The Cape on Bowen invests $50 million in infrastructure including oceanfront trail to lighthouse
May 6, 2013, VANCOUVER and BOWEN ISLAND BC – The Cape on Bowen, a $100 million oceanfront community on Bowen Island, reported increasing assessment values despite downward real estate price trends. With exceptional value the Cape continues to redefine the Vancouver oceanfront property market.
The Cape on Bowen’s 2012 assessment values appreciated by almost 200 per cent. A forest home site assessed at $470,000 in 2011 is now valued at $919,000, representing an increase in value of 196 per cent. An oceanfront home site assessed at $1,083,000 is now assessed at $2,010,000 representing an increase in value of 186 per cent.
“Market demand for this type of rare property is continuing to hold strong as our property assessment values are appreciating,” said Don Ho, partner at The Cape. “The appeal of secluded living with services on Bowen Island, and so close to the city, is popular with buyers looking to create a legacy home for family and future generations. The Cape is selling because smart buyers recognize the exceptional value.”
Prices at the Cape are remaining stable despite a slumping real estate markets on Bowen where according to the Home Price Index, home prices have been steadily declining over the past year, since April 2013. The development has received substantial influx of new qualified client enquiries this year.
Over $50 million has been invested over eight years in extensive infrastructure that includes roads, trails, bridges, view corridor creation, environmental protection mitigation measures, and access, telephone cables, internet connections, and water supply to individual lots. All home sites are ‘ready to go’ for building permits. Recognizing that the land is unique and the vision for The Cape On Bowen is designed to minimize the development footprint and take measures to ensure that the land remains pristine while environmentally sensitive areas are protected.
With beaches, shorelines and forest that have been virtually untouched for over 50 years, The Cape on Bowen represents a once-in-a-lifetime opportunity to build a dream home on one of 59 ten-acre exclusive estates rather than pay up to $20 million in West Vancouver for a landlocked home and no potential for private moorage.
The Cape on Bowen’s Phase I is 72 per cent sold out with Phase 2 properties now available. Oceanfront properties have a minimum of 190 feet waterfront and range in price between $1.7 and $3.68 million, with a recent sale of $4.38 million. Inland properties represent exceptional value at $655,000 to $880,000 all within a five-minute walk from the one-kilometre waterfront trail built by The Cape for all to enjoy.
By comparison, prices are considerably higher for ocean view properties with ocean views only and no private moorage in West Vancouver, where two landlocked water view properties are currently for sale at $13.9 million for 1.62 acres and $19.8 million for a home on .92 acres. The Cape averages 0.5 per cent of the cost per square foot for over 100 times the lot size. On 10 acres, the possibilities are endless; families could create private amenities such as tennis court, putting green, tree houses, organic gardens, and forest trails.
Located on the southwest tip of Bowen Island, The Cape on Bowen is 30 minutes by water taxi to Granville Island. Bowen Island has all the amenities for a fulfilling lifestyle: a vibrant arts community, retail and medical services, good schools, golf courses and great restaurants. Tours of the property are available and a new sales centre has opened up in Vancouver at 1147 Homer Street. Phone number: 1-866-710-0003.