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Shannon
Simpson*
Simpson*
RE/MAX PENTICTON REALTY
302 Eckhardt Avenue West
Penticton, BC
Canada V2A 2A9
302 Eckhardt Avenue West
Penticton, BC
Canada V2A 2A9
Details
| Address | 3339 Bothe Road |
| Area | Central Okanagan |
| Sub Area | SFS - Springfield/Spall |
| State/Province | British Columbia |
| Country | Canada |
| Price | $900,000 |
| Property Type | Residential Development |
| Lot Size | 0.16 Acres |
| Waterfront | No |
| Taxes | $2,398 |
| Tax Year | 2023 |
| MLS® # | 10311461 |
Offering a 1.89% assumable mortgage and strong rental income, this corner lot is the perfect holding property for future development. The land is already zoned to accommodate up to 6 townhouses and is located on a quiet street close to all that the South Pandosy neighbourhood has to offer—shopping, restaurants, beaches, schools, H2O Centre, public transit, and much more. Higher floors will enjoy beautiful pastoral views in almost every direction and will aide your future development in being a big success! Good rental revenue from the tenants in the existing house ensures that you can take your time perfecting your development plans and then build when the time is right. If the existing mortgage is assumed, the property will generate approximately $1,200/mo in positive cashflow until you are ready to redevelop it (based on current rental income and a 20% downpayment). The increased Property Transfer Tax Exemption on new construction means that a buyer can now purchase an $850k townhouse with less than $65k down if they included the GST in their mortgage. Furthermore, the upcoming change allowing high-ratio mortgages to amortize new construction over 30 years could result in said buyer’s mortgage payment being less than $4k/mo (assuming 4% interest rate at time of project completion). Sample floor plans have been provided to demonstrate what is possible, but the extensive street frontage of this lot provides considerable flexibility to realize your own development vision.
Listed by CENTURY 21 ASSURANCE REALTY LTD
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About
Shannon Simpson epitomizes honesty, energy, hard work, and meticulous detail into every aspect of your real estate transaction. Having thirty years of sales and marketing experience in a variety of leadership roles across Canada, he is eager to bring his strong business background and negotiating skillset to every RE/MAX client he represents, both from a “sellers” and “buyers” perspective.
Before joining the RE/MAX team, Simpson held positions as Publisher & General Manager, Advertising Sales Director, Marketing Director, and Sales & Service Director. He prides himself on a keen ability to drive sales and customer satisfaction while helping his clients become more successful along the way. Communicator, strategic partnership leader, facilitator, and community advocate are words easily associated with Simpson in his daily work life.
He jumped at the opportunity to join RE/MAX and their talented group of high-performing professionals. He is acutely aware of the dynamics and diversity that make up the very competitive Okanagan Valley real-estate landscape, having spent time in all three major cities of Penticton, Kelowna, and Vernon. He is committed to bringing the same level of professionalism, consistency, and passion to every client, customer, and sales associate he has the pleasure to work with.
Shannon is married to his wife Liza, and together they have three sons. He is an avid golf enthusiast and has spent many weekends over the past few years with Liza on the golf course watching the boys compete in golf tournaments across Western Canada.
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