LIVING ON THE LAKE

Views, vitality in Kelowna

Recent interest rate hikes have slowed real estate sales in most British Columbia communities. But the marketers of one of the last remaining Lake Okanagan waterfront condo developments say their sales of lake view condo homes next to Kelowna's famed Gyro Beach are still very brisk.

“We really haven't seen interest rates affect us,” says Melissa Aulenbach, director of sales for Epic Real Estate Solutions, selling the homes in Skywater at Movala.

“A big reason for that is that people who are interested in purchasing presales are aware that there is the possibility of an interest rate change in the time they will be closing, so it is a risk they have already taken on prior to considering purchasing. We also have financial partnerships where buyers can lock into long-term holds until closing.”

Movala features two concrete towers of 10 and 14-storeys that sit on a three-storey parking podium. Local architecture firms Meiklejohn and Gibbs Gage have created a modern design with a dramatic step-back configuration. That staggered profile, plus the north-south orientation, means that 90 per cent of the suites have lake views that stretch from the Bennett Bridge and downtown Kelowna to Peachland.

Not surprisingly, the first presales phase last fall of 129 homes, including 12 townhouses, largely sold out by February, paving the way for the second phase of 196 homes.

Robert Dagenais, Stober Group's director of property development, says the company's history is rich in both residential rentals and commercial development. But it realized that the Pandosy Village lakeside site was special, and so the company engaged in a lengthy public consultation process before arriving at a design that called for more owner-held homes and commercial-retail development that enhanced the village. The 4.3acre building site ultimately will include some 20,000 square feet of street-level commercial space.

Stober Group recognized the importance of having a pedestrian walkway as well as public amenities such as food stores, financial institutions, legal and medical professionals, among others.

“Everything is literally within walking distance,” said Dagenais.

“It is easier to walk for your groceries than to get in your car,” he added.

Dagenais said the project's demographic is a hybrid. “We are looking at the downsizers, those people who already live in the community. They have decided my house is `too big for me, but I still want to stay in the neighbourhood.' We also appeal to the single professional who works at the hospital (Kelowna General) or at the college and wants a smaller unit.”

The second phase offers a larger number of homes but also a different mix, with larger-size units, Dagenais explained, including more two-bedroom homes than in the first phase. The homes are also large, ranging from 1,250 to 2,400 square feet, with a mid-range category between 800 to 1,250 square feet and the smallest category of 800 square feet and less. The small one-bedrooms start at $550,000, the two-bedroom homes start at $750,000, the two-bedroom and two-bathroom floor plans start at $1 million, and the three-bedroom homes' initial prices are pegged at $1.8 million.

The two towers share the amenities on the podium and are spread over a one-acre area that includes an outdoor, year-round heated swimming pool and hot tub and a 1,800-square-feet fitness facility.

There is also a private banquet room and lounge seating adjacent to outdoor gardens.

The homes have nine-foot ceilings, kitchens with flat-panel millwork and quartz countertops, Bosch appliances, including induction cooktops, and a front-loading Whirlpool washer and drier.

Special features include vinyl plank floors, roller shades, and sustainable heating and cooling systems.