Three of Pacific Landing’s 33 phase one units are tabbed for co-ownership

Three of Pacific Landing’s 33 phase one units are tabbed for co-ownership

HOMEFINDER: Pacific Landing offering co-ownership opportunity

Buyers can purchase specific segments and split ownership with other parties

While this winter saw below normal temperatures and multiple snow storms, the south Island is still a pretty nice place to spend the season, especially if you hail from places like Regina, Winnipeg or Ottawa.

Summers aren’t too bad either, with long, sunny days and comfortable temperatures.

That’s what makes the region a great place for co-ownership, says Emily Royer, director of sales and marketing for Pacific Landing in Colwood.

“We’re blessed here with the mildest climate in Canada … it’s an all-season playground,” she says.

The completion of its first, 33-unit phase is due this summer and three of those units will be tabbed for co-ownership, which will allow buyers to purchase specific months or segments of the year.

A buyer’s segments will stay the same from year to year, ensuring that they have their condo for the time of year that they desire.

It’s a product that Royer says is in high-demand, especially in this market.

“We are finding demand for different times throughout the year,” she says. “We’re finding so many people who are saying, ‘I’ve been looking for this and I’ve not been able to find it’.”

She notes that many retirees are now living a “triangle” type of lifestyle, where they’ll spend parts of the year in three different locations, and that this type of arrangement is perfectly suited to accommodate that kind of living.

“They spend a third of their time at home with the grandkids and a third of their time down south in Arizona or Palm Springs and then they want to spend a third of their time in a milder climate like Victoria,” she says.

Royer says that typically five or six owners will enter into co-ownership for a two-bedroom, two-bathroom luxury condo and usage of the fully furnished residence will be divided up in multi-month segments.

Should an owner decide they’d like to sell their segment, Royer says they’ll have a number of options and that flexibility for the buyer is their primary goal with this product.

The second phase of the Pacific Landing development is slated to begin construction later this year and will feature 20 units. The third and final phase will be the development’s largest with 62 units.

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» 624 / 772 — NET UNCONDITIONAL SALES / TOTAL, Feb 2016

» 809 / 1,160 — NEW LISTINGS / TOTAL, Feb 2016

» 1,555 / 2,562 — ACTIVE RESIDENTIAL LISTINGS / TOTAL, Feb 2016