CARTER BAY—The 6,400 acre Carter Bay Eco-Development property, located on the south shore of Manitoulin, has undergone a conditional sale, says a real estate agent for CBRE, a commercial real estate company. The property had been listed for $3,750,000.
Bryan VanAcker, a real estate agent for CBRE, told the Recorder last week, “The property has been conditionally sold. The lawyer on behalf of the purchaser is going through the agreement, doing their due diligence, and until this is completed, who the purchaser is and the terms of the deal is something I can’t comment on.”
Once the conditions have been met, and the deal has been officially completed, “we can discuss who has purchased the property,” said Mr. VanAcker. “But it is at too early a stage and could take a month or several months for the purchase to be completed.”
A description of the property on the CBRE website reads, “Carter Bay Eco Development is 6,400 acres (+-), including 17 kilometres of water frontage along Manitoulin Island’s southern shore. Shoreline is some of the best beach frontage on Manitoulin Island (and Georgian Bay as a whole) and is a combination of smooth limestone rocks and fine beach sand. Property is slotted as future development and currently has over 2,100 legal descriptions. Some various individual lots within the development have already been sold. Price is $617 per acre. All information not warranted and to be verified by buyer. Property being sold as is, where is.”
This property does not include Royal Michael’s Bay, formerly a part of the eco development. Mr. VanAcker pointed out that previously, a handful of companies owned the development-mortgage on the property.
Numerous small lots throughout the Carter Bay property have been sold to individuals over the years.
Mr. VanAcker said the property has been listed since the beginning of January, and was advertised through Multiple Listing Service (MLS), LoopNet, (a commercial real estate site), and by direct marketing to commercial brokerages, with good response from within Ontario.
Former Carter Bay developer Arend VanVierzen moved from Manitoulin to Germany several months ago, also giving up his post as Tehkummah councillor.