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Boomer Albertans snapping up Vernon properties

Varied housing attracts buyers who grew up vacationing in the Okanagan and now have money to invest

By Kathy McCormick

VERNON

As the first stop in the Okanagan valley for vacationing Albertans, Vernon is a place where many end up staying.

The developments are varied and provide a range of housing and amenities to suit all ages and market segments — and many Albertans are taking advantage of that to buy a home, whether permanent or vacation property.

The following is a list of some of the new developments:

Strand Lakeside
Land assembly for the 400-plus unit project began more than four years ago. “This is going to be much more than just another housing project,” says David Murphy, president of Foxbridge Developments Ltd. and a partner with Real Estate Strategies Group of Calgary in the Strand.

“We’re going to be very involved in a wetlands management system as well. We’re going to have eagle-nesting platforms and a sandy hill for turtles to sunbathe on.”

He sees the market as consisting of mainly Albertans “who are baby boomers who grew up vacationing here and now have the financial means to purchase here.”

“When I stepped onto the land, I knew I should own it, so I bought it 30 days later,” says company president Leona Snider. “That was 1990 and I was always going to have homes there— then came the idea of the vineyards and the golf.”

One-third of the property will remain natural, one-third will contain the vineyard and winery, and the final third will include the golf course, with homes around it.

Originally, the City of Vernon’s plan for the property would have allowed 2,600 housing lots, ”but we preferred to provide a lot of open space and later decided to add a golf course and winery,” says Renton, who describes the development as an “urban-agri” community.

Build-out is to occur in 2012, with the golf course open by next summer. Visit the website at www.TheRise.ca.

Outback Resort
While the area only has 186 units in total, some are priced at well over $1 million.

Kristall Resort
Near Predator Ridge, it is the latest project to be announced and is being developed by an Austrian company and it will include a 150-room hotel and wellness centre that’s slated to open next year.

The Swan Lake Resort
The Swan Lake Resort and Culinary Hotel and Spa, another just-announced project on the north highway just out of Vernon, will include 42 condos as well as a two-storey lounge and restaurant. It will offer cooking classes and wine seminars.

LaCasa Lakeside Resort
LaCasaLakeside Cottage Resort offers fractional ownership of homes terraced towards the beach. One-quarter, half, three-quarter and full ownership is offered, with one quarter interests ranging from $125,000 to $150,000. Full ownership ranges from $260,000 to more than $500,000. Monthly fees of $285 cover strata (condo) fees, property taxes, utilities, grounds maintenance and housekeeping costs. A rental pool management system is available. Amenities include an outdoor pool and hot tub, tennis courts, restaurant, marina and miniature golf. Fifty-five per cent of buyers have come from B.C., including the coast, with others coming from Calgary and Edmonton, says Greg Lowe of Land Launch Marketing Corp. which works with La-Casa.

Visit the website at www.TheRise.ca

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