Kelowna Real Estate Blog – Paige Guernsey

Is this price on a Kelowna townhouse for real?

Posted by paige on November 10, 2010 | No Comments

This seller has been reducing their price by $2,500 a week and it’s getting a lot of attention.  Already a great deal at $241,500 the price for this lofted townhome includes 12 months worth of strata fees!  The last 2 recent sales of these popular lofts was $255 and $265K in early summer 2010.  The fantastic thing about #207-2350 Stillingfleet Road, is that you can potentially save over $140 per month on your housing cost due to the fact it’s on a leasehold land.  Let me explain… some people will shy away from leasehold property because the property usually has a monthly lease cost and that concerns them. Consider this: this same townhouse on freehold would cost somewhere between $300 and $310,000.  The difference between these two in cost is about $60,000. The lease payment is $170 per month and the mortgage on that $60,000 is over $309 or $140 more!  The lease is held by 2 local and well known Kelowna families and most banks will fund in this complex. 

$140 x 12 = a week in Mexico… or just sit around your own pool! An interesting train of thought for sure. 

Talk to you soon…

Paige