— One-day sale in Vancouver for Osoyoos condos nets $52 million —
(OSOYOOS TIMES — October 11, 2006) —
Developers of the Watermark Beach Resort proposed for the old Osoyoos packinghouse site sold more than 70 per cent of the 153 units in the condo resort at their October 4th sales event in Vancouver “ for a total of $52 million.
That means at least 108 of the condos were sold at the one-day sale at the Pan Pacific Hotel, likely for an average price of up to $470,000 each.
The developers say they sold the units to resort home buyers and investors from Vancouver, the Okanagan, Calgary and Edmonton.rnThey say the appeal of the Watermark, which will be one of the largest resorts in the South Okanagan, is its location and its ownership structure which allows buyers to purchase the property as a vacation home and when not using it, they can put it into the rental pool to be run by Boutique Hotels of B.C.
James Askew, the project's marketing manager, says, Watermark fulfils the three essential criteria that savvy real estate buyers look for in a property: prime waterfront location, the opportunity to generate revenue to offset ownership costs, and long-term appreciation potential.rnThe developers say at least one firm “ Hedge Property Investments, of Calgary “ bought a number of suites.
Hedge is acquiring multiple units at the Watermark, which has everything an investor is looking for: it's a four-star accommodation on prime beachfront property, with every imaginable amenity both on-site and within walking distance, that a vacationer could ever want, says Hedge partner Cheryl McCaughan.
The Watermark Beach Resort includes 153 suites in a four-storey main building and five smaller beachfront townhouse-style buildings. It will feature an 1,800-square-foot outdoor pool, hot tubs, a restaurant and patio, a poolside wine and tapas bar, a fitness club and spa, a 200-person conference centre, retail stores along Main Street, and underground parking. Furnished one-bedroom units are being advertised for sale from the mid-$300,000s and furnished two-bedroom units from the mid-$400,000s.
People who had expressed interest in the Watermark's luxury condo units by putting down a $5,000 deposit were eligible for the October 4th sales event in Vancouver. They met there with the developers, architects, interior designers, sales representatives and bank representatives.
Buyers have signed a sales contract, and the money that has been put down on their units will be held in trust, with the final sales contingent on the development receiving its financing and the Town approvals and building permits.
Representatives of the developer and the Town of Osoyoos have been meeting in recent weeks to iron out details on issues such as public access to the beach, development of a shoreline park and walkway, prohibition of a boat dock, and proper traffic flow and storm-water drainage. Town officials say talks are going well on these issues.
