The Real Estate Investment That Will Tickle Your Taste Buds (and more…)

Lie down and lean in, as I am about to whisper sweet somethings into your ear. I’m uncloaking an investment so provocative and sensuous it’ll force you into a state of mania. I’m about to lay bare a residential structure so tantalising and alluring, that even I was seduced down on one knee, slipping on that shiny token of long-term devotion.

If you’re not slapping what I’m bending over, allow me to articulate this in layman’s terms: HEY YOU! INVESTMENT OPPORTUNITY!

I am not here to lure you into my barm cake clutches with breadcrumbs of information. This article will hand you the key to the entire bakehouse factory, where you can access more pastries than you can possibly imagine. Once you have absorbed all of the sights and smells, contact me to help make your pie-in-the-sky dream investment into reality.

Welcome to Port Stanley’s Kokomo Beach Club!

A condominium new-build project with Easter-coloured homes and tropical interior designs, Kokomo Beach will make you feel like you’ve stepped off a jetliner into the glorious Sunshine State. Bask in those cozy rays of light and let that vitamin D soak in!

The sky’s the limit at Kokomo. Spend your mornings hanging out at the beach club, or teeing off at the luscious green golf course. Hobnob with local tycoons over a drink and share scandalous stories (true or not!). Stroll down to the beach, filled to the brim with other beautiful people, and follow up with an evening of local shopping and fine dining with your sweetheart. The options are limitless.

“LET’S GO TO KOKOMO!”

PORT STANLEY. For Londoners that live NOO (North of Oxford), I’ll give you the quick rundown of what Port Stanley is. Named after Edward Smith-Stanley, the 14th Earl of Derby, this beautiful beach town has a population of around 2000 residents. It is located on the north shore of Lake Erie, just 35km from South London. Port Stanley has consistently been a destination for over 100,000 visitors per year.

GROWTH. London’s metro population is estimated at around 545,000 and the regional population is nearing 700,000. Our region is growing and Port Stanley is on the cusp of being the next Ft. Lauderdale of Ontario. Port Stanley is popular for residents aged 55+ and tourists; the perfect place to invest in condominium living.

TRANSFORMATION. Port Stanley is committed to excellence. In 2010, an agreement was signed between the Government of Canada and the Municipality of Central Elgin, which saw the municipality take ownership of the Port Stanley Harbour and its associated infrastructure. This included a transfer of 53 hectares of water lots and 12 hectares of land, along with $13.6 million for the purposes of infrastructure repairs, environmental cleanup and any costs associated with bringing the port lands up to an applicable safety and regulatory standard.

WHAT IS PORT STANLEY’S EXCITING DEVELOPMENT PLAN?
• New mixed-use waterfront development.
• A new main street road extension.
• Remediation of industrial lands for residential or public space development.
• Development of new natural parklands.
• A new waterfront park and boat launch.
• New residential neighbourhoods.
• New waterfront condominiums.
• Seasonal markets, food trucks and retail kiosks for tourists.
• More parking lots and public washrooms.
• A hotel/convention centre.

RISING VALUES. The cost of real estate in Port Stanley is beginning to rise, and units in the Kokomo Beach Golf Course Condominium have already increased. Those that purchased in February bought for $50,000 less than those that will purchase today. The builder will continue to re-evaluate the purchase price as more units sell. Chances are they will continue to rise, so the sooner you buy, the more equity you will build.

GOLF COURSE CONDOS. Kokomo consists of 4-floor condos with 1-to-3-bedroom units. Units currently range from $409,900 to $639,900 (HST included). They offer an extra parking space for $30,000 and an extra storage locker for $4,825. Both are subject to HST and are limited. Monthly condo fees are $0.38 per sq. ft. and the Beach Club fee is $80.

DEPOSIT. Commit to a $40,000 deposit: $20,000 upon signing, and another $20,000 on commencement of foundations. Once the deposit is in trust, you can just sit back and wait. The remaining balance is paid on closing (mortgage kicks in) and you can decide to move in, rent, or sell (no need to rush on your decision, lots of time). You can even assign your condo, with the builder’s permission, and cash in all that sweet equity.

CLOSING. The Kokomo Beach Condominiums project will be completed by May 2023, but the vendor reserves the right to extend this up to 18 months. Not ideal if you’re hoping to move in on time, but great if this is for investment purposes. The purchaser, however, cannot extend their occupancy date. This will cost the purchaser $600 per day it’s extended, plus an extra $250 + HST for the vendor’s legal fees.

HST. Harmonized Sales Tax is included in the purchase price (5% federal, 8% provincial). There is a new housing HST rebate (36% of federal, 75% of provincial). Talk to your accountant for all HST details and what it means for you.

APPROVAL. The vendor is in the process of obtaining financing and municipal approval for site actions for this project. If both are not obtained by December 31, 2021, the purchaser’s deposit will be returned in full.

FEATURES. Includes one parking spot, one storage locker, stacking washer and dryer, stainless steel fridge, electric stove, dishwasher and over-the-range microwave combo unit.

If you have read this far, I guarantee you’re already intrigued and crunching the numbers in your head to make this happen. If that’s the case, I need you to do me two favours:

1. Look into the nearest mirror and tear open your shirt. Let me know if this article has instantly put hair on your chest (photo optional).

2. Contact me. I am your man, because I have personally already committed to this opportunity and I stand behind my investment. I will guide you through the process that I have already completed and we will enjoy investment security together!

Let’s quickly recap the essential particulars in bullet points for all my interested investors:

INFORMATION RECAP
• 4-floor condos consisting of 1-to-3-bedroom units
• Units currently ranging from $409,900 to $639,900
• Extra Parking Space $30,000 + HST (limited)
• Extra Storage Locker $4,825 + HST (limited)
• Condo Fee: $0.38 per sq. ft. per month
• Beach Club Fee: $80 per month
• $20,000.00 payable by cheque on signing
• $20,000.00 payable by cheque on commencement of foundations
• Balance paid on closing (mortgage kicks in)
• Closing tentative spring 2023 – but can be extended up to 18 months
• Vendor can extend the occupancy date by 18 months max
• Ontario New Home Warranty Plan is paid on closing 13% HST included in purchase price (5% federal, 8% provincial)
• There is a new housing HST rebate 36% of federal, 75% of provincial (talk to your accountant for details)
• Occupancy Fee due at closing
• Purchaser cannot extend their occupancy date. It will cost $600 per day if it’s extended, plus an extra $250 + HST for the vendors legal fees
• Purchaser is responsible for insurance of non-common elements after closing
• No assigning, prior to the closing date, without the vendor’s consent in writing
• The vendor has entered a 7-year contract with Rogers to provide a bulk internet service. This is included in the condo fee
• The vendor is in the process of obtaining financing for this project. If it isn’t obtained by December 31, 2021, the purchaser’s deposit will be returned in full
• The vendor is also seeking municipal approval for site actions. If it isn’t obtained by December 31, 2021, the purchaser’s deposit will be returned in full

CONDOMINIUM FEATURES AND FINISHES RECAP (Included in Purchase Price)

BUILDING PERMIT AND DEVELOPMENT CHARGES
– Water connects to common area service pipe. Hydro and gas meter hook-up
– TARION warranty
– Tarion enrolment fee to be paid by purchaser on closing
– One parking spot and one storage locker to be assigned by builder

HEATING AND DUCTWORK
– Ventilation in all finished bathrooms
– Individually controlled thermostat
– Central heating and air conditioning throughout unit

FLOORING
– Ceramic tile in bathrooms
– Laminate plank (foyer, main floor hallway, kitchen, dining room, living room, laundry closet)
– Broadloom carpet (bedrooms)

INTERIOR TRIM
– Decorator base and casing
– 6’ 8” interior doors
– Brushed nickel door knob hardware
– Wire shelving in closets

KITCHEN
– Quartz countertops with undermount sink and chrome single-lever faucet
– 2 package options for kitchen cabinet finishes
– Stainless steel fridge, electric stove, dishwasher and over-the-range microwave combo unit

EN-SUITE (where applicable)
– Cabinetry with post-form laminate countertop and drop-in white sink
– Polished edge mirror installed over vanity
– En-suite shower – acrylic base with seat, tile walls and glass doors
– Chrome shower faucet
– Chrome vanity faucet

MAIN BATHROOM
– Cabinetry with post-form laminate countertop and drop-in white sink
– Polished edge mirror installed over vanity
– Main bathroom: tub/shower unit with shower rod
– Chrome tub & shower faucet
– Chrome vanity faucet

POWDER ROOM (where applicable)
– White pedestal sink
– Chrome vanity faucet

LAUNDRY ROOM
– Stacking washer and dryer

PAINTING
– One paint colour throughout

ELECTRICAL
– Decora switches provided
– Installed light fixtures provided by builder
– Smoke detectors and CO detector as per code requirements
– One pre-wired drop for modem

LEGAL
– Purchaser responsible for own legal costs
– Purchase price includes all taxes

LINKS OF INTEREST
Kokomo – https://www.kokomobeachclub.com/
Wastell Homes – https://wastell.ca/
Melchers Construction – https://www.melchersconstruction.com/
Port Stanley – https://www.portstanley.net/
Central Elgin – https://www.centralelgin.org/
Elgin County Tourism – https://www.elgintourist.com/

Contact me for all of your real estate urges and desires.