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done deal

Re/Max Mayne

630 Dinner Bay Rd., Mayne Island, B.C.

Asking price: $2.479-million (May 2021)

Selling price: $1.85-million (June 2021)

Previous selling price: $940,000 (2012); $299,100 (1989)

Days on market: 39

Taxes: $7,300.93 (2020)

Listing agent: Brenda Dean, Re/Max Mayne

Buyer’s agent: Ian Watt, Sutton Group West Coast Realty

The action

The 10-acre waterfront property has 12 bedrooms with ensuite bathrooms, a commercial kitchen, dining area, breakfast room, library and several lounge areas.Re/Max Mayne

In the 1980s, the Oceanwood was a popular resort, always booked. It then fell behind the times, says buyer’s agent, Ian Watt. It had not been used as an inn for several years. The buyers are two local businessmen who intend to renovate it.

“Ten acres of waterfront property, with a house – that’s worth the $1.85-million they paid. It just happens to come with a nice little hotel. It is going to take somebody local who has the desire and the money to bring it back to life.” The property sold on June 25 and completed mid August.

What they got

There is a games room, a hot tub, outdoor patio and path to the ocean.Re/Max Mayne

This large 10,897-square-foot building could either be used as an estate, or be converted back to a boutique hotel.

The 10-acre waterfront property has south-facing views of Navy Channel, with 12 bedrooms with ensuite bathrooms, a commercial kitchen, dining area, breakfast room, library and several lounge areas.

There is a games room, a hot tub, outdoor patio and path to the ocean. The property includes a separate three-bedroom, two-bath, 1,148-square-foot house, also with ocean views. There is a two-car garage and workshop.

The agent’s take

The property has south-facing views of Navy Channel.Re/Max Mayne

Mayne Island prices have skyrocketed in the last year, says Mr. Watt. But the building was built in 1980, so the interior is dated and the house needs updates that meet current standards of energy efficiency.

Knowing a significant outlay will be required to bring the property up to snuff, Mr. Watt’s buyers were firm in their offer.

“It’s not like someone can come in and say, ‘I have 20-per-cent down. I am going to mortgage it.’ There are very few people who can take on this kind of endeavour. So we said, ‘sorry, take it or leave it.’”

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