The 2017 Kelowna luxury real estate market is booming and with strong sales, there has been large increases in property values in the Okanagan Valley. So the question is, what does 1 million dollars buy you these days?
When you think of 1 millions dollars, it seems like a lot of money. Thinking back when it seemed outrageous for property to cost that much, it is now the reality in our market. Kelowna luxury real estate is in high demand which is forcing prices to go even higher.
Now jump back 20 years to 1997…
When Leonardo DiCaprio was the “king of the world” in Titanic and Spice Girls were heating up the charts, the Kelowna Luxury real estate market meant something very different than it does now. A home in Kelowna for one million dollars was an anomaly. In 1997, there were only only 2 sales over 1 million dollars for the entire year. Back then, a Kelowna waterfront home on Hobson would only cost you mere 1.2 million. Now that that same waterfront property would be worth over 3 million dollars and that is just for the land.
Now let’s go back only 10 years ago to 2007…
While the launch of the very first Iphone is was making headlines along with the news of crashing US real estate market, the Kelowna luxury real estate market had certainly seen an increase. There were 203 sales over 1 million dollars back in 2007. Back then, one million dollars would buy you a large 4200 square foot family home in Crawford Estates in Upper Mission, on a half acre lot with an inground pool. That home now would now be worth nearly 1.5 million.
Jump to 2017, our current market…
So what does 1 million dollars buy you today? With the increase in Kelowna luxury real estate market, you may think there is no chance of getting what you want. The good news… one million dollars still gets you a great home in Kelowna. Currently listed with Quincy Vrecko and Associates at 999 000, 455 Lakepointe is located in a cul-de-sac in the award winning community of Kettle Valley in Kelowna’s Upper Mission. This family home was built in 2013 and offers over 3900 square feet, 5 bedrooms, 4 bathrooms, built in 2013 with top of the line finishings.
Over the last 20 years the Kelowna Luxury real estate market has changed dramatically. What history will tell us, is that real estate is a good investment. With the ups and downs in the real estate market, property values in always increase over time. When buying a home in Kelowna or the surrounding area, it is important to use the services of a professional real estate agent. This can ensure you are making the right investment for the next 20 years.
Quincy Vrecko and Associates are one of top real estate teams in Kelowna. With a group of licensed professional real estate agents specializing in a wide range of real estate including Kelowna Luxury real estate, family homes in Kelowna and area, condominiums and townhouses, new builds and developments and recreational property.