The Regional District has decided to implement an affordable housing project in Naramata BC. A first of its kind here in the South Okanagan. Naramata is a very desirable place to live. Home to many vineyards and wineries this quaint town has a charm of its own. In the small downtown we will see 18 townhomes come up for sale. The Regional District defines affordable housing as “10% below appraised value”. There will be a covenant on title stating that each preceding owner must sell the units for 10% below the currently appraised value for 7 years. The Regional District also holds the first right of refusal to ensure the prices remain “affordable.” This will be located on Ellis St across from Naramata Centre.
These Naramata homes will be 3 bedrooms or 2 large rooms and a den up, 2 baths up and 1/2 bath down. Equipped with en suites and walk in closets, an over-sized single car garage and visitor parking. The units should be about 712 sq ft per floor for a total square footage of 1424 with a full unfinished basement. Boasting 9ft ceilings and flooring includes laminate, and carpet. The complex will be family and pet friendly, rentals allowed. The units should be comparable to Skaha Bluffs at the South end of Penticton. This project will be built by Wildstone a well known, reputable local builder. Disclosure should be filed soon, ground has been broken (leveled off) and the name as of today should be “Naramata Court.” Estimated price point should be mid $300,000’s after the 10% reduction. Schoene appraisals will be doing the appraisals.