Here and there

Watermark Beach Resort, a $75 million four-star waterfront resort and hotel announced today rareEarth Project Marketing is launching its final phase of real estate. Before the downturn, rareEarth's first launch for the 153-suite condominium resort sold $52 million in real estate on one day in 2006.

One of the few recent success stories in the B.C. resort market, Watermark is built, financed and celebrating its first summer opening with 30% off room rates all summer and a limited selection of whole ownership, vacation suites starting at $295,900.

“We attribute a large part of our early success to rareEarth's ability to combine market research with effective marketing tactics,” says Glen Harris, developer of Watermark, “It's a completely different marketplace now, but the market research collected this year indicates Watermark will meet the demands of recreational property buyers in the summer of 2010.”

Research, released by rareEarth Project Marketing, reveals that the Canadian dream of owning a vacation home on the lake is still alive and well, and the sweet spot for what Canadians will pay is between $300,000 – $450,000. The Okanagan is still the most popular place to buy recreational property, followed by Vancouver Island.

James Askew, rareEarth president has been responsible for selling and marketing over 1.25 billion dollars of prime resort real estate sales in the Okanagan, Vancouver Island, the Sunshine Coast, and resorts across North America. rareEarth conducts research for its developer clients on the recreational and residential real estate markets as part of its sales and marketing methodology.

The four star luxury resort is located on 1000 feet of sandy beach just off the main street in Osoyoos. It was designed by award-winning Burrows Huggins Architects (Four Seasons, Whistler), with interiors by Coordinated Hotel Interiors Limited (Four Seasons Private Residences). The resort includes lakeside pool and hot tubs, one of the largest conference centres in South Okanagan, poolside wine bar, and fitness center, among other amenities.

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The Okanagan’s southern ski hill secured its financial future for the next two years. Mt. Baldy Ski Resort, located 35 km east of Oliver and Osoyoos, has reached an agreement with Quest and BDC (Business Development Bank of Canada) to extend its financing until Aug. 1, 2011 with an extension option to Aug. 1, 2012.

Mt. Baldy President Brent Baker says, “This agreement has a mechanism to release funds from imminent real estate sales to meet operational needs, while simultaneously providing a parallel repayment of underlying debt.” Mt. Baldy’s master plan calls for a number of real estate development areas adjacent to the ski area. Its newest real estate release, a “ski-to” and “ski-from” community named The McKinney, is located next to the future Upper Village Core. It is in the final stages of approval. The subdivision will include a condo/hotel, three condominium lots, a cabin-in-the-woods development, a bed and breakfast lot, and 22 gently sloping single-family lots. It was just a few months ago I was writing a story about the property for sale ands it seemed at the time that it really wasn’t the time for that property to change hands. I’m glad the owners have worked out this deal with their lenders.