July 2007 — VOLUME 5 ISSUE 7
Mastery in design
directs development
Vacations are something we want never to end, and many of us are now buying into that dream and purchasing recreational property.
As with any real estate investment, we all know location is important, but one developer at Sun Peaks believes a strong foundation in design is also key.
The success of any resort is all about design, says Frank Quinn, developer of around 16 real estate projects at Sun Peaks.
“With money spent on design you end up with a centralized village,” he says, which in this case is not only configured around an 18-hole golf course but also at the base of three mountains, a primary consideration for winter use.
“The ability to ski-in and ski-out at as much as 90 per cent of the resort development is done by placing the lifts in a manner that maximizes ease of use,” Quinn notes, saying the well thought-out placement of amenities adds to the overall resort experience, attracting investors because there’s logical infrastructure in place. These aspects, Quinn says, contribute to the ongoing confidence in buying property at the resort that, over the past 12 years, has resulted in over $400 million in investment.
When people enjoy their vacation and the lifestyle the resort affords, they want to spend more time here, causing Sun Peaks to excel from a real estate standpoint.
“There are a lot of different developments out there for recreational property—everywhere in B.C.—and what drives the success of one resort over another is the quality of development,” Quinn says, explaining people are initially buying into the outstanding design effort.
The appealing architecture and cohesive design is due to the foresight of owner Masa Okubo and the diligence of Ecosign Mountain Resort Planners Ltd., who started with a vision in 1992 when the resort was purchased, turned it into a blueprint and formulated a master plan.
“That whole group,” Quinn explains, “spent millions of dollars before a single shovel was put into the ground on designing what Sun Peaks was going to look like.”
The master plan covers an extended time period, stipulating the development of the resort in terms of architecture, structure and the infrastructure for the next few decades.
“Okubo’s business model is built around long-term sustainable development,” continues Quinn.
Bev Wassen-Hunter, a Kamloops resident who recently purchased a recreational property at Sun Peaks, says she loves the design and the fact the resort replicates European-style architecture. She says she’s been studying the real estate market here for awhile, and the consistent increase in new developments, property values and visitors influenced her decision to buy.
“I love seeing all the new construction—it can only help,” Wassen-Hunter says. “I think it’s affordable and it has a very good reputation as a resort. The people I talk to on the chairlift love being here, they love the atmosphere.”
Price can also be a selling point, and at Sun Peaks the market has already reached many milestones, seeing some single family properties sell for $1 million or more. But an economic boom and a hot real estate market province-wide is not the sole reason for property prices undergoing a steady rise, says Quinn.
“This is a marketplace where supply is controlled,” he says, pointing out this method protects investors. “The reason they [Sun Peaks Resort Corporation] do that is they know if they control demand and let the product out slowly, they’re going to see a consistently rising market that will be able to absorb changes in the real estate market in other places.”
Quinn believes buying at Sun Peaks is a good long-term investment because of the quality of the carefully designed and well-planned layout, but notes, “I always say to people don’t buy recreational real estate because you think you’re going to make money—you probably will—but buy it and enjoy it.”
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