Luxury Okanagan Valley real estate sells at auction

Luxury Okanagan Valley real estate sells at auction

On Behalf of Porter Ramsay LLP | Jul, 31, 2019 | Real Estate Law

With home prices the way they are, more and more sellers are having to get innovative to sell their properties. That is especially true when it comes to high-end real estate. A couple in British Columbia’s Okanagan Valley got creative recently to sell their multi-million dollar home, which had been sitting on the market for some time.

With the bang of a gavel, the couple’s home — located in Penticton — sold at auction for $6.38 million. The lakefront home, which is on a little more than one acre, also has its own private beach. The home itself is more than 9,000 palatial square feet. It has nine bedrooms and 10 bathrooms. The residence was first offered on the market more than three years ago for nearly $8 million. 

After having enlisted the help of a luxury market real estate company, the home was primed to be offered via live auction. The unusual and creative way to offer the home for sale was given the stamp of approval by the homeowners who were motivated to sell after other marketing attempts had failed. The entire process took about a week and went to the highest bidder.

British Columbia’s Okanagan Valley is home to a number of luxury properties. Whether these homes are being bought or sold, a real estate lawyer can offer guidance and advice when it comes to all real estate transactions. Contracts must adhere to the letter of the law, and a lawyer can be involved in the process from the contract to closing.

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