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Kelowna's Water Street by the Park condominiums fly off market

Kelowna condos sell quickly

The Kelowna real estate market continues to roar, with local condo sales not only capturing the attention of buyers from across Canada, but also making national news headlines.

On July 29, Global News ran a story titled, “Developer of downtown Kelowna high-rise project says 1st tower sold out in 48 hours,” in reference to the successful launch of Tower One sales at Water Street by the Park, a three-tower residential development slated for downtown Kelowna.

The July 2021 figures just released by the Association of Interior Realtors show an 18% increase over last year in total condo sales in the Central Okanagan, with inventory levels down an average of 61.2% when compared to July 2020. That high demand, coupled with low inventory, helped to skyrocket the first tower of Water Street by the Park to extraordinary success, with 144 homes selling in just 48 hours.

Available for sale were one-bedroom homes starting in the mid-$300,000s, two-bedrooms in the upper $500,000s and three bedroom plus den homes starting around $900,000. And while the rapid sales numbers gained national attention, it was no surprise to Anthony Beyrouti and Apriano Meola, co-founders of Orchard Park Properties, which is developing the landmark, three-tower project.

“It was an incredible weekend for sure, with all 144 homes going under contract as soon as we launched, but it was something we anticipated,” said Chad MacTavish, sales director for ACE Project Management, which represents the development. “We have had over 10,000 people from across Canada register for Water Street by the Park, so we were confident this first launch would be a success. Anthony and Apriano’s vision captured everything that buyers want right now: a quality product, amazing lifestyle amenities, a great location and fantastic views. And buyers were waiting and ready to sign contracts the minute they became available.”

According to MacTavish, the demand for homes at Water Street by the Park was significantly greater than the number of available units for sale during the first tower launch. In response, the developers will be releasing the limited-edition Diamond Collection, comprised of 12 penthouse and sub-penthouse homes offering enhanced amenities and premium lake, city and valley views earlier than anticipated.

The second tower, The Eli at Water Street by the Park, which will be the iconic centrepiece of the three-tower development, will also be launching this summer and is already grabbing headlines as the tallest tower between the Lower Mainland and Calgary, reaching an impressive 42 storeys. According to registration levels, Water Street by the Park is already anticipating that The Eli will generate as much buyer interest as its predecessor, as local buyers and Canadians from across the country continue to show incredible interest in Kelowna real estate.

To learn more about Water Street by the Park and The Eli, visit www.waterstbythepark.com.

This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.

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