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Engel & Völkers Okanagan

20818 McDougald Road, Summerland, B.C.

Asking price: $5.2 million

Selling price: $5.2 million

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Previous selling price: $3.1 million (2015)

Days on market: 14

Taxes: $13,641 (2020)

Listing agent: Richard Deacon, Engel & Völkers Okanagan

The action

The lot has 1,000 feet of lake frontage.

Engel & Völkers Okanagan

A Calgary investor had purchased the acreage at a deep discount in 2015. They listed the property late last summer and the agent received an offer two weeks later which was accepted. Mr. Deacon believes that the buyer is U.S.-based. It was a complicated purchase, wit negotiations over numerous upgrades, and the deal finally closed on Feb. 26.

“It had 30 or 40 inquiries, which is rare for a $5-million property,” Mr. Deacon said. He also received a back-up offer, which is an ideal situation for a seller.

What they got

The land includes a commercial winery.

Engel & Völkers Okanagan

This 13-acre property includes a commercial winery, a special-event space, 1,000 feet of lake front and a five-bedroom, four-bathroom house, which had been rented out as an Airbnb guesthouse.

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Listing agent Richard Deacon said the owners of Penticton, B.C.-based Evolve cellars had leased the property for several years and now another local winery has taken over.

The agent’s take

The property includes a space for hosting special events, along with a five-bedroom house.

Engel & Völkers Okanagan

Mr. Deacon said the real estate market in April was dead, but now he’s “working around the clock.”

People nearing retirement are driving the market, mostly coming from B.C.'s Lower Mainland and Alberta, seeking either primary or secondary homes in wine country, where their dollar goes further. And then there are international buyers leaving the urban areas.

“COVID has accelerated their decisions to purchase based on lifestyle.”

Economist Mohamed El-Erian says that the coronavirus shutdown will create a buyer's market for real estate, offset by reduced incomes putting stress on the whole sector. El-Erian was in conversation with Rudyard Griffiths from the Munk Debates. The Globe and Mail

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