Managing broker says demand for recreational homes is strong
Two new developments announced this month will bring more inventory of condos and townhomes to Sun Peaks.
Altitude, announced Dec. 3, is from A&T Project Developments who have a long history of building in the village, including recently finishing Village Walk and Echo Landing.
The new project will be located in the East Village on the site of the previously planned Elevation project which did not go ahead.
However, Altitude is different from the previous plan, offering 40, two and three bedroom condos and townhomes, similar to Echo Landing, across four phases. The units feature storage and their own hot tub hookups at a ski-in and out location.
In the West Village, Meranti Developments has announced the third phase of Peaks West, their first project of this size in Sun Peaks, will be available for sale in early 2021.
While the first two phases featured two and three bedroom condos and some commercial space, the third will be made up of 14 larger townhomes.
They will feature oversize garages, two decks each and room for a family.
Both developments are offered for sale by Sotheby’s International Realty Sun Peaks.
“Pricing has been steadily rising across the market, and we are seeing an increase in sales across all types of real estate, including single family homes, townhomes, condominiums and undeveloped lots,” wrote Sotheby’s managing broker Gianpiero Furfaro in a release.
“In addition to healthy local demand, Sun Peaks is experiencing an uptick in interest from recreational and vacation real estate buyers coming from other parts of British Columbia, Canada and internationally.”
He explained he expected pent up demand for housing, but the speed at which the market has rebounded was a surprise.
“As we entered the second quarter of 2020, we expected a delay in home buying and selling given the uncertainty brought on by COVID, but we foresaw pent-up demand. We did not anticipate the velocity of the market rebound, or that the rebound would occur so soon after the initial onslaught of the pandemic.”
Furfaro added the Burfield West project, by ISENX, in the West Village is now 50 per cent sold and expected to be completed in the first quarter of 2021.
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