Thomson report

I have written about this development many times. Some things were actually positive in the beginning and then all of sudden no one was talking. I write of the Lakestone Resort in Lake Country. The very expensive infrastructure was completed and then things just stopped. A Vancouver development company, 20/20 Properties was the builder on the 248 hectares of lakeshore property. The company had hired Michael Hurdzan to design the 18 hole 6800-yard golf course (par 70) and it was to be ready in the second half of last year.

There it sat until my phone rang yesterday and I was told by a reliable source that the Lakestone Resort site has been or will be after due diligence by developers Bob MacDonald and Derek Trethewey. A deal was pending. They have been partners on many projects here. The Cove Resort in West Kelowna, the Outback Resort in Vernon and The Lakes in Lake Country.

But my source dug a little deeper and reported back that the deal was now completed. MacDonald Lakeshore Properties is buying ten lots and no doubt honoring the agreements reached on ten other properties.

It is not quite official yet but certainly a good buy for a developer looking for the right land in the Okanagan.

The President and CEO of Canadian Utilities, Nancy Southern of Calgary, owns two of the previously purchased lots on the lake. A member of the ATCO Group of companies, Canadian Utilities Limited is a Canadian based worldwide organization of companies with assets of approximately $9.9 billion and more than 7,500 employees.

This is great for Lake Country because the property is so valuable and a real asset to the community.

Macdonald Development Corporation is a private, family-owned company that has been delivering exceptional properties to the market for more than twenty-five years. Established in 1983, the company is focused primarily on developing multi-family condominium projects and single-family subdivision communities. Since 1990, MDC and its subsidiary companies have delivered over 4,000 high-quality homes and properties to the public.

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It was good news from the East when it was announced that a Canadian businessman had beat the odds and out bid everyone to buy the Paul Henderson hockey sweater at auction last week. The winning bid came from Mitchell Goldhar, the owner of the SmartCentres shopping centres in Canada.

Paul Henderson's legendary hockey jersey fetched well over US$1 million at auction. The winning bid of US $1,067,538 was submitted by Mitchell Goldhar, the owner of SmartCentres, a private Real Estate development company based in Vaughan, Ont., north of Toronto. Marc Juteau, president of Montreal area-based Classic Auctions, says Goldhar's bid was the 42nd entered for the 38-year-old red and white jersey.

This is the same man who about ten years ago was leading an effort to purchase the Marshall Feed Lot to build a Walmart store on the property. His company at the time was First Pro Shopping Centres and they had an arrangement with the international retailer to build their new stores in Canada. That deal continues today. First Pro Shopping Centres also had shown much interest in a new shopping centre for Penticton on native land
That also was a difficult negotiation. He has since built a SmartCentre in Vernon. SmartCentres have developed over 210 shopping centres across Canada in the last 16 years. That’s about 40 million square feet of retail space.

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Predator Ridge has released a fractional housing enclave called The Tips.

It's so named because of its location behind the back tees at the second hole of the Predator Ridge golf course.

The Tips will include a total of 96 fractions spread across eight units starting at $58,900.

The fully-equipped two-bedroom homes will feature granite countertops, hardwood floors, as well as access to a pool, hot tub, patio, and barbecue -- and use of a golf cart to get around the resort.

For the first 18 buyers, there is a choice of either two sets of custom-fitted TaylorMade golf clubs or a complimentary golf getaway at the resort.

For more information, visit (www.predatorridge.com).

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Extended warranties are generally not worth the expense, says Consumer Reports magazine. Negotiate the cost and never buy a warranty that costs more than 20 per cent of the item's purchase price.

Always ask about terms and conditions. Read the contract carefully before saying yes.

Even so-called blanket coverage does not include everything.