The real estate market in the Central Okanagan is booming like never before.
Potential buyers are being forced to compete for what little inventory Kelowna has, but three new development projects will soon flood the market with extra homes.
Public interest in the projects has been immense, according to developers.
“We’ve seen an unbelievable response. We’ve had 7,000 people signed up, giving us their information to get interest in the product,” said Anthony Beyrouti, Orchard Park Properties’ co-founder.
“We are hoping to go on sale any day now, maybe next month.”
With thousands of inquiries for the 650 units at Water Street by the Park, Beyrouti says he can’t wait to get shovels into the ground by the end of this year.
“We are already seeing a transformation in the area, where Global (Okanagan) is, where we are,” said Beyrouti.
“The area is more vibrant now and when we get going, we think it’s only going to continue and we are very excited to have a positive impact on the community.”
Nearby, the Mission Group has opened pre-sales for its second residential high-rise coming to its project, The Block on Bernard Ave and Bertram Street.
“The pre-sales for Bertram is 85 per cent sold,” said Luke Turri, Mission Group’s vice-president.
“There has been a very strong demand.”
Meanwhile, the other residential high-rise, Brooklyn Tower, now sits at 95 per cent of pre-sales sold, according to the Mission Group.
The Mission Group’s Aqua Waterfront Village, in the mission area of Kelowna, will soon be coming on the market.
“Aqua Waterfront Village we are just finalizing our approvals, so we are definitely focused on that. We are looking forward to sharing more information on the sales launch, later this summer,” said Turri.
Aqua Waterfront Village is proposed to be built on the existing lot of the Aqua Boat Club.
The project is touted as a resort community that will feature 154 lakefront homes.