If you’ve been following the condo market in Penticton over the past year, you’ll know how soft it’s become. For a period of time (end of 2004 to the spring of 2008) there was a strong demand for high-end condos. The demand was later met with an over-supply, which meant the market became flooded and anyone looking to purchase a condo now has more than enough to choose from. Focusing in on the higher-end units located on Lakeshore Drive (the Lakeshore Towers) and Marina Way (Lakeview Terraces)…..if you’ve considered purchasing a product like this, now is the time. There’s a very good opportunity to pick up a brand new (or nearly new) lakeview unit for a price that would have been unbelievable three years ago.
At the Lakeview Terrace complex, there are three listings available ranging in price from $474,900 to $699,900. The lower priced units are 1332 sq.ft., consisting of 2 bedrooms, 2 bathrooms, large decks and views of Okanagan Lake. The unit listed at $699,900 offers 1529 sq.ft., 2 bedrooms, 2 bathrooms, large patio and unobstructed north-facing views up Okanagan Lake. It also has a 500 sq.ft. office that’s commercially zoned which can be leased or used for a home-based business. Each of these listings is offered at a price that’s lower than the original purchase price – by 4% on average!
If you’re really looking for a deal, check out the Lakeshore Towers. The developer currently has five brand-new units remaining for sale in the third and final phase (75 Martin Street). In addition, there are a number of investor-owners in the second and third towers who bought on speculation during the pre-sales. They’ve carried the cost of their units for too long – and now they want out.
Looking at 2010 in review, the market took a drastic turn in July (most likely due to the implementation of the HST) so the busy spring market came to a screeching halt. Focusing on the Lakeshore Towers and looking at the first half of the year – January to the end of June - the development as a whole had 11 sales, with an average sale price of $470,636. Comparing that to the second half of the year (July to December) there were four sales, with an average sale price of $446,225 – that’s a 5.2% decline within a matter of months!
The current prices for the new units that are being offered include HST and, from looking at the recent sales, the prices being offered appear to be very negotiable. If you’re considering a high-end condo purchase it’s well worth a look at the Lakeshore Towers. Located directly across the street from Okanagan Lake, the complex is well-built, features an in-ground pool and hot tub, underground parking facilities, fitness centers, wine-room and meeting rooms.