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Sunshine Coast Price Drop: How low will they go?
03-25-2014, 01:02 PM, (This post was last modified: 03-26-2014, 05:22 AM by Skook.)
#7
RE: Sunshine Coast Price Drop: How low will they go?
(March 26, 2014: Update added to bottom of post.)

A new Pender Harbour listing today caught my eye. Here it is…

[Image: attachment.php?aid=823]

It's been given the green banner treatment, but this isn’t really a "new" list, it's a relist. This property, like 4830 Sinclair Bay Road featured in a post above, can be found on the HomeForeclosuresBC.com website at its previous list price. But, the Foreclosure site doesn’t show this property’s many relists and price drops. For that information, you can view the January 29, 2014 post on Vancouver Price Drop. Here’s the ‘Full Monty’ courtesy VPD…

[Image: attachment.php?aid=824]

By adding today’s new list info, we get this…

…..March 25, 2014…..V1054239…..$819,000…..-$659,100…..-45.4%

So, from that April 2, 2012, 4703 Cameron has undergone a total price reduction of -$659,000 for a drop of -45.4%. It’s another "death by a thousand cuts" and all the relisting can't obscure that fact - not when there's Google.

Now, that first listing price in the VPD table really made my eyes pop when the next relist priced increased by over $1million. I went searching for an explanation but none can be found. Pure and simple, it was a listing mistake - they had forgot to put a “1” before the “3”; and, when it was discovered 22 days later, the listing was yanked and the property was relisted tacking on an extra $100,000 to boot - what the heck, why not. (Note: I believe such listing mistakes are rare; however, if you’ve listed a property, it’s always a good idea to check for errors yourself via the internet.)

While searching to solve this pricing mystery, I discovered 4 vacant lots in the same area that are currently listed. They’re displayed in Gary Little’s real estate map on the left below. 4703 Cameron occupies that gap between two of the lots. The addresses given to these lots really confused me, so I pulled the SCRD Pender Harbour address map and you can see that Warnock Road has now been extended and joins Cameron Road. Now, this house was built in 1998 so my thought is that the whole block of land shown in the SCRD map may have belonged with this house which is why its address is Cameron Rd. About a decade later, the owner decided to subdivide the property and you can see the result on the right. This home occupies SL 3. I don’t know if the current home owner was the owner back then, too.

[Image: attachment.php?aid=825]

So, here are those vacant lot listings and for Lot 2 Arbutus Landing Rd and Lot 4 Warnock Rd I provided their Price History. Yes, price drops here, too, and possibly the same for SL 5 and SL 6 (I didn’t search - why bother).

[Image: attachment.php?aid=826]

Lot 2 was listed July 14, 2011 at $649,900 so the total price reduction to date is -$150,900 for a drop of -23.2%.
Lot 4 was listed May 25, 2013 at $469,000 so the total price reduction to date is -$94,000 for a drop of -20.0%.

I came across an old Royal LePage agent ad from June, 2010 and in it the agents announce that in 2010 they had sold SL 1, SL 2, and SL 4 Arbutus Landing Road. So, the current listings for Lot 2 and Lot 4 are flips. In 2010, the SC real estate market saw an increase in activity after two bleak years; so, it’s possible these lots were bought as investments. If so, it’s too bad they didn’t have access to RFM’s sage advice on the ‘pros and cons of vacant land as an investment’ that you can read in this recent VanPeak post.

In my search for all things to do with this property, I came across this CottageCountry.com posting obviously long forgotten. In the pic, you can see the 4703 Cameron Rd property. On its right, is the location of Lot 2 Arbutus Landing Rd and on its left is the location of Lot 4 Warnock Rd. I wonder if they will ever straighten out all these addresses so that there is some logic to them. Well, I guess one day when there are actually people living at 4703 and occupied homes on all those lots. What do you think? 5 years? 10 years? Remember, these are waterfront lots and according to the BC Oracle, “Buy waterfront lots on rivers, lakes and oceans because they’re running out and will never lose their value."

[Image: attachment.php?aid=827]

For a look inside 4703 Cameron, you can visit its Kijiji ad. And, it is listed below
assessment.

March 26, 2014 Update:

Today, Lot 4 Warnock Rd lowered its list price by -$16,000. The total price reduction since its May, 2013 listing at $469,000 is -$110,000 - a total drop of -23.5%. The current list price is now $359,000.


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RE: Sunshine Coast Price Drop: How low will they go? - by Skook - 03-25-2014, 01:02 PM

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