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The Grove: Going, Going, GONE! Townhome Community Sells Out Pre-Construction

Mar 16, 2016

The Grove: Going, Going, GONE! Townhome Community Sells Out Pre-Construction
Vancouver may hog the headlines when it comes to real estate in BC, but the active Kelowna market has grabbed the attention of local buyers. In a mere six months, The Grove Townhomes in North Glenmore have sold out; an accomplishment that occurred largely in the pre-construction phase and with no show home to speak of. A venture of Kelowna-based Ocorp Development, the 52 unit project owes its success in part to its desirable location.

The Glenmore community offers an ideal combination of rural and urban living. With easy access to walking trails, dog parks, and playgrounds, the community is flush with greenery & quietly secluded from the hustle and bustle of Kelowna�s most high traffic areas. By the same token, residents at The Grove will be walking distance from schools and the Glenpark Village Shopping Center; all while a short drive from the downtown core, the Kelowna International Airport, & major retailers.

There�s no doubt that price is one of the main factors that influences the decision to purchase a home. Recent reports from the Okanagan Mainline Real Estate Board (OMREB) revealed that the average price of a home in Kelowna increased by 16% in the last year. Condos and townhomes saw an increase of 18% and 7%, respectively, with low inventories available for each. The Grove offered a selection of two and three bedroom townhomes. Priced at $359,900, the two bedroom inventory was sold within 4 months. The last of the three bedroom units were sold for $399,900.

A brand new, quality-constructed home in the Okanagan under $400,000 is a rare commodity to begin with. With the recent introduction of a waived property transfer tax for new homes below $750,000, it�s no wonder that buyers at The Grove were eager to secure a unit as either a personal residence or investment property. At the height of sales, the developer received up to five offers in one day. Commenting on the project�s success, Don Warkentin, founder of Fortune Marketing (the agency hired for sales & marketing of The Grove along with Opal Consulting), remarked: "When you consider the prime location, the superior construction, and the standard inclusion of high-end finishings, the pricing is excellent. Purchasers could clearly see the value for their dollar.�

Construction of The Grove began in February 2016, with completion of the first 18 homes scheduled for August of this year. Following the enormous interest in The Grove, Ocorp Development will now consider developing the adjacent parcel of land for residential use. The skyrocketing prices in Vancouver & elsewhere in major Canadian cities have underscored the urgency for first-time home buyers and investors to enter the market before it�s too late. Comparatively, Kelowna seems almost too good to be true, offering affordable housing in a four season playground. Fortunately for locals, it�s true, and The Grove is the proof.

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About The Grove Townhomes-
The Grove by Ocorp Development is a collection of 52 townhomes nestled in the desirable Glenmore neighbourhood of Kelowna, BC. Adjacent to the Glen Park Village Shopping Center, The Grove is comprised of spacious, well-designed two and three bedroom floor plans. Past projects by Ocorp Development include Mosaic Kelowna in Glenmore and The Ridge at McKenzie in East Kelowna. thegrovekelowna.ca

About Fortune Marketing-
Kelowna-based Fortune Marketing specializes in consulting, branding, marketing and sales for new construction residential developments in the Okanagan. Allowing developers to focus on the construction process, the team at Fortune designs, implements, and manages the entire marketing and sales program necessary for the success of a real estate project. fortunemarketing.ca

Company Contact Information:

Company: Fortune Marketing Inc.
Contact Name: Kate Nestibo
Contact Phone: 778.484.0045
Contact Email: [email protected]
Company Website: fortunemarketing.ca
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