Questions & Answers
Are SookePoint Ocean Cottages 100% Ownership?
Yes. This is not leased land, time-share or fractional ownership. You are free to purchase an Ocean Cottage or Yacht Suite yourself, jointly or in a partnership with someone else, or in a company name. From time-to-time we receive enquiries from people who would like to share ownership with someone else, and we provide introductions so you can explore your options. Regardless of how you purchase, you own your strata lot plus an undivided interest in all the common property, so you have title to both the building and the land.
Do I get my own parking spot?
Yes. Every SookePoint Ocean Cottage and Yacht Suite comes with its own reserved parking stall. There is also guest parking throughout the SookePoint community.
May I choose different colours and/or interior design?
On an unfinished pre-sale Ocean Cottage or Yacht Suite you can customize your cabinetry by working directly with our craftsmen. You also have your choice of several different floor and wall tiles that meet or exceed high interior resort standards. If you are acquiring a Cottage Suite for business purposes, you may also choose an entirely open floor plan that will
give you the flexibility to design and re-design your space to suit.
How are strata fees calculated and what do they cover?
To maximize convenience and benefits from economies of scale, strata fees are the same for every individually-titled Ocean Cottage and Yacht Suite. They cover costs that individual homeowners would typically pay without the need to set up separate accounts for TV, Internet, telephone, water, wastewater, landscaping, security, exterior maintenance, garbage pickup, strata roads, building and common property insurance plus a contingency fund. They also cover membership to the Ocean Club, explained more fully below.
In addition to the strata fee, what other costs will I incur?
Owners are responsible for their own electricity, property taxes and personal contents insurance.
What are the risks that strata fees might jump?
A great deal of thought has been given to mitigate this risk, which is prevalent when stratas have too many financial obligations beyond their immediate control, well over 80% of strata fees go toward basic services and necessities like TV, Internet, telephone, water, wastewater treatment, exterior lighting, landscaping, security, garbage pickup, recycling, building and liability insurance, back-up generator electrical power, maintenance and the reserve fund. Most individual homeowners will spend that much or more without the economies of scale SookePoint can offer. In addition, we believe there is a substantial value for the convenience of being able to bundle all those different services into a single strata account, and having others deal with all the logistics. This way owners have the security of knowing their property is serviced and well maintained all the time, whether or not they are in residence. Since we dedicate well over 80% of our strata budget to these services, we elect our own strata council to spend our money as wisely as we can.
Strata fees also include Ocean Club membership, to provide fitness facilities, including weights, mats, treadmill, elliptical, climber, spin-bike, and rowing-machine. Although it will probably be moved later to add the pool and hot tub, the Ocean Club Fitness Centre is currently in Cottage 48.
An Owner’s membership is $50 a month per strata lot for the Ocean Club, increasing by $7 plus $3 a month when the swimming pool and hot tub are added respectively, to a total of $60 a month. That’s about $2 a day per couple. As a bonus extra, membership benefits are extended for free to children, parents, grandparents, grandchildren, brothers, sisters, aunts, uncles and in-laws while they are staying in your Ocean Cottage or Yacht Suite.
To protect strata owners from price increases, the Ocean Club facilities are independently owned, and the strata has no financial liability other than membership. Furthermore, although the Ocean Club can raise rates for others, our owners’ membership agreement provides that the Ocean Club may not raise strata membership rates by more than 3% per year without owners having the right to cancel membership and discontinue paying for use of the club if more than half wish to do so. We believe this puts the risk on the Ocean Club to continue delivering an affordable amenity that benefits everyone, from both a fitness and a financial perspective.
Ocean Club facilities are important financially because having these amenities on site can increase resort rental demand. Increased demand can boost rental rates, and the market value of all Ocean Cottages and Yacht Suites, as revenue producing real estate can trade at values above the local market when justified by rates of return as an investment, or by the laws of supply and demand.
How is wastewater treated at SookePoint?
SookePoint has commissioned an EcoFluid wastewater treatment plant based on new technology that the United Nations Industrial Development Organization claims is “an important environmental process revolution,” and the California Department of Civil and Environmental Engineering rates as “the highest ranked biological treatment system out of almost seventy technologies reviewed.” This new wastewater treatment utility is subject to legally binding regulations, financial security and regular monitoring to ensure it meets or exceeds environmental targets.
Where can I see details on the zoning bylaw?
The SookePoint Disclosure Statement has excerpts from the zoning bylaw, and you may find it in full on the District of Sooke website. Look for the ‘SilverSpray CD-3 Zone’.