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Sechelt Development - Edgewater at Porpoise Bay
08-26-2014, 01:17 PM, (This post was last modified: 08-26-2014, 05:04 PM by Skook.)
#3
RE: Sechelt Development - Edgewater at Porpoise Bay
August 26, 2014 Update:

How would a developer get across the idea it’s edgy, urban and its project is hot…really, really hot. If you’re Onni, you open a “Pop-Up” Sales Centre…twice…one weekend after the other…in West Van. Of course, you might have decided to add another weekend because hardly any one showed up for the first event and since you have all the stuff there and if the venue is open, what the hell. Besides, someone is supposedly going to win that weekend for 2 at Rockwater and I imagine Onni would like that cost worth its while, right? But, I could be wrong and both weekends were a ripping, pop-up success. You think?

[Image: attachment.php?aid=982]

Now, if you look at those notices above which "popped-up" on the Edgewater at Porpoise Bay website, we see young, edgy, urban hipsters Onni would like us to think are going to snap up the townhomes in this project situated up there along East Porpoise Bay in Sechelt where according to the 2011 Canada Census 47.5% of the population is aged 55 and over. I bet that percentage is higher now given the homes, condos and townhomes I’ve seen listed for resale these past few years. (By the way, for Gibsons it was 37.5%).

So, did the hipsters appear at the “Pop-Up”? Well, I don’t think so if the picture Onni posted to its Facebook page on August 17th is any indication (left, below); but, that’s okay because those folks would feel more at home in Sechelt, anyways. By the way in addition to the possibility of winning that Rockwater weekend, the “Pop-Up” attendees received a cute little vial of sand. Do you really think that sand came from the Edgewater beach? Naw, I am sure there would be a public health or safety law against it.

[Image: attachment.php?aid=983]
(ROFLOL...the last time I saw something like this was when I was was a kid and the corked vials were filled with volcanic ash from Mount St. Helen's and they were for sale at "selected" stores in Vancouver.)

Edgewater at Porpoise Bay is definitely one project that has flown under the radar - only two posts in this thread and the last was almost a year ago. It’s not that I’ve ignored it it’s just that the way it was listed makes it near impossible to follow any sales especially if the pre-construction units are bought through an “Agreement to Purchase.”

Onni is building this project in phases and when the website went up only the townhomes of Phase 1 were presented (see first post above). Of those 27 townhouse units, Onni listed only 4 in 2013 on MLS (63, 109, 114, 116) and why those ones? Well, since they were furthest from the beach and view, they would be the cheaper priced units. Onni did give a hint of how high prices could go by listing one “D” plan unit from the second row of townhomes. With Unit #63 coming in at $514,900, my thought was, “No way, won’t fly”. It looks like the market agreed because Onni changed its pricing a month ago.

On July 24, three of the townhomes listings were removed (109, 114, 116) and replaced with three new units (106, 112, 115). The two units with “C” Plans saw price increases and the unit with the “C1” plan dropped in price. Unit #63 was relisted and along with the new MLS number the price dropped to $495,900 - now below the half million dollar hurdle. One more unit was listed to bring the total to 5. Unit #59 is also a “D” plan at $499,900 - down $15,000 from last year’s “D” plan pricing. I have updated the Edgewater spreadsheet to reflect these changes. As well, the number of units shown has increased because Onni has added phase 2 to the website. This increases the number of townhomes available to 49 (Phase 1 = 27, Phase 2 = 22).

[Image: attachment.php?aid=984]
(Note: RMV=Removed. Also, my spreadsheet follows Onni’s floorplan colour coding which for some reason Onni has ignored in row two on the site plan.)

I have a few construction pics to pass along. Earlier this year, I noticed that Google Earth was adding 2013 satellite shots and I found one for East Porpoise Bay and you can see that the first townhouse unit was under construction by July 18. I believe Sutton West Coast Realty is involved with the marketing of this project and this past April 3 The Robinson Group posted a construction pic announcing Phase 1 was about to start. The most recent construction pic comes from Onni’s Facebook page. The July 22 shot shows the mid-row of townhomes with their 3 levels going in behind the waterfront units (2 levels).

[Image: attachment.php?aid=985]

Given the dates, these are likely all Phase 1. All the current listings included the phrases: “Now under construction”, “Move in next spring” or “Move in Spring 2015”, and “List price includes current incentive.” There’s no reason Phase2 couldn’t be completed by spring 2015, too.

Now as of today (August 26), there are 91 condos/townhomes (including Onni’s 5) listed in the core area of Sechelt. If you include West Sechelt and the Davis Bay/Wilson Creek area, the number jumps to 109. If we throw Edgewater’s remaining 44 Phase 1 & 2 TH units the total rises to 153. As I’ve asked before, “Where will the buyers come from to absorb this inventory?”

As an aside, there are two townhouse units (#7, #16) at The Chelsea off Tyler Rd in West Sechelt that were completed in mid-2010. These units have never sold and are still sitting empty. The developer only built 18 of the project’s planned 61 townhomes and in the last few years approached Sechelt council once again to have the land rezoned only this time for single detached - not that there would be any buyers for those, either.

Here’s the new Site Plan for the Edgewater at Porpoise Bay recently added to the website:

.pdf   Edgewater-Site Plan-Jul2014.pdf (Size: 691.82 KB / Downloads: 821)

To think, this isn’t half the number of townhomes Onni has planned for this site.


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RE: Sechelt Development - Edgewater at Porpoise Bay - by Skook - 08-26-2014, 01:17 PM

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