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Gibsons Development - Island Vista
12-06-2015, 10:03 AM, (This post was last modified: 12-06-2015, 10:04 AM by Skook.)
#11
RE: Gibsons Development - Island Vista
Island Vista December 6, 2015 Update

Let the bells ring out and the banners fly because the townhomes of Island Vista have sold out. The last two units (#2, #3) were snapped up two weeks ago...on the exact same day and went for the exact same price. Two units, sold same day, sold at the same price. What is written all over this? Well, it could very well be a couple who can’t stand living with each other. Or, maybe it’s family members who are obsessively clannish. Or, maybe it’s an investor who got a sweet deal by buying both at once (almost -15% off the original list price on each) and figures he/she can’t lose on a future flip in such a hot market. Well, time with tell.

Just before those units sold, Unit 1 went on the market at a list price almost 30% above the original 2011 purchase price. It’s lucky for the seller that those remaining two units sold so quickly after the list since they were on the market for $119,000 less. Yes, they were middle units but still that’s a huge price difference. I’m not sure if that asking price is justified for this now “Coastal chic” townhome (previously “New York Brownstone Inspired” when developer listed). Well, it is fairly new, looks well built, is an end unit, has the best water view in the complex and is on a direct, quick route to the ferry...you be the judge by clicking here. It will be interesting to keep an eye on the listing over the next 6 months.

So, here is the updated and final spreadsheet for Island Vista. It took five years from the first pre-construction listing to the final sale – a journey I’m sure the developer would not like to repeat; but, oh the market is so hot...it's different now...you can't lose...yes, no, yes, no...oh, jeez.

   
(click on image)

Congratulations to the developer; it’s been a slice. So, Good Night and Good Luck to you, too.

(Hey, Westerner, apologies for not getting back to your May query – not sure what happened there. Did you buy one of those units that sold in May? If so, I hope your enjoying your new home on the SC. Cheers.)

To Print the Spreadsheet:
The best procedure is to save it to your hard drive first. So, click on the image and after it opens in a new tab, right click and click ‘Save image as...’ (exact wording depends on your browser). With Windows OS, you will save it in your Pictures Library. After saving the image, find it and click on it and it should open in the ‘Windows Photo Viewer.” Click on ‘Print’ in menu bar and then click ‘Print’ again and the print dialog box will open. You want ‘Full Page Photo’ and most importantly at the bottom you want to remove the checkmark for ‘Fit picture to frame’ (click in box to remove checkmark). Set the other options to your own preferences; however, ‘Letter’ size paper works best unless you can choose something larger like ‘Legal.’
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12-18-2015, 02:09 PM,
#12
RE: Gibsons Development - Island Vista
December 18, 2015 Update.

Christmas has come early for the owner of Unit #1 – yep, it sold on Monday for $440,000 – that’s a drop of -$38,800 from the list price. The unit was purchased four years ago for $375,000 – so the sale price looks pretty good. However, here’s a clip from the listing...

Quote:This home has been upgraded at construction and boasts many extras, such as wide plank oak flooring throughout, up-graded appliances, custom paint colours, built in storage in Master to eliminate clutter, outside deck enlarged, and added awning for sun protection as well as a craft area in the garage with a window and door for access.

When I read that write-up I couldn’t understand how the purchase price covered all those upgrades when the original list price in the fall of 2010 was $389,000 – that’s +$14,000 above that selling price. This is a head-scratcher unless the developer was really keen to make that first sale, but that doesn't fit either when you look at the purchase price for Unit #5 which sold the same day. Guess we'll never know.

Well, if after all the fees, commissions, sales tax, yearly property taxes, insurance costs and travel costs (if it wasn’t a full-time residence) are factored, I guess the owner might have made a bit extra, but not a whole lot I would think. A good investment?
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