Wakefield Beach

[Skook]

Wow, doondog, do those numbers tell an interesting story. This is how I read them - Phase 2 managed only one sale when the developer began the initial marketing and this would be Unit 4 - 6496 Ember @ $784K. That price fits in with the Fall 2007/Summer 2008 media reports I mention in my first post. However, it still seems so high. I did the best I could trying to interpret my search info and the old Wakefield Beach website indicated these townhomes came in three different square footage. Would that unit 4 be the largest at 1708sf? If so, then I have not got the right square footage and unit numbers matched incorrectly in my table and perhaps you could take a look at it, again, and let me know. On the other hand, with the GST is included in that sell price then I may have lined up the square footage correctly.

Then I would say the next units to sell were the Samji Unit 1 and then Unit 3 both at $695K and then nothing and the developer begins to panic. Of course, the timing couldn't have been worse with the Stock Market crash beginning in the fall of 2007 and extending into spring 2009. So, the developer is dropping the prices. I can't image what the buyer of Unit 4 felt when the remaining units ending up selling for about $200K less.

doondog, would the docs you have indicate the dates the units sold and their square footage? If so, could you post that info for me? I will then take all the info and redo my spreadsheet and calculations for this second phase. Please do this at your convenience as I have plenty to keep me occupied until then.

I have to admit your second post was an eyeopener,too. I didn't even think about how the addition of the GST and the LTT (what is this?) would raise those Phase 1 prices to the point where a duplex price would jump to just over $1mill. So, you are indicating with Phase 2 that the pricing includes the GST - then, in fact, the eventual selling price of those units was that much lower. Wow. This puts the success of this development, at least as far as Phase 2 is concerned, in a whole new light.

With this info and what I have been discovering lately, I am coming to the conclusion that the real estate market collapsed far earlier than I thought and it was throughout all the Sunshine Coast. Thanks, again, doondog, for joining VanPeak and sharing this info.