Finding affordability in Kelowna’s red-hot real estate market is tough, but one realtor says she has found the perfect solution for buyers looking for the conveniences of a new home in the city.
According to Taylor Musseau of Century 21, there has been a lot of buzz around new RU7 zoning over the last year, and she has spent the last year focusing in on it to find out exactly who is playing in this new and exciting development space.
The RU7 zoning allows certain city lots previously occupied by older, single-family homes to be re-developed into duplex, tri-plex and four-plex properties depending on the lot’s dimensions.
Musseau’s research into the zone is now paying off, as she has connected with a developer that has several of these townhome projects on the go.
“If you are looking for an affordable new home that’s in Kelowna’s core, where you can access everything the growing city has to offer, without compromising on square footage or features, we now have it with the Kelowna City Living line of four-plex homes,” Musseau says.
Musseau says the majority of choices for new home construction downtown are larger multifamily developments, ranging anywhere between $500-$700 per square foot.
“While we have seen the prices for these older properties increase significantly over the last 18-24 months, the final price for these new homes, once they’re complete, is still far more affordable than the larger developments–like $70-$80 per square foot more affordable.”
Musseau has been telling her clients to get in now, because the price for this type of land is not going down anytime soon.
“Combined with the demand for skilled labor, and the ever increasing cost of quality materials, the price will inevitably keep going up,” she says.
The other enticing feature of these projects is privacy. Each unit comes with its own yard similar to garden-style townhomes, and the living-to-sleep space is separated over two floors.
Each unit also comes with its own detached garage.
There are two or three bedroom units, ranging between 1158 and 1260 square feet. They’re bigger than most new condos, but without the hefty price tag.
Timing is another huge factor for buyers looking into new construction pre-sales.
A buyer purchasing during pre-sales of a larger project can expect an 18-to-30-month delivery time, but these smaller projects can be handed over in six to nine months.
Out-of-town buyers looking to invest in a city where our vacancy is under one per cent are jumping.
They like the idea of renting it out for a couple years, seeing some appreciation and rental income, then making the move to Kelowna or selling it for profit.
“With everything going on in this town right now, this is one of the most affordable ways for anyone to get into the market, and with pricing starting at $499,000-$549,000 these homes may not last that long,” Musseau says.
This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Okanagan Edge.
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