Feature Homes Woodsdale Road Williams Road Lake Country Prichard Drive, West Kelowna
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Welcome The festive season is nearly upon us here in the beautiful Okanagan Valley. No matter what season we find ourselves in there is so much on offer for all ages and interests, from events and shopping in downtown Kelowna to some of the best winter sports to be found anywhere; we sure are spoilt for choice. In this, the last edition for 2016 we have a selection of feature homes and an insightful view from our experts on the subject of real estate investment. From all of us here at the Kelowna Real Estate Magazine studios we wish you a wonderful Christmas and a prosperous New Year.....now where did I put my egg nog!
Enjoy
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Featured Property Woodsdale Road, Lake Country. See Page 23
FEATURE|PROPERTY 2310 Williams Road Lake Country, BC Reduced over $100,000 to sell! With revenue from two suites and a blossoming orchard this private retreat is an investment with several dimensions as well as being a lifestyle home with privacy & beauty. A typical property on an acreage of this size that has fruit production would be an older building originally constructed for an owner worker. On this land, the original structure has been removed to make way for one of Kelowna’s premier builders to construct a modern home that offers all the functionality you need, some luxury you desire plus some flexibility & opportunity.
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Not intended to solicit properties currently listed for sale or under contract. All information is from sources deemed reliable. RE/MAX Kelowna - An independent member broker
The home itself is currently generating revenue via two suites and a small business ran from the loft above the garage which has its own entrance. The new owner would also receive fees paid by the orchardist to steward and harvest the fruit trees. All combined the real cost of ownership of this property is comparable with a much cheaper home on a city lot. However, a city lot would not offer the possibilities of 9 acres of prime Okanagan land. Nestled within the area of burgeoning wine industry this property could easily be re-planted with grapes and the upper level of the home could become a winery. There are also opportunities for eco-tourism which
is becoming a growing sector in the local tourist industry. Outside of the orchard is enough flat land to keep horses, and there are many great trail rides all around the local area. Whether you are looking for privacy, future investment, current lifestyle or to build a dream this is a home you should take a second look at, perhaps from a few different angles? The owners are ready to move now!
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Living room - Williams Road Lake Country 6
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Investing Q & A with Allen Epp & Todd Martin Get some fresh ideas on real estate investing from two of Kelowna’s top Pro’s
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hy is real estate a better investment than anything else you can think of:
Todd: Real estate is the only investment you will buy that somebody else will pay off for you. If you look at the richest people in Canada most made their first millions elsewhere but fortified their wealth with real estate holdings. Allen: I think due to the nature of real estate as an investment it is hard to compare to others but for stable and reliable income property is hard to beat. I have half of my own investment assets in real estate. I have seen charts in the financial papers from time to time showing how the stock market performs better than Real Estate. Can you comment on those reports? Allen: You see those from time to time, normally when the stock market is doing well. During tough economic times a stock may slide, but a house will always generate some revenue. What those reports never factor in is that over the course of 30 years you get the house paid off for free by renters. Todd: It would seem from our conversation that sometimes houses are up and sometimes the stock market is up. I would say that this would back up Allen’s point from earlier. You may want some money in both.
I have heard the expression cap rate what does that mean? Todd: Imagine you put 25% down on a home that was 300k. That would be 75k invested. After all expenses etc if you ended up with $4,500 a year profit that would give you a 6% return on your original investment. This does not include any increase in price. The cap rate on this property would be deemed to be 6%. So is it best to put down a big or small deposit on an investment property. Allen: I would suggest you take your accountant and mortgage broker out to lunch and discuss your own personal situation with regards to that question. There are so many variables at play. Not everyone has a broker and accountant they trust, so I often connect people with professionals I know will take the time to understand your situation before advising you. There are many ways to buy a property and there is no one size fits all answer. Do you suggest using a property manager. Todd: That too is a personal choice. Obviously that takes from your profit, however it can be a lot less work with a professional screening and monitoring renters. Most of my clients will use a property manager. Allen: I do not use a property manager for my rental units. However, if I had a vacation rental I would for sure.
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‘During tough economic times a stock may slide, but a house will always generate some revenue’. Do you think commercial or residential property is the best investment?
What do you see for property values in the Kelowna market.
Todd: There are pro’s and cons to both. Commercial tends to be a larger outlay but tenants will be responsible for the building so you have less you are actually responsible for. If the plumbing starts to leak a commercial tenant calls a plumber not you. However residential has some benefits too and is very simple. Again, it’s a personal choice you need to work through with a professional. Do you prefer a strata property or freehold as an investment?
Todd: Nobody can accurately predict the prices of homes in the future. Perhaps more importantly for the investor, mortgage rates are super low right now. Most observers say they cannot stay this low for long so I think it’s a great time to invest regardless of fluctuation in values unless you plan to sell quickly. In which case a property may not be the best investment for you.
Allen: I have both myself. Strata is certainly more simple as you get forced to set money aside (via condo fees) to maintain your investment. I make a better return on my freehold though. So do you want less hassle or more revenue?
Allen: There are only two ways to make money in Real Estate. Buy, and hold. If you can make money at today’s price pick up the property. Hold it long term and you will always do well. There is not a single property in Kelowna not worth substantially more than it was 25 years ago and if you bought a rental then, it’s now paid off by renters!
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MARKET|REPORT 2016 Marketshare Report Based on Sold Units as Reported by OMREB for Central Okanagan October 2016
*
Choose Wisely. Choose RE/MAX.
30.5% 23.2%
12.3% 10.2
%
All Other Brokerages
7.9% 1.2%
1.8%
1.9
2.0
Walker Real Estate
MacDonald Realty
Premier Canadian Properties
Sutton Hymark
%
%
3.2% Vantage West
5.8%
Sage Executive Century21 Group
Choose Wisely. Choose
Coldwell Banker
Royal LePage
RE/MAXÂŽ
.
Central Okanagan Monthly Statistics as Reported by OMREB - Oct 2016 Stat Comparison October 2015 vs. October 2016 Number of Sales by Month 2015 2016 477 529 Number of Sales Year to Date 2015 2016 5,060 6,553 Residential House Prices by Month 2015 2016 Average $524,974 $613,148 Median $496,250 $550,000 Residential House Prices Year to Date 2015 2016 Average $510,813 $596,096 Median $480,000 $550,000 Number of Units Listed 2015 2016 644 699 Days to Sell by Month - Residential 2015 2016 67 50 Days to Sell Year to Date - Residential 2015 2016 64 50
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Single Family Sales by Price Year to Date October 2016
Price Range
2015
2016
38
21
$240,000 - $319,999
128
77
$320,000 - $399,999
458
292
$400,000 - $479,999
564
574
$480,000 - $559,999
507
564
$560,000 - $999,999
647
1,230
$1,000,000 and Over
46
160
$0 - $239,999
Active Inventory
Central Okanagan - October 2016
Residential
Condo
Mobiles
Lots
642
294
84
362
*Based on MLSÂŽ Active Listings Taken & Sold Units as Reported by OMREB for dates shown in Central Okanagan.
NEIGHBOURHOOD SPOTLIGHT// With all the convenience of Kelowna and Vernon close by; Lake Country offers a relaxed lifestyle away from the hustle and bustle but close to everything. There is ample shopping and services centrally located in the hub of Winfield and world class wineries, restaurants and golf all in the area. Best of all is the natural beauty. This area has many lakes that appeal to everyone from the serious boater to the person who wants to just sit in solitude on a beach and enjoy nature. Some of the finest homes in all of Canada are situated in Carrs Landing and yet there are also some very affordable properties that are within the purchasing power of a young family. For diversity, natural beauty, proximity plus larger centres and recreational lifestyle amenities Lake Country is hard to beat!
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FEATURE|PROPERTY
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7 3570 Woodsdale Road, Lake Country, BC Lakeshore luxury with no hassles. This four bedroom home gives you everything you need to enjoy the very best of the Okanagan. Situated on a sandy beach with your own boat dock you can either relax or head out on the best lake for water ski-ing in the region. For the adventurous you can take your boat through the channel for Wood lake onto Kalamalka, which is without question the most beautiful lake in the area.
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Not intended to solicit properties currently listed for sale or under contract. All information is from sources deemed reliable. RE/MAX Kelowna - An independent member broker
With it’s dazzling blue / green waters and unspoiled shorelines you will have a different place to explore each day of summer. For the investor this four bedroom property offers a great potential for revenue through summer months and even in the winter due to the close proximity to U.B.C.O. Inside the home you will get a real feeling of relaxed elegance. A touch of luxury while still keeping that precious cabin on the lake feeling that gives you truly a full appreciation of the present moment and priceless memories. Your endless summers start with a call to the listing realtor‌ Living Area 1,865 sq.ft. Bedrooms 4 Bathrooms 2 full & 1 half
$1,199,000
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119 3160 Casorso Road, Lower Mission, Kelowna Start your engines! There will be a race to this unit! Prime location in the heart of the Lower Mission. One block walking distance to all shopping & amenities, lake and Okanagan College just and a minutes walk away. This home is move in ready with new paint, carpets, hardware, S/S kitchen appliances. 2 bedroom, 2 baths, enclosed balcony $234,000 Contact Steven: 250 575 1432
12 1675 Thayer Court, Pridham Place, Glenmore, Kelowna, BC Over $50k has been invested into this home to ensure every detail possible was taken care of when transforming the property into a charming & romantic escape. You will love how the home has been updated into a warm appealing open plan design that is both charming & cozy. Highlights include new engineered hardwood floors and tile, new carpet, new windows, luxury ensuite steam shower, fresh paint and new kitchen appliances. All this on a quiet street just steps from shopping and recreation. 2 Beds, Bath 3 full & 1 half 2,357 sq.ft. $369,000 16
Contact Steven: 250 575 1432
Not intended to solicit properties currently listed for sale or under contract. All information is from sources deemed reliable. RE/MAX Kelowna - An independent member broker
3 380 Providence Avenue, Kettle Valley, Kelowna Timeless charm awaits you as you pull up to your Kettle Valley Town Home situated on a quiet, tree-lined street. The exterior of the building will impress you and the interior will excite you. It is a well thought out functional floor plan decorated tastefully and maintained meticulously. This home is immaculate! The bedrooms up are ideal for a young family and bonus room down is connected to the double garage. Just move in and enjoy! 3 Beds, Bath 2 full & 1 half 1,764 sq.ft. $439,000
Contact Allen: 250 718 1368
3723 Westside Road N, Kelowna, BC Fabulous Lake Shore Setting! 205 ft of waterfront with a licensed boat dock and beach house on 1.56 acres. 4 bedrooms plus den, 4 bathrooms, stunning lake views from every room. Tons of potential!!! 4 Beds, Bath 2 full & 2 half 2,440 sq.ft. $1,059,000 Contact Allen: 250 718 1368
Not intended to solicit properties currently listed for sale or under contract. All information is from sources deemed reliable. 17 RE/MAX Kelowna - An independent member broker
FEATURE|PROPERTY
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2302-4042 Prichard Drive, West Kelowna What better investment could you make as a resident owner or from a distance than a property that is unique. The laws of supply and demand will always work in your favour if you have a premium lakeshore property with a boat dock in the Kelowna area. This charming apartment style condominium is part of a lake shore community that is second to none in location and style. The price includes a boat dock & lift that are just a few steps away from you. To find a home like this with a Sandy beach, pool and other amenities so close to shopping & world class wineries for under $500k is indeed unique.
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This unit has been lovingly maintained by the original owners and never rented. However, as a short-term vacation rental in summer it would command premium rents and even in winter the six month leases at Barona beach are always popular with those looking for a peaceful place to transition. It’s all here, the beach, the pool, the access to play on the water. Pricing may never be this low again for this type of property. 2 Beds, Bath 2 full 1,136 sq.ft.
$450,000
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Not intended to solicit properties currently listed for sale or under contract. All information is from sources deemed reliable. RE/MAX Kelowna - An independent member broker
302 1329 Ellis Street, Kelowna North, Kelowna A touch of class combined with the best of modern architecture.. One of the best floor plans in this much sought after building. Bright and open plan with some extra touches of class you will love and a balcony that overlooks the hub of Kelowna’s down town. This is the ideal investment property or the upscale down-town address you deserve! 2 Beds, Bath 2 full 2,440 sq.ft. $499,000
intended to solicit properties currently listed for sale or under contract. All information is from sources deemed 22Not reliable. RE/MAX Kelowna - An independent member broker
845 Juniper Road, Rutland South, Kelowna Don’t let this one get away! Fabulous one level half duplex recently updated with beautiful Norelco kitchen, new Hot Water Tank and New Roof in 2015. This home is clearly a winner with 3 bedrooms and 2 full bathrooms. Master bedrooms boasts a 3 piece ensuite and walk-in closet. Detached workshop can be used for storage. Great large yard with hot tub. 3 Beds, Bath 2 full 1,176 sq.ft. $384,900
23 Not intended to solicit properties currently listed for sale or under contract. All information is from sources deemed reliable. RE/MAX Kelowna - An independent member broker
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