Record Okanagan Condo sale

Silver Star Record Sale!

A luxury penthouse in the new Snowbird Lodge at Silver Star Mountain Resort near Vernon, BC, has set a record – over $1.5M - for the highest amount ever paid for a strata-title condominium at a ski resort in the BC's Thompson-Okanagan. Snowbird Lodge consists of fifty-four fully-furnished mountain homes ranging in size from 800 to 2300 square feet. Currently, 75 percent of the project is sold out. Snowbird Lodge has been developed by Schumann Resorts, owners of Silver Star Mountain Resort and Big White Ski Resort.

According to sales specialist Peter Berzins of Silver Star Mountain Homes, the purchaser is a very successful Australian financial planner and business owner who has skied around the world, and whose wife and three children have visited Silver Star for three years in a row. Berzins says, "After a solo jaunt to Whistler a few years ago, this gentleman flew out to the Okanagan and instantly realized that Silver Star was a tremendous place to bring his family. He believes fully in the exciting new direction that Silver Star is taking under the direction of the Schumann family, and wants to be a part of the resort's exciting future."

More than just a great investment, though, Berzins adds, "he used one word – legacy – to describe why he purchased a Snowbird Lodge property. He sees Silver Star and Snowbird Lodge as a great place to watch his family grow, and to eventually pass on to his grandchildren." Great snow quality, tremendous on-slope location, and first class luxury and amenities also figured into his decision. "He was greatly impressed by the service and attention to detail given by the project managers."

The 2300 square foot penthouse unit consists of three bedrooms and three bathrooms. There will be a custom media room, a master suite with four-piece ensuite and private deck and hot tub, gourmet kitchen, twenty foot loft ceiling in the living room, with a floor to ceiling solid maple fireplace and a flush-mounted LCD television. To enjoy the great North Okanagan weather, there is an additional 1900 square feet of deck space – fully furnished with an outdoor barbecue kitchen and a unique 'extreme hot tub' with built in LCD television, stereo sound, and high-speed Wi-Fi internet connectivity. In addition, all members of the family and their guests will be able to use the fitness and entertainment amenities found in Club Snowbird.

Schumann Resorts have invested in excess of $54 million in infrastructure and new accommodations since purchasing Silver Star Mountain Resort in 2001. On March 4, Silver Star Ski Resort Ltd. will orchestrate the first sales of new lots in ten years with the release of forty-nine fully-serviced lots in the Alpine Meadows subdivision. Alpine Meads is located just a short walk above the charming Victorian village centre at the base of the freestyle jump and on the Attridge ski runs.

FROM castanet.net

Hi folks,

Here is some excellent information from the Canadian Real Estate Associations website - 30 million x 16% you figure the numbers!!!

"Canadians consider investment properties
More than 16 per cent plan to buy within next two years

Recent gains in average price are attracting a growing number of investors to major markets across the country. A report recently released by RE/MAX found that one in six Canadians plans to buy an investment property in the next 12 to 24 months.

Based on on-line interviews conducted in December 2005 with 1,200 homeowners across Canada, the report highlights developing interest in residential real estate as an investment. Close to 30 per cent of respondents already owned one or more investment properties and about 18 per cent indicated that real estate represented more than 51 per cent of their total investment portfolio.

“We believe purchasers view residential real estate as a simple, sound and safe investment – something that is very familiar to them,” says Michael Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic Canada. “The risk factor is greatly reduced compared to other financial vehicles.”

The RE/MAX report also found that investors were younger than anticipated. Forty-three per cent of those who intended to invest in the next two years were under the age of 40. Once tagged “Generation X,” these individuals supposedly rejected more traditional values like owning a home.

“Certainly, the promise of continued upward trending in housing values is a major factor influencing these investors, particularly in British Columbia and Alberta,” says Elton Ash, Regional Vice President, RE/MAX of Western Canada. “Over the past five years, residential prices have appreciated close to 10 per cent on average, nationally. That's a fairly impressive return on investment.”

In recognition of residential real estate's potential for long-term growth, 50 per cent of investors indicated they plan to hold their properties for 10 or more years. If an investor were to realize a tidy profit in the interim, however, he or she may be inclined to move on to the next income property, adds Ash."

Posted from www.castanet.net

Condo Development Skyrockets

2005 could be called the "Year Of The Condo" in Kelowna.

72% of all residential building permits issued in 2005 were for multi-family dwellings, including condos and townhouses and apartment complexes.

This is the highest percentage of multi-family units ever recorded in the city, far outpacing the previous high of 55% in 2004.

The figures are part of the 2005 Development Statistics Report which city council will review today.

Part of the reason for the large increase in multiple unit permits could be the large increase in Development Cost Charges, the fees paid by developers for infrastructure such as roads, sidewalks and sewers.

1,094 units were issued permits in November and December of 2005, representing 36% of the years activity---that is compared to 11% of the years value in November and December of the previous year.

DCC fees increased January 1st, 2006.

A majority of the multiple housing permits were issued in the Glenmore/Dilworth area (664 units, 30%), South Pandosy/KLO area (629 units, 29%), Rutland (375 units, 17%) and Central City (291 units, 13%).

In all, 3,055 new unit residential permits were issued in 2005. The five year average from 2000-2004 was 1,200 annually.

In the city's Official Community Plan, the long term goal is for a gradual increase in development toward a 53% multiple unit, 47% single unit split by 2020.

Building permits for commercial development totaled 416,621 square feet. Business development was focused primarily in the City Centre area (68%) and Glenmore/Dilworth area (16%).

Industrial development permits totaled 487,201 square feet. Industrial construction permits were issued primarily in the Highway 97 sector (82%).

Posted: February 06 / 5:00 am Story# 16006 / Wayne Moore