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Sechelt Development - The Wharf Place
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01-24-2014, 09:49 AM,
(This post was last modified: 01-24-2014, 09:53 AM by Skook.)
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RE: Sechelt Development - The Wharf Place
January 24, 2014 Update:
I’ve wondered since my first Wharf Place post back on May 12, 2013 if the day would come when the developer blinked and begin listing the condos for rent. Well, that day is here. Two second floor units went up on the Holywell Property Management website on January 21st - Wharf Place is testing the waters. What other option does the developer have? Despite what The Wharf Place website floorplans indicate, only four of the 24 units have sold since the first pre-construction listings in Sept, 2011. Two of those sales occurred in 2013 after construction was completed in April, 2013. Even last September’s bonus offering on “the next 5 sales” managed to move only 1 unit. As for the commercial units, 105 & 106 remain unsold and the leasing status of units 102 & 103 won’t be known until next month. Not looking good. So, what are the chances of renting out these unsold condos? Overall, it’s bleak and I mentioned that fact in my first post above. The demographics show there just isn’t a pool of young renters large enough to rent the Wharf Place condos and all the other units listed for rent on the coast. In fact, I would hazard to say the “pool” is almost non-existent. The image below shows the number of Coast Reporter Classified rental ads for January 22nd. If you add up Davis Bay, Wilson Creek, West Sechelt and Sechelt, the total is 29 in the District of Sechelt and there are more on Craiglist and some on Kijiji. Those classifieds are for the most part secondary suites in homes. There are lots of houses for rent now, too, on the coast and some for less or not much more than that $1125/mth Wharf Place wants for that 2 bedroom condo - like this pretty cute cabin for $1000/mth which is also listed on the Holywell site. Nope, it’s not looking good at all. |
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