At 4358 Hobson Road, this is the most expensive property in the Interior of B.C.

(ROB MUNRO / iNFOnews.ca)

KELOWNA - The three key words in real estate are: location, location, location.

That holds true when it comes to pricey homes as 26 of the top 100 in the Thompson-Okanagan are clustered along Okanagan Lake in Kelowna between Hobson and Fuller Roads.

Only two other properties in the Interior of B.C. crack that list. Both are in Invermere and both would be near the bottom in terms of value.

“In that Hobson Road area the land, for the most part, is the key driving variable in the total value,” Kartrina LeNoury, an assessor with B.C. Assessments for the Thompson-Okanagan told iNFOnews.ca. “On the improvement side, the design, the quality of the components, the size, the age and the condition - those are variables on the improvement side of things that will drive value.”

Also key in determining the assessed value are the sales that have been made in the neighbourhood.

B.C. Assessments is mailing notices to about 300,000 homes in the Thompson-Okanagan this week.

Hobson Road, which is only about two kilometres long, has 14 properties on the list of the top 100 most expensive homes in the Thompson-Okanagan region. Hobson Crescent, just across Sarsons Road has two more. A short distance south, are six more on Fuller Road and four on Lakeland Road.

That totals 26 of the top 100 within about three kilometres by road, with a total value of $167 million and an average value of 6.4 million.

Topping the list is the “rock” house at 4356 Hobson Rd. – that’s the one with the huge rocks serving as a fence.

According to the B.C. Assessment website, it is 9,761 square feet on a 1.764 acre waterfront lot with four bedrooms and six bathrooms. The land is valued at $5.6 million and the house at $4.9 million for a total of $10.6 million. It also has a wharf valued at $144,000.

Number five on the overall list is a 10,944 square foot house with five bedrooms and eight bathrooms at 4594 Fuller Rd. with land valued at $4.5 million and a house worth $3.8 million for a total assessed value of $8.3 million.

At 4594 Fuller Road, this is the second most expensive home in a three kilometre area of Kelowna that contains 25 per cent of the priciest homes in the Interior.

(ROB MUNRO / iNFOnews.ca)

Out of those 26 homes, the lowest priced one is at 4458a Lakeland Rd., valued at a mere $5 million.

Out of the top 100, only five are outside the Central Okanagan with three in Coldstream and one each in Salmon Arm and Summerland.

The values placed on these properties are estimated by B.C. Assessments as of July 1, 2018. Market changes likely mean they are worth less today. Therefore, LeNoury cautioned, the assessed values should only be used for what they are intended for – which is for municipalities to use when billing taxes.

While these properties are part of B.C. Assessment’s top 100 list, that list does not include any homes that may be on land that carries farm status.

One example is 380 Lochview Rd. (off Clifton Road) in Kelowna. That is a 38.3-acre property with a 15,144 square foot house with six bedrooms and nine bathrooms valued at $13.6 million. But since a small part of the land is zoned agricultural, the property is not included in the list of the top 100 residential properties.

LeNoury didn’t have a tally of how many other properties are excluded from that list because of agricultural status but noted that farmland is valued, by law for assessment purposes, at $50 to $2,000 per acre – a far cry from the multi-million acreage on the waterfront. That means some homes on farmland don’t crack the top 100 list simply because the value of the land keeps their overall assessed value too low, regardless of the fact that they’re not listed if they have farm status.

The Thompson-Okanagan top 100 list ranges from $10.6 million to just under $5 million. But none of those properties crack the top 500 for the province, which are mostly in the Lower Mainland.

The most expensive home in the province is in the Point Grey area of Vancouver and valued at $73.1 million. The 100th most expensive property on that list is in Kitsilano and valued at $18.5 million.

For anyone who questions their assessed value, they have until Jan. 31 to file an appeal.

LeNoury suggested that, before appealing, property owners go online to see how their property value compares to similar properties in their neighbourhood.

If still not satisfied, she encourages them to contact the local B.C. Assessment office to discuss their concerns with an assessor, who may not be aware of changes to the property. If filing an appeal, hearings are held between Feb. 1 and March 15 before a three-person independent review panel.

Last year 2,596 appeals were filed in the Okanagan, up from 2,280 in 2017.

LeNoury noted that some people actually want the value of their properties increased because they’re going through a divorce, putting their house up for sale or facing expropriation.

To contact a reporter for this story, email Rob Munro or call 250-808-0143 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

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