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Sunshine Coast, BC - Its collapsing real estate market.
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10-18-2013, 02:52 PM,
(This post was last modified: 10-18-2013, 03:16 PM by Skook.)
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RE: Sunshine Coast, BC - Its collapsing real estate market.
Oct 18-2013 Update:
Here we go, folks, I think we are now witnessing the complete collapse of all major land holdings on the Sunshine Coast. When I was preparing the zoning image for Lot 4681(now DL7255) in East Porpoise Bay for my October 9th post and decided to include the ‘Silverback on Porpoise Bay’ holdings for comparison, I asked myself, “I wonder when I’ll be seeing that on the market”. Well, feast your eyes on this… Last week, I was on the NAI Commercial Realty site and this was not there. I headed back today just to double check on major holdings on the market on Field Rd in Sechelt which I planned to profile next and there it was. I am not going to go into any detail on this (holdings in orange on map above) because I profiled ‘Silverback’ in my ‘Dead Ducks, Non-fliers & Snake Oil’ and you can get all the background info on these lands there. I will attach to the NAI Silverback flyer to this post. There is something interesting on the cover page. It says “397 acres, may be acquired as a phased development or individually.” I wonder if that means they will sell off blocks separately if there is interest. So, there are now 570 back to back acres on the market in East Porpoise Bay alone. Can you imagine how the poor sod next door must fell who just listed his 173 acres (including his 51 acres of waterfront). He hasn’t a hope in hell. Here is something to keep in mind as I proceed with this thread. At the end of September and given the pace of land sells on the SC, there is now an 87-month supply of vacant lots on the market. That works out to 7.25 years. Well, I think this listing just added another 3 years to the figure. (This statistic courtesy of SC Realtor Kenan MacKenzie). Silverback-NAI Flyer Oct 2013.pdf (Size: 603.63 KB / Downloads: 2,036) |
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