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8/3/2019 Western Investor - November 2 2011
1/1
B14 RecreationalRealEstate HOT PROPERTIES www.westerninvestor.com NOVEMBER 2011 WESTERN INVESTOR
FOR SALE
AUTOMOTIVE PARTS STORE
KITIMAT, B.C.
Gerri Saunders(250) 632-2107(250) 632-6638
Info/video available atwww.realestatesmithers.com
LEO LUBBERSCell 250-847-1292 Office 250-847-5999
Fax 250-847-9039 Email: [email protected] Valley
$290,000
N EW WA TER FR O N T D EV ELO P MEN Ton the BULKLEY RIVER
Priced to sell at
$835,000!
Country Estate with a beautifully craftedspacious 4000 sq.ft.log home on 3.6 of an acre.
Priced to sell at $835,000!
MLS # 323950 at www.realtor.caor contact Brett Hallat250 465 0060.
ComoxValley
YOURRETREAT IN THE BEAUTIFUL
Comox Valley
For more information go to:
We have $180,000 equity in thisOsoyoos lakeview serviced land.
Need mortgage paid out only!
Call eves (250) 497 [email protected]
DIVORCEFIRESALE
espite a real estate market at rock-
bottom prices, the U.S. doesnt
always draw Canadians looking to
invest in a second or vacation home, and abig reason is the better chance of apprecia-
tion in B.C.
In Tofino, for instance, prices dropped only
by a few percentage points since 2008, and are
now, characteristically, climbing again.
You could buy [an oceanfront] lot for
$35,000 in 74, said Thomas Olsen, who has
been visiting the west coast of Vancouver Island
for decades. Now, the same lot would go for $2
million. And he sees future potential.Olsen, ofMoss Development, is building
the Shore, a mixed-use, concrete-and-steel
Tofino waterfront property with 24 luxury
residential and seven commercial units. It is
expected to complete with a 6,400-square-foot
multi-use restaurant and marina by the spring
of 2012.
The Shore started in 2004 as Olsens mas-
ters in business thesis on the best options for
development of an old BC Packers plant on
the site where the Shore now stands. Olsen saw
the potential for a residential project, although
at the time he was just looking at the options
for a second home for himself, not developing
it as recreational real estate. He soon saw the
value of building what he calls second homes,
rather than vacation properties.
A second home will be bigger and have more
amenities like closet space, he explained.
Olsen connected with Eleven-Eleven archi-
tects Mark Burkart and Walker McKinley.
They went through years of negotiations with
changing city councils, mayors and city plan-
ners and consulted with First Nations groups,
the Department of Fisheries and several
archaeologists before proceeding with con-
struction.
According to Olsen, approximately $12 mil-
lion worth of real estate sells in Tofino annu-
ally. In the first batch of pre-sales in 2007, the
Shore brought in $15 million. Of that amount,
Olsen closed on all but two sales, he said.
Despite the success, Olsen admits he misread
the market.
We were originally targeting an older buyer
in the 55-plus range, empty nesters, he said.
The majority of purchasers are 35 to 45.Chris and Gerry McNalley of Calgary
were two of the early buyers. The McNalleys
bought a 900-square-foot, one-bedroom after
RECREATION FEATURE Rock-bottom U.S. real estate fails to draw some recreational buyers out of B.C.
BAILA LAZARUS
WESTERN INVESTOR
looking at detached homes in Arizona. We did
consider buying in the States and looked in the
Phoenix area but decided against it, preferring
somewhere where we could have many var-
ied activities, said McNalley. The Shore is
both a vacation home and a second home and
we spend as much time there as possible year-
round.
The Shore includes 24 water-view residential
suites. The six units still available range from
an 862-square-foot one-bedroom for $525,000
to a 1,953-square-foot two-bed, two-bath pent-
house for $1.39 million. Additionally, there are
seven street-front strata commercial units, of
(ABOVE) A new dockside facility willinclude a restaurant, marina, fitness
centre and watercraft storage. (RIGHT)Overlooking Clayoquot Sound, every
Shore suite has a large patio.
Photos:
MossDevelopment
which three are sold.
The development will offer a dockside res-
taurant and multi-purpose facility that includes
a fitness area and storage for kayaks, surfboards
and other watercraft. A new marina will have
32 new boat slips, according to Olsen.
Homebuyers and investors have spo-ken and approved the waterfrontWatermark at Sechelt condominium proj-
ect on the Sunshine Coast.
Developer Ian Porter said constructionstarted in October after buyers bought up
40 per cent of the homes, above whatPorter needed in pre-sales to secure
financing for the project.
Final delivery of suites in phase 1 is
expected for December 2012, Porter said.
With 104 residential suites ranging in size
from 649 to 1,977 square feet, the suites
are priced from $368 per square foot, con-
sidered near the top of the local market.
We appreciate very much the support
we have received from the community
for this project, Porter said. While the
construction stage will provide a mean-
ingful boost to the local economy, it will
hopefully act as a catalyst for further eco-
nomic growth and development.
Some locals had doubts the Watermarkwould reach the critical mass needed to
proceed. Housing sales on the Sunshine
Coast dropped by 10 per cent in the first
eight months of this year, compared with
2010, and the typical MLS housing price
remains down 4.4 per cent from three
years ago, according to the Real EstateBoard of Greater Vancouver.