First Annual Commercial Building Awards

The Okanagan Mainline Real Estate Board Commercial Zone is looking for
nominations for its first annual Commercial Building Awards which will be held November 5, 2009 at the Delta Grand Okanagan Resort and Conference Centre.

The gala event will highlight the best in commercial building in OMREB’s jurisdiction - from Peachland north through the Okanagan to Revelstoke - and will celebrate the best in commercial building projects that were completed between January 1, 2008 to September 1, 2009.
“we are pleased to be recognizing the unique variety of quality commercial, industrial and investment real estate developments throughout the Okanagan Mainline Real Estate Board,” says Gary Bowker, Vice Chair, Commercial Zone.

There will be at least nine categories represented at this event, although more could emerge once the nominations close in September. The categories are: Mixed Use, Community - Seniors Housing, Community Institutional, Retail, Industrial, Multi-Family Apartment, Multi-Family Townhouse, Hospitality, Commercial Renovation-Restoration. There will also be a “Judge’s Choice” award for best of show.

Nominations need to be received by OMREB by September 30, 2009. Eligible projects can be selfnominated. Nomination forms are available through the OMREB website: www.omreb.com

Sponsorships of the event are the Canadian Western Bank, Interior Savings, FortisBC Inc. and
Terasen Gas.

Men are from Mars and Woman are from Venus, but somehow they both buy homes.

When it comes to the home buying process, there are some definite differences between how men and women approach it. Some recent findings of a consumer survey that tracked the gender preferences of more than a thousand home buyers turned up some interesting facts.

Here are some of the highlights:

Women may be inclined to make up their mind more quickly than men
· When asked how long it took before they knew their home was "right" for them, almost 70 percent of women had made up their mind the day they walked into the house. (62 percent of men)
· Men needed two or more visits: (32 percent vs. 23 percent of women).

Women would rather live closer to their extended family than to their job
· 55 percent of women find it more important to be closer to their extended family to their job ( compared to only 37 percent of men). A home's security is a deal-breaker for both men and women
· 64 percent of women said if they found the home of their dreams but had concerns about its security, they'd no longer be interested. More than half of men agreed (51 percent). Couples say that "no one wears the pants in the relationship" in terms of major financial decisions
· When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70 percent of respondents living with their significant other said it's actually mutual. Men and women tend to agree on how they would use a spare room (Sellers are you listening?)

When asked how they would use an extra 12 x 12 room if it could be anything they wanted, men and women agreed on the top three most popular, and very practical, responses:

· Additional Bedroom: 25 percent
· Office/Study: 15 percent
· Family Room / Den: 11 percent

Call your Vantage West Agent and we can help you find that Safe/secure home closer to extended families, all you will need to agree on is what to do with that extra room.

Joel

BC Home Sales Brightest Light in Economy

BCREA Forecast Update - Third Quarter 2009

August 27, 2009. -The British Columbia Real Estate Association (BCREA) released its Forecast Update for the third quarter of 2009 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to climb 15 per cent from 68,923 units in 2008 to 79,400 units this year. This brings us just below the ten-year average of 82,800 units. Residential sales in 2010 are forecast to rise an additional 6 per cent to 84,200 units. For comparison, a record 106,310 units were sold in 2005.

“After 12 months of significant volatility in BC’s housing markets, greater stability is expected through 2010,” said Cameron Muir, BCREA Chief Economist. “Robust housing demand is a strong signal that the economy is coming out of the recession, with a recovery in the broader economy expected to develop over the next three quarters.”

“Home sales have doubled since January, with prices edging higher in Metro Vancouver and Victoria in recent months,” said Muir. The average annual MLS® residential price in the province is forecast to reach $451,200 in this year, down 1 per cent from a record $454,599 in 2008.

“Market conditions vary depending on the region of the province,” added Muir. “While the Metro Vancouver and Victoria markets have rebounded sharply, interior markets are demonstrating a more gradual trend toward balance between supply and demand.”

The Penthouse with “Big City Swagger”

“Big City Swagger” available in the Okanagan

An ultra chic “Hard rock style” Penthouse is being sold high above Okanagan Lakes deep waters.

Picture an ultra chic, Las Vegas penthouse – cut right out of the Hard Rock Hotel – and hung high above Lake Okanagan’s deep waters.

Vantage West Realty recently listed a home fit for a rock star in Sunset Waterfront Resort just down from Prospera Place. Kelowna has seen an emergence in style – exemplified in this custom-designed 3,750 square foot double suite, originally built in 2006 and listed for the first time since construction.

“This is a special property that combines the best of both worlds,” said AJ Hazzi, Director of Vantage West Realty. “This is a unique opportunity to show people that Kelowna has more than one speed – and properties that capture all the style and glamour of the world’s most exciting cities.”

The view from this Sunset Drive residence encompasses all of Kelowna’s traditional beauty – anunobstructed view of Lake Okanagan, picturesque mountains and glorious sunsets. But the visioninside this newly listed property is something rarely seen in the interior of British Columbia – a glimpse of Las Vegas flash, with an ostrich-leather pool table, fused glass and metallic flooring and eight flat-screen televisions.

A rising percentage of high-end homeowners are turning to Vantage West to find and move the type of places that cater to a very specific home-buyer. They’ve been a beacon of change – focusing on being responsive to the demands of a style migration that’s been sweeping the city.

Kelowna is attracting interesting and successful people from around the world – entrepreneurs,professional athletes and high-profile celebrities who appreciate the region’s natural beauty. Withinternational style and flair gaining hold in the Valley, the value of a property like 1902-1128 Sunset Drive is on the rise.

Style has come to Kelowna – and its here to stay.

http://www.vantagewestrealty.com/details.php?id=111

Greg Norman and a $1-Billion Golf Resort and Winery in Peachland

Legendary golf professional Greg Norman and Norm Porter CEO of Treegroup Developments unveiled a $1-billion golf, winery and housing development for Peachland on Monday.

With 425 acres on the south-eastern slopes of Pincushion Mountain, Ponderosa will have a 7,100-yard championship golf course, winery, hotel, golf academy, tennis courts, amphitheatre, trail system and 2,200 housing, units ranging from 10% affordable housing to single-family homes, townhouses, condos and villas.

Treegroup Developments Corp. bought the Ponderosa Golf Course in 2007, but received a stalled development application. With a few additional purchases the company bought surrounding property and added 138 acres through a joint venture with Westbank First Nation. The signature golf course will be capable of hosting world-class golf tournaments and other major events, said Treegroup CEO Porter.

When Norman‘s team inspected the property, VP Jason McCoy told Porter: “We‘ve designed and developed 60 to 70 golf courses around the world, and this is one of the most spectacular properties we‘ve been on.”

Norman, stated it‘s “I completely concur with what Jason said. This is a magnificent piece of property, it’s like the Napa Valley and Lake Tahoe comes together.” Greg Norman aka The Shark continued to say “It really is, when you think about the wineries you‘ve got here, the lakes, the beautiful vistas and the Ponderosa pines. It‘s just a combination of everything. Very rarely do you get that anywhere in the world and you have it right here,” “From our perspective, we‘re very, very fortunate to be involved here because this will turn out to be a gem, no question about it. We look where the growth corridor is going. If you look where Kelowna is now and West Kelowna, it‘s a very fast growing part of Canada.”

The goal is to open the golf course in the late spring of 2011 and have the first residents move in early in 2011.

Contact Vantage West with any questions info@vantgewestrealty.com

BC Housing Market Exhibits Balanced Conditions

Vancouver, BC – August 14, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 53 per cent to 10,051 units in July 2009 compared to the same month last year. After six consecutive months of rising home sales and declining inventories, the province moved into balanced conditions in July, the first time since April 2008.

"Record home sales in Metro Vancouver and Victoria propelled the province into balanced conditions last month,” said Cameron Muir, BCREA Chief Economist. “While conditions in many interior markets are getting much better, their reliance on the struggling resource sector and a recent spate of forest fires have contributed to a more gradual pace of improvement."

Year-to-date, MLS® residential sales dollar volume declined 10 per cent to $21 billion over the same period last year. A total of 46,380 units were sold in the first seven months of 2009, down 6 per cent from 2008, while the average MLS® price declined 4 per cent to $451,758.

Housing Sales Improve and Market Shows Signs of Stability

Kelowna, BC - July 9th, 2009 The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported June 2009 sales activity of all MLS® property types continued to improve with a total of 438 sales – increasing by 15% from 381 sales in May and up 23% from 356 units sold in June 2008. While single family residential units sold in May increased by 16% from June, sales improved by 35% from this time last year – up from 189 units to 220 in June compared to the 163 single family units sold in June 2008. Brenda Moshansky, OMREB Director and REALTOR® in the Central Zone said “The year-over-year sales activity improved significantly this month and unit sales remain relative to 2000/2001 levels. Signs of greater market stability are helping to stabilize prices as we slowly move towards more balanced conditions,”

“Improved affordability and low mortgage rates are pushing unit sales higher and reducing inventory as first-time buyers continue to enter the market. However, banks are tightening up qualifications for financing and there is only so much home a first-timer can buy. “While we are still lagging behind the Lower Mainland where the condo market is recovering faster and the change of ownership is creating a lot of activity as sellers move out and up, we could see similar movement in the coming months,’” she adds, “especially as BC – the Okanagan in particular – continues to attract retirees, the largest demographic. The overall market is expected to strengthen once consumer confidence comes back and buyers are more comfortable with their personal economic situations.” Moshansky notes, “If a home is priced well, it will sell. The guidance of a REALTOR® to help determine market value in this competitive marketplace is important for both Buyers and Sellers.”