Rock-bottom U.S. real estate fails to draw some recreational buyers out of B.C.

Despite a real estate market at rock bottom prices, the U.S. doesn’t always draw Canadians looking to invest in a second or vacation home, and a big reason is the better chance of appreciation in B.C. In Tofino, for instance, prices dropped only by a few percentage points since 2008, and are now, characteristically, climbing again.

View the article: Western Investor

Calgarians show wave of interest in The Shore

Despite having a healthy helping of the world-renowned Rocky Mountains, Calgarians need a little H2o in the diets. It’s becoming obvious they have a craving for for salt water, in particular, through strong interest from Albertans in The Shore, a luxury waterfront development on the west edge of Vancouver Island.

View the article: The Calgary Sun

Tofino, BC – (October 25, 2011) – Located in the centre of Tofino’s downtown core, The Shore, a luxury waterfront real estate development, is pleased to introduce The Shore Marina & Pier to Canada’s surfing capital. Launching spring 2012, the Shore’s new marina and pier will feature a new dockside restaurant and a multi-purpose recreational facility open to the public, which will serve as both a fitness centre and a communal gathering space.

View full press release: Tofino Real Estate Development To Launch Public Marina

It’s becoming obvious that Albertans have a craving for salt water, in particular, through strong interest in The Shore, a luxury waterfront development on the west edge of Vancouver Island.

View the article: The Edmonton Sun

When The Shore’s new marina opens in May 2012 on Tofino’s downtown waterfront, it will showcase how construction has the ability to reshape social dynamics.

View the article: The Journal of Commerce

View the article: Condo Market Watch

By Jen Dart

The team at the Shore has developed an exciting promotion for their final release of units.

There are only five remaining residential units at this luxury mixed residential and commercial building on Tofino’s waterfront. And the buyers of these last remaining harbourside and penthouse suites are now eligible for free fast travel to and from Vancouver.

The Shore is offering free flights for two years from Tofino to and from the south terminal at Vancouver International Airport for those who purchase units before Sept. 15.

This scenic Orca Air flight takes you over the Georgia Straight and across the mountains and lakes of Vancouver Island. The final descent into the Tofino-Ucluelet airport brings you swooping down directly over Long Beach.

The Shore’s “Buy and Fly” promotion began July 30, 2011 and runs until Sept. 15, 2011. It entitles buyers during this time period to free flights for two years from the date of the sale contract. The offer is valid for up to four people per sale. Up to 48 flights to and from Vancouver are included.

At regular flight prices, this offer is worth roughly $8,000 before taxes.

Orca Air, currently the only air carrier offering regularly scheduled flights between Tofino and Vancouver, is the fastest option for travel to Tofino (other than chartered float plane). Driving from Vancouver, including the time it takes for the BC Ferries crossing, takes about five hours. Granted, Highway 4 from Port Alberni to Tofino is one of the most spectacular drives you’ll find on the coast, but the flight offers even more stunning views of the mountains and coastal areas of mid-Vancouver Island. And you can use the time you save for beach walking and relaxing in front of a breathtaking view of mountains, rainforest and ocean from your condo.

In terms of residential units at the Shore, only five of 24 remain. Two of these are first floor harbourfront condos. These units range in size from 828 to 1,168 square feet.

There are also three penthouses suites available, each with two bedrooms and two baths, from 1,890 to 1,953 square feet.

For a full listing of prices and further details, please see our Shore Information Sheet.

Part of the development plans for the Shore building including a waterfront walkway and a marina and restaurant on the foreshore dock.

By Jen Dart

The real estate market in Tofino has been on a major upswing since the early 2000s. Many locals like to point out that when first subdivided a half century ago, lots at Chesterman Beach were moving slowly and priced at around $10,000. Today they sell in the $2 to $3 million range.

While on a smaller scale, the same growth is reflected in the market for the rest of this town of roughly 1,800 people.

Tofino’s real estate market can be compared to high-end ones such West Vancouver and Oak Bay, due to the volume of higher prices properties. This is evidently due to high-priced sales in neighbourhoods such as Chesterman Beach, Jensen’s Bay and Rosie Bay.

Adding to the desirability of this market is the finite number of properties available. Much of the land on the Esowista Peninsula remains undeveloped.

Buyers in this area are often looking for a second home or vacation property. This is the vision the project developers had for the Shore building, and it holds true for many other properties in town.

There are a number of different options available for such a small market. Condominums, homes, commercial properties – and even entire islands – are currently on offer.

The average price of a single-family home in Tofino is around the $600,000 mark, above the British Columbia average of $505,178. Condominiums start at around $300,000. These prices represent a significant increase over prices even 10 years ago, when single-family homes were in the $250,000-300,000 range.

In comparison, the average price in Vancouver for a two—storey single family home in 2010 was 1,007,500. A standard condominium in Vancouver was priced at $484,500 in 2010. Compare those numbers to Victoria, where the single-family dwellings average was $480,000 and condominiums were $285,000.

The Tofino market saw much activity – and spikes in prices – from 2000 until a couple of years ago. While things may have slowed down everywhere, this is one market where sellers have not opted to lower prices to make sales.

The desirability of living in Tofino means that buyers will always pay top dollar for all kinds of properties here.

The proximity to local beaches, the rainforest of Clayoquot Sound, and Pacific Rim National Park all make this a market that has much going for it, whether you are planning to vacation or make your home here.

And although prices have dropped across the country during the global recession over the last two to three years, this is one market that has held steady.

Penthouse bought as an investment takes couple’s “breath away”

After visiting Vancouver Island and falling in love with the area, Jo Brar and Harpreet Virdee of Calgary decided to buy a penthouse in The Shore in Tofino, B.C., as an investment.

View the article: Calgary Herald

By Jen Dart

The original concept for the Shore building came out of one of the developer’s master’s thesis.

Moss Development’s Thomas Olsen was a student of business administration writing his thesis on the best redevelopment fit for the old BC Packer’s plant on Tofino’s waterfront.

During his study, Olsen discovered that a somewhat surprising concept most complimented the unique site.

“My definition was not recreational real estate,” he said, “it was a second home. I went through all the different research and that was the best segment for the project.”

With this in mind, Olsen wanted to incorporate two-bedroom units into the four-story building. Working with the architects, Eleven Eleven Architecture, the team decided early on the building should be constructed of concrete and steel.

The architects considered another waterfront site in Tofino before settling on the current location. The dramatic views of Meares Island across Tofino harbour from the Shore had them hooked, however.

This view of the ever-changing landscape of Tofino harbour, as well as the dramatic backdrop of the rainforest of Clayoquot Sound, is framed in the floor-to-ceiling windows of each of the 24 condominium units in the Shore building. This transition from urban to the natural world, from the terrestrial to the water, happens as soon as you step into the unit. It’s also a backdrop that can be appreciated from the outdoor decks of each condo.

“When we were doing the launch, we talked about the ‘centre of town, edge of the world,’” Olsen said. “A lot of people couldn’t get in touch with that when it was under construction. But from the street, there is quite a dramatic effect when you walk in the doorway and it’s just framed nature.”

There are two floors of two-story units, and two floors with single-story units in the Shore. Seven commercial units front Main St., and there will be a restaurant and commercial space on the currently under construction dock.

Once finished, the dock and marina will feature boat slips (residents have first right of refusal for moorage), a public pick up and drop off area, a storage area for and exercise studio for residents, as well as a waterfront promenade. The promenade is part of a dedication to the District of Tofino, as is an area for a commissioned art piece. It’s the district’s plan to eventually have a walkway all along the harbour.

“We’re the first developers to have provided “a section of that,” Olsen said of the promenade.

The building also has underground secured parking for residents, though you won’t need your car much to get to any of the restaurant or shops in Tofino – they’re all within walking distance of the property.

Currently, only three penthouses and three harbour-view units remain unsold. For more information on the floor plans and the design features of the units themselves, please visit the residential section of the Shore Tofino website.