Sechelt Development - The Watermark at Sechelt

[Skook]

June 8, 2013 Update:

A great deal of interest has been shown in Watermark, so I thought I would check to see if any updates were needed on the spreadsheet (besides correcting my spelling of Teredo St). Well, there are four changes of note: Phase 2, Unit 202 did sell on May 2, 2013 and went for asking at $649,900; Phase 2, Unit 310 was added to MLS on May 31, 2013 - list price is $345,900 (Note: buying same unit in Phase 1 will save you $6,000); Phase 1, Unit 212 which had previously been indicated as ‘Sold’ on the Watermark website floorplan is now available for purchase as is Phase 2, Unit 309 which, likewise, had been indicated as ‘Sold’ on the floorplan. The updated spreadsheet follows at the end of this post.

Overall, sales are fairly slow for Watermark, but it is still under construction so there is hope for a turn around when Phase 1 is completed. Since this project is a reality and since pundits say a ‘sold out’ project will be a fabs-ulous benefit to the community, I thought I might try spurring sales by imagining I have buckets of bucks to blow and ‘buying’ a unit. So, I snagged the current floorplans and prepared the image below to give me an idea of what is available.

As you can see, all the really, really pricey units facing the ‘Pebble Beach and Ocean’ in the south are gone except for Phase 2, Units 500 & 501, but those units don’t interest me and besides my imagining (the buckets) has its limits. Where I think Watermark needs help is with those units in the middle of both buildings - those with the ‘D’ & ‘E’ floorplans. I have created a montage below that should help me in my decision making process.

I have three important criteria that must be met before I buy, and all resulting from those 12 years living north of Pender Harbour:

• Sun - noting that its height above the horizon is different in summer and winter.
  
• Wind - noting that its direction likewise is different between summer and winter.
  
• Topography - will the sun be blocked at any point during the day particularly in winter and how will it influence the wind.
  

And, this being Watermark, I have to include:

• Oceanview - after all, this is what is giving this development its cachet and does influence the price.
  

Now, what has struck me as very odd is that most ‘Sales’ of these middle building units are occurring on the inner plaza side of both buildings. My montage may help to explain why I am so puzzled.

I have taken a Plan E from Phase 1 and rotated it to mirror its alignment in the building. It being an interior unit means all daylight into the unit will only come from one direction (this is one of those units I mentioned previously that has no windows in the second bedroom, den, and main bathroom and the ensuite will only see daylight if you keep both sets of sliding doors open).

The April 11th construction pic shows that no sun enters the plaza side Phase 1 (Tower A) units in the morning and the May 16th pic shows what you can expect from noon until the sun is blocked by Tower B as it journeys west which will likely only be a significant issue in winter when the days are shorter and the sun is lower on the horizon.

As for the ocean view, the only way to see it from these plaza side units is to go out on those 98 SF balconies or stand at the doors that lead to the balcony.

As for wind, during the day in summer it comes from the west and usually kicks in around noon and can be glorious so you would want to open whatever windows or doors you have along that side; but, I can only see the west side of Tower B and possibly the west side of Tower A benefitting.

In winter, the winds shift and November and December are the months for those brutal southeasterly storms; however, they have been known to arrive as early as mid-October and linger on into January. Watermark will feel the full brunt of the winds and driving rain being exposed as it is to the south. You won’t be standing out on the balconies on the eastern side of the towers unless you’re fully decked out in Helly Hansen gear; however, on the western sides, guests or residents might be able to stand behind that wall projection if they need a smoke.

What about that ocean view in winter, then? I thought that owners on the east side of Tower A and the west side of Tower B might be able to sit at their livingroom window and view it from there, but in the plan it looks like the fireplace in located below that window and there is also that interior pillar in the way; however, since that one side of the balcony is glass, you could rotate the sofa and look out through that one set of balcony doors. Well, where there’s a will there is a way.

I will leave you to further analyze that montage so that you can decide where you would buy. As for me, I know where I will blow my buckets of bucks. I am buying on the west side of Tower B, 5725 Teredo St. (Phase 2). In my opinion, it offers the potential for most daylight especially in winter; is in direct line to those wonderful, west summer winds; maybe affords some protection from the winter southeasterlies if only behind the wall projection; and in winter, the ocean can be viewed through the balcony doors and there might be room for a chair on the other side of the fireplace.

Do I have enough money in my buckets? Tower B (Phase 2), Unit 205 (Plan E on plaza side) was purchased on January 18th this year for $479,900 and directly above it, Unit 305 (Plan E) was listed on May 6th for $474,900. I don’t know what accounts for the 5-thousand dollar price difference since they both are 1169 SF inside with a 98 SF balcony. Upgrades, I guess. Well, bummer, there are no west side Phase 2 units listed so I don’t know if that side is more expensive then the Plaza side. Well, I think I can safely assume the price will be just south of half a million.

So, if I had the money would I buy and move in? Nope, even if it is only a hop, skip and a jump from St. Mary’s Hospital as the website and marketing material strongly promote. I’m one who needs daylight and lots of it particularly in winter. These units are for the photophobic or those maybe planning not to hang around 8 months of the year; so, if you are the former grab one of those plaza side units or one facing Teredo St (Teredo is cheaper at $284,900 to $345,900) and if the latter applies, I strongly recommend the west side of Phase 2, 5725 Teredo - that’s where I’m ‘investing’ my imaginary buckets of bucks.

Here’s the updated spreadsheet.