January 20th, 2022 will be a day to remember for a while as it pertains to Tobiano real estate deals. That was the day realtor Andrew Karpiak of Kamloopsliving.com sold the most expensive lot in the history of the Tobiano Resort Development at 315 Holloway Dr. for $620,000.00.
The lot itself is one of the best, if not the best building lot in the entire Tobiano development as it is 0.41acre in size and sits on top of a bluff overlooking Kamloops Lake and is adjacent to the 15th green of the Tobiano Golf Course. What makes this lot so unique and rare is that we only have 18 of these lake view bluff lots and only one that borders the golf course.
The Tobiano Resort Development was originally opened up to the public back in the fall of 2006 with the release of a limited number of lots and the Lake Star townhouse development. Sales were spectacular through 2007 and part of 2008 as the developer released more and more inventory for sale.
There was a strategy whereby the developer would put 4 bluff lots on the market at a time and increase the price each time we released a new section of lots. The strategy worked pretty well until the global real estate crash in late 2008.
After 2008, the Tobiano development languished for a few years as it struggled to continue down its development path. It was at this point that the lot at 315 Holloway was first sold by the bank to a local resident. Since that first sale, it changed hands two more times before finally selling for $620,000.00 in 2022.
This recent lot sale is actually the most expensive single-family building lot to have sold in the entire Kamloops and area real estate board in the past three years. With such a limited supply of building lots in the Kamloops area, any future lot developments will likely be very expensive unless we can put out a large number of building lots at once to deal with the pent up demand.
There are a number of new building lot developments anticipated to come on the market in 2022. They are located in Juniper West, Aberdeen Highlands, Rose Hill South, Tobiano and Ord Rd.
RELATED LINKS
Are Ski Resorts The Next Best Real Estate Investment?
Comments(1)