Rob Munro, iNFOnews.ca — An older house on 1.17 acres of land overlooking Okanagan Lake sold for more than $3 million in late August.

The $3.075-million selling price is almost double the $1.8 million it was purchased for in August 2021, according to BC Assessments, which valued the land last year at a mere $1.036 million.

“This multifamily development site presents an exciting opportunity to create an exclusive residential community with 18 townhouse units boasting unobstructed 270-degree water views and rooftop patios,” states the listing by William Wright Commercial realtor Josh Jawanda, who represented the buyer.

The 2,979 square foot house was built in 1973, has four bedrooms, two bathrooms, according to BC Assessments, which valued the house at $271,000.

It’s located at 5971 Princess St., which is above Highway 97 south of Princeton Avenue in Peachland.

“The location’s natural beauty, proximity to amenities, and potential for architectural excellence make it a prime investment for developers seeking to meet the demands of a discerning market,” the listing says.

–

Read the full article published by iNFOnews.ca.