remains open and the owner actually lives in the vicinity (Pender Harbour) and his daughter and son-in-law will run the business and live in Egmont. It’s a good thing, too, because the locals might burn the place down if there was no one around to shut the damn alarm off when some visiting twit jiggles the side door handle when the store is closed. Now, if they can only find a good marine mechanic (Gordie Shepard retired about 8 years ago) they might actually establish a decent living for themselves.

Edgewater at Porpoise Bay, hmm, anyone know how successful this development has turned out to be? One of the Phase 1 waterfront townhomes (Unit 34 – 5995 Beachgate Lane) has been listed for rent on Holywell’s since July 27th for $2500/mth and still no takers despite a free $500 prepaid BC ferry card give away for signing a 1-year lease. Do you think a townhouse owner or Holywell would offer such a promo to rent that unit? Uh, uh, I don’t think so. Funny, Onni hasn’t posted one new construction pic since October 31, 2014; but, I’m sure Phase 2 is ticking along nicely. It is ticking right along, isn't it? Anybody know about that, too? Anybody? Anybody living at Edgewater? Hello, anybody there?

The once-troubled Watermark – once-troubled? Hey wait, isn’t Watermark on that Holywell list for a free $500 prepaid BC ferry card for those signing a 1 year lease. Yes, it is so. But, it hasn’t worked either. Three Watermark units went up on Holywell’s May 19th and they still sitting there almost 4 months later. One of those rental units has never sold and the two others are owner lists – do you not think the developer and owners might not be a little troubled by this? I think so. In fact, they're so troubled that I'll say it again...they're giving away a free $500 prepaid BC ferry card...hello? A fourth Watermark unit went up on Holywell’s July 2nd and it’s still there; bet that owner’s somewhat troubled, too.

Venture Connect...I’ve been visiting that Community Futures website for the last few years. What is currently listed on the map? Let’s see...an empty fish plant in Egmont for $1.3million, a Petro Canada service station at the Garden Bay Rd/Highway 101 intersection in Pender Harbour for $2.25mill – yep, that’s a winner at today’s fuel prices; a Sechelt B&B for $2.249million – oh, it’s very special alright; and the Bonniebrook Lodge in Gibsons for $2.695million. This website is such a going concern that the last blog post is dated October 23, 2012. I can’t be certain the prices above haven’t changed by now. If I were those sellers, I would forget about this Venture Connect site and call that Vancouver company Magnum Projects Ltd. Then I would start looking for some “artists, movie stars, and business people from Vancouver and elsewhere” to plant nearby after renaming the business to Blue Ocean Fish Plant, Blue Ocean Service Station, Blue Ocean B&B and Blue Ocean Lodge.

I’ll offer some more pithy and in depth analysis in the days ahead. While you wait with bated breath, offer your own pithy and in depth analysis...I dare you.

(Another Note: Meet the new owners of the Blue Ocean Golf Club - formerly Sechelt Golf and Country Club. I checked into that Lamborghini hotel chain and the Italian car company is in no way involved. They've just sold chinese investors the rights to use its name - likely for big bucks, too. It's smoke and mirrors. I guess it's sorta like Trump Towers - except The Donald or The Daughter will pop in now and then for a photo op.)
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09-05-2015, 12:07 PM,
#3
RE: Sunshine Coast - is the real estate market shifting?
Yesterday, Onni has dropped unit prices at Edgewater...this is starting to feel real bad. I've just posted an Edgewater at Porpoise Bay update that includes images and a new spreadsheet.
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09-12-2015, 09:04 AM,
#4
RE: Sunshine Coast - is the real estate market shifting?
Hey Skook

Thanks for making this a thread, good reading getting your views on the article. Seems though no one else is sharing a view. Too bad.

Going to catch up on your link to Onni now.
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