Northern Bruce waterfront

[worldjohn]

So Northern Bruce peninsula has 4 decent waterfront properties and Im guessing there?s probably 4 of us here on this board who are going to be bidding on at least one of those properties.  Im thinking why dont we agree on which ones we will bid on and not bid against each other.  I will start. I would like property 12-15.  Its a random choice and if someone else wants it let me know and I can pick another.  Also let agree to keep our bids reasonably low.  Remember the idea here is to get good deals. 

[Red]

So Northern Bruce peninsula has 4 decent waterfront properties and Im guessing there?s probably 4 of us here on this board who are going to be bidding on at least one of those properties.  Im thinking why dont we agree on which ones we will bid on and not bid against each other.  I will start. I would like property 12-15.  Its a random choice and if someone else wants it let me know and I can pick another.  Also let agree to keep our bids reasonably low.  Remember the idea here is to get good deals. 

I don't know for sure, but this doesn't sound right to me.

[worldjohn]

what specifically is wrong with this idea, its a way to make this board somewhat useful and allow cooperation

[jt]

Just wondering if anyone has any thoughts on how you deal with restrictive covenants.  I expect they run with the land?

http://www.greenoughharbourcommunity.ca/download/by-laws/GHC%20Restrictive%20Covenants.pdf

They looks pretty restrictive.

[g2020]

Yes and no. Restrictive convenants do survive a tax sale so you are bound by them. However, some of what you are looking at may be things that a developer places on title to prevent someone building a structure that is not in character with what is envisioned for the development - these tend to be more like guidelines for architectural control etc for the benefit of the entire community. That is, an approval process to protect everyone's investment. This type of restriction normally expires after 10 years. Your lawyer should be able to tell you what type of restrictions you are dealing with, and a good title search report will certainly let you know exactly what you are dealing with. I hope this helps.

[worldjohn]

Should I conclude that they is barely any interest in the 5 northern bruce waterfronts? I wonder if bidding near minimum will get me a win here?

[Frank]

Wordly John

Don't ever think that would be a sure thing!
 

Should I conclude that they is barely any interest in the 5 northern bruce waterfronts? I wonder if bidding near minimum will get me a win here?

[LarasDad]

Wordly John

Don't ever think that would be a sure thing!
 

Should I conclude that they is barely any interest in the 5 northern bruce waterfronts? I wonder if bidding near minimum will get me a win here?

Did someone just tip their hand here, Frank ?   

[Jayz]

Although it's redeemed, I notice Tri-Target and OTS have different boundary lines marked for the property on file 12-13 - one with the house in one without - quite different. So, who to trust?

BTW, I like worldjohn's idea. I like all creative ideas. 

[Dave2]

BTW, I like worldjohn's idea. I like all creative ideas.    

Jayz:

nice to hear from you again. Actually I liked the hidden potential in Worldjohn's post.  Until the dam redemptions what with strong winds and lake effect snow I figured I would get rid of half my competition until May on # 6 north of Guelph.  

Now I have to go back to the hard work of this business and look up legal information for the next round.  Got to avoid the problem someone had recently whatever it was when they walked away from a $6,000 -$7,000 deposit and there was no second bidder.  A very happy treasurer plans to offer it to the market again so he or she can get a repeat. 

[jtan]

just want to revive this topic as I am still curious of why these properties were listed on tax sales to begin with when they are owned by a corporation.  I looked on the website and it looks like there are site plans along the entire harbour including the properties listed for tax sales. Most of the surrounding properties are marked sold.  Does anyone have any insight on this?

[Dave2]

just want to revive this topic as I am still curious of why these properties were listed on tax sales to begin with when they are owned by a corporation. 

Jtan: 

I don't know if I understand your concern correctly.  In most cases of private ownership of property the type of ownership (personal or in a corporation) does not affect your liability for property taxes and utimately your risk that they will go to a tax sale if you don't pay them. 

In this case it may have been as simple as the corporation decided to see if a tax sale would be a way to get a good price for the property that was not selling by conventional means. 

[jtan]

Good point.  Thanks Dave.

I just thought that most corporation/builders would have the budget to complete the build (including taxes due) especially if most of the properties they have for sale have sold.