Sechelt Development - The Wharf Place

[Skook]

There are days when I think the majority of viewers to these Sunshine Coast posts are SC real estate agents and perhaps the profiled projects’ developers and yesterday was definitely one of those days. What happened was The Wharf Place threw all remaining units onto MLS and dropped prices by $10,000 to $64,000 (Unit 304/Unit 211) off the current listing prices. If you go back to the original 2011 list prices, that drop is $35,000 - $65,000 (-15.6% to -19.4%).

It is almost as if someone read my August 26, 2014 Edgewater at Porpoise Bay post and said, “Whoa, look at the attached units now listed in Sechelt (109 units) and potentially coming on stream by spring 2015 (153 units). We’ve got to do something. It’s time to dump, take our losses and just get the hell out of here.”

However, as much as I may wish to think my posts might move mountains, I am sure the decision to cut and run was made at the end of July after its rather dismal sales showing which more or less indicated the party was over for 2014.

Here is The Wharf Place updated spreadsheet. In the “Notes” column, the price drop from the current list price is indicated in black. The price drop from the original 2011 list price is in red and bracketed. (Note: I have hidden two columns for the years 2011 and 2012 to make the spreadsheet smaller. The information from those columns - two sold units - has been placed at the bottom of the 2013 “List” column)

(Dec 18, 2015: The outdated spreadsheet image has been removed. Click here for the most up-to-date spreadsheet. It will open in a new browser tab).

Now, the question is will the units move even at these prices? If you compare The Wharf Place to Watermark, these units are practically being given away; but, are there enough buyers to take advantage of these discounted prices? What about investors snapping them up? Okay, but are there enough renters in Sechelt to then fill the units at a rent that at least covers the mortgage and all the additional purchase expenses while making a few bucks? Well, I guess we’ll find out soon enough.