$269,900 Townhomes Stimulate Confidence in the Market
Established Developer Moves into Moderation with Innovative
'One Door. One Floor' Offer

October 22, 2008, Kelowna, B.C. – The Rykon Group, a visionary developer of communities known for their creativity and master planning, is eager to stimulate confidence in the real estate market with a bold decision to introduce a limited selection of one level townhomes at an astonishing sale price of $269,900 in its popular Sonoma Pines community. 
 
"There is currently a lot of inventory in the Okanagan real estate market," states Adrian Block, CEO and president of The Rykon Group. "Yet buyers who are embracing the wait and see approach to snap up bargains may be disappointed." Block is familiar with recent sales analysis provided by the Okanagan Mainline Real Estate Board (OMREB). The prices of townhomes are up 12.22% from the same time last year. Median prices for townhomes are currently $395,000 compared to $352,000 in 2007. And year-to-date averages and median residential prices in the Central Okanagan are statistically reflecting single digit increases that confirm positive growth.*

With Block's many years of experience in the development business with Rykon, he understands the importance of leading the market rather than following it. "As developers, we've enjoyed tremendous success in the Okanagan's growth in the past several years. Now that the market is beginning to moderate, we are ready to react proportionately with a product and a price point that buyers can feel confident in purchasing right now. This is a perfect opportunity to take advantage of the new economy by making wise investments in an established community like Sonoma Pines."

Only a select number of townhomes are being released in this phase. Two distinct floor plans are available offering approximately 1100 sq. ft of spacious living. The two bedroom, two bathroom interiors are efficiently designed and depending on the unit location, new homeowners will be able to choose between the scenic views of the Two Eagles 14th fairway, Mission Hill Winery and, Okanagan Lake.

"The Westside is rapidly growing," admits Block. "And finding affordable homes so near to the city centre is only going to get more difficult as land is swallowed up by commercial, retail, and higher density developments. Our residents love living at Sonoma Pines and I feel confident that those who invest in this offering now will also find tremendous satisfaction in their decision."

Sonoma Pines has undergone conscientious growth since its inception in 2004. Over 225 Santa Fe style homes and townhomes enjoy the convenience of living on a golf course and directly behind Governor's Landing, one of several new retail centre's of the Westside's expanding shopping district.  "This is a one door, one floor concept," explains Block. "Where else can you step outside your front door and wash your car, take a bike ride or walk your dog or in a city-centric golf community for $269,900?" 

Director of Sales, Shane Styles is excited about the response from residents and real estate professionals in the Sales Office. "People are clearly interested in making wise investments in real estate right now either for their retirement, vacation home or first home buyers." Rykon has offered sales details in advance throughout their extensive client list and the results are extremely positive.

"Inventory is limited," cautions Styles. "This is a rare opportunity to purchase a home in an existing community that is so near to everything that going out for dinner or picking up groceries doesn't have to be a planned event or a glug at the gas pumps."

"Sonoma Pines is one of the Westside’s best kept secrets," states Styles. "Living in this setting is beautiful and virtually maintenance free. Pets are welcome too."

*Okanagan Mainline Real Estate Board Statistics (www.omreb.com)

For more information:  www.sonomapines.com 

dHz Media
Scott Henderson
+1.403.921.2001
scott.henderson@dhzmedia.ca

The Rykon Group www.rykon.com

The Rykon Group, a visionary developer of communities renowned for their creativity and master planning and is based in Vancouver and Kelowna. It has built projects in Western Canada and the United States for more than two decades. Rykon is locally known for Manteo Waterfront Resort, Kelowna’s finest waterfront resort, South Bay Landing, an elegant lakefront community in the lower Mission, Sommerville Corner in the Mission and is currently under construction with Invue, a 12-storey luxury condominium project near Orchard Park Mall, as well as, MORE MANTEO a unique waterfront real estate opportunity that is currently a development plan under application with the City of Kelowna. In the lower mainland, Rykon has successfully completed: Sussex House, a luxury condominium in White Rock, NEWS and NEWS North in New Westminster the award winning Monterra in Tsawwassen.  

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