(VERNON, BRITISH COLUMBIA, CANADA) — The Rise announced June 1 that Land Launch Project Marketing has been selected to market the existing real estate inventory in its established neighborhoods. Land Launch was the first to bring liquidation style selling to the Okanagan with its recent sale for the Kelowna Mountain project.
As a result of the worldwide recession, liquidation real estate sales are a growing trend as several successful blowout sales have been conducted in Vancouver this year. One such sale for the Omni Development Group sold more than 350 condos in eight weeks. Liquidation sales work when a developer has large inventories and can justify large discounts.
Land Launch moves to The Rise after four record sales years at Predator Ridge where most recently they sold out two phases of the Osprey Green town home project in 2008. Land Launch has selected to work with The Rise because the resort development has the type of product that is selling today: liquidation priced property.
“We have received more interest for our Kelowna liquidation sale than we have for all other campaigns this year,” says Greg Lowe, president of Land Launch Project Marketing. “In three weeks, we have had $10 million in sales. We are at The Rise to achieve the same level of success.”
In October 2008, The Rise, a 735-acre development with master plan approval for 1,200 units, was listed for sale with Marshall MacLeod of CB Richard Ellis in Vancouver. In December 2008, The Rise was awarded protection from its lenders and creditors by the Supreme Court of B.C. using the Companies Creditors Arrangement Act for a period of nine months. The developer is currently operating the resort and the completed golf course while it works through its financial difficulties.
“Today’s real estate buyer is savvy and demands deeply discounted pricing,” says Lowe, “With the financial situation the developer is in at The Rise, now is the time for great deals. A new owner, with an improved capital structure, is not likely to be as motivated to offer large discounts.”
Marshall MacLeod, of CB Richard Ellis, reports that, “we have a number of qualified buyers seriously considering the opportunity to acquire The Rise.” He further indicates that he expects to have a contract in place soon.
The resort’s $14-million Fred Couples Signature Golf Course has been open for the season since April and it is generating rave reviews. Recently, Score Golf magazine named The Golf Club at The Rise a nominee for its 2009 Best New Golf Course in Canada Award. The resort offers $105 million in amenities and infrastructure, including a beach club on Lake Okanagan. Though plans for a winery are currently on hold, the resort has 17 acres of vineyard with Gewurztraminer, Pinot Noir and Riesling vines. The first harvest last year produced a quality of grape that has created rave reviews from the winemaker.
With over $310 million of recreation property sold since 2002 in the Okanagan, California and Washington, Land Launch attributes its success to knowing what the market wants.
It is currently devising a liquidation sale for The Rise that will be launched in early June 2009.
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