Kelowna Upper End Real EstateMarket

Most expensive MLS sale (2004) - $4 million (Lower Mission/Seclusion Bay)

Most expensive MLS listing - $6.4 million (North Glenmore)

Kelowna is on track to record its best year ever for sales of homes priced over $1 million. The previous record was set in 2003, when 21 such homes changed hands. In the first eight months of the year, 19 million-dollar-plus homes were sold - a 26.6 per cent increase over the same period in 2003 - virtually guaranteeing a new benchmark for 2004.

Baby boomers continue to be the primary drivers behind the activity as equity-rich homeowners trade up to larger or more expensive homes while conditions remain favourable. The most expensive home listed to date is a sizable acreage property, offering its own orchard and a large home in the North Glenmore area priced at $6.4 million. If purchasers are looking for a more traditional upper-end property, they may look to Crawford Estates, where a 26,000 sq.ft. mansion can be had for $5.58 million.

To date, the most expensive properties sold through MLS went for $4 million each - one was located on waterfront in Lower Mission, while the other was at Seclusion Bay in Westbank.

The most prestige areas in Kelowna continue to be Lower Mission and Dilworth Mountain Estates. Gaining in popularity are acreage properties that are particularly attractive to those with an affinity for horses and ranching. Purchasers are generally looking for turnkey properties, and very few are willing to compromise or adjust expectations in this price range. Ninety per cent of homes are now renovated in the upper end prior to being listed for sale.

Inventory remains tight in Kelowna. Yet, multiple offers have become the exception, rather than the rule. A substantial amount of large, custom homes are cropping up, particularly in the Upper Mission and Crawford Estates areas, primarily as a result of losses in last summer's fires. Most homeowners have chosen to build larger, more posh homes to replace those that were damaged or destroyed. Demand is expected to remain strong through to year-end and into 2005.

- Information taken from RE/MAX Upper End Market Trends Report 2004