Peachland home sells for $3M; almost twice as much as two years ago

An older house on 1.17 acres of land overlooking Okanagan Lake sold for more than $3 million in late August.

The $3.075-million selling price is almost double the $1.8 million it was purchased for in August 2021, according to BC Assessments, which valued the land last year at a mere $1.036 million.

“This multifamily development site presents an exciting opportunity to create an exclusive residential community with 18 townhouse units boasting unobstructed 270-degree water views and rooftop patios,” states the listing by William Wright Commercial realtor Josh Jawanda, who represented the buyer.

READ MORE: Creekside Kelowna land, motel for sale for $12 million an acre

The 2,979 square foot house was built in 1973, has four bedrooms, two bathrooms, according to BC Assessments, which valued the house at $271,000.

It’s located at 5971 Princess St., which is above Highway 97 south of Princeton Avenue in Peachland.

“The location’s natural beauty, proximity to amenities, and potential for architectural excellence make it a prime investment for developers seeking to meet the demands of a discerning market,” the listing says.

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