Turn­around time for Is­land dream

Co­mox Ma­rina and Res­i­dences launched on Van­cou­ver Is­land

Calgary Herald - Calgary Herald New Condos - - New Condos -

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.

Cal­gary Her­ald Archive

The Co­mox Glacier can be seen from many points in the area.

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