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Nanoose Bay property listed for $5.3 million in court-ordered sale
How would you like to live on 13 acres in Nanoose Bay, with more than 2,100 feet of waterfront?
It can be yours for only $5.3 million.
The acreage on Dorcas Point Road is one of most expensive properties put on the market in these parts in a long time.
"It's a bit of a trophy site," said J-D Murray, the senior associate with Vancouver-based NAI Commercial Real Estate, the company working on behalf of a Calgary bank in this court-ordered sale.
The out-of-province-based former owner allegedly defaulted on his payments. According to the 2013 assessment of the property, it was sold in 2008 for $4.8 million. The 2014 assessment on the property came in at $4.125 million, only $265,000 of that is improvements (buildings). The annual tax bill for the property is just less than $21,000.
The property abuts Moorecroft Regional park. There are two residences, one a 2,00-square-foot, three bedroom bungalow and the other a 700-square-foot cottage. There's a pool (currently empty and full of wild growth) and the view of the Georgia Strait is stunning.
Current zoning would allow for subdivision of the 12.87-acre property.
"We're marketing it as a development site, first and foremost," said Murray. "The price, well, it's early days — obviously there's some wriggle room."
Court-ordered sales are not like regular real estate transactions. Once an offer is received, it goes to the court, which sets a hearing date, usually about 30 days after receiving that first offer. At the hearing, other sealed offers can be accepted by the judge. It's up to the judge who wins the bidding war.