dHzmedia

Naramata Benchland Properties

Media Coverage

Calgary Herald, October 14, 2006
Please scroll down to see the full text of the article.

Projects going upscale

By Kathy MCcormick and Marty Hope 

Several projects have been started in Penticton, addressing the burgeoning, more upscale resort property market. Here are some of the bigger ones, with some comments from developers and their representatives:

• Skaha Beach Club and Spa: The $300-million, 413-unit complex has been selling as soon as various phases are released, says Melvin Reeves, president of My Second Home Developments.

“We’ve been overwhelmed, with more than $90 million in presales and 80 per cent of the buyers are from Calgary,” he says. “Last fall, it was only 10 to 20 per cent.”

The 3.8-hectare site, which is only steps from Skaha Lake, will be built in nine phases. Construction of the first phases recently started.

“People realize the values in the market, and they realize construction costs are going up every month,” says Reeves.

“The typical buyer will use it three or four weeks a year, then will retire in three or four years. Even then, the nature of the buyer today — affluent, informed baby boomers — is such that they’ll three or four months then as well.”

• Alysen Place: Rob Hagen of Maverick Real Estate Corp. who is doing the marketing for the 192-unit, threephase project on Skaha Lake Road — just as optimistic about the reception his project in the market.

“The project was released in May and started selling in July, the out-of-town market really kicked in.”

The buyers come from two main areas, he says. “I’d say about one-third of our buyers are Calgarians and another third are from Vancouver.” Prices run from $299,900 to $519,900, and the two penthouses are priced under $800,000.

“People are being attracted here by the weather, the wineries and beaches all around us,” says Hagen. “Besides, it gets awfully cold in Calgary in winter.”

• The Verana: Many people are buying in this development as an investment, says project manager Matthew Hay. It consists of four buildings of 41 units each on Skaha Lake Road.

“There seems to be a disproportionately high degree of investment interest from there, and there are a lot of baby boomers on the cusp of retirement who are buying now to save money,” he says. First-phase pricing is from $250,000 to $390,000, and half of the first phase of 41 units sold in two months. “When we did our preliminary marketing, the interest shown from Calgary was equal to Edmonton and Vancouver together,” says Hay.

• The Lakeshore Three: There is also a strong Calgary factor to this project, says Debbie Harding of Maverick Real Estate Corp., which is doing the marketing for the development. “Calgarians are a significant player in our project, accounting for about one-third of sales,” she says. The first two phases are sold-out and the third phase will be in the ground early in 2007.

The project will consist of 220 apartment condos located across the street from the beach at Okanagan Lake. It is being sold as full-time residences, she says.

“Although they are being sold as full-time homes for empty-nesters, pre-retired folks and move-down buyers, there is a small percentage of investors — but the sweet spot is the 50-plus crowd,” says Hay.

• The Benchlands in Naramata: Located in a small centre just a few kilometres from Penticton on Okanagan Lake, it could have as many as 250 lots at completion, says Robin Agur, who is putting together the project.

Reprinted from Calgary Herald

To subscribe to Calgary Herald on line, click here.