Sechelt Development - The Watermark at Sechelt

[Skook]

October 9, 2013 Update:

Well, my golly gosh - Watermark has a third owner flip at its newly completed Phase 1 full concrete constructed condo complex by the pebble beach on the waterfront in the heart of Sechelt that’s oh so close to St. Mary’s hospital. Yep, and this flip is a doozy so the listing deserves to be seen in all its glory.



Units 600 & 601 in Phase 1 & Phase 2 are the largest and priciest of the units directly facing the water. This unit was purchased in September, 2012 at the developer’s asking price of $1,099,000 so that new list price is a 43.3% increase. Is the owner crazy?? Not if he’s Canadian and wants to recoup his purchase price because when he sells Canada Revenue Agency will be knock, knock, knocking on his door with a hand held out in plain view (details are in this Toronto Star August 29th business report piece). Here’s wishing this owner all the best with the flip.

In other news, there have been no unit sells since mid-August. The developer has added three more units to the MLS listings. Unit 305 ($454,900) and Unit 405 ($468,900) at 5665 Teredo St (Ph 1) and Unit 304 ($464,900) at 5725 Teredo St - the still to be completed Ph 2.

Unit 410 appears to have been rented as its advert disappeared from the Holywell website on September 24th - it was available for $1050/mth. That should help the owner towards meeting those monthly mortgage payments. The Malaspina rental ad remains unchanged since the September 18th update above.