By Gagandeep Ghuman
Published: April 5, 2014
A negative public perception and high servicing costs may be keeping potential investors away from the Paradise Trails, says the man tasked with selling the property. [manual_related_posts]
In a candid interview, commercial realtor Andrew Scott said the previous history of the project and negative online commentary has hindered the sale of the Paradise Trails, now named Paradise properties, in Squamish Valley.
Foreign investors can be wary of adverse local reactions to a project, particularly when there is plenty of a land inventory, he said.
“The message in Squamish needs to be more positive,” he said.
After a long and acrid battle with the district, Paradise Trails received the fourth and final reading for its equestrian-based project in 2012.
In April last year, the property came up for sale for 169. 51 acres, marketed as an exclusive community of 82 estate residential lots, and a ‘world class horse training facility’ site of 11 acres.
Half an acre lot would cost $495,000, while a two-acre lot would be available for $890,000.
Along with a home, each residential lot owner can also build a detached secondary suite.
The nucleus of the project is the equestrian centre, an exclusive facility for horse rearing and training.
The ‘British Properties’ of Squamish have been presented to investors all over the world, but no one has yet show interest in it.
The ideal buyer would love horses, of course, but more importantly, have deep pockets.
The $16 million is just the value of the land. Service and infrastructure cost would add another $22 million, bringing the total cost to $38 million.
“Just to bring the lots to market would be equal to the cost of land, so it’s a bit of a risky investment,” said Scott.
Scott said some investors have shown an interest, and he’s confident there will be a sale soon.
“We just need someone who can take that risk,” he said.
Meanwhile, proponents of a Garibaldi Estates residential development are moving forward but don’t have any specific timetables to offer.
The proponents began the fill and partial tree-clearing work for a 42-lot subdivision at the end of Newport Ridge Drive.
In last January, council gave fourth reading to the application by Holborn group for a 42 small-lot subdivision on Newport Ridge Drive in the Garibaldi Estates area.
Council has been supportive of the smaller lots, approx. 3,229 square feet, although some neighbours objected to the plan.
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Don Patrick says
Not even worth commenting on… the negativity as so called was just warnings from the folks of Squamish as to the potential demise of the project leaving the misinformed buyers holding the bag. That is a very volatile area of the valley. Nice to have dreams, but do not take down the innocent with the ensuing nightmare.
Brenda Bjorkman says
As a resident of Paradise Valley, I am against the idea of such an invasive development in this area.
Labeling it as The British Properties of Squamish is a joke.
Stop selling out the natural lands of Canada to “foreign investors”!!!!!
It does nothing for the citizens trying to take care of and support our families. It drives up the prices of everything, enough already. I hope the land is left to go back to it’s predamaged state.
TJay says
I tend to agree
TJay says
Is this philanthropic? or… about m o n e y ?…hmmmmmmmm
Jake says
Typical bunch of Squamish residents poo pooing a great new idea. This establishment would be so good for the towns economy. Of course you’re going to have your fair share of rotten old timers ignorant locals disagreeing with every new thing you build, saying “it ain’t like it used to be.” I live full time in Paradise Valley. I live at the very end, 5 minutes down the dirt. I would love to see that road paved. Build above the 200 year flood level. Improve the roadways. There is about as much immediate danger to this site as there is to the entire town of Pemberton when it comes to flooding, so no, that’s not an issue.