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Sechelt Development - Trail Bay Estates
09-02-2015, 11:35 AM, (This post was last modified: 09-02-2015, 08:43 PM by Skook.)
#11
RE: Sechelt Development - Trail Bay Estates
ddhawk, welcome to VanPeak! Thank you for sharing your perspective as a home owner in TBE and for an update on the developer’s plans (11 lot expansion). As for the latter, where are those lots proposed to go? On the upper level at the end of Clayton Ave? That would seem to make the most sense.

I’m not surprised to read of expansion plans for two reasons. First, the relative success of Silverstone Heights next door (it’s still taken two years to sell 20 out of 30 lots, but homes will be built on each lot). Second, to extend services (sewer, roads, etc) into the upper area (if that's where the new lots are going) in preparation for a much larger expansion should the current real estate activity continue and grow (supply of new housing stock is definitely diminishing).

My thought is Clayton Family Lands will take the same tack as Greypointe next door and make it a 'lot+home' combo package – the last thing they want is a repeat of Phase 1: investor-owned empty lots. The question is how will this expansion affect current Phase 1 lot resales? Will TBE expansion encourage or discourage lot resale listings?

Recent lot resale listings:
Lot 17 – listed July 17/15 at $179,000
Lot 20 – listed July 25/15 at $195,000

Both 17 & 20 on the market for the first time since purchase 7 or so years ago.

Lot 40 – relisted Aug 12/15 at $159,900
Lot 52 – relisted May 5/15 at $179,000

These listings are all at a loss to the owners and lots 17 and 40 are both listed below 2015 assessments. By the way, ddhawk, I can’t find any sales data for a lot selling in 2015. Did this sell you mention occur in late August? If so, perhaps it hasn’t closed yet; or, are you referring to lot 12 Barnacle St which sold back in December?

Of course, a hot market will encourage other developers to jump into or back into the game which will only increase competition for buyers’ attention. I’m afraid, ddhawk, this does not bode well for TBE Phase 1 home owners in the immediate future no matter how you slice it unless steps can be taken to make the development more attractive to buyers.

True, as the developer says they are not responsible for the maintenance of privately own lots; however, as you rightly point out (as do previous TBE posts & pics) the current state of these uninhabited lots reflects badly on the overall project and hence the developer. Here's hoping they follow through on their promise to make "improvements".

Have you considered another option? What about forming a “Trail Bay Estates Home Owners Association” and approach the District of Sechelt. In cities across Canada, municipal governments have bylaws against overgrown properties. The city will go in and do the hacking and whacking and bill the owner. If the owner doesn’t pay up, the charge will go on the next property tax bill. You as TBE home owners have at least three valid reasons for DOS action: the first is health – to control rodent and other pest populations; the second is aesthetic - you're in the middle of the town and shouldn't be facing this mess; and the third is economic – your property values are impacted because of the message being sent. The TBE home owners and Clayton Family Lands could approach the DOS together over this matter. Squeaky wheels get oiled, so start squeaking – at every appropriate DOS department meeting beginning today.

We can feel the disappointment and frustration behind your words, ddhawk; but, I’m thinking with a little imagination and the ability to laugh at your situation you might work wonders. If you don’t have a neighbourhood, than make a neighbourhood by bringing others into your community if only for a short time. Why not organize some TBE events using those wide open spaces...such as:
  • The Trail Bay Estates Vacant Lot Invitational Golf Tournament
  • The Trail Bay Estates Annual Species Hunt (hide stuffed animals for kids to find, but live critters count, too)
  • The Trail Bay Estates Annual Catch & Release Far, Far Away (a two day event?)
  • The Trail Bay Estates Annual Flora & Fauna Count (could involve local schools in this & publish results)
  • The Trail Bay Estates Annual 4 Street Skateboard Race & Fest (tie it in the Pender Harbour event – maybe they will help)
  • The Trail Bay Estates Annual Potato Gun Target Shoot (vacant lots holding the targets)
  • The Tail Bay Estates Model Airplane/Drone Show (could have drones hunt for targets on vacant lots)
My thought is the more outrageous the better - hold a 'Festival of the Absurd'. Doing so, you're saying, “Yeah, the situation sucks but we’re here, we know how to have fun and we’re showing you this is a great place to live, regardless.” After all, ddhawk, life is what you make it, isn't it?
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09-04-2015, 12:54 PM, (This post was last modified: 09-04-2015, 02:32 PM by Skook.)
#12
RE: Sechelt Development - Trail Bay Estates
ddhawk is correct; a lot recently sold. Lot 53 Compass Lane closed this week.

Lot 53 originally sold prior to 2008 – likely in 2007 when prices jumped significantly on the SC and speculators ran wild up and down the coast. In the spreadsheet above, all the lots showing a gold box just to the right of lot number were sold prior to the TBE website going live in early 2008. My guess is in 2007 the lots sold in the mid to high $200,000s. In 2008, unsold lot prices dropped significantly due to the financial meltdown in late 2007.

The lot 53 owner held on until March 2014 when the lot was listed for $197,000 which was in line with the developer’s list pricing but less than other owner resale pricing. In April 2015, the list price was dropped to $188,900 and the lot just sold for...$175,000 – a drop of -11.2% from the 2014 list.

If Lot 53 were originally purchased for a minimum of $230,000, that final sale price represents of drop of -25%. Then add in the purchase fees and taxes, the eight years of municipal taxes, the lost investment opportunities...bah, so what; dems da breaks and its ancient history. 2015 is the start of a new 7 year cycle and the new owner of Lot 53 – he’s laughing especially if he’s from the lower mainland where he and everyone else is humming this oldie but goodie...yes, it’s time for your Vancouver Peak musical interlude!
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