Anacapri homes close to downtown but do not require downtown price to own one

If you could live in a brand new development that is only a few minutes from downtown Kelowna, and you would have to pay $250,000 less than you would if you actually purchased downtown, would you do that?

It sure makes sense to Jeff Anderson of Vantage West Realty, who believes the perfect option can be found at an upcoming development called Anacapri. It is a 90-unit, six-storey condominium building located between the growing and desirable Landmark District and the established Capri neighbourhood.

And you do not have to pay three-quarters of a million dollars to own a two-bedroom, one-bathroom home there like you would if you were downtown. Anacapri’s prices for those homes start at $449,000, and its most affordable cost is just $329,900.

“We’re still at a very large disconnect between where we’re at for price point and where downtown is right now,” Anderson says. “Where I always look for opportunities is if something’s selling for this astronomical amount, what are the outlying areas selling for? They should be relative to the area, but they’re not.”

The Kelowna housing market is also starting to rebound after months of rising interest rates, and homes like those found in Anacapri are proving to be the most popular kind of housing people are seeking. Inventory is decreasing relative to the number of sales, so the absorption rate has dropped to under six months.

Anacapri will be located on Belaire Road at Chandler Street, which means it will be a short walk, drive, bike or scooter ride to downtown, which will soon be the location of UBCO’s new secondary campus. It will also be just seconds away from Capri Centre Mall, which is slated to undergo a massive transformation as part of Kelowna’s official community plan. Anacapri will be right in the middle of the action.

In addition to nine- and 10-foot high ceilings in the units, large windows and floor-to-ceiling sliding doors will let in plenty of Okanagan sunshine, and the units will also feature luxury quartz countertops, soft-close cabinetry and wide-plank laminate flooring in the kitchen. The building will also feature a gym and multi-function, community lounge.

Anacapri is a fantastic and convenient opportunity for young adults who are attending UBCO. It could also work for parents, who might want to sink some of their money into real estate and have their kids live there while they’re getting a post-secondary education.

There are studios, one-bed-one-bath, two-bed-one-bath, and two-bed-two-bath homes still available at Anacapri, which will offer smart door locks, thermostats and optional window coverings, as well as parcel lockers, all controlled through an app on your smartphone.

The entrance to the underground parking garage will be situated on the corner of the building, away from most of the homes, and everyone who buys at Anacapri will get a parking spot. EV charging stations are an option as well.

Anacapri is scheduled to be competed in 2025, and that means all you have to do to own a home there is put down 10%. There is no mortgage payment, no property taxes and no strata payment until you are living in your wonderful new home.

“It’s really more affordable for anyone who's looking to get into the market,” Anderson says.

You can register for Anacapri on its website here.

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