Tranquille (Padova) Real Estate Development, Kamloops

Tranquille, also known as Padova is located at the eastern bay of Kamloops Lake. It is a beautiful piece of real estate that has been sitting vacant and overgrown for numerous years and it’s future has often been questioned. Recently the Kamloops This Week reported that plans are in the works to develop this site. I have included the article written by Melissa Lampman below detailing those plans.

After years uninhabited, worn and dilapidated buildings and mounds of overgrown vegetation are the only things still visible on the site of the historic Tranquille Sanatarium. But looking through the eyes of the property’s owners, it’s the beginning of what will one day be an extraordinary agrarian resort town.

BC wilderness Tours, owner of the property since 2000, shared it’s vision  this week. Estimated at $1 billion by completion, Tranquille on the Lake will be built around a 300-acre farm and feature eco-friendly and sustainable lifestyles. “We want to develop it into something we have never seen in the past,” said Tim McLeod, the company’s development manager. “We think it’s world class, we think it’s unusual and it’s in Kamloops.”

After getting the nod from the City of Kamloops, the plan is to design an entire town of about 4,000 people around a state-of-the-art organic farm, including greenhouses and a vineyard. The town will include lake shore pathway systems, a public beach, a marina, a five-star hotel and a mix of single and multi-family housing that’s affordable for most people.

“It’s not going to be gated. It’s not for the rich and famous – it’s for Kamloops,” McLeod said. The plan includes construction of 1,200 to 1,800 units at an average of 1,000 square feet, each designed so that 80 per cent of the sites remain as green space. In designing the town, the developers plan to use healthy building practices, such as recycled and energy-efficient materials, as well as incorporating solar and geothermal technologies. “It will take about 15 years to build entirely,” he said. “But we’re doing it for the love of healthy and healthy living.”

However, there are many inherent challenges – and Phase I is expected to cost about $100 million. Among the priorities is building a new water-supply pipeline, getting rid of the $1.5 million worth of asbestos, eliminating all lead paint and dismantling most of the existing site.

McLeod said the developers will restore and reuse as much of the original buildings and infrastructure as possible, including the old fire house and some of the cottages as well as fully restoring the sunken gardens and cemetery. “It’s going to take $5 to $6 million to take the town apart,” he said, adding they will be working with the historic society. “We’ve got quite a complex site…but we’ll be retaining it’s history and preserving it as we move forward.”

Phase I is slated to begin in the spring with other developments getting underway in 2010.

More information can be found here: Tranquille on the lake

Open House Weekend: February 28 & March 1, Kamloops Real Estate

Open houses this weekend will be in Aberdeen, North and South Kamloops and Westsyde.

Saturday, February 28th: 1073 Selkirk Ave, North Kamloops: 11:30-1:00

1073 Selkirk Ave, North Kamloops home for sale3 bedroom rancher in North Kamloops. Large kitchen with eating nook. Numerous updates include furnace, central air, windows, siding, hot water tank, paint, newer floors and updated bathroom to name a few. Fully fenced on a corner lot. $259,900

Saturday, February 28th: 105 Chestnut Ave, North Kamloops: 1:30-2:30

103 Chestnut Ave, North Kamloops3+2 bedroom, 2 bathrooms. Lovely property adapted with innovation by DW Builders ideal for your family dream home. Bkyd is charmingly landscaped w/grape vines, gardens, fruit trees & cedar shed. Brand new furnace, C/air, 2 gas F/P’s, jacuzzi tub & newer laminate for all the comforts of easy maint living. $319,900

Saturday, February 28th: 693 St. Paul Street, South Kamloops: 3:00-4:00

693 St Paul Street, South Kamloops2+1 bedroom, 1 bathroom Bungalow. One of the cheapest single family homes in the area. Den and bedroom in the basement. Bring your updating ideas. $214,900

Sunday, March 1st: 2410 Abbeyglen Way, Aberdeen: 12:00-1:30

2410 Abbeyglen Way AberdeenLarge, fully finished basement entry in Aberdeen home with 5 bedrooms, den & 3 full bathrooms. Living room, family room and formal dining room on the main floor. Fenced yard. 2 gas fireplaces, central air, central vac & underground sprinklers. $398,000

Sunday, March 1st: 755 Garnet Road, Westsyde: 2:00-3:30

755 Garnet Road, Westsyde2+2 bedroom, 2 bathroom single family home in Westsyde. Updated throughout including new kitchen. Sits on a large lot that could be subdivided. $349,900

For up to date Kamloops and surrounding area home real estate listings click here.

Featured Property: 1969 Kechika Street, Juniper Heights, Kamloops

1969 Kechika Juniper Heights Home For Sale

Juniper Heights or Juniper Ridge is a community located 10 minutes south east of the Kamloops downtown core and sits above Valleyview. Juniper Heights is a great family community Kechika Juniper Ridge Kitchenwhere children of all ages can keep busy with outdoor activities. There are no stores in Juniper, but there are plans in the works to develop a small commercial area.Kechika Juniper Ridge Back Yard

This Juniper Heights home is located in Juniper West. 3,100 square feet in size, and is beautiful inside and out. This three bedroom bungalow has two dens and three full bathrooms. There is a fully Juniper Ridge/Heights Home For Salefinished basement with a rec room, games room, den, bedroom and utility room. This property also has a two car garage with concrete driveway, fully fenced yard with exposed aggregate patio, central air conditioning and underground sprinklers. Priced at $489,900, this property is well priced and won’t last long. Many comparable homes in this area are listed for well over $500,000. Call me anytime to view this beautiful home.

To view other Juniper Ridge listings click here.

Should You Sell Or Rent Your Kamloops Home?

Many home owners today in Kamloops are wondering whether they should sell or rent. Homes are on the market for a longer period of time. More homes listings are expiring and many homeowners are getting frustrated with the recent decline in Kamloops real estate prices. I have heard numerous times in the past few months “I am going to rent my home for a year and sell it at a later time”. This plan works in theory, but when you dig deeper the rate of return on capital makes keeping the property a poor investment depending on the numbers.

Capitalization rate is a measure of the ratio between the net operating income produced by an asset (real estate) and its capital cost (the original price paid to buy that real estate) or alternatively its current market value. I have found a capitalization rate calculator that indicates “Rent” or “Sell” once you input the numbers for your property. This calculator makes the decision very straight forward. Unless you are receiving around a 5.7% rate of return, holding on to a property and renting it is not beneficial to you according to this calculation.

Click here to try the Rent or Sell calculator.

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