Epic Real Estate Solutions
270 Riverside Drive, Unit 611, Penticton, B.C.
Asking price: $479,900 + GST
Selling price: $479,900 + GST
Days on the market: One
Taxes: N/A
Monthly maintenance fee: $285.50 (estimate)
Listing agent: Lori Brandstrom, Epic Real Estate Solutions
What they got
The one-bedroom-plus-den unit on the sixth floor has mid-range appliances and quartz countertops.Epic Real Estate Solutions
This presale condo unit is part of Kerkhoff Develop-Build’s new two-building complex called Sokana, in the north part of the growing Okanagan city of Penticton.
The six-storey building, the first of the two to be sold, is designed to have the feel of a resort, with an outdoor pool and hot tub on the second floor, a fitness centre and a co-working space.
This one-bedroom-plus-den unit on the sixth floor has mid-range appliances, quartz countertops and a patio with a gas hookup.
“I would suspect a lot of owner/users will lock that den off and use it as owner storage,” said Epic Real Estate president Shane Styles, who believes the unit is going to be used as a vacation rental when the owners aren’t using it.
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The Action
The presale condo unit is part of Kerkhoff Develop-Build’s new two-building complex called Sokana.Epic Real Estate Solutions
The entire 96-unit building sold out in 72 hours, says Mr. Styles. The buyers, from Toronto, had their eye on the top-floor unit. It was one of the first units to sell.
“The bulk of buyers were investors with an ulterior motive. They want to take a position in Penticton because they want the boutique small-town feel with all the amenities. And financially, it makes sense,” he says, referring to the city’s lack of regulation around less-than-30-day vacation rentals. In other nearby towns and cities, there are restrictions.
“They aren’t living there today, but it’s not out of question in a few years.”
The Agent’s Take
The listing agent believes the unit will be rented as a vacation home when the owners aren't using it.Epic Real Estate Solutions
Most of the buyers in the building were in their forties and fifties, mainly investors from the Lower Mainland and Toronto.
“We’re close to the beaches, there’s a bunch of amenities that are attractive for rentals. It all plays well,” says Mr. Styles. “And the other thing too is this will be completed in 2 1/2 years. People aren’t as afraid because they do think the interest rate environment right now is a short-term measure to quell some of the inflationary pressures and we will come back to more tempered rates.”
Sales for the second building are expected to launch next year.