An Okanagan real estate developer is offering an investment opportunity in Vernon that it calls the best in the province.
Vita is a new brand of resort residences by Kevin Bird, president of West K Homes based in Kelowna. The 313 square-foot condo units are designed for trendy functionality in a compact space.
“Interest rates are now at an all-time low and with the current uncertainty of the global markets today, investing in real estate is your best investment solution with Vita being the leader in British Columbia,” said Bird.
Bird, along with real estate development partner Dennis Pirot, received a development permit from the City of Vernon to construct a 103-unit building on Lakeshore Road. The developers plan to break ground in the spring, and the move-in date is set for March 2021.
As an added incentive, Vita is offering 1 per cent financing over a five-year term. If interest rates go up during those five years, investors won’t be affected. A more detailed investment analysis is provided here.
The suites are equipped with stainless steel appliances, vinyl plank flooring, modern kitchen cabinetry and come fully furnished—down to the cutlery.
“When you purchase a suite, all you have to do is show up with your suitcase and enjoy the Okanagan lifestyle and the Vita amenities,” Bird said.
Those amenities include a gym, pool, pickleball court and the beach at Okanagan Lake just across the street.
Prices for the units range from $174,900 to $249,900. The average sale price of the units is $195,000 with a 20 per cent down payment of $39,000. A studio with no deck ranges from $161,900-$190,900. The most expensive units — ground-floor suites with a walk-out patio — cost as much as $234,900.
The residences are not micro units, but they utilize many of the same innovations that allow for high functionality in a compact space.
“They’ve used every nook and cranny to optimize the functionality for living,” Realtor Joel Ellams said last November.
A fully furnished show suite of the units can be viewed in Kelowna, directly across from the Orchard Park Shopping Centre at 1940 Underhill Street. The show suite is an exact replica of the units for sale in Vernon and is open from noon to 5 p.m. daily but closed Fridays.
For more information, email firstname.lastname@example.org or visit Vita’s website at ownvita.com.
To schedule an after-hours visit, call 250-826-7036.