Engel & Völkers Okanagan
1181 Sunset Dr., No. 2204, Kelowna, B.C.
Asking price: $1.089-million, plus GST (Nov. 11, 2022), $1.029 million, plus GST (Dec. 7, 2022)
Selling price: $1,004,500-million, plus GST (May 15, 2023)
Days on market: 173
Monthly maintenance fee: $593.20
Taxes: $3,744 (2023)
Listing agent: Richard Deacon, Engel & Völkers Okanagan
What they got
The 370-square-foot balcony has views of the lake and mountains.Engel & Völkers Okanagan
The two-bedroom unit is on the 22nd floor of the newest high-rise in One Water Street, the two-tower project that includes the tallest tower in Kelowna, at 36 storeys.
The 1,048-square-foot unit is in the smaller, 29-storey tower, and has two full baths and a flexible space, nine-foot ceilings, a 370-square-foot balcony with views of the lake and mountains, two parking stalls and several building amenities.
There are two pools, a hot tub, outdoor lounge and fire pits, gym, pickleball court, a pet-friendly park and guest suites. Occupants began moving into the building late last summer.
The action
The 1,048-square-foot unit is in the smaller, 29-storey tower, and has a flexible space with nine-foot ceilings.Engel & Völkers Okanagan
The unit is one of 15 units that listing agent Richard Deacon is selling on behalf of the developer. He’s shown the units to about 150 different parties over the last six months, he estimates.
“Buyers are somewhat finicky and very patient, it seems,” Mr. Deacon says. “But this unit came together quite easily.”
Complicating the marketing is the fact that some investors are selling off units they’d purchased as presales, which means the GST has already been paid. But the remaining developer owned units are typically outfitted with more features, such as Smart Home upgrades and built-in speakers, which attract those buyers who plan on living in the units.
“Developers often keep the best units or hold back quality inventory to do exactly this, to resell when they can.”
The agent’s take
“Nobody can predict the market, because it’s a tougher market,” Mr. Deacon says. “We are seeing a lot of end-users now in the building because it’s such a nice product. And there aren’t any short-term rentals allowed, which end-users prefer.”
The sale completed on May 2