Selling Canada's South Pacific

    West Coast Developer First To Offer Cautious Buyers 'Anti-Recession

    VICTORIA, April 9 /CNW/ - The developer of an exotic oceanfront property
known as 'Canada's South Pacific' is marketing 30 waterfront, mountaintop and
park-side estate lots with a creative 'anti-recession guarantee'.
    Purchasers will be protected by a retroactive price adjustment if the
real estate market continues to soften: The developer will carry up to 20% of
the purchase price as a first or second mortgage, part or all of which will be
forgiven if government property assessments over a three-year term show a drop
in land value. On a $500,000 lot, the price protection could be as much as
    "There can be good news in a recession," says Michael Thornton, Silver
Spray developer. "We would have priced these lots 30% higher in a normal
market, and no one would have thought about protecting buyers with a price
guarantee. Obviously we're convinced such unique properties will only increase
in value, and we're demonstrating confidence by putting our money where our
mouth is."
    The Silver Spray Lands are on a peninsula at the extreme southwestern tip
of Vancouver Island. They are nestled between scenic surf and sunset coastline
and the largest waterfront wilderness park in the Capital Regional District,
featuring six miles of virgin oceanfront, pristine beaches, and 30 miles of
west coast hiking trails. With such a rare diversity of ecosystems, it took
over 60 public meetings to obtain low-density residential zoning and approval
for a small golf course, marina and an exclusive destination resort.
    Sales can only be made by way of a Disclosure Statement prepared in
accordance with the Real Estate Development Marketing Act of British Columbia.
Reservations will be held in priority with a 10% deposit in a lawyer's trust
account until the lots are serviced and subdivided, which is expected to occur
in late '09 or early 2010, so early purchasers can secure almost four years of
price protection.
    For more information, and to view photos online, go to:

    /NOTE TO PHOTO EDITORS: A photo accompanying this release is available on
    the CNW Photo Network and archived at
    Additional archived images are also available on the CNW Photo Archive
    website at Images are free to accredited
    members of the media/

For further information:

For further information: Michael Thornton: (604) 921-5957 & Jason
Goldsmith: (778) 896-3370, Email: and, Web:

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