Sechelt Development - Trail Bay Estates

[Skook]

September, 2013 Update

It’s time for an end of summer update. Right off the top, there are no sales to report with either the lots listed or the homes. . However, there is no shortage of price drops. This has to be the million dollar question on the SC these days is: How low do we have to go? I think the answer will terrify anyone when it’s discovered, but it won’t happen this year.

I will be posting an updated spreadsheet. Hopefully, I managed to keep an accurate track off the price drops - it does get tricky with a development this size. I think the SC Realtor handling the listings, Gordon Clayton, is finding it tricky, too. Every month, a new Sunshine Coast Real Estate Guide is released and it's distributed to locations throughout the Sunshine Coast and on the ferries. You can also access the Guide online at http://www.coastlistings.ca In July’s edition, I noticed that Gord had lowered the price on two TBE lots; however, these price drops are not reflected on MLS. Here are the ads:

With regards to Lot 12, it is listed on MLS for $189,900 so I am not sure if the ad represents a new price drop or a typo. Lot 15 is listed on MLS for $219,900 so has it gone through two price drops and the Realtor forgot to update the listing both times? Perhaps these price discrepancies imply the developer is flexible and open to offers; it’s all a mystery to me. All price changes and other new info since my last post of the spreadsheet are indicated in blue.

One house listing was dropped in August - 5528 Clayton Ave ($799,000). I can find no information indicating it sold and I would be very surprised if it did at that list price. The way it’s going on the SC, I think they will have to knock off $200,000 and bring it line with its assessment to generate any interest. As well, the location is a strike against it selling - poor TBE.

A new home listing occurred mid-July - at 5596 Barnacle (on lot 14). It had been listed once before on Jan 9, 2011 at $699,000. The owner increased the list price in early 2013 to $739,000 and then the listing was removed. This July re-list has the price at $689,900 which gives an Asking Price Premium of +23%. Good luck.

Now, there are three vacant lots that are of note. These are lots 22, 43, and 51. On the spreadsheet sheet, you will notice “Samji 50%” in orange in the 2013 List column. While I was doing research on Wakefield Beach, I discovered bankruptcy documents for a Vancouver woman, Rashida Abdulrasul Samji. She is not only in bankruptcy proceedings but under investigation by the BC Securities Commission and the RCMP. She is also being sued. All the info is near the bottom of the first Wakefield Beach post. In her list of assets were these three lots at Trail Bay Estates; however, she has only a 50% stake in each with the other half owned by someone else. I wonder how the court will handle this situation? So, this helps to explain why there are no homes on these lots; no doubt, they were destined to be flipped after a substantial appreciation. Too bad, so sad.

Here is the updated spreadsheet.

(April 13, 2015: outdated pricing spreadsheet removed. To view new spreadsheet, click here. The best way to view it is to download it to your own computer and print it off. Right click on the image and click ‘Save image as” or something similar depending on your browser. If you use Windows, save to a picture folder. Clicking the image should open it in Windows Photo Viewer. Increase the magnification by about a 1/3 and it fits nicely across the screen. If you decide to print the spreadsheet, remove the checkmark from “Fit picture to frame” first.)

There is another significant development occurring that will affect Trail Bay Estates. The Sangara family behind Greypointe Properties (Silverstone) have started on their next project - a 31 lot subdivision that will be an extension of TBE. So, let’s see... Greypointe’s 9 vacant Silverstone lots priced from $179,900 to $499,900 aren’t selling. TBE lots that have been on the market since the big bang and are now priced as low as $179,000 (no GST on this one) to $209,900 aren’t selling. What do you think Greypointe has planned? Will the developer undercut everyone else’s pricing? If so, that should end the beautiful friendship between the Sangaras and the Claytons. I can’t see Greypointe building spec homes because they aren’t selling on the SC either. This will be very interesting to watch.