The new owners of the Birch Bay Waterslides property have closed a multi-million-dollar deal on 231 undeveloped acres in Birch Bay.
Land development company Jun Yu Development II, LLC, based in Richmond, B.C., bought the property for $2.6 million on September 30 from DBW Whatcom, a local investment company.
According to Birch Bay Realtor Mike Kent, Trillium Corporation forfeited the property to DBW in lieu of foreclosure in August 2010.
The sale of the property, located in the central Birch Point area, is the most recent example of broad interest in the Birch Bay properties once owned by Trillium but since given up to creditors in lieu of foreclosure, Kent said. Kent has received letters of serious interest in a number of Birch Bay area properties from investors from Canada, New York, Colorado and Florida.
“Our location was for the most part overlooked by large real estate trusts and investors during the real estate boom years, as they had ample opportunities [closer to home],” Kent commented, adding, “However, they are now searching every corner of the United States for bargains.”
Kent said he recently received an offer on a 498-acre property, also in the Birch Point area, that Trillium lost to Sandy Investments, LLC.
The listed price for the undeveloped property is $5.8 million. Kent declined to name the interested buyer.
Other undeveloped or unfinished Birch Bay properties are on the market for a relative steal, including the unfinished Marin Condominiums on Semiahmoo Spit. Kent said the property’s listed price is $10 million after its former owners poured $26 million into the project.
Seattle Bank foreclosed on the Marin property after its developers, Andrew and Wanda Shaw of British Columbia, were unable to pay back an $18 million loan to the bank. Only one condo tower of the three planned sits finished.
Jun Yu Development bought the Birch Bay Water Slides in September of this year for approximately $3.2 million, according to county records. The 6,933-square-foot facility was built in 1982 and remodeled in 2006.