Kelowna real estate bargins abound

Everyday we are bombarded with news lines such as "home prices are dropping",  "slowdown in housing market is unfolding", "correction in the housing market", "housing market's decent".  As a result it's quite normal to question whether to purchase Kelowna real estate now or a year or two from now.   With over twenty-two years of selling and buying real estate I have experienced many market swings so my suggestion is you shouldn't try to time the bottom as "that time" will be too late!  Right now is a good time to let me do the legwork and spot that Kelowna real estate bargin for you!  Let's talk what your looking for and like to do: june@juneconway.com OR 250.317.3136

Central Okanagan currently has 4,458 properties for sale:

• 775 lots and acreages ranging from $39,900 to $6mil
• 216 manufactured homes ranging from $19,900 to $300,000
• 40 recreation ranging from $42,500 to $645,000
• 1,973 single family residential ranging from $199,000 to $15.5mil
• 1,454 strata ranging from $2,000 to $2.999mil

Kelowna accounts for 53.4% of the properties actively listed for sale and West Kelowna 21.46%.

Following are examples of actively listed properties making market corrections:

LOTS & ACREAGES

• $3.475 mil price adjustment - 0.26 waterfront lot with 86 ft Okanagan Lake frontage. (adjacent 3 lots availalbe to combine and make 1.35 acre property with 339 ft lake frontage).  Current list price of 0.26 ft lot is $725,000
• $625,000 price adjustment - 10 1/2 acres adjacent to local ski resort trails.  Small cabin.  Current list price $1.875mil
• $493,000 price adjustment - 5 acres potential to subdivide if zoning granted.  Current list price $995,000
• $299,001 price adjustment - 152 acres non-zoned (approximately 1mile x 1/4 mile parcel).  Current list price $999,999
• $270,000 price adjustment - 6.5 acres in Kelowna city boundaries.  Current list price $569,000
• $251,000 price adjustment - 9.93 acres.  Not ALR.  Current list price $475,000

MANUFACTURED HOME

• $50,000 price adjustment - 1996 build 886 sf home with 2 bdrms, 2 bath on its own Freehold 6.1 acreage; not ALR.  Current list price $300,000
• $35,600 price adjustment - 1972 built 830 sf home with 2 bdrms, 1 bath.  Leasehold.  Current list price $43,900
• $30,000 price adjustment - 1979 built
• $29,000 price adjustment - 1970 built 760 sf home with 2 bdrms, 1 bath.  Leasehold.  Current list price $34,950
• $27,500 price adjustment - 2004 build 1,600 sf home with 3 bdrms, 2 bath.  Leasehold.  Current list price $246,500
• $24,100 price adjustment - 1975 built 1,056 sf home with 2 bdrms, 1 bath. Leasehold.  Current list price $98,900

SINGLE FAMILY RESIDENCES

• $1.6mil price adjustment - 1920 built home with 5 bdrms, 5 bath on 6.05 acres with 152 ft of water frontage.  Orchard plus 2nd residence.  Currently listed $4.65mil
• $574,000 price adjustment - 1990 built 3,080 sf home with 4 bdrms, 3 bath on 13.5 acres.  2nd residence on property.  Current list price $1.175mil
• $450,999 price adjustment - 1983 built 3,780 sf home with 5 bdrms, 4 baths on 0.58 acre property with pool.  Current list price $749,000
• $360,000 price adjustment - 1974 built 718 sf mobile home on 9.95 acres.  Current list price $599,000
• $250,000 price adjustment - 2008 built 2,800 sf 3 bdrm, 3 1/2 bath home on 0.12 lot.  Current list price $549,000
• $127,000 price adjustment - 1992 built 1,444 sf 4 bdrm, 2 bath home on 0.11 lot.  Current list price $313,000

STRATA

• $500,000 price adjustment - 2006 built 3,570 sf 4 bdrm, 4 bath one level condominium.  Current list price $2.49mil
• $80,001 price adjustment - 2005 built 916 sf 2 bdrm, 2 bath one level condominium.  Current list price $399,999
• $75,000 price adjustment - 1998 built 1,800 sf 3 bdrm, 3 bath two level condominum.  Current list price $439,900
• $70,000 price adjustment - 2010 built 1,760 sf 2 bdrm, 2 bath one level condominium.  Current list price $745,000
• $64,100 price adjustment - 1994 built 1,300 sf 2 bdrm, 2 bath three level attached townhome.  Current list price $161,900
• $54,900 price adjustment - 1997 built 1,520 sf 2 bdrm, 2 bath detached home in a adult gated community. Leasehold.  Current list price $310,000