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Sunshine Coast's Million Dollar Babies: Hush now, don't you cry!
01-01-2014, 04:54 PM, (This post was last modified: 02-01-2014, 09:50 AM by Skook.)
RE: Sunshine Coast's Million Dollar Babies: Hush now, don't you cry!
January 1, 2013 Update:

Only 1 property in the $1million+ range sold in December. This brings the total for 2013 to 15 sales which is a drop of -25% from 2012 (20 sales).

[Image: attachment.php?aid=735]

The single sale occurred in Roberts Creek. The 7-yr old, 4bd/3½ba, 2897sf waterfront home on 0.25ac was originally listed in September, 2012 at $1,800,000. It was relisted in late November, 2013 at $1,700,000. It sold two weeks later for $1,500,000 a drop of -16.7% from the initial asking price. At the time the sellers bought the property (between mid-2009 to mid-2011), it had been listed for $1,750,000. Safe to say, it wasn’t a lucrative real estate investment.

January 4, 2013 add-on:

I thought I would polish off the crystal ball and try predicting sales for 2014. I think the CMHC 2012 rule change to stop insuring mortgages valued at $1 mill plus will continue to impact sales on the coast. Having to come up with a 20% deposit (a minimum $200,000 down), is a bit too rich for buyers who thought they could buy, hold for a year or two, and flip for a little profit. Any sellers hovering just above that million dollar mark will have to drop their list prices or be willing to negotiate if they want to attract a buyer.

There is talk more mortgage changes could be in the offing sometime this year. One thought is that the amortization period could be lowered to 25 years. Such a drop would truly impact this SC niche market.

Whatever happens, I can’t see sales exceeding the 2013 level by much if at all. If they were to reach the 20 sales of 2012, I would be shocked.

February 1, 2014 Update:

I have discovered that total sales of $1mill+ properties in 2013 were actually 15 and not 16 as previously reported. I went back and reviewed the monthly sales and one of the three sales recorded in June had disappeared; so, for whatever reason one sale fell through. Therefore, 2013 sales were -25% lower that 2012 and not -20% as I initially indicated on January 1. I have replaced the graph to reflect this updated information.

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RE: Sunshine Coast's Million Dollar Babies: Hush now, don't you cry! - by Skook - 01-01-2014, 04:54 PM

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