Sunshine Coast Price Drop: How low will they go?

[Skook]

I have just updated two postings:

The Watermark Units, Sechelt
5520 McCourt Rd, Sechelt

I also want to show the final result on a lot listing in the Sandy Hook area of Sechelt – that’s the east Porpoise Bay boonies. I posted the blurb below at the bottom of my October 2014 SC Land Sales Post:

Quote:Today, there was a price drop on a 0.23ac lot in the Sandy Hook subdivision in the east Porpoise Bay area of Sechelt. Back in a March post, I highlighted the significance of the first sub-$100,000 lot listing in Farrington Cove in Pender Harbour. Well, that notable drop has long been surpassed in other SC market areas over the course of this year.

Lot 4 Sandy Hook Road is listed on PropertyGuys.com by the owners for $99,000 (List description indicates lot went up at $112,000 - $26K below assessment. In 2011, lot was assessed at around $149,000 and dropped $33,000 in 2012.). That listing gives the 2013 Assessment as $108,000 (it dropped a tad further in 2014). The lot also went up on MLS and on October 7 was relisted for $57,750 (V1088822). Despite that auspicious listing number with all its 8s and its low price it didn’t move; so, today the price was dropped to $49,900. We’re at -50% and counting. Given that there are other lots listed along that same road at $119,000 to $134,000, I think it is safe to assume that the owners of Lot 4 paid much more than $100,000. Unfortunately, I think Sandy Hook area and other outer areas hold little attraction for those now moving to the SC. However, these falling SC lot prices might be finally grabbing the attention of long term investors who just love holding land; and, in some areas of the SC it will be a very long term investment, indeed.

The lot sold on Feb 10, 2015 but I couldn’t understand the why the price increase at the end until I managed to catch the lot listed on SC Realtor Fran Miller’s website Foreclosures webpage before it was taken down as a result of the sale. There must have been more than a few parties interested. Still that winning offer has got to hurt property values in the Sandy Hook area.