Hundreds of properties in Quebec change hands every day, most of them without us knowing the exact details. That was before we became interested… Here are the latest transactions that caught our attention.
The island of Sottise, this land in the L’Isle-aux-Grues archipelago that was recently purchased for $225,000, has just been resold for more than three and a half times the price paid in July.
According to the notarized documents that we were able to see, the real estate company Gestion MTY, owned by the businessman Rémi Fortin, managed to obtain $800,000 for this island and all the buildings located there, also under the name Domaine de l’Azur is known. Ile de la Sottise.
Pierre-Olivier Vear, Remax
With a length of 883 meters and an area of 11.33 hectares, this island is located in the middle of the Saint Lawrence River, near Montmagny, between the island of Sainte-Marguerite and the Grosse-Île.
Along with Saint-Antoine-de-l’Isle-aux-Grues, where the painter Jean-Paul Riopel spent his final years, Grosse-Île is one of only two islands in the archipelago (with 21) that are not owned by private interests.
Gestion MTY (not to be confused with MTY, listed) acquired this island last July from representatives of the great descendants of the Pruneau family, owners of the property since 1889.
Pierre-Olivier Vear, Remax
It includes a 166 m2 chalet on two floors, built forty years ago, with eight bedrooms and two bathrooms. The place is only accessible by boat or helicopter and is presented as a goose hunting paradise.
The price paid at the time: $225,000. A few weeks later, the island was put back on the market by MTY for $1,295,000. The new buyer eventually managed to lower the seller’s expectations and agreed to pay $800,000 for the purchase. Gestion MTY will ultimately have almost quadrupled its investment.
The most recent three-year assessment list for the parish of Saint-Antoine-de-l’Isle-aux-Grues shows a value of $267,900, up 3.6% from the previous assessment. Added to the price paid by the buyer are sales taxes (GST and QST) of $119,800 and transfer taxes of $10,343.
With the contribution of Philippe Langlois.
Excerpted from the Journal’s weekly real estate column. If you hear of an interesting transaction, do not hesitate to share it at [email protected].