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done deal

Engel & Völkers Okanagan

1181 Sunset Dr., No. 2407, Kelowna, B.C.

Asking price: $549,000 + GST (Dec. 18, 2022)

Selling price: $515,000 + GST (Feb. 17, 2023)

Days on market: 89

Monthly maintenance fee: $300

Listing agent: Richard Deacon, Engel & Volkers Okanagan

What they got

The 528 sq. ft., one bedroom, one bathroom unit in the West tower was the smallest and most affordable.Engel & Völkers Okanagan

The 29-storey development, part of One Water Street in downtown Kelowna, was completed last summer. The developer had 15 remaining units to sell, and this 528-square-foot, one-bedroom, one bathroom unit in the West tower was the smallest and most affordable, says listing agent Richard Deacon.

“The developer put all the upgrades into it, so it had smart features – power blinds, speakers, some lighting controls – and a few extra finishes, such as stone counters,” Mr. Deacon said.

The developer had been using the unit, on the 24th floor, as an office space while marketing the building. It has views of the lake and mountains and comes with laundry, hardwood floors, balcony and two parking stalls. The building has two pools, a hot tub, fire pits, gym, yoga studio, pickleball court, pet-friendly park, guest suite and business centre.

The action

The unit has some extra finishes, such as stone counters.Engel & Völkers Okanagan

There were about 20 showings, Mr. Deacon says. The Vancouver buyer purchased the unit for his son. The sale completes March 7.

Mr. Deacon still has another 14 units to sell, including a $12-million penthouse that isn’t completed yet. He said he’s doing an average of four or five showings a day for the 13 available units, so the demand is there.

Mr. Deacon said they were pleased with the price considering that there is GST on top of it. As well, he said other units are coming up for sale in the buildings because investors are unloading the units due to high interest rates.

The agent’s take

Engel & Völkers Okanagan

“There are a lot of investors that bought in this building, and they are seeing higher interest rates and a lot of people are listing. They might have taken possession in September and maybe they decided not to rent them, so they are selling them,” Mr. Deacon said.

“So we are up against people reselling them, and selling them for cheaper than they probably wanted to, because mortgage rates have gone up. So there are a number of listings in the buildings because of that.”