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Sunshine Coast, BC - Its collapsing real estate market.
11-04-2013, 10:12 AM, (This post was last modified: 11-05-2013, 06:11 AM by Skook.)
#6
RE: Sunshine Coast, BC - Its collapsing real estate market.
Got my motor runnin’
Heading for the highway
Lookin’ for the land flips
Cause they’re comin’ our way…


We’re heading further south, bypassing the Districts of Roberts Creek and Elphinstone, and aiming for the heart of Gibsons. Back in early October, I introduced you to the development lands of Gospel Rock in the thread “Gibsons Developments - Parkland, its Mews, and Gospel Rock” I only offered a brief description not feeling I needed to go into great detail; however given that another 18.8 acres right next door went on the market, I think we will take a second look.

So, on June 13, 2013, the 46.7 acre Gospel Rock parcel (officially, Block 7, Gospel Rock) was put on the market. Just over a month later on July 30, 2013, the 18.8 acre Block 6, Chaster Rd was listed. Both parcels are being handled by MacDonald Commercial Realty and the image below was created from the listing brochures.

[Image: attachment.php?aid=522]

The parcels have two different owners. Block 7 is registered to Gibsons Project GP Ltd and behind this company is Sander Van der Vorm of Vancouver-based Vorm Developments. According to an early October Coast Reporter article, ‘Town urged to ‘secure’ Gospel Rock property’, the property is going for song given that Mr. Van der Vorm originally paid $8.5 million. This purchase price tells me that it was likely bought in what will probably go down in local history as the big ‘Sunshine Coast Land Rush of 2005-2006’.

Another Coast Reporter article from October, 2012, ‘Residents blast plan at public hearing’, identified the owner of Block 6 as Roberts Creek resident, Mark Coleman “who said he’s been one of the owners of Block 6 for seven years” which, of course, means the land was bought in 2005 and they likely paid a stupid price for it, too. The other owners of this property may very well be the investors with Mr. Coleman’s company, Vancouver-based MC Equities LLC which according to its website “is currently aggressively buying communities” in the U.S. of “100+ Home Sites” and “Minimum Metropolitan Population of 50,000” - yes, we’re talking whole communities. So, that fact coupled with this land sell-off gives you a good idea of what Mr. Coleman must think the future holds for real estate development in Gibsons and thus likely all the Sunshine Coast.

There is an interesting blurb in the MacDonald Gospel Rock brochure that is worth quoting since it gives a good overview of the Official Community Plan vision for the whole Gospel Rock Neighbourhood:

Quote:The subject property is located in an area referred to in the Official Community Plan (OCP) as the Gospel Rock / Shaw
Neighbourhood. This area includes approximately 140 acres with 14 different properties.

The adopted Gospel Rock Neighbourhood Plan is the result of many years of negotiation and compromise between
property owners and concerned citizens.

The namesake subject property is the largest and most important property within this area, and its unique and environmentally sensitive land has long been enjoyed and recognized by the community.

The OCP projects an eventual build-out of over 1,000 residential units within the Gospel Rock / Shaw Neighbourhood.

In 2005, Gibsons hired the Vancouver consulting firm, HB Lanarc, to handle the consultation process in preparing this neighbourhood plan. On its website, Lanarc projected the process to be completed by December, 2006 - in your dreams! The OCP is back before the public for a final review and vote this year.

Nevertheless, here is a good overview of the neighbourhood and all the other lots beyond these two large parcels - most privately owned. The concept plan on the top right was prepared by Lanarc by early 2007 and shows the strip of waterfront lots that initially would be allowed but which the community fought over the years. The community won that battle on October 19, 2012 when the town council voted unanimously voted to “designate the Gospel Rock waterfront as green space, removing any future option for housing development.” It was this decision that likely was ‘the straw that broke the camel’s back’ for Gospel Rock land owner Van der Vorm. With this large Block 7 on the market, Block 6 owner Coleman likely saw little reason to hang on with the prospects of development that would bring roads and infrastructure into the area pushed far, far into the future.

(Note: the large blocks coloured dark yellow are municipal crown land holdings)

[Image: attachment.php?aid=523]

Finally, I offer a fine illustration of how speculation and the “prospects” for development can raise land prices through the roof. Compare the prices above with this listing I found in October’s Sunshine Coast Real Estate Guide. It, too, is 18.8 acres and is located at 322 Parker Rd in Hopkins Landing just outside and north of the Gibson municipal town boundary. (V1028466)

[Image: attachment.php?aid=524]

On October 25th, the asking price was reduced to $719,500.


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RE: Sunshine Coast, BC - Its collapsing real estate market. - by Skook - 11-04-2013, 10:12 AM

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