Back in December 2012, Skyline International announced their investment of $20 million at Blue. As a result of that, one of the projects is now coming online – the Village At Blue Estates which is a collection of nine, full serviced, residential building lots.
This development is located off Jozo Weider Boulevard just north of the Club Intrawest timeshare units. The lots all have great views toward the mountain and some overlook the pond that flanks the 18th hole of Monterra Golf Course. Building lot prices start at $259,900 up to $309,900.
Interestingly, while the lots are freehold ownership, they are tied to a vacant land condominium for the road and streetscape surrounding this little enclave. The $233 per month Vacant Land Condo fee covers the actual road and cul-de-sac and surrounding landscaping that these homes will use to access their property. That includes street snow removal, landscape maintenance, guest parking, insurance, utility fees for the couple of light standards that will be installed and things of that nature. To be clear, owners will be responsible for the property maintenance on their own lots.
Vacant land condominiums were introduced to Ontario in the Condominium Act, 1998. As is the case in the Villages development, the condominium owners own their separate freehold lots but they elect to tie their lands to the condominium lands known as a POTL (Parcel Of Tied Land).
Like a standard condominium corporation, vacant land condominiums are subject to rules and regulations and some of the requirements under the Act vary from what condominium owners are familiar with so it is important for buyers to understand the legal and governance structures that are in place before they buy.
I believe the project is expected to be fully registered in September or October of this year. Once sales are closed, buyers must complete construction of their homes within 36 months. There are “Craftsman Style” design guidelines and buyers can choose their own builder.
According to the Broker on the project, they have sold 1 lot and 2 more are on hold with further interest being shown from others. That doesn’t surprise me as these are in a unique location with large lots suitable for homes worthy of the land price tag. I’m looking forward to seeing what develops on the site next year.
Update: All lots have been sold. I gather they have been purchased by one builder – likely we’ll see spec homes being built soon.
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg