Sunday 11 June 2017

Flip of the Week

The Globe & Mail has a real estate feature called “Done Deal” and every now and then they present a property from the Sunshine Coast. Since July 2015, six local properties were deemed worthy enough to make the national paper. I’ve borrowed and modified the “Done Deal” layout for this new blog feature:  

Sunshine Coast - Flip of the Week


Property: 1045 Edmonds Road, Roberts Creek, BC (Sunshine Coast)

Listing Price: $1,398,000
Selling Price: $1,398,000
Days on Market: 4
Taxes: $3,719 (2016)   
Listing Agent: Deb Mowbray, Re/Max Top Performers, Gibsons

The Action:
Gibson Re/Max Realtor ® Deb Mowbray listed 1045 Edmonds Road, Roberts Creek on MLS in March 2017. According to her Facebook page, she was, “Very excited to share this NEW waterfront listing...!!!” (That was a very sweet thing of Deb to do, don’t you think? The “sharing”, I mean. She didn’t have to, did she? Unless there was a contract...oh, there was?)

The date on Mowbray’s Facebook post was March 12; however, according to Google the property went on the market March 9 - the earliest date showing up in the search.

(Someday I may explain how a Macdonald Realty Realtor® in Maple Ridge personally got word out on the ‘net before the property’s own listing agent - there was no magic involved so I wouldn’t be giving away any secrets.)

1045 Edmonds Road is a classic “old timer” SC home sitting on a 0.16 acre (6930sf) low bank waterfront parcel. The home was completely renovated in the past and they did a sweet job. As the listing above showed, it has 2+1 bedrooms and 2 bathrooms fitting within a tidy 1,079sf; and, there is also a separate 312sf studio cabin with a 2-piece bathroom. It was all yours for that eye-popping, even if it is in Roberts Creek, sum of $1,398,000. It sold in 4 days.

If you want to know what this little darling went for, visit here. While there, note the square footage and the number of bedrooms and bathrooms on file.

Now, I didn’t call this post the “Flip of the Week” for nothing. Here you go...

Yep, exactly three months since its last list and it’s back on the market with at 16.2% ($227,000) markup assuming it sold for asking. It’s now listed with Sechelt's Brynelson O'Reilly at Royal LePage Sussex.

I spent some time yesterday comparing and thinking about the March and June listing pics and the only conclusion I can reach is this property was bought for one intention only. Prior to March, the property was a home and now appears to be a way station before moving onto somewhere else.

It was comparing the next two pictures that sealed it: more bare walls, a mattress on the floor and a few paper lanterns hanging from the ceiling for colour - perhaps to amuse a young child.

Skook’s Take:

SC Realtors® dropped any pretense buyers were snapping up properties as “homes” in late 2015 as Vancouver’s bubble spread to outlier markets. Note the priority in the listing write up for 473 Ocean View Drive in Gibsons (R2166064): “An excellent investment property or for a family looking to upgrade from a townhouse or buy for the first time.” Oh yeah, and you could actually buy it to live in, yourself.

The Sunshine Coast below Pender Harbour is hooped as two articles in this week’s Coast Reporter testify: “First-time homebuyers find Coast market impenetrable” and “Woman raising funds for ‘tiny home park’” (she’s dreaming...she should be exploring a co-operative scenerio).

Properties bought in 2015 are now coming back onto to market and I expect that to gather speed. Lots bought last year are already being listed and sold. This year’s property assessment saw a 30%-40% increase on average and that has inspired 2017 listing prices. I’m reminded of 2007 when listing prices jumped $100,000 - just before they crashed. Are we going to see a repeat?  To find out, let’s all place our hands on the glowing orb and summon the real estate gods, Location and Supply, repeating the recently revealed mystical incantation - “Covfefe...Covfefe...Covfefe...!

Whoever buys the property might contemplate adding another foot to that rock retaining wall...just saying. (A Crack in an Antarctic Ice Shelf Is 8 Miles From Creating an Iceberg the Size of Delaware...Now that’s...Covfefe!).

(Above satellite image via SC Realtor® Gary Little's truly incredible Interactive Real Estate Map.

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My first inclination was to moderate to avoid trolling; however, l'll now take a wait and see attitude. Comments will appear as soon as published. If I start seeing garbage comments, I'll flick the switch and return to moderating. Skook