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Sechelt Development - Silverstone Heights
01-07-2014, 01:20 PM,
#6
RE: Sechelt Development - Silverstone Heights
Silverstone Heights is scheduled to open its sales centre and show home sometime this month as I mentioned in the previous post above. To recap, the new subdivision will offer 30 homes at the following prices:
  • 3 at $479,900
  • 6 at $499,900
  • 21 between $529,900 - $599,900
Currently in the pre-construction sales phase, those prices include the GST; however, that “incentive” could be removed by the developer at any time. Couple the list prices all the other costs of purchasing and these homes become quite expensive in relation to what is in fact selling on the Sunshine Coast. To prove the point, I presented the SC Single Detached Homes Sales by Price Range for the months of July to mid-November in my November 29th post. As well, I offered examples of sales in the District of Sechelt showing their history of price reductions prior to their eventual sale.

I can now show the 2013 year end tally for Single Detached Home sales under $1 million by price range. As you can see in the table below, the majority of sales occurred in the $300,000 - $399,999 range followed by $200,000 - $299,999 range. Bear in mind, these are coast-wide sales, from the Gibsons area in the south to Earls Cove and Egmont in the north.

   

Now, what sold in Sechelt during 2013 and how many of those sales were within the Silverstone Heights pricing range? To the best of my ability, here is what I have determined:
  • 149 single detached homes without acreage sold with an average price $378,768
  • 9 single detached homes with acreage sold with an average price $525,844
Breaking this down further:
  • 29 SDHs sold in the $400,000 - $499,999 price range with 3 sales between $470,000 - $499,999 (1226sf - 2733sf)
  • 11 SDHs sold in the $500,000 - $599,999 price range; 1 sale @ 0.18 acres, 10 sales @ 0.23 - 5.0 acres (680sf @ 5.0ac - 4,088sf @0.49ac)
So, of the 158 single detached homes sales in the DOS during all of 2013 only 14 occurred in the Silverstone Heights listed price range and most of those sales involved lot sizes greater than 0.20 acres; in fact, the average was 0.34 acres and that is with the 5.0 acre sale removed from the calculation. Silverstone Heights will offer homes in the 1604sf - 2616sf range with standard subdivision lots of 0.15-0.18 acres.

The largest number of single detached home sales in the DOS occurred in the $300,000 - $399,999 price range thus mirroring the coast as a whole. Just glancing through the list, I would guess the average square footage at 1600 with 3 beds/2baths.

It would be interesting to learn if retirees were behind the majority of sales in the DOS and my guess is they were because unless you’re self-employed working out of your home you wouldn’t be moving to the coast for the job opportunities. If they are retirees, I think it would be safe to assume they have taken a real hit on their savings over the last 4 - 5 years because of low interest rates. So, if they managed to sell their previous home at a good price, I think they will want to tuck away as much of that equity as possible for the future and not see a good portion eaten up by a half million dollar plus, 4 bed/3bath home that they may have trouble selling in the future if all the dire warnings we now see in print prove true.

I am sure Greypointe is taking all this into consideration and the layout of its subdivision is not etched in stone. Yes, they’ve chosen to show case the largest home (4 bed/3bath, 2616sf at $599,900), but if all people will buy is the smallest rancher then that’s what they will build if the topography allows it.

I really don’t envy Greypointe or any developer on the coast going into 2014. This really has to be a nail-biting year for all concerned and it will be interesting to watch as the year unfolds especially in light of the ever increasing average detached home prices in Vancouver and Toronto. What will the federal do next? Stay tuned.

Note: I have posted an overview of 2013 Sunshine Coast sales and it is found here: 'Sunshine Coast, BC: 2013 Real Estate Sales - The Big Picture'. There’s a pretty pie chart showing the SDH Sales by Price Range.
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RE: Sechelt Development - Silverstone Heights - by Skook - 01-07-2014, 01:20 PM

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