Photo: Google Earth
UPDATE: 12:20 p.m.
Kelowna’s real estate specialist said the city got a fair deal on the purchase of the Lightbody home on Abbott Street.
The city bought the property, which will eventually be part of an extension to Strathcona Park, for $ 5.3 million. However, the estimate for 2021 was just over $ 3.4 million.
Ben Walker told Castanet News that the city had received a third party appraisal of the property before pulling the shutter on the purchase.
While valuations can give an accurate picture of a property’s worth, in this case, Walker says, it’s a bit askew.
“Remember, these are two separate lots. Someone could come in and buy the land, demolish the house, and sell the land as two lots,” he said.
“I would say with the benefit to the community we got good value for it.”
Walker believes that an acre waterfront property is pretty low valued at $ 3.4 million.
ORIGINAL 10:45 am
The City of Kelowna has purchased a piece of land on Abbott Street owned by philanthropist Wally Lightbody for future park expansion.
The city announced that it had purchased the property at 2302 Abbott for $ 5.3 million.
The funds for the purchase came from the cost program for the city’s income development.
The property will ultimately be used for the future expansion of Strathcona Park. It’s just south of the park.
Public access to the property will continue to be restricted as the previous owner will continue to rent the house in the city until it is developed.
“Improving public access to the waterfront along Lake Okanagan remains a priority of our land acquisition strategy,” said Mayor Colin Basran.
“This acquisition is in an important location adjacent to an existing public park and is an ideal opportunity to improve connectivity along the Kelowna coast.”
The Cape Cod style house was designed by Lightbody’s father-in-law, Dr. Walter Anderson, who is himself a noted doctor and philanthropist.
“I am pleased to know that this property will be shared with the entire community in the future,” said Lightbody.
“Kelowna is such an active city with a strong heritage, and I love living here. I am glad this property will add to this legacy for future generations. “
