Million dollar milestone
JANUARY 2007 — VOLUME 5 ISSUE 1
Real estate values at Sun Peaks have reached a record high after a home at the resort recently sold for well over $1 million.
Although there have been previous listings of chalets in Sun Peaks at around $900,000, the recent sale of the ski-in, ski-out property in Sundance Estates, an exclusive subdivision at Sun Peaks, marks the first time single-home property prices have reached more than $1 million.
The resort hasn’t witnessed such a real estate benchmark since the sale of Trappers Landing, a 40 unit townhouse and condominium development that sold all units within a swift six hours for a total of $17 million during the spring of 2004.
The recent sale that topped $1,500,000 represents a milestone for Sun Peaks, says Lark Frolek-Dale, spokesperson for Re/Max Alpine Resort Realty Corporation.
“There are a good number of homes at Sun Peaks that are of equal or greater value. However, Sun Peaks is such a young community that there have been no re-sales of this value, making this sale noteworthy,” Frolek-Dale says, adding “The sale’s not surprising, but does inspire confidence and we expect values to continue to increase as the resort grows.”
Sun Peaks expands each year as more real estate developments including homes and hotels are constructed. And according to Peter Nixon, head of real estate development for Sun Peaks Resort Corporation, the resort is scheduled to double in size within the next four years with the addition of the East Village.
This year Nixon says another new project will be launched close to where the second village is slated to be situated. Beginning in late January, a luxury duplex subdivision located just off of the 15th hole of the golf course will be available for sale. These new homes will offer around 2,300 sq. ft of living space and are expected to sell for about $750,000 each, adds Nixon, a price that reflects the current real estate market at the resort. Nixon points out property values are expected to increase, particularly now that the $1 million bar has been set.
Nixon notes this is good news for potential homebuilders at Sun Peaks because while construction costs are going up, the resort is also seeing increases in prices compensating for the rise in the cost of building. A house selling for such a sum is positive for everybody, Nixon explains, including those who’ve already invested at Sun Peaks and people who are still contemplating buying property at the resort.
“To be seeing million dollar homes being purchased at Sun Peaks, for people who have bought up here [they’re] certainly seeing appreciation in their homes,” comments Nixon. “It’s setting a new benchmark from that perspective. This has [generated] quite positive comments. I think we knew the day was coming, but it was a matter of when—it certainly puts us on the radar screen, puts us more into the big league.”
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