Engel & Volkers Okanagan
947 Purcell Ct., Kelowna, B.C.
Asking price: $1,559,000 (Jan. 27)
Previous asking prices: $1,748,800 (June 12); $1,698,000 (July 5); $1,599,000 (Oct. 24);
Selling price: $1,345,000 (March 18)
Days on the market: 279
Taxes: $7,112 (2024)
Listing agent: Richard Deacon, Engel & Volkers Okanagan
The action
The living room has vaulted ceilings.Engel & Volkers Okanagan
It took a long time to sell because the out-of-country sellers wanted to price it close to assessed value, which didn’t line up with the market last summer, said listing agent Richard Deacon.
His clients purchased the house in 2017 but had never lived in the home. They intended to retire there and had been renting it out. Their plans changed, and they decided to sell.
“We suffered a little bit because we handcuffed ourselves a little with a slow start. That’s fine. It was a strategy,” said Mr. Deacon. “We had a couple of showings, and feedback was that it was very high [in price]. So, we pivoted towards a better price. I think this listing broke the record for showings that I’ve ever had, about 80 showings over the life of the listing, from June last year.”
The inspection had revealed some needed work. One oddity is the pool mechanics were stored inside the house’s furnace room. The buyers intend to do a major renovation.
What they got
The buyers intend to do a major renovation after an inspection had revealed some needed work.Engel & Volkers Okanagan
This Kelowna home sits on a third of an acre, with a large kidney-shaped pool, three-car garage and mountain views.
There are vaulted ceilings in the living room, an updated open-concept kitchen with quartz countertops and a wine fridge, new carpet and four bedrooms and five bathrooms. But the 5,500-square-foot home is badly in need of updates, with bathrooms and fixtures that harken back to the time it was built in 1993.
The agent’s take
The open-concept kitchen was updated with quartz countertops and a wine fridge.Engel & Volkers Okanagan
“A lot of it is original, with pink bathtubs, gold faucets. I had advised my clients it was a slippery slope because they weren’t here. If they could do these renovations themselves, it’s one story. But it was not practical, and I couldn’t see the market would bear them spending $200,000 on updating this house, because that’s what it needed,” said Mr. Deacon.
“It’s also a very good lesson for people, in a market that’s shifted, to not be swayed by friends and think they can get more for a house. If a realtor recommends a certain price, you should probably listen.”
The deal completed on March 31.