Photo courtesy of Robert & Susie Alexander.
Have you ever noticed the 8 colourful cottages perched on the side of a hill along Nelson Avenue in Horseshoe Bay? These quaint cottages overlooking the ocean are thought to have been built around 1910. Some say they were built by the Union Steamship Company as summer vacation cottages for steamboat workers and their families. Others believe they were fishermen’s cottages, used when they were fishing for salmon. Regardless of their origins, they have become a local landmark and place to call home for several long-time residents.
In the early 1990’s, the run-down cottages sitting on 3 lots were purchased by a CP rail employee who upgraded and improved the property over many years by adding indoor plumbing, new kitchens and windows, front porches, insulation, and gas fireplaces to the tiny 400-700 sq ft cottages. He also landscaped the property and added granite stairs to connect the cottages. The result of his labour and care for the property is a magical enclave from a bygone era.
Photo courtesy of Robert & Susie Alexander.
Photo courtesy of Robert & Susie Alexander.
In 2021, the long-time owner decided it was time to retire and sell the property, but with one stipulation: the buyer must keep the cottages. Although he received several offers from developers, he refused each one, waiting for the right person to carry on his legacy. When his realtors, Robert & Susie Alexander, heard that some of the tenants were interested in purchasing the property together, but didn’t know where to start, they connected them with Noam Dolgin, a realtor and co-founder of the Collaborative Home Ownership of BC (CoHo BC), who helped them explore the option of collectively purchasing the historic property.
Photo courtesy of Robert & Susie Alexander.
Over 6 months and several hurdles, a core group of interested parties was formed and an innovative ownership structure was put in place. While there are many legal complexities to co-ownership, it essentially means the co-owners of the cottages will share the mortgage for the property and be responsible for maintaining it as a group. Co-owners will each own a percentage of the title of the properties. Co-ownership has gained traction in recent years as it offers the security of homeownership at a more affordable price.
The preservation of the historic Horseshoe Bay Cottages was truly a group effort. The care and attention the owner put into the property over 30 years, his commitment to the future of the property over profit, the collaboration and hard work of the realtors involved, and the passion and dedication of the new owners to put a co-ownership agreement in place in record time all contributed to ensuring these charming seaside cottages are around for another 100 years.
It would be amazing to see this model used to protect other heritage properties on the North Shore too!
Photo courtesy of Robert & Susie Alexander.