Kelowna Construction

[uzi]

Originally Posted by KelownaResident

A beautiful view of Kelowna from this past weekend.

they should do something about the Tolko site. they can build some highrises and some midrises on that site

[KelownaResident]

Originally Posted by uzi

they should do something about the Tolko site. they can build some highrises and some midrises on that site

I believe there would need to be some sort of cleaning on that site if it ever was to be used for any purpose other than industrial. Regardless, it is private property and I'm sure Al and Brad Thorlakson wouldn't let go of it easily. That mill also employs about 180 people.

[Phil McAvity]

Originally Posted by KelownaResident

I actually think right now is a great time to buy in Kelowna, considering the income one can generate from rent due to the extremely low vacancy rate.

Even with the high rents that accompany a microscopic vacancy rate, good luck making money from renting since owners have to pay the mortgage, interest, strata fees, insurance, and property tax.

[240glt]

Originally Posted by Phil McAvity

Even with the high rents that accompany a microscopic vacancy rate, good luck making money from renting since owners have to pay the mortgage, interest, strata fees, insurance, and property tax.

Making money on rental properties is not a get rich quick type of scenario. I own a couple in Edmonton, and the real payback is when you liquidate them. Unless you're paying cash for the property your margins will be fairly tight, you're really banking on the property increasing in value while the renters are covering costs, and hopefully you're getting some positive cashflow out of it. But if it's an older property that needs a lot of maintenance and repairs that's probably where your margin is going to go. I'd consider buying a rental property in the Okanagan because there is high demand and low inventory, and rental rates are high. I have one property for sale in Edmonton and I'd like to sell another one but the market is not good here right now. If I sell the first one I might put that into a rental in the Okanagan

[KelownaResident]

Deleted.

[Phil McAvity]

Originally Posted by 240glt

Making money on rental properties is not a get rich quick type of scenario. I own a couple in Edmonton, and the real payback is when you liquidate them. Unless you're paying cash for the property your margins will be fairly tight, you're really banking on the property increasing in value while the renters are covering costs, and hopefully you're getting some positive cashflow out of it. But if it's an older property that needs a lot of maintenance and repairs that's probably where your margin is going to go. I'd consider buying a rental property in the Okanagan because there is high demand and low inventory, and rental rates are high. I have one property for sale in Edmonton and I'd like to sell another one but the market is not good here right now. If I sell the first one I might put that into a rental in the Okanagan

Yes, I forgot to mention maintenance costs as well and there's no guarantee your property will increase in value so even when you go to sell you may still incur a loss

[240glt]

Originally Posted by Phil McAvity

Yes, I forgot to mention maintenance costs as well and there's no guarantee your property will increase in value so even when you go to sell you may still incur a loss

You're at far greater risk if you're flipping houses vs. holding them as long term investments. Long term trends in real estate show pretty consistent appreciation overall.

[Sheener]

Crane is up at the ELLA project.

[uzi]

property sold in Downtown Kelowna, Vancouver developer is aiming to build a highrise.
https://www.castanet.net/edition/new...-228436-1-.htm

[KelownaResident]

Brooklyn Rooftop terrace article:
https://www.castanet.net/news/Kelown...nge-scales-200


Will be interesting to see if they actually do pre-sales and whether construction begins with the current real estate climate.

[giallo]

Nice amenity, but yeah, let's see if this project even gets off of the ground to begin with.

[Phil McAvity]

This is exactly what i'm talking about:


https://www.castanet.net/content/201...m_p3316629.jpg

This is the downtown core of Kelowna and the tallest building is what? 5 stories? 6? It's absurd for a city that has ~200,000 people yet it looks like a quarter that size. The really bizarre thing is that the city has 14 buildings over 10 stories and not one of them is in the downtown core. Are you people starting to catch on now?

[240glt]

^ I’m not the least bit sold in the idea that taller buildings create better downtowns. In a lot of cases they make them worse, Edmonton being a case in point. It’s be nice to see more people living in the area to support businesses but at street level- where it’s important- Kelowna’s downtown is quite nice

[giallo]

Ella is 20 storeys, and it's going up downtown.

[KelownaResident]

Originally Posted by 240glt

^ I’m not the least bit sold in the idea that taller buildings create better downtowns. In a lot of cases they make them worse, Edmonton being a case in point. It’s be nice to see more people living in the area to support businesses but at street level- where it’s important- Kelowna’s downtown is quite nice

I agree with you. I don't think taller buildings make "better" downtowns. Looking at it objectively, here are some things taller buildings give:
-Larger shadows (think about this one carefully, we are in the Okanagan!)
-Blocks views (think about this one carefully too! yes, even the open skies matter)

On the upside:
-More people living/working in the area helps animate it
-Taller buildings usually mean something newer
-Taller and iconic buildings can give a sense of prestige

Personally, as a resident of Kelowna I do support taller buildings, even near downtown. Just not right at the waterfront. That area should be kept low/mid-rise (1-4 stories) so it stays sunny in my very humble opinion. For Kelowna specifically I think anything Ellis and further away from the shore is an excellent spot for densification. So Ella and Brooklyn are great examples. The proposed Westcorp hotel I'm not so sure.

[DKaz]

Originally Posted by 240glt

^ I’m not the least bit sold in the idea that taller buildings create better downtowns. In a lot of cases they make them worse, Edmonton being a case in point. It’s be nice to see more people living in the area to support businesses but at street level- where it’s important- Kelowna’s downtown is quite nice

I'm not sure how viable downtown Kelowna would be without the tourists. It's pretty quiet on Bernard Ave at least 6 months a year.

[Phil McAvity]

Originally Posted by KelownaResident

-Larger shadows (think about this one carefully, we are in the Okanagan!)

Big deal. Move a little and you're in the sun again

Originally Posted by KelownaResident

-Blocks views (think about this one carefully too! yes, even the open skies matter)

There's no views I enjoy more than city skylines though


Tall buildings downtown indicate where the business center is because as it is now, if I drove to Kelowna I would have no idea where to go if I needed some professional service whereas in most cities they are centralized in one area so people don't have to drive 2 miles to see their accountant then another 4 miles to see their lawyer and then another 3 miles to see their doctor and then another mile to see their financial planner. It's no wonder the city has such traffic problems

Tall residential buildings also help to lower crime

[240glt]

Originally Posted by DKaz

I'm not sure how viable downtown Kelowna would be without the tourists. It's pretty quiet on Bernard Ave at least 6 months a year.

That's true of most smaller towns that tourists visit in the summer though. It is pretty busy down towards the Grand though, as more residential development occurs

It's funny that you should mention downtown, tourists and viability though, Take for instance Kamloops, that is not really a tourist town, all its tall buildings are right in the centre, and it's pretty dead down there for the most part, even in the middle of summer. Kelowna is pretty bustling all over the place in the prime summer season.

[240glt]

Originally Posted by Phil McAvity

Big deal. Move a little and you're in the sun again


There's no views I enjoy more than city skylines though


Tall buildings downtown indicate where the business center is because as it is now, if I drove to Kelowna I would have no idea where to go if I needed some professional service whereas in most cities they are centralized in one area so people don't have to drive 2 miles to see their accountant then another 4 miles to see their lawyer and then another 3 miles to see their doctor and then another mile to see their financial planner. It's no wonder the city has such traffic problems

Tall residential buildings also help to lower crime

You need tall buildings to tell you where to get professional services ? That's a new one. Most people in any city need to travel to access professional services. The vast majority.. like 99% of people in the large cities don't live 2 miles from their doctor, lawyer and accountant.

Skylines are okay but if they are juxtaposed with natural scenery... mountains, beautiful lakes or ocean views, they are infinitely better

[VantageHD]

It's funny that you should mention downtown, tourists and viability though, Take for instance Kamloops, that is not really a tourist town, all its tall buildings are right in the centre, and it's pretty dead down there for the most part, even in the middle of summer. Kelowna is pretty bustling all over the place in the prime summer season.

It's funny you say that. I travel for work from Calgary through Kamloops down to Osoyoos on a regular basis and find Kamloops downtown much more lively than Kelowna's. July and August in Kelowna is great, but always blown away how much of a ghost town it is during the other 10 months.

I've always thought it might be that people who buy in Kelowna don't live there all year and maybe a large number of units sit empty? Or just older demographic that doesn't really go out much? Kamloops does have the bigger university which adds to their population during the off season with a younger demographic?

I don't know? But if you take Calgary's downtown (where I live). Large city with tall buildings, and the place is a ghost town after 6. Go figure.