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Archive for April, 2009

Marina, winery and floating restaurant in the works

Wednesday, April 22nd, 2009

It’s a project which the developer thinks will bring together all the best aspects of the Okanagan.

Plans for a destination winery resort and marina were unveiled Tuesday by the Okanagan Waterfront Development Group.

Developer John Weisbeck, says the project, to be located on a 100 acre parcel of land on Westside Road in West Kelowna, will include a 650 berth marina, a 600 boat stacking system, a working vineyard and winery and a luxury hotel with spa features and restaurants.

“There are very few locations on Lake Okanagan on which we could do a project of this size, so when this property that available to us, we looked at the best possible project that we could put on that piece of property. The latest study has shown we are thousands of berths short of boat storage and moorage, so what better thing to do than to meld all the components together into a project that will be a wonderful experience for everyone, the public, the tourists. It will be unforgettable,” says Weisbeck.

He says they are in the process of making their applications and are hoping to start some of the ground preparations for the vineyard this fall.

“The first amenity that will be open will be the marina, we are hoping that will be available by June 2011. We are hoping our vineyard will be producing grapes by 2012 and we are hoping the hotel and restaurant complex will be open by 2013.”

Weisbeck says the project will inject more than $175 million into the local economy and employ hundreds of people.

Source: Castanet

April Real Estate News – March Statistics

Thursday, April 9th, 2009

Moving Towards a More Balanced and Stable Market

Happy Easter!

KELOWNA: There’s more confidence in the housing market today than we were seeing late last year. Sales activity is rising as spring arrives, we noticed a big difference in the second half of March. We are happy to report that we are working with investors, first time buyers and also with out of town clients ready to buy.

Prices remained very stable with a modest drop to $438,493 average for a single family home. The upper market is still very tight with only 20% of the sales over $500,000.  For properties listed over $1 Million, only 2 have sold so far this year, with 376 properties to choose from! Only 8 lots have sold so far this year with the average price of $255,462. Inventory is rising slightly which is normal for this time of the year and we are excited to see the sales to listing ratio improving as well! Single family homes sales to listing ratio are at 8%. Apartments are at 4% and Townhomes came in at 6%. All in all not a banner month, but we are seeing improvements!

Great deals are available!

Active Listings: Single Family, Apartments, Townhomes

Number of Sales: Single Family, Apartments, Townhomes

Average Price: Single Family, Apartments, Townhomes

Major Cities Report
Victoria: Real estate sales gain momentum in March. Total sales last month were higher than the March figures during each year from 1995 to 2001 – a market which we considered to be balanced. The average price for single family homes sold in Greater Victoria last month was $534,689.
Vancouver: Property sales strengthen in current market cycle. Sales of detached properties in March 2009 declined 19.6 % compared to the same period in 2008. The benchmark price, for detached properties declined 15.1% from March 2008 to $649,342. West Vancouver is at 1.1Mill.
Kelowna: Sales activity is rising as spring arrives. Prices remained very stable with a modest drop to $438,493.  Sales-to-Listing inventory is rising.
Calgary: Slowly shaking off its winter blues 32% more sales in March over February 2009 and a 23% decrease over March 2008.  Average price came in at $420,354.
Edmonton: First quarter housing prices hover around $350,000. Sales in March were up 28% from the previous month.
Toronto: March resale housing results bring positive news. The situation in the housing market has improved. The average price for March transactions was $384,000 .

Single Family Home Average Price 2000 – 2009

Single Family Home Average Price Graph 2000 - 2008

Number of Sold Single Family Dwellings 2005 – 2009

ber of Sold Single Family Dwellings Graph 2005 - 2008

Single Family Listing Inventory 2005 – 2009

Single Family Listing Inventory Graph 2005 - 2008

Single Family Active Listings vs Sales 2005 – 2009

Single Family Active Listings vs Sales Graph 2005 - 2008

Single Family Percentage of Sales to Listing Ratio 2002 – 2009
(Percentage of How Many Listings Sell in a Month)

Single Family Percentage of Sales to Listing Ratio

Feature Property
Updated, Private Yard, 2 Bed Suite!

0.26 Acres | Backs Onto Greenbelt | 5 Bedrooms | 2100 sq ft | Built 1991 | $449,900

West Kelowna Estates – 2329 Devon Ct

Your chance for an awesome investment with this tastefully decorated and upgraded home. It boasts new quality laminate floors, fresh paint, blinds, lighting plus newer kitchen and tiles. It offers a 2 BEDROOM SUITE, FLAT DRIVEWAY is located on a CUL-DE-SAC and on a super PRIVATE .26 Ac. lot backing onto GREEN SPACE. This property also includes 2 separate laundry rooms, 10 appliances, above ground pool, covered deck and patio, garden, assortment of fruit trees and oversized garage.
More pictures and information here.

                             
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