SOPA Square Back On Track As Condo Sales Improve

During November, overall sales in the Central Zone were up 3.1% — to 331 units from 321 in 2013. Total residential sales for the month declined 4.9% to 290 units compared to 305 last year at this time. The sale of 146 single-family homes was down 8.2% over the 159 in November 2013. However, apartment sales improved by 18.2% over last year at this time.

Year-to-date, total unit sales improved by 21.3% over last year (to 5,061 units from 4,174). Single family home sales are up 15.3% compared to 2013 (to 2,361 units from 2,047), while the sale of townhouses improved by 30.9% (to 766 from 585) and apartments by 33.6% (to 973 from 728).

The 581 new listings taken in the Central Okanagan during the month saw a 2.7% increase compared to 566 in 2013, and total inventory was reduced by 15.8% to 3,141 units from 3,729 last November.

SOPA Square Update – December 2014

In August 2013 Epic Real Estate Solutions Inc. was awarded the contract to manage the marketing and sales of the planned residential Tower and Townhomes at Sopa Square, located in Kelowna’s vibrant South Pandosy neighborhood.

In December 2013 Sopa Square was placed in Receivership by one of the projects lenders. From August to December 2013, our team got to know purchasers and potential buyers of the project. Our team has received many requests for information, with the most common question being “What’s happening at Sopa Square?” Epic is not currently contracted to manage the marketing and sales for the project, however the following is a summary of public information available at the Ernst & Young website.

In 2014, Ernst & Young acting as the Receiver completed the Phase One commercial components of the project. Early in 2014 an affiliated company of the Aquilini Investment Group, an established Vancouver based real estate developer expressed interest in the community and spent the ensuing months working through a process to acquire the property with court approval. The Aquilini Investment Group established a “floor price” that they would be willing to pay for the project, however to maximize the potential return to the creditors (who petitioned the Receivership) a process involving Colliers International to market the project en bloc to other potential buyers was proposed. On December 4 2014 the BC Supreme Court approved the bid process. On December 8th 2014 Colliers Real Estate began a 45-day marketing process to solicit potential purchasers for the project at a price greater than the “floor price” offered by the Aquiliini Investment Group and accepted by court. In this process should a new buyer be located and willing to pay a price higher than the “floor price”, then the Aquilini Investment Group’s offer would be set aside. However, should no offer or an offer less than the “floor price” be received, then the Aquilini Investment Group’s offer would be accepted and a step by step process would be initiated to issue title to the property.

The winning bidder could receive title in the winter of 2015 with marketing and sales of commercial spaces and potentially residential presales staring in the spring of 2015.For more information contact Mark West at 1.866.679.3742 or email mark@epicres.com

Leave a Reply