Sage Creek Development

[mekathy]

Looking for feedback on this lease land development for a friend that is considering relocating to West Kelowna. She realizes that this a WFN Lease land, so just wondering if there have been any issues etc

[sassybee]

I heard a few years back from one of the construction workers at the time, that there was only a 25 year lease available. May be one of the reasons it really didn't take off......

[Steve-O]

My in-laws were in there and Sage Creek didn't take off due to the crunch back in '08. In recent years, properties are being snapped up as fast as they can build them and the long over due clubhouse is near completion. They moved out for their own reasons but loved the community. Really felt like home to them and great neighbors. Based on their experience, I'd recommend it.

Can't comment on the lease but that would take a simple question to the realtor to get the right answer.

[Zoso]

That's a bit of an oxymoron if I ever heard. but anyways I've dealt with a couple of leases and not had the slightest bit of trouble. A lease is basically an agreement upheld by the crown. Anyone old enough to buy a house will not live 99 years. Neither will today's houses .

[mekathy]

Thank you Steve-O, that was helpful

[oneh2obabe]

Sage Creek is a 99 year lease which started in 2006.

[Rosemary1]

Decision depends on your friends circumstances, future plans future plans including plans for their 'estate' and beneficiaries down the road and general risk averseness. Best thing they can do is research all the financial and legal status of owning on leasehold before making a final decision.

A few things to keep in mind:
1. It can be harder to obtain mortgage, re-finance, or resell if personal circumstances change and lease period has dwindled down.
2. Worthwhile comparing the full cost to similar developments on non-lease land incl. strata fees + lease + taxes and services
3. It can become complicated if issues arise. Owners will have to deal with band and Crown as has occurred elsewhere in province in some developments. That is not to say that Sage as many others are well run and problem free.

[looking4one]

Sage Creek is a 99 year lease which started in 2006.

Therefore: the property value has depreciated by 10% already.

[oneh2obabe]

Not likely - just means anyone moving in today would know there's 89 years left on the lease.