Much like this summer’s heat wave, the Kelowna property market is scorching hot.
For a quick temperature check, the benchmark home price in Central Okanagan hit a record $ 915,100 in June, according to the Association of Interior Realtors.
Last July it was $ 697,700. It’s a huge increase due to high demand and low inventory.
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Multi-million dollar Keowna house on the auction block
While the market may show some signs of slowing, the luxury real estate market is still going strong, according to Royal Lepage’s Kent Simpson.
Evidence of this, says Simpson, is one of his entries on Hobson Road in Kelowna’s Lower Mission neighborhood.
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Hobson Road is a secluded enclave of established wealth with large homes on generous lots.
It is one of the most desirable locations in the city, and now one of the best properties is available to the highest bidder.
“This is Avanti on Hobson, arguably one of the best homes in Kelowna,” Simpson told Global News during an exclusive tour of the home, which is currently listed for $ 6.49 million.
The Mediterranean-inspired mansion has 22-foot cathedral ceilings, seven bedrooms and nine bathrooms – all on an area of 10,000 square feet.
Add a pool, two garages, and an incredibly bespoke kitchen, and Simpson says Avanti on Hobson is Okanagan extravaganza.
“This house was built for entertainment and it’s really all about the wow factor around every corner,” said Simpson.
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“It starts with the backyard, (the) pool, which turns into a sports bar. Of course there is the harvest table, the outdoor kitchen, the nano wall system that opens up and brings nature in. All the functions one can imagine for life in Okanagan. “
Avanti on Hobson is one of the prettiest houses on the block and it will soon be climbing the block – so the auction block.
The auction of luxury real estate is becoming increasingly popular with luxury real estate sellers.
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Okanagan Dream Home Auction
Okanagan Dream Home Auction – June 28, 2019
“It’s certainly expanding and the hot market has something to do with it,” said Daniel Lambert of Precision Real Estate Auctions.
In this hot market, the homeowners put it up for auction with Lambert in an open bidding process without reserve bids.
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“In the strong market, we felt that this was a low risk for them. And the owners have agreed, and so we will leave without reservation, ”explained Lambert.
“It’s exciting for buyers too, as there is an opportunity to receive an offer for a fantastic property like Avanti.”
The Avanti on Hobson auction lasts four days, beginning August 16, with the house being sold to the highest bidder on August 19.
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