Turnaround time for Island dream
Comox Marina and Residences launched on Vancouver Island
Mike Hawitt always had confidence in his resort development on the boardwalk in Comox, B.C.
The one big intangible for the president of Howard Land Group was the attitude of consumers in the wake of the economic downturn, which had a dramatic impact on the whole country’s recreation property sector.
So now, as consumers continue to loosen their grip on their wallets — and start shopping around for value in a second home — Howard Land Group has launched its $30-million Comox Marina and Residences.
The project is next to Comox Marinaside Park. “We originally were going to start in 2008, but held back. Now we are confident the market has come back,” says Hawitt.
Work on Comox Marina and Residences is expected to begin in the spring of 2012, with the opening scheduled for the summer of 2013.
Comox Marina and Residences will consist of 62 oneand two-bedroom condos in a three-storey resort setting.
The units will be from about 650 to 1,000 square feet and a marina slip will be included — “something that is almost impossible to get,” says Hawitt.
As well, there will be restaurants, retail shops, health club and outdoor hot pools.
The one-bedroom, wholeownership condos are priced from $250,000, while the two-bedroom suites are from $750,000.
Purchasers also have the opportunity to put their condo in the optional rental pool when they aren’t using it.
With the beginning of the on-site pre-sale process, Hawitt says he expects plenty of interest from the east side of the Rockies.
“We expect to see Albertans — particularly from Calgary and Edmonton, since there are daily flights from both cities and we’re just seven minutes from the airport,” he says.
While the flow of Canadians to sunny U.S. climes will likely continue, there are still those who are concerned about the future of that country’s economy and would prefer to buy in Canada, says Hawitt.
“The opportunities are there, but there are those who are nervous as prices continue to fall,” he says. “They are nervous
C MVisit our website under the heading, ‘Rec Properties,’ for more stories and photo galleries. about what will happen in the future, so we are seeing the Vancouver Island market showing good signs of turning around.”
In addition to being confident in the marketplace, Hawitt says other reasons for beginning work on the development are the low interest rates currently in play, lower construction costs — and the fact there is no competition because of the moorage opportunities being offered by Comox Marina and Residences.
There is also the Comox area, itself, which has always been popular for those who like to ski, fish and golf.
“This has always been a strong resort destination because of Mount Washington, the ocean, and the other recreation amenities available,” says Hawitt.
A recent Re/Max recreation property report says the resort is expected to “breathe new life into the market.”
An artist’s rendering of the $30-million Comox Marina and Residences in Comox, B.C., which is being developed by the Howard Land Group.
The Comox Glacier can be seen from many points in the area.