Oceanfront Living on the Sunshine Coast

Watermark at Sechelt
5665 Teredo Street, Sechelt, BC

List Price: $264,900 – $839,900
Floor Area: 644-1786
Unit: 1 bed/1 bath – 2 bed/2 bath+ den
Condo Fees: $100 – $300

I make my way to Sechelt a few times a year since a number of my family members have made it home over the last few years.  Sechelt is located on the mainland, however, it is only accessible by boat.  A short 40 minute ferry ride is what separates Gibsons, the first town on the Sunshine Coast from West Vancouver.  A short drive up the coast, past Roberts Creek and Davis Bay, you enter the lovely and quaint town of Sechelt.

Over the last year or so, I have watched the Watermark, a two phase condo complex in the heart of the community along side Pebble Beach, come to life.  Owners of Phase I were given occupancy this past June, with Phase II aiming for completion this Fall 2013.

There is a premium on these units due to the location, breath taking views, beach access, modern amenities, and the quality finishings, but for many it would be worth the added price tag.  There are very few opportunities to own a condo along the waterfront in the area, let alone newly developed property.

The units vary in size from one bedrooms to two beds+ a den with the layouts arranged to optimize balcony waterfront views.  The building has been designed to accommodate and adapt to an aging population.   Wider hallways, lower placed mail boxes and light switches are some examples.  Mainly focusing on retirees who come to Sechelt wanting to be close to the city, while living a much calmer lifestyle on the coast, The Watermark fuses upscale city living with the comfort and relaxation of a beach village getaway.

PROS

  • Location
  • Views
  • Beach Access
  • Tasteful interior finishes
  • Master room quiet large in most layouts
  • Unique layouts, usually with decent sized balconies
  • Storage units available on parking level
  • Bike Storage
  • Bright and accessible parking
  • Natural gas fireplaces and BBQ outlet on balconies
  • Multi-purpose amenity room
  • Extensive landscaped grounds

CONS

  • Priced higher than most condo units in the area
  • Common landscaped area also allows for public access
  • Secondary bedrooms not very big
  • Only one parking stall guaranteed with each unit

MORTGAGE DETAILS

Show Suite: Layout D, 1126 sqft
Purchase Price: $439,900 + 7% GST = $470,693

High Ratio Loan (less than 20% down payment)
Interest Rate: 3.34%
Amortization: 25-year
Down Payment (5%): $23,535
CMCH fees: $12,297
Total loan: $459,455
Payment: $2255
Approximate income required: $84,500

Conventional Loan (20% or more down payment)
Interest Rate: 3.39%
Amortization: 30-year
Down Payment (20%): $94,139
Total Loan: $376,554.00
Payment: $1666
Approximate income required: $62,500

From my home to yours
Irene

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