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Sechelt Development - The Watermark at Sechelt
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06-13-2014, 04:50 PM,
(This post was last modified: 06-13-2014, 07:14 PM by Skook.)
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RE: Sechelt Development - The Watermark at Sechelt
Nola’s comments are worthy of a new thread because she reminds us that we are not immune from international factors that could severely impact our own little corner of the world. However this thread is about the Watermark condo development and before we get carried away, I am reining us back in with this post.
This will likely be my last update on this development. I figure if the developer has reached the conclusion any further marketing is pointless and it’s time to leave his project to the fates that govern the real estate market then I, too, should bid adieu and wish all those who bought in the very best in the months and years ahead. The first look inside this condo complex came about courtesy the construction pics that were added religiously each couple of months to the Watermark website. The picture on the right below (June, 2013) made a definite impression on me and I thought, “Wow, you pay almost a million dollars for a unit and that’s your storage locker?” As the complexes were completed and some new owners decided immediately to cash out their “investment”, we got our first look inside the units via the listing pics. We would see that regardless of unit size, location and list price those “Wows” kept coming from the closet hardware, to the folding doors, to the tubs and toilets. Was it reasonable to expect more from Watermark? Well, given what the developer likely paid for this last waterfront property in the heart of Sechelt and how long and drawn out the rezoning process was, likely not. After all, the developer had to find any and all means to make money off this endeavour while purchasing as much as possible through as many local businesses as possible. I don't know, I guess I just expected a bit more bang for a buck. ****************************** Speaking of bucks...lots of bucks…we have some flips in the newly completed Phase 2. Unit #500 (V1068752) went on the market June 4th at an asking price of $1,559,000. The unit was originally purchased this past December for $949,900. So, what justifies the huge jump? Well, it is a large waterfront facing unit and last October, Unit #601 in Phase 1 was owner listed for $1,575,000 and sold in December for $1,460,000 (originally purchased for $1,099,000 in September, 2012). However, waterfront Units #400 and #401 in Phase 1 have been owner listed since last August and have failed to sale. So, it must be Unit #500’s customization justifying the $600,000 price increase. Here’s what has been done… Bedroom 2 with its ensuite bathroom has been eliminated so that the whole front of the unit is open. A wet bar with built-in cupboard space now replaces the ensuite. The office entrance and storage closet has been reconfigured. In the master bedroom ensuite, the separate tub and shower were eliminated and replaced with a large single spa shower. The natural gas fireplace is now situated on the opposite side of the unit. Overall, these are smart changes to the floorplan; although, the fireplace looks awkward in its new spot. Are these changes worth over half a million dollars? Well, time will tell. By the way, the foyer on the left in the image above - it belongs to this unit. Here’s the unit’s listing write-up: Quote:PHASE 2 at the Watermark - 5th floor customized front suite with fabulous south & west full ocean views. Huge oceanfront patio. Enjoy south facing walk-on waterfront; a care free lifestyle in Downtown Sechelt within easy & level walking distance to all amenities & nearby expanded hospital. Mere steps from the seawall & Pebble Beach. The terraced architecture & concrete construction of Watermark at Sechelt is designed to take full advantage of the ocean & island views while enjoying warm southerly exposure. This luxury suite offers almost 1850 sq ft with 3 bedrooms, 2 bathrooms & a lovely wet bar - spa like ensuite w/steam shower & many custom features. The two other unit flips (#201 & 203) in Phase 2 have also upped their prices but at the less eye-popping 15-16%. ****************************** It is time to post the updated spreadsheet for Watermark. All sales data is up to date to June 4th and listing data to June 13th. I have created a spreadsheet legend to explain the colour coding for the unit numbers. The most recent listing information is in “blue”. When comparing unit pricing between Phase 1 and Phase 2, you must remember the buildings are mirror images of each other and some units on the second, third and fourth floors will reflect this mirroring as shown in the box on the right below. As of June 4th, the number of units sold in Phase 1 (5665 Teredo) stands at 36 out of 52 units (69%) and in Phase 2 (5725 Teredo) the number of sold units is 30 out of 52 (60%). For the complex as a whole, 66 of the 104 units have sold (63.5%). The developer has 36 units currently listed on MLS. There are two units that remain unsold and unlisted - Unit #212 in both Phase 1 and Phase 2 (not sure why they are not listed). As for owner resales, there are 4 currently listed at 5665 Teredo and in April the owner of Unit #606 (customized) dropped the asking price - images of #606 can be seen in my January 1, 2014 post (scroll down). At 5725 Teredo, there are 3 resales on the market. Now, what? That’s a really good question and I have no idea how things work in situations like this. I guess the development company created for this project, Pacific Spirit Properties, by the developer, Seacliff Properties Ltd., will remain forever tied to the project and will continue to try to sell and/or lease those vacant commercial and “live/work” units. As for the 36 unsold residential condos, well it looks like the developer is willing to lease out all two-bedroom units on a long term basis (3/5/8 years) according to these ads that began appearing this month in the Sunshine Coast weeklies (The Local, Coast Reporter). Starting at $1500/month, eh? I don’t know about that. Just as an example, there is a furnished 3 bedroom house currently listed at Holywell Properties for $1600/month. In the grand scheme of things, I wonder if "leasing" out these unsold units is a viable alternative. What impact would this have on the Watermark Strata Council? So many questions. |
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