Kelowna Real Estate

[phreezee]

Looking for an agent referral and any recommendations on what areas offer the most bang for the buck and have the highest growth potential.
TIA

[corsvette]

No agent recommendations from me at all.

I've been shopping in the Kelowna to Coldstream/Vernon/Lake County areas. I've noticed a big price increase compared to last year, not sure whats driving it. Also, decent priced listings are snapped up quickly. Headed there next week and plan to talk to a few agents, I'll get some insight from them.

[Xtrema]

Originally posted by phreezee
highest growth potential.

Isn't that basically everywhere in BC interior?

Originally posted by corsvette
I've been shopping in the Kelowna to Coldstream/Vernon/Lake County areas. I've noticed a big price increase compared to last year, not sure whats driving it. Also, decent priced listings are snapped up quickly. Headed there next week and plan to talk to a few agents, I'll get some insight from them.

The problem is 2 fold.

1) People are cashing out in GTV and moving inward.

2) Canadian $ drop against USD and US immigration policy is now diverting retirement $ back into the valley.

[ExtraSlow]

A friend of mine is an agent out that way.
Erica Francis
http://www.century21.ca/erica.francis/

Haven't used her as an agent, but she's smart as hell, and a hard worker.

[ickyflex]

Originally posted by corsvette
No agent recommendations from me at all.

I've been shopping in the Kelowna to Coldstream/Vernon/Lake County areas. I've noticed a big price increase compared to last year, not sure whats driving it. Also, decent priced listings are snapped up quickly. Headed there next week and plan to talk to a few agents, I'll get some insight from them.

As per above,

a lot of it is people from Vancouver cashing in millions to go live in the valley instead.

[phreezee]

Originally posted by corsvette
I've been shopping in the Kelowna to Coldstream/Vernon/Lake County areas. I've noticed a big price increase compared to last year, not sure whats driving it. Also, decent priced listings are snapped up quickly. Headed there next week and plan to talk to a few agents, I'll get some insight from them.

Let me know what you find out! What type of property are you looking for, condo/attached/detached? I'm in the early stages so I want to figure out what fits into the budget. There are a lot of housing starts so I'm wondering if new would be better than used. But I wouldn't be opposed to a gut job with bigger lot.

Originally posted by ExtraSlow
A friend of mine is an agent out that way.
Erica Francis
http://www.century21.ca/erica.francis/

Haven't used her as an agent, but she's smart as hell, and a hard worker.

Thanks, I will look her up.

[zhao]

What's your budget, what's the property for, what kind of property do you ideally want, term you're looking to hold it for, etc? All that factors in huge towgat area you want.

Just saying most bang for buck is meaningless.

I grew up in Kelowna and just bought a property there last year so I can probably answer a lot of your questions. Imo you missed the boat but it's still close enough to shore it's not too late.

Depending what you're looking for I may have a real estate agent recommendation too. My guy was perfect for what I was looking for.

[phreezee]

Mostly an income property with a budget around ~$500k. A bi-level split for 2 suites would be ideal. It would be a long term hold so not worried about missing the boat.
By bang for the buck, I mean possible gentrifying communities, or fixer upper opportunities.

[asp integra]

Old buddy of mine recently started the Okanagan Real Estate Investment Group, Jason Moseley.
Worth a look up, really good guy.
http://okanaganreig.com/

[zhao]

Originally posted by phreezee
Mostly an income property with a budget around ~$500k. A bi-level split for 2 suites would be ideal. It would be a long term hold so not worried about missing the boat.
By bang for the buck, I mean possible gentrifying communities, or fixer upper opportunities.

I'd say GL finding a bi level split setup for 2 suites in that price range outside of an undesirable area. bi-levels are usually nightmares too to rent out; more headaches than any other property. You might find one in a decent area for over 500k though, but you'd have to convert it to 2 suites yourself for that price.

3 areas I like for long term in that price range.

1) anywhere off springfield road east of Ziprick. This area has massive yards, and lots of duplexes (that are on hugely deep lots, ideally you'd buy up both halves someday). Houses on the north side of the road will end up in the under 500k range The end game here is redevelopment the huge chunk of land into townhomes or whatever in 10-20 years IMO. This area is walking distance to mission creek park, and there is a trail along the creek 2 blocks in from springfield. it's somewhat central. Most things in this area are sitting on .2 acre lots.

The downside is rutland is universally known as the crappy part of kelowna, but they are turning around areas of it, and this area is on the fringe of it. It's also close to the mall and most of the area locals actually go for stuff they need for their daily lives. It is miles away from the lake though, so wouldn't make an idea vacation property.


2) Ellis, near the highway. this sleeply road is home to warhomes and older. some houses are designated historical buildings. This area is already desirable, but it should become the next Abbott street where it is more for biking and walking. That's the city's current hush hush plan for the next 10 years is what I was told by a property investor last year.

Houses south of the highway should be doable in the 500k range, I know i've seen stuff before in that price range there, but they're probably going to need a bit of work.

3) around the college campus. This is an expanding trades college (on KLO, between ritcher and gordon.) and IMO this area has an unique aspect to it. The college lets you rent to students during school months, and when the students screw off back home for the summer, it lets you convert it into a vacation rental for the summer. Houses in this area are definitely doable in the mid 400s and are from that 1960s era where they often have 4+ bedrooms. prices probably will never skyrocket here, but it's consistent rental income even if kelowna's market crashes (it has before)

I ended up buying in this area.



Other areas I'd consider that are no brainers if holding it as an appreciating asset is your goal.

4) The mission, anywhere. I grew up here and this area has always, and will always be the desirable area of the city. Yuppies and hipsters and retired hippies want to live close to downtown, but everyone else wants to live here. Property values in this area are always going to be higher then the rest of the city. Close to the lake is one perk here, plus away from all the tourists is another, plus being one of the view lush areas that isn't baking in the sun (problem with glenmore/dilworth area. that mountain area is like being in an oven under a magnifying glass). You are not buying a house for 500k in the mission though. You could however buy a couple older townhomes, or a couple condos, and those should rent for 1400+ each for 2 bedrooms.

What i dont like about this area is the rent you are collecting doesn't make sense for the price you paid for the property IMO, and its far away from everything. hipsters, yuppies, and retired hippies make up a huge population of the city now.

5) downtown, near knox mountain. this area has always been a shit area, as there is some industrial here and the land is dry as fuck. however, downtown is spilling out further and further. Last year I considered a house there that was basically a teardown, but it was 280k. why I dont like this area is the lots are actually tiny.

The industry is slowly closing up and going elsewhere, and this area could be a potential gold mine someday...... but it never has been and IMO it's a risky area. too many places that are definitely going to get torn down someday, and will be a money pit until that day. I'd say someday people owning land here will make a fortune..... but who the hell knows if that's 5 years, or 50 years from now.


quirks of the area:

- IMO stay the hell away from west kelowna, or any native land. It's just a bad idea. there are random pockets of land that are native controlled in the city too as far as I know, and you can probably spot these by the condos/houses being dirt cheap compared to everywhere else.

- watch for rent restrictions. plenty of condos/townhouses/etc are anti rent. some say rent is possible, but often the building only allows X units to be rented out, and there is a wait list a mile long. Houses in communities can be the same. 18+ and 45+ or 55+ or whatever is pretty common too in kelowna, and I'd avoid places like that.

Kelowna had a boom too, and some buildings are absolutely fucked, literally impossible to sell except to an idiot without a realestate agent that knows the area. There is a condo complex on lanfranco and gordon I'd stay the hell away from, very expensive when new, and a complete nightmare now. There are a bunch of condo towers downtown too that you should avoid, but any competent real estate agent that's been around for awhile should know all about that.

I personally avoided downtown as I was blown away a 350k condo I was looking at in a good tower was renting for 1400, when you can go buy a 220-250k condo somewhere else and rent it for that same amount, with less condo fees too.

[phreezee]

Awesome, thanks for the write-up!!

[suntan]

The Mission area is fucking beautiful. The best area of Kelowna.

[adamc]

no reason not to look in West Kelowna (Westbank)

grew up there, hopefully go back someday

[Kloubek]

I found the west side was nicest. But then, I was really looking for a natural setting. Mission is nice, but not nearly as natural unless you want to pay dearly. T9 me, the West was the best compromise.

I found that in some cases, many neighbourhoods were built with peculiar road structures due to the hill and rock formation. Obviously, only true in hilly areas.

Also for sizing a lot that in some cases the land was unusable. Either a big rock face or a hill far too steep to be useful. I went to a couple of properties which advertised a huge lot only to leave disappointed.

[zhao]

here is what I like:

https://www.realtor.ca/Residential/S...olumbia-V1W3R3

it's the 2 legal suite type place you're looking for that is already renting out, and it's within walking distance of the trades college.

I'm sure it needs some work, and it's on a busy road, but if it's a rental, whatever.


https://www.realtor.ca/Residential/S...olumbia-V1W1T3

This thing looks like a nightmare, but it's sitting on a fuckton of flat land (over a 1/4 of an acre) 1 block away from the Highschool i went to, and walking distance to two elementary schools. It should have 3 bedrooms 2 bath upstairs, and enough room downstairs for 2 bedrooms, 1 bath, a kitchen and living area.

It is the only house in the entire mission under 500k too. It's probably one of the shittiest houses around there though and it is on a busy road, and you can buy something better in other areas for less.


https://www.realtor.ca/Residential/S...olumbia-V1X4P3

Like this. This has the potential to be used for two suites also.


Also, carriage homes. The first and last property allow for construction of a carriage home, which means you can build a 3rd stand alone suite on the property. This may be a good option for you as it is something you can do in the future when you can afford it, and while I do not like the idea where the 3rd home is located, it makes total sense to me where the first home is. 3 separate suites on one property that cost 470k + 150-250k bringing in probably close to 4g in rent is attractive. I would verify the first house is zoned correctly to allow for it though... most adds for properties that allow for carriage homes include what it is zoned for as proof.

[zhao]

Originally posted by adamc
no reason not to look in West Kelowna (Westbank)

grew up there, hopefully go back someday

The problem with westbank is while around mission hill winery (worked there once)/ quails gate winery is a nice area, it is also way way above 500k for anything there and is stupidly expensive, so much in fact you might as well just buy in kelowna proper IMO.

Then the other area that's not native land is so far out to the west (off glenrosa rd), that you might as well live in peachland. You are not living in kelowna and you definitely aren't going to kelowna daily if you live out there. You might as well consider buying in winfield if you're considering buying that far out. It's pretty much like buying in cochrane and saying you live in calgary as far as I'm concerned. It's about 20km to cross the bridge and hit kelowna.


The native land is leased land too. Not a good long term investment IMO to buy property on leased land that reverts back to the band.

[atgilchrist]

I moved to Kelowna at the right time haha. I'm in the Lower Mission, on a flat 1/2 acre, and I bought for $375k haha.

For a realtor, give Todd Simpson a call, he and his team are excellent.

[ShermanEF9]

I grew up in the Glenmore area and have no complaints about it. we never had issues with crime or sketchy people. easy access to downtown and other areas of the city, but not close enough to deal with the traffic and noise.

[corsvette]

Originally posted by phreezee


Let me know what you find out! What type of property are you looking for, condo/attached/detached? I'm in the early stages so I want to figure out what fits into the budget. There are a lot of housing starts so I'm wondering if new would be better than used. But I wouldn't be opposed to a gut job with bigger lot.



Thanks, I will look her up.

I'm looking for an acreage, 6-700k budget. Just got back today. Found a few that check most of my boxes, having facilities for horses is pretty important. Drove up Salmon Arm way and actually really like that area too.

Here's a nice place, kinda what I have in mind.

https://www.realtor.ca/Residential/S...olumbia-V1B3H2