A lot has changed in the past couple years, but the basic information is still pertinent but at the moment I can’t guarantee everything below is still accurate. I’ve updated values as of February 2022. More notes are below.
The Abbecombec Ocean Village is now owned by a mortgage investment company in Toronto called HarbourEdge Capital Corp. The development’s real estate property consisting of the unsold developed lots and undeveloped parcels is officially owned by HarbourEdge Realty Administration. The Co-op, the allied entity which holds the deed to the common lands and is responsible for maintenance issues and fee collection as specified in the License Agreement, is called HarbourEdge Investment Corporation.
Contact me if you have questions or an interest in forming a partnership and buying this amazing property from HarbourEdge.
There are 8 large parcels and 53 surveyed lots not sold to private owners. One of those is next to the common lands building and field, lot #300, and has a large cinder block building in bad shape. Formerly used by the previous developer for his offices and storage of maintenance equipment.
Located on the Eastern Shore of Nova Scotia.
- 65 kms east of Halifax, Nova Scotia on Route 7
- 4 kms south of Lake Charlotte on Clam Harbor Road
- One hour from the Halifax Stanfield International Airport
|New York City/Newark||1 hour 40 minutes|
|Boston||1 hour 20 minutes|
|Philadelphia||1 hour 50 minutes|
|Washington, D.C.||2 hours 6 minutes|
|Miami/Ft. Lauderdale||3 hours 40 minutes|
|Detroit||2 hours 30 minutes|
|Dallas/Ft. Worth or Houston||4 hours 30 minutes|
|Los Angeles||6 hours 25 minutes|
|San Francisco||6 hours 35 minutes|
|Montreal||1 hour 30 minutes|
|Toronto||2 hours 5 minutes|
|Edmonton or Calgary||5 hours 10 minutes|
Unsold Lots Owned by HarbourEdge
At HarbourEdge’s request most of the lots in the development were reassessed in 2018 and assessed value reduced. The ones already very low remained the same. This is good news, as the tax burden while they are held is reduced, while market values and potential interest in sales now seem to be on the upswing.
2O21 Saw a huge surge in home buying from out of province buyers driven to relocate by the COVID pandemic. They drove the prices to insane levels, bidding well over the listed price for homes, and lots. Lots that hadn’t sold for years at rock bottom prices in Abbecombec, suddenly were selling for astronomical amounts 3 and 4 times assessed value. In turn all the lots were reassessed. HarbourEdge sold a good number of their previously unmarketed lots but the rise in assessment of the remaining ones did not dent the overall value of the development as an investment.
|#||Lot ID||PID||AAN||Assessment||Listed||Price||Local Address|
|2||60||40520983||7652038||15000||No||30000||7 Kaakwogook Way|
|4||111||40513251||7645872||15000||No||0||80 Nebooktook Walk|
|5||125||40513368||7646038||15000||No||0||9 Soonul Lane|
|6||126||40513350||7646046||15000||No||0||5 Soonul Lane|
|7||129||40557639||7687672||5300||No||50000||73 Sesip Noodak Way|
|8||130||40557647||7687680||5300||No||0||67 Sesip Noodak Way|
|9||131||40557654||7687699||5300||No||0||61 Sesip Noodak Way|
|11||133||40557670||7687710||5300||No||0||10 Lipkudomoonk Path|
|12||145||40557795||7687850||5300||No||30000||9 Lipukdamoonk Path|
|13||146||40557803||7687869||5300||No||0||5 LIpkudamoonk Path|
|14||147||40557811||7687877||5300||No||0||0 Sesip Noodak Way|
|15||148||40557829||7687885||5300||No||0||45 Sesip Noodak Way|
|16||150||40557837||7687893||5300||No||0||0 Sesip Noodak Way|
|17||151||40557845||7687907||5300||No||0||40 Sesip Noodak Way|
|18||152||40557852||7687915||5300||No||0||54 Sesip Noodak Way|
|19||153||40557860||7687923||5300||No||0||60 Sesip Noodak Way|
|20||154||40557878||7687931||5300||No||0||64 Sesip Noodak Way|
|21||155||40557886||7687958||5300||No||0||70 Sesip Noodak Way|
|22||157||40557902||7687974||12800||No||0||0 Sesip Noodak Way|
|23||158||40557910||7687982||5300||No||0||6 Sesip Noodak Way|
|24||159||40557990||7687990||5300||No||0||12 Sesip Noodak Way|
|25||160||40557936||7688008||5300||No||0||18 Sesip Noodak Way|
|26||162||40557944||7688016||5300||No||0||28 Sesip Noodak Way|
|27||163||40557951||7688024||5300||No||0||0 Sesip Noodak Way|
|28||165||40557977||7688040||5300||No||0||23 Sesip Noodak Way|
|29||166||40557985||7688059||5300||No||0||19 Sesip Noodak Way|
|30||167||40557993||7688067||5300||No||0||15 Sesip Noodak Way|
|31||168||40558009||7688075||5300||No||0||11 Sesip Noodak Way|
|32||169||40558017||7688083||5300||No||0||5 Sesip Noodak Way|
|33||170||40543514||7672055||15000||No||45000||Sesip Nookdak Way|
|34||243||41247529||10297753||25000||Yes||33000||218 Boosit Lane|
|35||244||41247537||10297761||25000||Yes||33000||242 Boosit Lane|
|36||295||41247560||10297796||18800||No||0||460 Okooda Path|
|37||296||41247578||10297801||18800||No||0||480 Okooda Path|
|38||297||41247586||10297818||18800||No||0||500 Okooda Path|
|39||298||41247594||10297826||18800||No||0||520 Okooda Path|
Total Assessed Value of HarbourEdge Lots: $375,500 CAN as of February 2022
Most of these parcels were recently reassessed and tax burden reduced as a result with two exceptions.
- The common lands were nearly doubled in value and are now subject to a commercial use tax on top of that, going from around $600 to $2700. My inquiry to the assessor revealed that this increase in assessment was due to a more current valuation on the old Recreation Building which must be assessed for commercial use, regardless of actual use. I have not at this time discovered the reason for the addition of a commercial use tax which was not applied in the past, but would assume it is due to the reassessment of its commercial value. I believe that the common lands (which include the building) may not be developed or used commercially and must be provided for owners recreational use according to the License Agreement, so I think this could be appealed.
- The large parcel to the west, PID 41213075, remained at the old assessed value. It is suspected this one was neglected in the request for reassessment.
|1||100||66000||40199705||x||Phase 5 in old plan. Not Owned by HarbourEdge.|
Still owned by prior bankrupt/deceased owner.
Try to acquire at tax sale
|2||81.5||50100||41054024||x||Phase 2. Partially developed.|
|3||158.5||52400||41213075||x||Explore possibly excluding this one, |
no market to develop lots
|4||94||25300||41306242||x||Along most of Nebooktook Walk, the back road.|
Explore possibly excluding this one.
Explore possibly excluding this one,
no market for lots
|6||43.5||16300||40805814||$200,000||Grassy lake. Best opportunity to develop and sell waterfront lots.|
|7||105||28400||40805798||x||Mostly swampy wetlands, but has small main road access at corner for division into a couple lots. Suggest cede majority to common lands, wildlife refuge|
|8||20||17600||603811||x||Outside main development on main road. Possible future commercial development for retailers oriented to summer visitors and local daily needs|
|9||133||84200||40805780||x||Common Lands No true resale value, as it cannot be developed or used commercially, but must be preserved for use by the lot owners. Therefore it is the key value added property to sell future lots.|
Due to license agreement must cede to owners at development completion. Must maintain until then by collecting fees from owners.
Previous assessment $93,300 CAN
Total Assessed Value of HarbourEdge Parcels: $367,400 CAN
Total Assessed Value of All Parcels in Original Plan: $742,900CAN
- 61 parcel subdivision comprised of 52 approved zoned (single family residential) lots with infrastructure, 1 lot with large concrete building, and 8 large land parcels
- Lots are between 1 and 5 acres each
- 2 miles of sandy beach deeded as community property for the lot owners
- Private electronic gated access to the community
- +/- 132 lots of the original subdivision have been sold; with +/- 22 homes constructed.
- Current lot owners pay annual dues of $355. (Varies depending on projected budget)
- Covenants, conditions and restrictions (CCR’s) are in place
- There are 500 acres which have not yet been subdivided for a development total of approximately 950 acres.
- Street signage is in place on 5 miles of gravel roads
- Zoning: Mixed Use