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Hear Hot Property with Ozzie Jurock every Saturday morning between 8:30-10 am on CKNW AM980
Tip of the Week:
11/17/07
HOWE SOUND REC BUYS ARE BETTER, CLOSER THAN GULF
From the Lower Mainland it can take most of a day and three ferries to reach Gulf Islands such as Denman, Hornby or Galiano.
Even Salt Spring, the largest and most popular island in the Gulf, requires a three-hour ferry ride except for three times a week when a direct one-hour ferry runs from Delta. Prices on all these islands - as in nearly the entire Gulf - have soared. Typical prices on Denman or Galiano are more than $300,000 for a small house, well over one million dollars for waterfront.
Yet one can reach Keats Island or Gambier in Howe Sound in less than an hour from Vancouver. Prices on these two islands are much lower than in the Gulf and may represent some of the best pure recreational buys on the coast.
An option also is car ferry accessible Bowen Island, which has higher prices but is on the cusp of becoming one of the top recreational destinations anywhere near Vancouver. You may wish to be here, if you want easy access to Vancouver, schools and jobs.
Major Point: Howe Sound Islands have been talked about here for years. (See 'Islands in the sun' story.) They are beautiful, with great fishing, parks and fantastic real estate. Best of all, if bought right, you will actually USE your recreational property because you can get there fast!
MOBILE PARK DEVELOPMENT RULES VARY
We always have recommended mobile home parks for the investor. They are a real estate and a cash flow play where there is always the potential of selling for future development. Not only that, but in recent years the ‘strata-titling’ of individual plots has been most lucrative, when plots have risen form $30,00 to $130,000 per lot in some parks. But you must check the local zoning bylaws that can affect the investment. B.C. laws currently require a mobile home park owner planning on redevelopment (say into townhomes) to give tenants notice and pay the equivalent of 12 months rent. However, some municipalities, such as Langford and Coquitlam, have even tougher regulations, which other municipalities are looking at. Port Alberni, for example, is considering a bylaw that would require greater tenant compensation. In Langford, a new policy follows the lead of Coquitlam and requires the park owner to pay for any mobile homes that cannot be moved, and cover the cost of removal, plus provide a payment of 12 months rent.
Major Point: Like with all new developments today, expect delays, red tape and aggravation. But the rewards may be worth the extra grey hairs.
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