Sunshine Coast - Land Sales (2014 & Historical)

[Skook]

These are the vacant land sales for January/February 2014 for each market area and entered according to lot size. The purpose of recording size is to keep track of how many smaller subdivision lots are sold each month. The smaller table on the right compares the monthly total year-over-year from 2011-2014.

In January, 4 lots from 0.14ac to 0.49ac and 4 lots from 2.5ac to 9.0ac sold. The cheapest lot went in Sechelt at $86,000 for 0.49ac. The most expensive was $526,500 in Roberts Creek for a dinky waterfont 0.15ac; however, it was listed back in May 2013 for $588,800 (HAM pricing!) so the sale price was a drop of -11.8%. The best bargain was 9.0ac on Hardy Island north of Pender Harbour for $240,000.

In February, the three lots under 1ac (0.33 - 0.51) moved at $98,000 to $197,000. The remaining lot - a land-locked 4.67ac in Roberts Creek - sold for $340,000 and actually included a ‘cedar shake shack’ described by the Realtor as a “Rustic Heritage Cottage.” The property had been listed in September, 2013 at $369,500 and went through a price drop early last month to $349,900. So, despite the $19,600 drop and freebie “Rustic Heritage Cottage”, the seller had to knock off a further $9,900 to move the property for a total drop of -8%. Here’s a look at that “Rustic Heritage Cottage” said by the Realtor “to be livable but the value was in the land.” Well, I happen to like that old place - it has character; just a little elbow grease and good as new-ish. Hey, what can I say - I lived north of the Harbour and it looks good to me…LOL.



Finally, I thought I would show some lots rolling around in the SC vacant land sinkhole that opened up in 2005 and has continued to expand by leaps and bounds ever since. Allow me to introduce you to Georgia Crest Phase 2 located in Elphinstone just outside Gibsons’ town boundary. The lots of Phase 1 went on the market back in 2004 and sold like gangbusters. They were going for around $109,500 to $149,500 depending on size and included the then 7% GST.

Well, that went so well that the developer moved to put Phase 2 on the market in July, 2007. Oh, what perfect timing - right when the real estate market on the SC was collapsing and Phase 2 has been a dead duck ever since. In 2007, lots were listed for $179,500 - $229,500 + H.S.T. Then ever year after the price was dropped. Today, those lots you see outlined in red below are listed for $149,000 - $169,500 + H.S.T. - a drop of $60,000 on the high end (-26.1%). That drop applies to that large cluster of lots on the right which are 0.5ac. The majority of those lots have now been listed for 2416 days - that’s 6 years, 226 days and counting.

Oh, and driving to this subdivision looks like it would be the pits, too. I see no direct route into Georgia Crest from the Sunshine Coast Highway unless the Google map is incorrect and/or not showing all the streets. It looks like you would have to come down Pratt Rd to Chaster Rd and somehow work your way down to Ocean Beach Esplanade to get to Harry Rd. I wonder if there is a variety store anywhere along the route or do you have to head all the way back to the highway if you forget to buy milk. Ugly.

I decided to take a visit to the subdivision courtesy of Google streetview and the pic on the left is looking into Sundance Place - that view is August, 2011 so I imagine the alder, Scottish broom, and weeds are now much taller and denser. The pic further below is looking into Moondance Place across the street - not much happening there.

Oh, by the way, the house on the left above is listed for sale…LOL. It’s a 4,030sf, 3bd/2½ba, home sitting on 0.49ac. It was listed January 13, 2014 at $684,000 and the price has now been dropped to $675,000 - now only +3% above the 2013 Assessment. It’s located on lot 44 on that price map above so anyone driving/waking up Harry Rd can look right into the back of the house. That's nice.