Condominiums drive the Kelowna market

re: Kelowna market continues to soar

Maurie Nord — Thu, 25 Oct 2007 00:56:57 GMT

"Baby boomers are moving to the Okanagan Valley from all over Canada to retire in this region. "

Brock, do you think the bulk of the Boomers will be after high-end condos or medium-priced?

What do you think about the Verve condos in Glenmore? Good investment potential as relates to retiring boomers?

re: Kelowna market continues to soar

Brock Thorvaldson — Wed, 31 Oct 2007 21:51:47 GMT

I believe that boomers will be looking for resort style condos that will be medium to high-end in price. From my experience there will be an increased interest in condos that offer enhanced standard of living and amenities. These units can be found in the medium-priced brice bracket from about $250-350k.

As more people move here and market values increase, it will be harder to find these types of condos in the lower half of this bracket. For those who require condos that reside on golf courses or provide exceptional lake views the price bracket will move up the scale.

The Verve condos in Glenmore are still a great value and provide a nice lifestyle with pool and volleyball courts etc. There is quite a mix of people who reside there. Due to the relatively low price point there are many young professionals who have chosen the Verve as an alternative to purchasing a starter home in the current market. Alternatively, they represent a good investment potential for any age bracket.

re: Condominiums drive the Kelowna market

Teresa — Mon, 07 Jan 2008 19:21:48 GMT

I have a smaller studio suite that is 472 square feet on the Vintage Hills golf course. Am I better to hold on to this unit because it is on the golf course and the value may increase or should I sell if I can due to the small size? I am currently renting the unit however, someone may be interested in purchasings so I'm confused.

re: Condominiums drive the Kelowna market

Brock Thorvaldson — Mon, 07 Jan 2008 22:46:28 GMT

I am familiar with the complex on Vintage hills and the smaller units. My best advice to you would be to hold onto the unit until this summer. With the bridge completing this summer and the inevidible reinvigoration of the market we experience in the spring, you are likely to be better compensated by holding off for a bit. If you have a renter who is subsidizing the rent you are in a win-win situation because the unit will continue to increase in value, especially considering it is on a golf course. Smaller units are somewhat less likely to see huge increases, yet there are always people who want to get into units on golf courses at lower price points.

Alternaively, if you have already held the unit for a period of time that would allow for a decent return on your investment, then selling wouldn't be a bad idea...if you plan to reinvest in the market with your earnings. For example there is a new development that just came online for pre-sales on Shannon Lake Golf Course that proves to be a great investment opportunity. If you are going to sell try to get right back in. I always believe in helping my clients to prosper by making smart investment decisions with their money.

If you have any further questions in this matter or if you require assistance in listing your condo please feel free to give me a call or email. Thanks for the question, I hope to speak with you soon.

Sincerely,

Brock Thorvaldson

RE/MAX Kelowna

(250) 864-SOLD (7653)

brock@brocksold.com