August 20, 2009

The Irish Times is reporting that condominium suites in a “Canadian” development in which a number of Irish buyers have invested are being offered at nearly half-price in a court-approved one-day receiver’s sale on Saturday.

The condos are part of the Marriott-operated Red Leaves Hotel in the heart of the Muskokas. A few months ago, developer Ken Fowler’s project went into receivership due to cash overruns, but the hotel opened this summer for its first season.

According to Frances O’Rourke’s article “Cut-price Canadian holiday condos on sale” in the Irish Times,
“Over the past two years, up to 30 Irish investors are thought to have bought units in Red Leaves, a 221-room Marriott-operated luxury resort hotel two hours’ north of Toronto at prices ranging from €195,000 ($294,000Cdn) to over €447,000 (€700,000Cdn).

The last 84 units are now being offered for sale from €106,000 ($166,000Cdn). Thousands of buyers have registered their interest in buying one of the units in the past few weeks according to Barbara Lawlor of Toronto agency Baker Real Estate, which is handling sales for the receiver.”

So, next time you’re in the Muskokas be sure to keep an eye out for the U2 fans, Guiness beer and leprechauns.
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