494 Arbutus Dr., No. 107, Mayne Island, B.C.
Asking price: $59,000 (Dec. 3, 2021)
Selling price: $58,000 (Feb. 11, 2022)
Days on market: 68
Monthly maintenance fee: $210.14 (includes taxes)
Listing agent: Ian Watt, Sutton West Coast Realty
What they got?
The buyers got one-eighth ownership of a well-maintained 640-square-foot condo in the Mayne Island Resort. It’s not a timeshare because one owner could buy all the others out, says listing agent Ian Watt. The one-bedroom furnished unit includes access to 640 square feet of waterfront, fireplace and open concept living area. Owners get about six weeks use throughout the year or they can rent it out through the resort for about $300 a night, Mr. Watt says. The eight co-owners have typically used the property for themselves.
“It’s pretty spectacular waterfront property,” Mr. Watt says.
The sellers lived on Vancouver Island and had co-owned the unit since it was built. The share had been listed at Christmas so it took a few weeks to sell. Mr. Watt said it’s good value because entire condos in the strata are selling for more than $500,000. A couple from Vancouver Island purchased it. The deal completed a month ago.
“They’ve become very sought after, these one-eighth shares. I wish the other owners wanted to sell, because it would have been a great purchase for somebody to own the whole thing. But people don’t want to let them go because finally the Gulf Islands are producing decent income,” Mr. Watt says.
The agent’s take
Banks, however, are not partial to fractional ownership.
“The only catch is that you cannot get financing,” Mr. Watt says. “So you have to pay cash or use your line of credit.”
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