When purchasing a multi-level home, aging homeowners and their family members are often faced with a common challenge: how to navigate the stairs. Home elevators offer a great solution to maintaining your independence and adding convenience and value to your property. With this in mind, Shelter Bay Developments has introduced the New “D” Elevator Plan. This is an incredible 2,450 square foot home featuring a home elevator that is accessible from all floors, four large bedrooms and 3.5 bathrooms, plus a huge 569 square foot roof top terrace and a spectacular view of Okanagan Lake. This Kelowna town home comes with side-by-side double car garage, open concept living plan, luxuriously finished with exposed wood beams, and high-end appliances and fixtures. Just imagine the ease and convenience of hauling heavy loads from floor to floor by taking your personal elevator and avoiding the stairs. Life is so much simpler with an elevator!
Due to the overwhelming demand for our next phase we decided to make available seven more units, including our new D Elevator plan.
Please feel free to contact us if you have any questions. Better yet, come visit in person and experience Shelter Bay firsthand. Please call Jody at 1.855.742.5555 to arrange a private viewing.
As developer of Shelter Bay, I’m often asked what happens to home values as the remaining lease term declines. I can best answer that question by looking at the values in three projects that our company has developed.
We developed our first residential community on First Nations land in 2004: Halcyon Meadows, 224 detached homes in Chilliwack. This was on a 99-year prepaid lease, of which there are now approximately 81 years remaining. Since 2005 the average home value has increased by 228%.
Our second residential community on First Nations land, Clover Creek in Chilliwack, was built in 2007. There are currently approximately 70 years remaining on the lease. Since 2011 the average home value has increased by 137%.
We are nearing completion on a 285-home development on First Nations land, The Cottages on Osoyoos Lake. There are approximately 88 years left on the lease. Recent sales show that values have doubled since 2014.
As you can see from the above examples, values on leased land tend to track with the values on freehold land. As the price of freehold homes increase you can expect leasehold lands to increase as well.
Eric Van Maren
Co-managing partner Shelter Bay Partnership