Wakefield Beach

[doondog]

(10-18-2013, 07:47 AM)Skook Wrote: Wow, doondog, do those numbers tell an interesting story. This is how I read them - Phase 2 managed only one sale when the developer began the initial marketing and this would be Unit 4 - 6496 Ember @ $784K. That price fits in with the Fall 2007/Summer 2008 media reports I mention in my first post. However, it still seems so high. I did the best I could trying to interpret my search info and the old Wakefield Beach website indicated these townhomes came in three different square footage. Would that unit 4 be the largest at 1708sf? If so, then I have not got the right square footage and unit numbers matched incorrectly in my table and perhaps you could take a look at it, again, and let me know. On the other hand, with the GST is included in that sell price then I may have lined up the square footage correctly.

Then I would say the next units to sell were the Samji Unit 1 and then Unit 3 both at $695K and then nothing and the developer begins to panic. Of course, the timing couldn't have been worse with the Stock Market crash beginning in the fall of 2007 and extending into spring 2009. So, the developer is dropping the prices. I can't image what the buyer of Unit 4 felt when the remaining units ending up selling for about $200K less.

doondog, would the docs you have indicate the dates the units sold and their square footage? If so, could you post that info for me? I will then take all the info and redo my spreadsheet and calculations for this second phase. Please do this at your convenience as I have plenty to keep me occupied until then.

I have to admit your second post was an eyeopener,too. I didn't even think about how the addition of the GST and the LTT (what is this?) would raise those Phase 1 prices to the point where a duplex price would jump to just over $1mill. So, you are indicating with Phase 2 that the pricing includes the GST - then, in fact, the eventual selling price of those units was that much lower. Wow. This puts the success of this development, at least as far as Phase 2 is concerned, in a whole new light.

With this info and what I have been discovering lately, I am coming to the conclusion that the real estate market collapsed far earlier than I thought and it was throughout all the Sunshine Coast. Thanks, again, doondog, for joining VanPeak and sharing this info.

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Sorry Skook, Property Purchase Tax is what I meant by LTT, a term used in Ontario for the same taxation and an old habit of calling it that. I do have the unit sizes and will list these as well as the dates for the sales from the public records mentioned that I have access to. You may also be surprised to learn that 6496 is in fact one of the smaller units there though the highest price paid of all the two level units in Phase 2 and a puzzle to many others since then as a result of what the buyer thought initially and afterward about this investment. They do not use the unit for occupancy as it has been a Vacation Rental premises at least certainly during our ownership there. I do not personally have the first sales transaction date for 6490 Ember however do have its interior dimensions to post.

1- 6490 Ember = 1,588 square feet on three levels (147.5 m2)

2-6492 Ember = 1678 square feet on three levels (155.9m2) SOLD 04/01/2010.

3-6494 Ember = 1,725 square feet on three levels (160.3m2) SOLD 10/01/2008

4-6496 Ember = 1,410 square feet on two levels (131m2) SOLD 11/01/2008

5-6498 Ember = 1,590 square feet on two levels (147.8m2) SOLD 10/01/2008

6-6500 Ember = 1,410 square feet on two levels (131m2) SOLD 11/01/2008

7-6490 Wildflower = 1,411 square feet on two levels (131.1m2) SOLD 08/01/2009

8-6492 Wildflower = 1,509 square feet on two levels (140.2m2) SOLD 06/01/2009

9-6494 Wildflower = 1,410 square feet on two levels (131m2) SOLD 01/01/2010

10-6496 Wildflower = 1,414 square feet on two levels (131.4m2) SOLD 03/01/2010

11-6498 Wildflower = 1,504 square feet on two levels (139.8m2) SOLD 03/01/2009

12-6500 Wildflower = 1,411 square feet on two levels (131.1m2) SOLD 12/01/2009

13-6491 Wildflower = 1,594 square feet on one level (148.1m2) SOLD 07/12/2009

14-6495 Wildflower = 1,594 square feet on one level (148.1m2) SOLD 04/05/2009

15-6499 Wildflower + 1,594 square feet on one level (148.1m2)
SOLD 01/08/2009.

The last three units listed are the beachfront single level detached homes. These are identical for the most part except for their location in the development however side by side otherwise. The first one sold in January of 2009 @ $1,375,000, the second one in April @ $1,250,000 and the third and last one in July of 2009 @ $1,135,000 based on the public records. Quite the price adjustments within the short span of seven months for these it would appear.

Please note that all the measurements are taken directly from the final registered Strata Plan filed in the Land Titles Office for BCS3079 with all individual strata unit interior dimensions identified and certified as such by a BC Land Surveyor as to their final and actual dimensions as compared to the original sales literature offerings and promotional material.