Ungaro Albrecht Courtney & Associates
1480 Richmond St., Kelowna, B.C.
Asking price: $829,900 (Sept. 26)
Selling price: $831,900 (Oct. 18)
Previous selling prices: $540,000 (2017); $395,000 (2007); $287,000 (2005); $151,500 (1996)
Days on the market: 22
Taxes: $3,772 (2024)
Buyers’ agent: Richard Deacon, Engel & Volkers Okanagan
The action
The corner lot bungalow is in a popular urban neighbourhood in Kelowna, close to downtown.Ungaro Albrecht Courtney & Associates
The buyers’ agent Richard Deacon said about 30 parties viewed the house, and the listing agent received two offers. After some negotiation, Mr. Deacon’s clients won the bid. They intend to use the property to live in as well as an investment home. The property has a basement suite and a studio suite in a converted garage. There is also future redevelopment potential.
His clients are a young couple in the tech industry.
“This listing attracted an insane amount of activity,” said Mr. Deacon. “We wrote an offer the following day, and we were up against somebody else.”
The inspection revealed repairs were needed so they reduced the initial offer by $9,000, said Mr. Deacon. Despite the reduction, the sellers were still willing to work with his buyers.
The inspection was also complicated by an insurance claim due to a leaking dishwasher, which made it tricky for the buyers to get final mortgage approval, Mr. Deacon said. There was some back and forth.
What they got
The bungalow, built in 1966, is 2,294 square feet, and there are five bedrooms and three bathrooms on the property.Ungaro Albrecht Courtney & Associates
The corner lot bungalow is in a popular urban neighbourhood in Kelowna, close to downtown.
The property has been rezoned for redevelopment that would allow a sixplex on the lot. The bungalow, built in 1966, is 2,294 square feet, and there are five bedrooms and three bathrooms on the property.
The house has laminate flooring and a deck. The studio outbuilding has air conditioning and shared laundry.
The agent’s take
“Over the last five years, you could have bought these houses in the $400,000 to $600,000 range and now it’s the $800,000 range, so they’re too expensive for most small or medium developers. If it was a [land] assembly it would be a different story,” said Mr. Deacon.
The sale completed Dec. 4.