The new owners of the Birch Bay Water Slides 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 approximately $2.6 million, according to real estate records. Whatcom-County-based investment company DBW Whatcom sold the property to Jun Yu after taking the property from Trillium Corporation in lieu of foreclosure in August 2010, Birch Bay real estate agent Mike Kent said.
The $2.6 million sale in the central Birch Point area is the most recent example of broad interest in Birch-Bay-area properties once owned by Trillium but since given up to investment companies 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, to name a few.
“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 to close [closer to home],” Kent said in an email. “However, they are now searching every corner of the United States for bargains.”
For example, Kent recently received an offer on a 498-acre property, also in the Birch Point area, that Trillium lost to Sandy Investments, LLC, though he could not comment on the interested party. The listed price for the undeveloped property is $5.8 million.
A number of other undeveloped or unfinished large-scale Birch Bay properties are on the market for a relative steal, including the unfinished Marin Condominiums. 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 an $18 million loan. 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.