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Sechelt Development - The Watermark at Sechelt
03-28-2015, 12:36 PM, (This post was last modified: 03-28-2015, 08:11 PM by Skook.)
#22
RE: Sechelt Development - The Watermark at Sechelt
I need help with a mystery...

Yes, I’m still kicking, in case you wondered. I’m juggling a number of future VP posts – all in different stages of completion – and hopefully I’ll begin posting soon. One of those potential posts is a Watermark update; however, I’ve run into a “snag” and that “snag” is a mystery in need of a solution.

About a month ago, I was updating a Gibson development spreadsheet and one thing led to another: I got to thinking about condo assessments on the Sunshine Coast (were they going up or down given the poor state of sales in 2014?) and this in turn got me to thinking about BC Assessment’s new e-valueBC ™ website (does it give condo assessment info?). I made a half-hearted attempt to find condo info when the site first went live, got no results with what I typed in and figured it was a no-go. Now, I decided to take another stab at it and began to play with different address configurations and guess what? Yes, condo assessment info is accessible for the most part on the site, but only if you type in the address like this...

Unit-Street City (e.g. 10-123 Pretty St Anytown BC)

Type the unit number then a hyphen and then the street address, but there can be no space on either side of the hyphen. The site’s search bar features ‘auto-complete’ and will begin offering possibilities as you type in the address. When you see want you want, click on it and the property assessment will appear.

I immediately thought of Watermark when I realized I could get condo assessments. You see except for the large front units directly facing the water many unit listings and sales have seen dropping in value over the last six months – so would the assessments reflect this? I will have to leave it up to you to discover the answer to that question.

I started my assessment search with Phase 1 – 5665 Teredo St. I soon realized that if I clicked on the “+” besides “Show more” directly below the property image I would find the ‘Sales History (in the last 3 years)’ and I could verify my own spreadsheet sales data. With Phase 1, all my sales data was spot on...except for one unit which had me scratching my head. According to my MLS sales data, the unit sold in the spring of “x” year, but e-valueBC™ showed the unit selling in the fall – a full six months later. Since that happened to only one unit, I highlighted it and carried on. I did note that from late-2012 to now, that the MLS and e-valueBC™ sale prices differ and assume this results from dropping the HST and going through the two year PST reversion transition period. This tax transition has had to have been a nightmare for everyone concerned: developer, resellers, RE agents and buyers.

Now that “snag” I mention above – it’s with Phase 2. You see there are nine (9) units “sold” from 2012 to 2014 with no corresponding sales info at e-valueBC™. To rule out error on my part, I went back to the three primary sources I use for MLS sales data and looked up each unit again and these units were indeed reported sold. There was one other anomaly – a Phase 2 unit I reported sold at 'such & such' date actually sold one year later according to e-valueBC™, hmmm. But, what of these nine – should they actually be considered as “sold” now?

Is there a logical reason why BC Assessment would not acknowledge an MLS sale report? I thought maybe there are different rules for foreign ownership but according to what I’ve read foreign owners are issued assessment notices and pay property taxes. Or, would sales be recorded differently if someone bought multiple units at the same time? That wouldn’t make sense though, would it?

Can anyone offer an explanation as to why nine sales that occurred over a three year span not show up as sold with BC Assessment? Honestly, I have no idea why this would be. Can anyone shed light on this mystery?
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RE: Sechelt Development - The Watermark at Sechelt - by Skook - 03-28-2015, 12:36 PM

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