http://www.timescolo...7122/story.htmlThetis Cove for sale
Goldstream Gazette (Sept. 18, page A22, LotA, Plan 31051, Hallowell Rd.) shows this one owing $442,904.91 in upset to View Royal, tax sale on Sept. 28, 2009).
There's even a remote possibility of getting it for a mere $442,904
By Carla Wilson, Times Colonist
September 24, 2009
What would have been the largest development in View Royal history could be yours for a mere $442,904.
But here's the catch if you'd like to own the former Thetis Cove development property.
You'd have to come up with $442,904 in unpaid taxes owing to the municipality and then wait a year to see whether those taxes are paid by the existing owner or a new group buys the property.
Then you're out of luck.
The 3.4-hectare, waterfront, mixed-use development site at the end of Hallowell Road is also being offered for sale at $15 million through the Victoria office of Colliers International. B.C. Assessment puts its value at $10.3 million.
Kevin Weaver's plan for a $150-million project with 250 condo and townhomes is among a number of major developments which have not gone ahead in the Greater Victoria region as the global economy has put the brakes on credit, buying and building.
The project went into receivership this spring after 848052 B.C. Ltd., the numbered company holding the first mortgage, won the right to sell it.
Michael Miller of Colliers said that while no firm offer has been made, interested groups have looked at the property and are doing their due diligence.
Taxes on the property remain outstanding. Along with 13 other properties in View Royal, Thetis Cove will be offered for sale at the municipal hall on Sept. 28 at 10 a.m.
Municipalities throughout B.C. are similarly listing properties with outstanding taxes.
Every year, properties come up for tax sales in every municipality. High bidders at the auctions rarely wind up with the land, because existing owners normally come up with taxes owed within the following 12 firstname.lastname@example.org
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