Penticton Real Estate – Condo Market

What should you know about the Penticton Condo Market?

There is still a lot of HST, PST rebate buzz and developers are still trying to sell their new homes on the market. Since the implementation of HST, the appeal of new construction has faded. While developers sit on their completed projects with additional costs, buyers are choosing to wait or pursue resale options.

Some deals to look out for…

One notable mention is 75 Martin St. These guys are tired of carrying these products and will work with any potential buyer. This development is my personal pick as it is close to the beach and a lot of professionals have chosen this as it fits their lifestyles. I have to add a friend of mine calls these the Divorce apartments because anyone selling a higher end home and is now of their own will choose this location, close to the classy pubs and across from the lake. Easy to stumble home or relax by the pool.

Another is the Skaha Breeze 28 units left! Left I say then how many of these have sold???   2 at higher prices incentive being offered. They will take a 5% hit…..on the already reduced prices. I said it before and I’ll say it again – no lake views…..don’t expect those outrageous prices, only 2 sold. I am not surprised. I am dreading viewing their 4 show suites again….another wine draw will be in order to get the Realtors to attend….again. and 4 show suites is that because the developers had to purchase the suites themselves to keep the banks off their backs??? just asking! I know they are pretty but where’s the meat and potatoes??? Lake views and amenities?? none

How about Government St. First off the location is not desirable at all…..who wants to live on Penticton’s busiest street???  and pay HST on top of that?? no thanks. Upstairs living, hauling all those goods up a  flight of stairs to overlook a busy yucky street. Nope not for me. These will go to out of towners and I’ll put money on that, but it won’t be money for a commission on this project.

Skaha Bluffs….where to start?? They have been for sale for a few years now or at least it feels like. Another busy street. Higher end products. How many are left? Originally priced at…..now selling for….

Kinney….2 left its a 4 plex that’s been for sale for 2 years, you know the good ones are gone and you know someone paid too much for them now that they are priced % below original sales achieved.

Alysen Place I have touched on as they have gone so far that they are now in foreclosure.

Another project coming our way is the Green ave project by Bruce Dilley….still, don’t know the price point on these but they are right across from a high school….

240 wade ave still being sold and this has gone on since early 2009.

The Hamlets…..still for sale…