Touchstone in Muskoka sells online
Cyber bidders invited to ‘clearance sale’ at resort
The remaining inventory of fractional shares in an upscale Muskoka resort will be sold by online auction with reserve bids that start at just one-tenth of the original sale price.
“It’s a developer’s inventory clearance sale,” says Manson Slik, broker at Gordon’s Estate Services Ltd., which will run the auction for Touchstone on Lake Muskoka Inc., owned by Generex and RoseCorp.
“The reserve bids don’t reflect actual market values, which are much higher,” says Slik, adding that the auction is a “chance of a lifetime” for prospective buyers.
Located on Lake Muskoka on the 18hectare site between Port Carling and Bracebridge, Touchstone offers a range of amenities including an infinity pool and spa and fitness centre as well as power-boating, sailing, biking and tennis and a restaurant that specializes in regional flavours and dishes.
Touchstone, which was launched about five years ago, offers “top-end luxury,” says Slik. “It’s as nice as you can get,” he says of the high-end homes featuring numerous amenities and deluxe finishes.
Atotal of 33 homes, ranging from small studio condos to three- and four-bedroom villas or cottages, were sold under the fractional ownership model with four to eight families sharing ownership and the use of each of the homes.
Original sales prices reached more than $200,000 for a one-eighth share in a four-bedroom villa.
Slik says that reserve bids will start for a one-eighth share at $4,500 for a studio and up to $25,000 for a one-eighth share in a four-bedroom beachfront cottage. All fractions will be sold in one-eighths, with a total of 75 fractions available.
Purchasers will get to use their home six weeks out of every year — with a minimum of one week in each season plus extra weeks at various times of the year.
Every second year, buyers get an extra week at their property.
Unlike many real estate auctions in the U.S., where the seller has the option of turning down any bid despite a reserve price being reached, Touchstone on Lake Muskoka Inc. has committed to accepting interested buyers’ bids — even if they come in just at the reserve price.
“The goal is for a 100 per cent sell out,” says Slik.
The auction will be transparent so that purchasers are fully informed about details and expenses, such as condo fees — which range from $83 a month for the smaller units up to $599 a month for the largest homes — and also about the specifics of condo rules. Property taxes are estimated to range from $18 to $114 a month. While the auction will be run online, there will be six open house days through May, June and July so that people can actually see the Touchstone properties.
“We also want them to know just how beautiful it is there,” says Slik of the area.
Auction registration will open on May 10 at touchstoneauction.ca, and the bidding for units will be held in three rounds: Round 1: May 10 to May 27, with open houses May 11 and 12 for the Grand Lodge studios. One-eighth share reserve bids start at $4,000. Round 2: June 7 to 24, with open houses June 8 and 9 for two-bedroom spa suites. Reserve bids will be starting at $14,000. Round 3: July 5 to 22, with open houses July 6 and 7 for the Grand Muskokan Beachside cottages with reserve bids starting at $22,500.
To find out more about Touchstone, go to the website touchstoneonlakemuskoka.com