Osoyoos' Newest Lakefront Resort Celebrates Summer Opening

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(BRITISH COLUMBIA) -- Watermark Beach Resort, a $75 million four-star waterfront resort and hotel recently announced rareEarth Project Marketing is launching its final phase of real estate in a provincial area known as Osoyoos. Before the downturn, rareEarth's first launch for the 153-suite condominium resort sold $52 million in real estate on one day in 2006.

One of the few recent success stories in the B.C. resort market, Watermark is built, financed and celebrating its first summer opening with 30 percent off room rates all summer and a limited selection of whole ownership, vacation suites starting at $295,900.

"We attribute a large part of our early success to rareEarth's ability to combine market research with effective marketing strategies," says Glen Harris, developer of Watermark, "It's a completely different marketplace now, but the market research collected this year indicates Watermark will meet the demands of recreational property buyers in the summer of 2010."

Research, released to the public June 28 by rareEarth Project Marketing, reveals that the Canadian dream of owning a vacation home at the lake is still alive and well, and the sweet spot for what Canadians will pay is between  $300,000-$450,000. The Okanagan is still the most popular place to buy recreational property, followed by Vancouver Island.

James Askew, rareEarth president, has been responsible for selling and marketing over $1.25 billion dollars of prime resort real estate sales in the Okanagan, Vancouver Island, the Sunshine Coast, and resorts across North America. rareEarth conducts research for its developer clients on the recreational and residential real estate markets as part of its sales and marketing methodology.

Its survey, conducted in late 2009 over the western provinces, examines buyer preferences of those who are currently planning to buy recreational property. 

Survey results include:

• 50% of western Canadians who do not have a second home are currently planning to purchase one in the near future
• 78% of buyers will only consider buying recreational real estate offering whole ownership
• 41% selected $300,000-450,000 as their desired price range
• 21% selected $450,000-$600,000 as their desired price range
• 60% selected the Okanagan when asked what location they preferred
• 95% said the Winter Olympics had no impact when deciding to purchase (42% selected probably no impact, 53% selected definitely no impact)
• 33% of potential buyers are purchasing mostly for investment
• 53% of potential buyers are purchasing mostly for their own use

"The statistic that 53% of buyers are purchasing recreational property for their own use bodes well for Watermark Beach Resort," Askew says.  "Buyers can use their suites immediately and start enjoying the south Okanagan lifestyle this summer while opting in or out of the rental program."

The four -star luxury resort is located on 1,000 feet of sandy beach just off main street Osoyoos. It was designed by award-winning Burrows Huggins Architects (Four Seasons, Whistler), with interiors by Coordinated Hotel Interiors Limited (Four Seasons Private Residences). The resort includes lakeside pool and hot tubs, one of the largest conference centers in South Okanagan, poolside wine bar, and fitness center, among other amenities.

Watermark Beach Resort rests along the shoreline of Canada's warmest lake in the heart of Canada's premier wine growing region. Often referred to as the "Napa of the North," Osoyoos is nestled in the heart of the South Okanagan, on the border with Washington State, and only 400 kilometers from Vancouver. Visitors to Watermark enjoy boating, watersports, hiking, golfing and wine tours. Shuttle service is available directly from Kelowna International Airport to Watermark Beach Resort, and takes approximately one hour and 45 minutes.

 

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