Much has been said about "The Rise" a Vernon BC real estate development in the Okanagan Valley since the project was announced and initial real estate products were scooped up in a frenzy. LEONA SNIDER - CEO, THE RISE is quoted on the real estate development home page: "It's an experience like no other, to see your dreams come true. This has been a long standing dream of mine." Both the perception and the reality of real estate in North America is much different today than it was in 2005. As recently as last Thursday I was reading stories that discussed The Rise (see below) Today, we announce an accepted offer to purchase the property and the project.
After many months of work and negotiation, Scott Davidson -REALTOR with Century 21 Executives Realty Ltd. and Bill Hubbard, Broker Owner of Century 21 offices in Vernon, Kelowna and other Okanagan locations announce that a deal has been reached. "With the removal of the financing conditions, and the seller ceasing to be obligated to any other offers to purchase as of yesterday - the deal became as firm as it can get in a transaction requiring court approval- which is the only hurdle left at this time." said Davidson - the buyers REALTOR(r)
The offer - details of which remain confidential, will be the source of much speculation and coffee talk in real estate offices and within the local trades. "What I can say, and would like to stress is that the purchaser insisted on presenting an offer that more than covers the debts. We want the trades to know we intend to continue with the project and we will need you to create saleable real estate on this land" said Davidson. With that, it would seem that the torch of "The Rise" will indeed be passed into hands that will continue to nurture its promise and possibility to fruition.
Just last week Jim Sutherland of the Globe and Mail. wrote:
"Leona Snider can pinpoint the Great B.C. Land Bust to the day: September 9, 2008.
Until that fateful date, it looked as if the 19 years of work that she'd put into her dream would finally come to fruition. The Rise, her 735-acre hillside development-"the most beautiful spot in the province," she says-was the first anywhere on North America's west coast to incorporate a winery component. Above the home sites, climbing toward a mountaintop plateau, was a designer golf course; below, on Lake Okanagan, a private beach club. Estimated build-out: $1 billion. On the day sales opened in 2005, 40 of 53 home sites on offer were snapped up in 90 minutes."
Project lender Calgary-based Arres Capital, backed out of the project on September 9th and within weeks, Snider was in court seeking bankruptcy protection for approximately $50 million in liabilities.
For more information about Okanagan Real Estate, please feel free to visit us online at TheOkanaganRealEstateHub.com or DevelopmentsOkanagan.com Click here to subscribe to our blog or follow us on Twitter @RealEstateHub
See you online,
Brell ~ Brenda Ellis REALTOR with TheOkanaganRealEstateHub.com @ Century 21 Executives Realty Ltd
(250)550-2161 Direct Dial
(250)549-2103 Office Reception
1-877-227-4073 Toll Free
(250)308-4310 SMS
Century 21 Executives Realty Ltd.
2907 - 32nd St.
Vernon, BC V1T 5M2
Comments(0)