“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
HomePrince Edward Island

Prince Edward Island

Blog_tag

APM Group not done yet with old Holland College building in Summerside PEI

03-29-08
Adam Affleck
Adam Affleck: Real Estate Sales Person in Charlottetown, PE
  • view my blog
  • Office: (902) 892-2000
  • Mobile: (902) 629-4997
  • Secondary: (902) 367-5249
The CEO of APM Group says he paid the province approximately $630,000 for the former Holland College building in Summerside and is prepared to spend anywhere from $300,000 to $900,000 or more on remedial work.
"We don't take possession until all the T's are crossed and the I's dotted,'' Tim Banks stressed in a phone interview from Portland, Maine.
If a big chunk of the building is levelled the cost will rise toward the $900,000 threshold.
That's because of the extensive work needed to remove asbestos from the building's ceiling. If a large part of the building, including its roof can be salvaged, much smaller amounts of asbestos, such as the material around piping, will need to be removed, said Banks.
Many buildings on the Island - private, commercial and institutional - contain asbestos and aren't considered a health threat, he said.
Remedial work also includes removing an underground oil tank, said Banks.
But in the meantime nothing can be done until the transfer is completed.
The former Holland College building came up during Monday's monthly meeting of Summerside City Council, in which a number of councillors slammed the boarded-up, graffiti-covered building.
Banks agrees the building's appearance doesn't look very attractive, but it's not his fault, he said.
"They should go to the owner.''
The building, owned by the province, doesn't officially change hands until April 4.
Councillors wanted the property's new owner to take steps to re-develop the property, or at the very least to begin demolition of the structure.
There was uncertainty at the meeting whether Banks had taken possession.
Banks said APM was the driving force behind several major developments in the area, including Wal-Mart, the Granville Street Plaza, the Super Store, the new Canadian Tire and Northgate Apartments.
"We revitalized the Granville Street Plaza. We deliver, that's our track record. When we invest we do something with it.''
The 17.6-acre property has been subdivided for commercial and non-commercial use.
In an earlier interview Banks stated APM's plan for the property included a 60,000-square-foot building and another 5,500-square-foot structure in the adjacent parking lot.
The plan also included, at one time, 200 townhouses, since scaled back in the first phase.
0 Comments
Blog_tag

Real Estate Tax Information for Non Residents buying property in PEI

02-16-08
Kelly Lantz
Kelly Lantz: Real Estate Agent in Charlottetown, PE
  • view my blog
  • Office: (902) 566-2121
  • Mobile: (902) 314-4714
  • Secondary: (902) 626-9874
We are currently working with a number of clients who are moving to PEI from "away" and thought this information was worth posting:

Provincial Taxation of "Residents" vs "Non-Residents"

When selling to Non-Residents of PEI (a Non Resident is defined under Section 5 of the Real Property Tax Act as someone who has NOT lived on PEI for 183 consecutive days), Members should be aware that the provincial taxation rate will be approximately 50% more than "Residents", that is, someone who has resided here the requisite 183 Consecutive days.

This taxation rate for "Non-Resident" status continues if the party does not meet the above requirement. If the party, once they move here, has resided here for 183 consecutive days and can prove it, they can apply for the Provincial Tax Credit which reduces their assessment rate to that of "Resident". This credit is NOT retroactive. It takes effect only from the time of change of residency status and must be applied for using the form here: www.taxandland.pe.ca.
6 Comments
Blog_tag

Victoria Park in Charlottetown, Prince Edward Island

02-12-08
George Jordan
George Jordan: Real Estate Agent in Murray Harbour, PE
  • view my blog
  • Office: (902) 962-2050

One of the many things that makes Charlottetown, Prince Edward Island a scenic city is the magnificant Victoria Park. It is a has a wonderful Boardwalk along the Hillsborough River that is used very frequently in summer and winter by residents of Charlottetown for their walking exercise. Along this Boardwalk one can look at the entrance to the Charlottetown Harbour and, in the summers season, view all the sailing boats, and Cruise ships that come into Charlottetown. Victoria Park has a swimming pool, tennis courts, and many playground facilities for the whole family. There are several ball fields that are well used in the baseball and softball season. Many residents of Charlottetown, and visitors just enjoy walking or biking through the Victoria Park region, and maybe stopping for some soft ice cream or a soft drink.

Houses for sale in Charlottetown PEI that are situated close to Victoria Park have an extra advantage of being sold at higher selling prices. Investors appreciate being close to Victoria Park, Charlottetown. Charlottetown Real Estate agents know that if they list a property close to Victoria Park, it will be attractive to investors.

George Jordan, Owner/Broker, Red Soil Real Estate Inc., 902-962-2050, http://www.buysellpei.com

0 Comments
Blog_tag

A Top Investment Company Coming To Charlottetown, PEI

02-12-08
George Jordan
George Jordan: Real Estate Agent in Murray Harbour, PE
  • view my blog
  • Office: (902) 962-2050

Aim Trimark, a top investment management company, will be setting up business in a new 3 storey office building on Euston Street, Charlottetown, PEI, Canada. CADC in Charlottetown will build it and lease it to the new company. This company will bring jobs with it that can only enhance the already good economy of the city of Charlottetown. Spinoffs in all sectors of the Charlottetown economy will be felt, including the Charlottetown Real Estate industry as the workers of this company will need housing in the capital city.

George Jordan, Red Soil Real Estate Inc.

1 Comment
Blog_tag

Point Prim Lighthouse, Point Prim, Prince Edward Island, Canada

02-09-08
George Jordan
George Jordan: Real Estate Agent in Murray Harbour, PE
  • view my blog
  • Office: (902) 962-2050

Point Prim, PEI is the picturesque location of the well know Point Prim Lighthouse. It is unique among Candian lighthouses in that it is the only round brick lighthouse in the country of Canada, and it is the oldest lighhouse (1846) in the province of Prince Edward Island. Located at the end of the Point Prim Road, the lighthouse is a must see for all tourists visiting the province of PEI. It overlooks the huge body of water between PEI and Nova Scotia called the Northumberland Strait.

Point Prim is located on a peninsula between the Ferry Terminal at Wood Islands, and the capital city of Charlottetown. Many non-residents own super oceanfront properties on this peninsula and close to the historic Point Prim Lighthouse. The oceanfront properties along the Northumberland Strait in Point Prim are usually desired because of their low banks, and nice sand ocean beaches. There are a lot of Tourist Attractions close by from this location, and this makes the Point Prim area especially liked by the American investors as well as other global investors.

The next time you visit Prince Edward Island, make it a point to see this historic lighthouse.

George Jordan, Red Soil Real Estate Inc., 902-962-2050

1 Comment