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Kelowna mansion worth $6.5 million going up for auction

Click to play video: 'Okanagan real estate: Luxury home sellers turning to auction'
Okanagan real estate: Luxury home sellers turning to auction
Much like the current weather, the Kelowna real estate market is red hot. So hot that one Kelowna homeowner is selling their $6.5 million home at auction, with no reserve bidding – Jul 13, 2021

Much like this summer’s heat wave, the Kelowna real estate market is red hot.

For a quick temperature check, according to the Association of Interior Realtors, the benchmark house price in the Central Okanagan hit a record $915,100 in June.

Last year in July, it was $697,700. It’s a huge increase due to high demand and low inventory.

Read more: Multi-million dollar Kelowna home on the auction block

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While the market may show some signs of slowing, according to Royal Lepage’s Kent Simpson, the luxury home market is still going strong.

Proof of that, says Simpson, is one of his listings on Hobson Road in Kelowna’s Lower Mission neighbourhood.

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Hobson Road is a secluded enclave of established wealth, with large homes on generous lots.

It’s one of the city’s most desirable locations, and now one of its premier properties is up for grabs to the highest bidder.

“This is Avanti on Hobson, arguably one of the best homes in Kelowna,” Simpson told Global News during an exclusive tour of the home that’s currently listed at $6.49 Million.

The Mediterranean-inspired mansion features 22-foot cathedral ceilings, has seven bedrooms and nine bathrooms — all spread out over 10,000 square feet.

Throw in a pool, two garages and an incredible custom-designed kitchen, and Simpson says Avanti on Hobson is Okanagan extravagance.

“This home was built for entertaining and really it’s all about the wow factor at every turn,” Simpson said.

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“It starts with the backyard, (the) pool spilling over to a sports bar. Of course, you have the harvest table, outdoor kitchen, nano-wall system that opens up, bringing the outdoors in. Every feature you could think of for Okanagan living.”

Avanti on Hobson is one of the nicest homes on the block and it’s about to go up on the block — the auction block that is.

Auctioning high-end homes is becoming increasingly popular amongst luxury home sellers.

Click to play video: 'Okanagan Dream Home Auction'
Okanagan Dream Home Auction

“It’s certainly expanding and the hot market has something to do with it,” said Daniel Lambert of Precision Real Estate Auctions.

That hot market has the homeowners putting it up for auction, with Lambert in an open-bidding process with no reserve bids.

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“The strong market, we felt that there was a low level of risk in this for them. And the owners agreed, and so we are going to go unreserved,” Lambert explained.

“It’s an exciting thing for the buyers as well, because there’s an opportunity to get a deal on a fantastic property like Avanti.”

The Avanti on Hobson auction goes for four days, starting Aug. 16, with the home sold to the highest bidder on Aug. 19.

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