The above, somewhat run-down, 20-year old Nova Scotia hotel recently sold for $500K (an abandoned project for lack of investment marketing or interest)
The below 86-year old shack in Vancouver is currently listed for 2.4 Million:
Instead, for 2 decades, the Aspotogan Sea Spa has rested abandoned atop a coastal cliff west of Halifax. The 5-storey, white-stone complex intended to boast sweeping views of the Atlantic from each guest room. It was intended to be a beacon of luxury amid the charming fishing villages that dot Nova Scotia’s pristine South Shore.
Building of the 175,500-sqft, 131-room resort started in 1992. It is located in the remote area of the Aspotogan peninsula just down the road from Chester, NS which is an exclusive village home to luxurious vacation homes of Toronto residents and Americans. The interior was never finished; it’s exposed steel & concrete was a reminder of the guests who would never come and the jobs never filled.
In 2014, the site was used by the Red Bull energy drink company to film a skateboarding video.
You can watch it here “entitled relic of a forgotten dream”: https://www.youtube.com/watch?v=qRG2llGi9GI
It is so sad that it was never finished and now is intended to be knocked down into rubble. This is an example of insanity in this capitalist market. At the very least, it should have been have been completed by the government turned into a Canadian orphanage.
The ill-fated resort has been recently purchased by Halifax-based development firms Southwest Properties and Armco Capital. The going price for this entire Nova Scotia property? -> A reported $500,000.
“If you’re looking for a little tranquility and a lot of property and ocean views, it’s gorgeous.”
So For 500K, would you buy the above 175,000sq foot 130 room Oceanfront (inside not completed) hotel in Nova Scotia or a 1,000sq 2-br “knockdown” shack in Vancouver for 2.4Million (4x times as much money) – at current market prices?
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