Whether you are thinking of a Robinson Crusoe lifestyle, or fantasize ownership of a family or corporate retreat, the private island remains an ultimate investment opportunity. Islands appreciate rapidly as they are such a limited commodity, as we know, they are not making any mor,e with the exception of the exotic locale of Dubai. Islands have always been associated with prestige and exclusivity, and are very unique in each global location.

The approach to island ownership, as in all real estate purchases, begins with the identification of goals intended for its use. Robinson did not need company nor city lights, while many prospective island owners would prefer the nearest Starbucks and complimentary newspaper to be only a 10 minute boat ride away. It is ironic that the greater the access to amenities, the greater the value imparted to the island, which is meant to be a getaway from it all.

There are many features which embody the ultimate island purchase. First there must be a potable water source and a source of electricity, by generator, wind power or cable. Ideally there would be reasonable access and egress with transportation options to hospitals and shopping. In the perfect situation, part of the island shore would be low bank waterfront with a sheltered aera for a dock. The improvements on an island are also a serious consideration as the cost of transporting materials or finding labour for an island project can be costly.

The island pictured above is Pym Island, located near Sidney B.C., only five minutes from Canoe Cove. This island is a classic example of a completely self contained entity with an owner’s residence, a caretaker’s cottage, and four quest cottages making it ideal for the corporate or family retreat. Two wells service the property and electricity comes from Sidney by underwater cable plus back up generator.

The island has a substantial dock with many low bank beaches. It is certainly near hospitals and shopping and also near the ferries and airport for out of province owners.

If you are currently in the market for an island you will soon realize that island fiefdom comes at prices that are highly varied. A recent internet search led me to discover prices as low as $88000 and as high as 38 million. An excellent reference source locally for island searching is www.privateislandsonline.com .

As a cautionary thought, you ideally would not want to purchase an island only to discover later that you or your family are not suited to travelling by boat in various weather conditions, or having to rely on your own power. To address this concern, one can actually rent an island to “try before you buy”. Google offers many options to search for island rentals in various global locations. One site I can suggest is www.escapeartist.com.

I encourage you to pursue your own island dream, and enjoy!

Sales of homes and other properties in the Greater Victoria area softened last month though prices continue to remain stable. Victoria Real Estate Board President, Tony Joe, notes that the modest decline in sales from May to June followed a similar pattern to last year. “There was a total of 723 sales of homes and other properties in June through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) compared to the 770 sales in May. Although sales last month were down substantially compared to the 949 sales in June of last year, it is important to remember that 2007 was an exceptional year for the local real estate market.”

Joe notes that prices remain stable. The overall average price of single family homes in Greater Victoria last month was $580,104; the six-month average was $600,740 though the median was considerably lower at $538,000. “There will always be month-to-month fluctuations in prices, but when we consider that the six month average in January was just over $586,000 we see that prices have remained remarkably stable this year,” said Joe.

The number of properties available for sale continued to increase last month rising to 4,513 – a 27 % increase compared to June last year. “With more properties from which to choose, buyers clearly feel less pressure to make a quick decision, though sellers who price their homes realistically can still expect strong interest,” said Joe.

The average price of all condominiums sold in June was $319,943; the average for the last six months was $330,992. The median was again lower at $295,000. The average price of all townhomes sold last month was $431,992; the six month average was $432,152. The median price was $399,500.

MLS® sales last month included 395 single family homes, 180 condominiums, 81 townhomes and 23 manufactured homes.