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Pender Harbour Development - The Painted Boat
12-31-2013, 12:42 PM, (This post was last modified: 12-31-2013, 12:57 PM by Skook.)
#4
RE: Pender Harbour Development - The Painted Boat
Welcome to VanPeak, jv! I want to extend a great, big end of year thank you for taking the time to share this information with us.

Ouch is right. I have to confess I had no idea of the financial implications involved in owning a unit ¼ share in this type of resort complex. As a result, I have so many more questions about the operating costs of this facility and what role unit shareholders play in meeting them.

According to the 2012 Summary which presents the data for 2011 (assuming the "2010" was a typo), strata fees increased to $416.28/¼ share/month; so, using that figure for the whole year in 2011 each unit contributed $1,665.12/month or $21,646.56 for the year. Here’s what I would like to know:

What were the strata fees when the Painted Boat opened for business?
Did they jump substantially within a year or two year when unit shares failed to sell?
Would the strata fees be as high if all ¼ shares had been sold?
What were the strata fees in 2012? Did they increase, again?
What exactly do these strata fees cover?

On its BestHomesBC.com webpage, Painted Boat states:

Quote:When not using your place it can be rented out through on-site management and owners receive 55% of all net revenue (which covers up to 80% of all strata fees).

So is the room revenue in the summaries 100% of what was received and would the “expenses” listed for renting those units add up to 45%? Or, is that room revenue stated 55% of what was actually received and unit shareholders are still stuck with those operating costs on top of that? If so, who gets that 45% of net revenue? Given the list of those “expenses”, would/could unit shareholders register themselves as a business so that they could deduct those expenses from their income?

I see the owners of this particular ¼ share could have used the unit a total of 182 days for personal use over 2010 and 2011 (91 days/yr), but only spent 2 days there in total during that time span. So, why did they buy in? Did they actually consider that this might be an income producing investment at that time?

This fractional ownership at Painted Boat is far more complicated scenario than I could have imagined and like you, jv, I would be saying, “Thanks, but no thanks.” You have really opened my eyes.


On a personal note:
I would offer this advice, jv, when looking for a place in the Harbour area - speak to those living year round nearby and ask them about the path of the sun. The area topography has a big impact especially through late fall, over winter and into spring.
Reply


Messages In This Thread
RE: Pender Harbour Development - The Painted Boat - by Skook - 12-31-2013, 12:42 PM

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