07-24-2013, 08:40 AM
I began preparing this post on July 9th but two-thirds of the way through I was so disgusted I had to set it aside. My hope was that after a week or so I could be more objective, but after a two week break I don’t think that will happen so I might as well get this piece done and over with regardless of how I feel.
I introduced you to the ‘West Sechelt Infill Area No. 1’ in my ‘Dead Ducks, Non-fliers and Snake Oil’ multi-post (follows 'Waterfront/Edgewater'). I stuck it in there because I honestly thought other than one tentative ‘kick of the can’ that had already occurred (Trail Bay Estates) it would likely be years before anything further happened in the Infill Area given the current RE situation in Sechelt and on the Sunshine Coast; as well as, the overall RE correction now underway in the BC southwest including Vancouver Island.
I couldn’t have been more wrong - a fact discovered after reading a July 6th Coast Reporter news story.
As I mentioned in that ‘Dead Ducks’ post most of the Infill Area No. 1 land is owned by two families: the Sechelt, third generation Claytons (DL 1385- 25.48 ha) and the Vancouver, Sawarne Lumber owning Sangaras (DL 1384 & 4295A - 69.44 ha). Both families have held the land for decades and in the fall of 2011 they went before the public with their combined development vision that would add 2,300 homes to West Sechelt over a 10-15 year time span.
I have taken the latest ‘Official Community Plan’ image of the area and indicated the Sangara/Clayton holdings as well as other pertinent information that will be handy to refer to as this post progresses.
So, the two families have already developed small portions of their holdings: for the Claytons it’s that 66-lot ‘Trail Bay Estates’ (TBE) and for the Sangaras their 30-lot ‘Silverstone’. Both projects commenced in 2006 and both have been a bust if judged by their initial development vision.
As of today, there are 19 lots listed for sale in the TBE. Going by the TBE site plans, 14 lots have never sold (presales began late 2007 or early 2008) and 12 of those unsold lots are currently listed. 7 who did buy lots in TBE obviously wished they hadn’t and are trying to unload them and of the dozen or so homes that got built, 6 are currently for sale. At Silverstone, 9 lots never sold (presales began early 2007) and all are currently listed at substantially reduced prices and 2 who bought the initially very pricey waterfront lots want to dump them. As well, only about a dozen homes have been built to date in the development.
So, these developments are what has already occurred within and across from Infill Area No. 1, and if we take a look at all of West Sechelt there are 112 vacant lots for sale and 181 homes for sale. Of those homes, there are numerous empty new builds and some which haven’t got beyond the pouring of the foundation. The images below show what the outlook is like as we zoom in closer and closer to the Infill Area. Of course, we are not even considering what is listed for sale in the rest of the DOS or the numerous vacant lots and empty spec homes in failed developments in the Gibsons area.
You would think that a “rational” development company would look at the market situation and bearing in mind its current failed development put any further plans for the Infill Area on a hold - well, I guess I don’t think like a 'company' because it is full steam ahead for Greypointe Developments (Sangara) and Phase 1 of what locals are calling the "Silverstone Uplands" development. The image below comes from that July 6th news story that left me ‘gobsmacked ‘and shows how far they’ve progressed.
So, according to DOS documents, this is phase 1 of a proposed 7 phase development but we can’t really be sure of the number of “phases” since the DOS has given the green light to this development despite there being no finalized Development Plan which back in November, 2011 Sechelt Council said was a requirement before they would pass Amendments to the Bylaw. As well, Greypointe has failed to submit another important report before proceeding and I will briefly look at both these issues later.
Okay, so what does Phase 1 look like? It was a hunt trying to find the development plan but find it I did and I have superimposed it over the Google Earth view of the Infill Area. Well, look at that, it is butting up next to and is a 31-lot extension of the hugely successful Trail Bay Estates; and it is right across the highway from Greypointe’s own equally stellar Silverstone project. Go figure, eh?
The Sangaras are nuts, right? No, they are not because there is an important financial incentive to proceeding. I will explain what that is in Part 2 of this new thread.
to be continued...
November 2, 2013 Update:
I have renamed this thread because I now know the "proper" name for Greypointe's Phase 2 development on the uplands. I will now add my second post.
I introduced you to the ‘West Sechelt Infill Area No. 1’ in my ‘Dead Ducks, Non-fliers and Snake Oil’ multi-post (follows 'Waterfront/Edgewater'). I stuck it in there because I honestly thought other than one tentative ‘kick of the can’ that had already occurred (Trail Bay Estates) it would likely be years before anything further happened in the Infill Area given the current RE situation in Sechelt and on the Sunshine Coast; as well as, the overall RE correction now underway in the BC southwest including Vancouver Island.
I couldn’t have been more wrong - a fact discovered after reading a July 6th Coast Reporter news story.
As I mentioned in that ‘Dead Ducks’ post most of the Infill Area No. 1 land is owned by two families: the Sechelt, third generation Claytons (DL 1385- 25.48 ha) and the Vancouver, Sawarne Lumber owning Sangaras (DL 1384 & 4295A - 69.44 ha). Both families have held the land for decades and in the fall of 2011 they went before the public with their combined development vision that would add 2,300 homes to West Sechelt over a 10-15 year time span.
I have taken the latest ‘Official Community Plan’ image of the area and indicated the Sangara/Clayton holdings as well as other pertinent information that will be handy to refer to as this post progresses.
So, the two families have already developed small portions of their holdings: for the Claytons it’s that 66-lot ‘Trail Bay Estates’ (TBE) and for the Sangaras their 30-lot ‘Silverstone’. Both projects commenced in 2006 and both have been a bust if judged by their initial development vision.
As of today, there are 19 lots listed for sale in the TBE. Going by the TBE site plans, 14 lots have never sold (presales began late 2007 or early 2008) and 12 of those unsold lots are currently listed. 7 who did buy lots in TBE obviously wished they hadn’t and are trying to unload them and of the dozen or so homes that got built, 6 are currently for sale. At Silverstone, 9 lots never sold (presales began early 2007) and all are currently listed at substantially reduced prices and 2 who bought the initially very pricey waterfront lots want to dump them. As well, only about a dozen homes have been built to date in the development.
So, these developments are what has already occurred within and across from Infill Area No. 1, and if we take a look at all of West Sechelt there are 112 vacant lots for sale and 181 homes for sale. Of those homes, there are numerous empty new builds and some which haven’t got beyond the pouring of the foundation. The images below show what the outlook is like as we zoom in closer and closer to the Infill Area. Of course, we are not even considering what is listed for sale in the rest of the DOS or the numerous vacant lots and empty spec homes in failed developments in the Gibsons area.
You would think that a “rational” development company would look at the market situation and bearing in mind its current failed development put any further plans for the Infill Area on a hold - well, I guess I don’t think like a 'company' because it is full steam ahead for Greypointe Developments (Sangara) and Phase 1 of what locals are calling the "Silverstone Uplands" development. The image below comes from that July 6th news story that left me ‘gobsmacked ‘and shows how far they’ve progressed.
So, according to DOS documents, this is phase 1 of a proposed 7 phase development but we can’t really be sure of the number of “phases” since the DOS has given the green light to this development despite there being no finalized Development Plan which back in November, 2011 Sechelt Council said was a requirement before they would pass Amendments to the Bylaw. As well, Greypointe has failed to submit another important report before proceeding and I will briefly look at both these issues later.
Okay, so what does Phase 1 look like? It was a hunt trying to find the development plan but find it I did and I have superimposed it over the Google Earth view of the Infill Area. Well, look at that, it is butting up next to and is a 31-lot extension of the hugely successful Trail Bay Estates; and it is right across the highway from Greypointe’s own equally stellar Silverstone project. Go figure, eh?
The Sangaras are nuts, right? No, they are not because there is an important financial incentive to proceeding. I will explain what that is in Part 2 of this new thread.
to be continued...
November 2, 2013 Update:
I have renamed this thread because I now know the "proper" name for Greypointe's Phase 2 development on the uplands. I will now add my second post.