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Sechelt Development - The Watermark at Sechelt
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10-18-2013, 10:02 AM,
(This post was last modified: 10-18-2013, 10:04 AM by Skook.)
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RE: Sechelt Development - The Watermark at Sechelt
October 18, 2013 Update:
Congratulations are in order to ‘Watermark at Sechelt’ as this month it has sold two units in its recently completed (August) Phase 1 building at 5665 Teredo St. Yes, these sales are long overdue when you consider that nothing has moved in the building since September 27, 2012. So, units 305 and 405 can now be crossed off. But, you know how life is - two steps forward and one step back. Alas, another owner wants to flip. Unit 308 which sold June 30, 2011 for $375,155 (received the 5% early bird discount) was listed this past October 11th for $429,900 - a price increase of 14.6%. There are now four condo units in Phase 1 up for resale. There is something odd, though, about Unit 308. If you look at my spreadsheet above, you will notice that despite it selling in June, 2011 the developer’s website did not indicate this unit as “Sold” on the Phase 1 floorplan (hence no gold bar in the first column). This can be verified with the series of floorplan images in the June 28, 2013 post. It still is not indicated as “Sold” on the website and you can verify this yourself by clicking here, clicking on Phase 1 and clicking on 3rd floor. It is as the individual handling the website knew that this unit was going to be put on the market so why bother indicating it as sold. So, this raises three questions you can ponder: -Why was a unit that sold outright on June 30, 2011 never indicated as “Sold” on the floorplan? -Who actually purchased this unit? -Why is it being listed now? Another piece of disappointing news for the developer is that the sell of Unit 305 at 5725 Teredo St (Phase 2) has fallen through. The Unit was listed as “sold” on July 20, 2013 at asking; however, on October 16th the unit was put back on the market under its original MLS# V1006447. Perhaps the buyer was unable to procure financing under the new rules. It’s time for an new spreadsheet posting and, again, here is how it has been set up. It is divided into two sections to indicate Phase 1 and Phase 2. The 'gold' bars in the first columns of each section are those units indicated as “Sold” on the developer’s website when I first looked at the project back in May. I then added the MLS “Sold” info for those units. Those “Sold” units without MLS info would be ones where the buyer signed an ‘contract to purchase’ only with a deposit. The 'green' bars were units indicated as “sold” on the floorplan but then the “sold” indicator was removed. Any new information since the last time I posted the spreadsheet is indicated in blue. Owner resales are indicated in dark orange. Unit 410 in Phase 1 was listed for rent and as I indicated in posts above it appears to have been rented out and other units are likewise listing for rent on the Malaspina Property Management website. In my September 26th post, I calculated the percentage for units sold in each phase and I erred with my Phase 1 calculation by counting the units sold in 2012 twice -oops - so it, in fact, it wasn’t so rosy a picture at that time. Here is how it stands now: Phase 1: 27 units sold out of 52 = 52%. Current Owner resales listed = 4. Phase 2: 27 units sold out of 52 = 52%. |
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