Sechelt Development - Silverstone Heights

[Skook]

November 2, 2013 Update:

I sat down in early September, checked my “to-do” list and said, “Ah, right - Infill Area #1.” So, I googled various terms looking for anything new and a recent Western Investor posting showed up in the results. This article, “Blissful Coast Missed the Boom”, offered some interesting building permit figures for Sechelt; however, it also mentioned and gave a name to the new Sangara (Greypointe Properties) uplands development. To quote:

Quote:The area [Sunshine Coast] also dodged the residential construction rally that's seen building-permit values and new-housing starts ramp up in much of southern B.C. In the District of Sechelt, the largest centre, building permits through the first seven months of this year plunged to $6.5 million, down from $42.2 million a year earlier.

"It's been slow," said Ray Parfitt, the district's director of development services.

But there are signs the Sunshine Coast real estate boom has been merely delayed.

"I'm smoking busy," said Sechelt realtor Patrick Hobbs of Prudential Sussex Realty [Ed: Hobbs has since moved over to Re/Max Oceanview Realty], who is working with Vancouver-based Greystone [sic] Properties on the master-planned Silverstone Heights subdivision in Sechelt where pre-sales of 30 detached view houses will kick off the 600-700 home project this month (September).

Since reading this piece, I have been diligently googling “Silverstone Heights”, “Patrick Hobbs”, and “Greypointe Properties” for info on the big launch - nothing. Then today, I picked up the November issue of the Sunshine Coast Real Estate Guide and bingo! Let the bells ring out and banners fly…

So, it was back to searching for details and here is what was found…

So, the first lot with its “proposed” home is on the market and it sits there up above Phase 1 (Silverstone at Sechelt) with its 11 listed lots - 9 of them never sold despite 7 years on the market. Of course, it is also next to the inspiring Trail Bay Estates development with its 17 listed lots - 12 of them never sold despite being at least 5 years on the market.

Let’s take a closer look at the details in that RE Guide ad to see if there is any reasons offered to make this development stand out from its sibling below, its neighbour to the side and to the other developments sitting there in West Sechelt with unsold spec homes and lots.

Right, so the “proposed” home on the lot is going to be the cheapest since prices are starting at $479,900 - GST included and it’s a bungalow at 1604sf. The “proposed” home on the right looks larger, is likely more expensive but you might be able to offset the mortgage payments with a lower suite - if zoning will allow it. The house in the middle looks like a honker and it has to be at least $700,000 and should really appeal to all the retirees moving to the coast who just have to have 4 bedrooms. Yep, this development has success written all over it.

Let’s check out the 'hood. A five minute drive away at 6390 Samron Road in West Sechelt, we have an 8 year old, 5 bedroom, 3 bathroom , 2691sf home listed in April (V1002133) at $479,000 now at $469,000. Down the street at 6324 Samron, is a 6 year old, 4 bedroom, 3 bathroom, 2500sf home listed 1 year ago (V979289) at $474,000 and now at $469,000. One street over at 6360 Jasper Rd is a seven year old, 3 bedroom, 3 bathroom, 2650sf home listed back in January (V987438) at $469,000. The next street over at 6380 Picadilly Pl, we find a 5 year old, 5 bedroom, 3 bathroom, 3120sf home listed 10 days ago (V1033448) for $459,000, Oh, and just another street over at 6370 Higgs is a never-been-lived-in 3 bedroom, 2 bathroom, 2688sf home listed 80 days ago (V1022966) - it’s at $454,900 and the next street over at 5454 McCourt Rd is a cute little newly built, never-lived-in 3 bedroom, 2 bathroom, 1568sf bungalow that has just been relisted (V1034360) at $389,000. I’m only scratching the surface here, believe me.

The Silverstone Heights marketing says “incredible views”. Okay, let’s take a look at that view and compare it with another…

We have the Silverstone Heights “view” offered on the left and if you really want to “improve your point of view” head up to nearby Oracle Heights (picture on the right doesn’t do it justice) which offers more view than you know what to do with. There you will find a 4 year old, 5 bedroom, 3 bathroom, 3600sf home at 6220 Mika that has been relisted a number of times and gone through a number of price drops that has taken it from at least $698,000 late last year to its current $630,000 (all the builder has managed to do is rent it out). You can also grab a view lot further up in Oracle Heights Phase 2. Lot 31 Dodona Place (V613311) is on the market for $159,900 and it and three other nearby lots have been listed for only 2600 days (yep, 7 years and 45 days) and the price has never changed.

Okay, that’s the "view” and next we have “an unprecedented collection of 30 beautiful three and four bedroom single family homes…” Unprecedented, eh. Would that be comparable to saying, “is arguably the finest development site available within Sechelt or any of it neighbouring communities”? You see the latter is how Greypointe marketed its pricey Phase 1 waterfront development way, way back. Unfortunately, the marketplace didn’t buy into it; hopefully, Greypointe will have better luck with just “unprecedented.”

In addition to “improve your point of view”, Greypointe is also suggesting that at Silverstone Heights “Traditions Begin Here.” Now, what was written for Phase 1…oh, yes, “Silverstone residents will be able to enjoy an oceanfront lifestyle found few places on earth [Ed: extreme hyperbole matching the times, no doubt] - and establish a family legacy that can be passed down for generations.” “..a family legacy…generations…traditions begin here…” Me thinks, it’s the same marketing company.

Well, that’s all the news that’s fit to print but it is early and the big push won’t begin until January. In the meantime, the Silverstone Heights website is up but its only one page and is being fine-tuned as I type this; but that one page offers the most important piece of information for any would be buyer/investor:

“Pre-construction pricing now available. Don't miss out!”