Destination Resort.
It is often just once in a lifetime that you have the opportunity to acquire something rare and extremely special. For the first time ever there is the opportunity to purchase a resort condominium home on Cox Bay.
1431 at Cox Bay is a spiritual place where the West Coast of Vancouver Island
meets the Pacific Ocean. Designed to encourage an internal sense of calm,
yet a place to meet the storms, nature and play of the ocean.
1431 provides 40 strata titled freehold Resort Condominium units together with eloquently appointed common amenity buildings and the necessary administrative and maintenance support buildings; including on site staff and caretaker residences. This project simply stands alone in so many thoughtful ways.
Click here to download the 1431 at Cox Bay sales brochure in PDF form.
Visit the 1431 at Cox Bay website. Click here
Answers to Some Frequently Asked Questions:
1. Building Completion:
This is set for the end of Spring 2008 and we have been fortunate to enclose the buildings during the summer months.
2. Can Changes Be Made to Building Specifications:
Changes to any buildings are inevitably time sensitive at this stage. Small interior cosmetic changes might remain possible.
3. What Construction Guarantees Do I Have:
Your vacation home is covered by New Home Warranty: (Travelers Guarantee Company of Canada)
- 2 year Material and Labour Warranty
- 5 year Building Envelope Warranty
- 10 year Structural Defects Warranty
Knappett Projects Inc. Is the general contractor with over 200 projects behind them and buildings all over Vancouver Island. They are a backbone to be on hand should any warranty items need attending to. Le Fevre the developer is the largest employer on the Tofino/Ucluelet peninsula with its resort operations and this complementary presence is deemed invaluable
Your construction was supervised by a full team of well qualified professionals including envelope consultants. (A team list can be provided)
4. Emergency Matters in Tofino:
- The weather is stormy on the West Coast. What protection do we have in the event of power outages? - The project has a full engineered automatic generating system which will power the project through any power outages.
-Your personal in-unit fireplace will always soldier on, it is propane fired.
-Most buildings in Tofino are not fire protected with automatic sprinkler systems. Is ours? Yes, throughout and apart from your safety this will ensure more advantaged building insurance rates.
5. On Site Staffing
-We have heard that Tofino as a town is short of staff and worker accommodations. How might this affect the ongoing operations of 1431 At Cox Bay? The project enjoys beautiful new on-site self-contained management and staff housing.
6. Financing of Your Purchase:
We will be pleased to introduce you to a big five banker who readily finances units in our projects at traditional or better rates.
7. Who Will Manage the Strata and Who Will Manage the Rental Pool:
Initially this will be Le Fevre & Company “not” because we’ve granted ourselves a long term contract, but as the largest employer in Tofino and with our local long-term experience we are best equipped to get management revenue production safely under way.
Is the project appropriately zoned for it use: Our Development Permit is specific as to the ability to have ultimate flex in use and to allow nightly , weekly or monthly rentals.
8. Rental of Units and Revenue Potential:
In order to ensure a professional and orderly operation of ths unique project well thought out rules govern that only one management entity may rent units within the project.
Is there a demand for rental of units such as those at 1431 and what revenue might be expected?
Our long-term west coast experience assures confidence that there will be a strong marketplace for renting units both nightly and weekly. Cox Bay Ocean Front is deemed the most desirable rental location of any in the Tofino / Long Beach region. Established rental locations in the area accomplish year round occupancies in the 60% and upward range.
An investigation of resort rentals in Tofino comparable to the subject (but without the common amenities offered at 1431) suggests the following potential rental rates/values:
1 bedroom weekly rates:
Prime season July and August $2,000 per week
Shoulder season June & Sept $1,700 per week
* October - May - 2 night minimum rentals +- $150.00 per night
2 bedroom weekly rates
Prime season July & August $3,000 per week
Shoulder season June and September $2,500.00 per week
* October - May 2 night minimum rental +- $250.00 per night
* Exceptions for Christmas and holiday weekends out of main or shoulder seasons.
If one assumes full occupancy for prime and shoulder season and 60 days of nightly rentals from the remainder of the year (a 50% year round stabilized occupancy) the following estimates occur.
1 BR - sleeps 4 +- $ 40,000.00
Potential Owner Share * +- $ 24,000.00
2 BR - sleeps 6 +- $ 60,000.00
Potential Owners Share * +- $ 36,000.00
* Assumes 40% operating costs does not include debt service
(The indications of rental potential are not guaranteed by the developer) If your unit is in the rental pool then you will be required to furnish your unit with a standardized furniture turnkey vacation package. Details of this can be obtained from Le Fevre & Company.
If your unit is in the rental pool of course you may still use your unit personally, there will be reasonable advance notice provisions in order to allow for an orderly day to day operation of 1431.
9. On Site Amenities - Who Can Use Them:
These amenities are for the sole use of owners or guests. They include: fitted out gym, sauna and hot tub, quiet time lounge and meeting area and observation reading room that looks out over the ocean and bay.
10. What's There to Stop the Public From Walking Through 1431's Exclusive Area:
The entry pavilion is the sole formal entry to the quiet zone of 1431 and this is staffed. No vehicular access exists beyond this point.
11. Competing Oceanfront Projects:
Are there any new or planned oceanfront projects in Tofino that might affect rentability or value. - There are none.
12. Legal Questions:
If for any reason you as potential purchaser or your solicitor have questions that you wish to ask of our solicitors you may contact them as follows:
Rajiv Gandhi
Cox, Taylor
3rd Floor - 26 Bastion Square
Victoria, B.C.
V8W 1H9
Telephone 250 388 4457
Fax 250 382 4236
Email: gandhi@coxtaylor.bc.ca
Please contact us for a comprehensive and personal marketing review with our Project Marketing Manager.
1.250.380.4900
lefevre@lefevregroup.com
