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Posts tagged ‘recreational’

Wild Coast Cottages Port Renfrew is Nearly 70% SOLD OUT!

Wild Coast Cottages, Port Renfrew, BC

The onset of our rainy and windy fall weather has not deterred excited buyers from making the trip out to Wild Coast Cottages in Port Renfrew. This intriguing development is truly unique on southern Vancouver Island and offers 40 ‘micro-cottages’ on their own lots in a waterfront recreational property at affordable prices. I had an update from the developer last week and there are now 25 firm sales and 3 conditional out of the total of 40 cottages!

Amazing Views from the Property

There are still some great lots available, including my listing of Lot 16, one of the largest and most private lots in the development.

If you’d like more information, please contact me for a quick response! Please see below for an updated price list:

Wild Coast Cottages Price List Nov 1 2010

Tim Ayres – Sooke Real Estate Professional

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Wild Coast Cottages Port Renfrew, West of Sooke

Wild Coast Cottages, Port Renfrew

Today, instead of our usual Sooke REALTOR® tour where we go around to the new listings in Sooke, we had a bus take us out to Port Renfrew for a tour of Three Point Properties‘ new Wild Coast Cottages development. The roughly one hour drive along Highway 14 is entirely different when you’re not driving – lots more time to look around at the absolutely stunning scenery around you: creeks, waterfalls, tall trees, and the Strait of Juan de Fuca and Olympic Mountains in the background. We even saw three black bears along the roadside.

Arriving on site we found a hub of activity – excavators, builders, trucks, and other workers getting the site ready. Title registration for the first purchasers should be coming in the middle of August. There are already two cottages at the site, one of each floor plan that they’re offering at the moment.

Wild Coast Cottages is more that your average cottage country development. With the usually high cost of recreational property, Three Point is trying to do something different – to keep these architecturally designed west-coast style cottages within reach of the average buyer. To do this has taken innovation for sure. Port Renfrew is pretty remote, and only has a population of about 200 residents. There are no hardware stores, building supply outfits, or large construction companies. So, instead of building the cottages on site, they are framed, built and completely finished, right down to the designer paint colours, 70 kilometres away in Sooke, and trucked up to Renfrew on a flatbed. This enables the builder to save on travel costs, and allows some economies of scale to be realized by “mass-producing” these cottages all in one place.

A breezeway connects the bedroom (pictured) with the living space

The current phase has 24 lots out of the 40 planned, and Three Point has more property in the area that they plan to develop similarly. The property is waterfront, and the cottage owners will have access to a boardwalk and a marina.

The cottages are small – around 400 sq ft, one bedroom and one bathroom. Furnished properly, they will easily sleep a family or group of 4. The two designs they had on site were lovely. One features a breezeway type covered deck joining the living space and the sleeping space and bathroom, and the other was a more traditional layout with everything together and a large deck out front. Finishing is impressive with natural-stained cedar, hardi-board type siding, pitched 50-year metal roofs, and high-end long-lasting composite decking material. These solid units are built to last, and built to withstand the bumpy ride from Sooke to Port Renfrew! The builder boasted that not even a crack in the finished drywall was evident after the transport of the finished cottage to the site.

Small, but ample living spaces define the Wild Coast Cottages

Pull out couch, full kitchen and living/dining space

Wild Coast Cottages sits on gorgeous high-bank waterfront

Overall, I was impressed. I was curious about this project since I first heard about it. Starting at $130,000 and ranging to $160,000 I think the price point is right on. There’s no way you could have a cottage built on a lot for that price, and certainly not a fully serviced (underground wiring, city water, common sewage disposal) lot on a waterfront development.

I won’t be surprised when Three Point sells this phase out.

Tim Ayres – Sooke Real Estate Professional

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Strata Mondays #7 – Fractional Ownership vs Timeshare

In my continuing series about strata property, Strata Mondays, I answer a different question about condos, townhouses and other strata property in Victoria, Sooke, and British Columbia. Make sure you subscribe via RSS or E-mail to get each new post.

Sooke Harbour Resort and Marina - Fractional Ownership Available

Sooke Harbour Resort and Marina - Fractional Ownership Available

Q. What’s the difference between fractional ownership and timeshare?

A. When most people think of timeshares, they immediately conjure up images of being hauled into a room full of other unsuspecting tourists for a 90-minute hard-sell presentation in exchange for a free dinner or some other activity. Timeshares are popular in many resort destinations around the world, giving people an option to stay in a resort property for several days out of the year. With timeshare, you don’t actually own anything other than a right to occupy the property. Selling a timeshare can be difficult, and prices may not be related to the general market price of similar properties. Rules for selling timeshares are different than that of selling real estate, so engaging a real estate agent to market the timeshare may be impossible.

Fractional ownership is just that. You own a fraction of the property, independent of and along with other owners. Unlike timeshare, your name is registered on title, and you can freely sell your property just like any other piece of real estate in British Columbia. For recreational property, this makes great sense, since you’ll likely only use the property a few weeks out of the year. Why pay the big price and then have it sit empty the rest of the year?

Use of the property is governed by an  agreement between the owners which specifies which owners will have use of the property for which weeks of the year. Often, there is a rotation system in place, which ensures that no single owner will have exclusive rights to the peak season weeks. There is typically a management company and staff on site to handle the upkeep and maintenance of the property on behalf of the owners. In many cases, you can rent out your property if you won’t use all of the weeks of your share.

As with any real estate purchase, it would be well worth your while to engage an experienced REALTOR® to guide you through the process, as well as having a qualified real estate lawyer go over the legal details of the fractional ownership arrangement.

I currently hold the listing for a full ownership unit at Sooke Harbour Resort and Marina – and can also arrange quarter and eighth shares, too.

If you have any questions about strata property that you’d like me to answer, call me at 250-885-0512, send me an email at tim@timayres.ca or fill in my contact form. I’d be happy to help!

Tim Ayres – Sooke Real Estate Professional

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