Whistler Real Estate | Sales & Marketing

I have just listed for sale a three bedroom / three bathroom condominium just steps from the slopes of Blackcomb Mountain. This property is exceptional value at an asking price of just $615,000.
The condominium enjoys a split level design with a lofted third bedroom and bathroom occupying the top floor. At slightly under 1,300sq.ft., with impressive vaulted ceilings showcasing the gorgeous mountain views, this property also includes a roof-top hot tub, a gas fireplace, loads of ski and mountain bike storage, two designated underground parking stalls and all the furnishings and accessories are included in the purchase price.
If you’re looking for a slope-side condominium in Whistler that comfortably accommodates a large family, with no restrictions on rental or owner use, this property deserves a close look.

My client, seller of a gorgeous condominium at Four Seasons Resort, Whistler, recognized that we live in a very different environment from 2002 when he purchased his property at over $1million. With a list price of $560,000 he came to terms with another client of mine and a deal was made at $500,000. Both my clients are satisfied that the selling price is fair, given the very different financial picture painted by all properties of this type in Whistler, verses back in 2004 when Four Seasons, Whistler opened.

My Seller is obviously not particularly happy at selling at a substantial discount to his original purchase price, but he is a realist and simply wanted to get the best price he could in today’s market. On the other hand, my Buyer is very pleased that he was able to purchase in one of Whistler’s most prestigious hotels at a fair price and is comfortable that as occupancy rates and room revenues increase, his investment will likely increase in value.

I am now watching with interest how other sellers of Four Seasons, Whistler condominiums might react to this sale. The harsh reality for many will have to be the realization that an original purchase price is absolutely no reflection on what a property might be worth in today’s market.

There are other Four Seasons properties for sale in Whistler, plus other hotel condominiums that operate under a similar “Rental Pool” arrangement. If you are considering a purchase of a Whistler hotel-condominium you need to be very aware of what you are buying into. I am of course able to assist and would be happy to explain all the financials, why the values have changed so dramatically and the best way to position an offer to a Seller.

I have just listed a ski chalet in Snowridge Crescent, one of Whistler’s absolute best ski-in / ski-out locations. A brief description follows:

The home commands a front row seat overlooking The Dave Murray Downhill, the ski-run used in the 2010 Winter Olympic Games. The large south facing deck, incorporating an outdoor fireplace, has gorgeous mountain views beyond the ski-run, a wonderful sense of privacy and guests enjoy the sounds of a flowing creek meandering its way just below the property.

Five bedrooms and five bathrooms establishes this 2,800 square foot home as a perfect getaway for family and friends. A large living area with vaulted ceilings, an expansive wood burning fireplace and an open plan kitchen encourages cozy family dinners or entertaining guests. As a bonus, a self contained one-bedroom suite has an interconnecting door to the main house, which allows maximum convenience. The unfinished basement can be easily incorporated into the home providing additional square footage.

Rarely found in Whistler, this home is zoned for Tourism Accommodation, providing financial flexibility as the home and / or the suite can be rented nightly or on a long term basis.

If you’re looking for a slope-side ski chalet in Whistler, that offers maximum flexibility and tons of potential to add a personal touch, this property deserves a close look.

Photographs and additional details are available upon request.

Asking Price: $3,050,000

My October package of real estate statistics for October 2011 shows a continued growing interest in purchasing a property in Whistler and a reluctance by Sellers to reduce prices any further. With all categories of property showing higher sale numbers than 2010, particularly in the condominium category which continues September’s trend with triple the number of sales from last year and double from 2009, there is little doubt that this market has reached a pricing plateau. For full details, visit October Statistics

September sales statistics, released by The Whistler Real Estate Association, confirm that the market is continuing to gain strength as completed transactions are up across all real estate categories. Full details can be seen at Whistler Statistics.

• Four Seasons Resort: Now listed at 53% below the original purchase price of $1,199,000, a two bedroom corner suite, overlooking the swimming pool: $560,000.
• Whistler Village Centre: A two-level, 2 bedroom full ownership hotel-condo, listed at a very affordable $150,000.
• Eva Lake Village: A 3 bedroom, 3 bathroom townhome located in popular Nordic at only $429,500.
• Pinecrest: A starter home in a quiet cul-de-sac priced to sell fast at $475,000.
• Blueberry Hill: A luxurious 4 bedroom home with spectacular mountain views, once priced at $5.9m, now listed at $3.9m.
• Lagoons: A 2 bedroom town-home in the heart of Whistler Village, ideal for personal use and achieving strong rental returns: $499,000.

Whistler real estate sales continue and, for some, the prices continue to amaze. Take the recent sale through my Sotheby’s office of Number 3, The Ridge.

A beautiful two bedroom, two bathroom townhome, at just under 1,000 square feet and only steps from the ski slopes, this property was originally listed for sale in February 2009 at an asking price of $939,000. Perhaps a slightly aggressive price to begin with, but not too far off the mark considering the property had sold in September 2002 for $849,000.

However, after an incredible thirty months on the market, five price reductions and a most recent asking price of $669,000, the property just sold for $545,000. An astounding price, or as it should be?

This September 2011 sale represents a 36% drop in property value from its September 2002 sale price and is actually a solid reflection of the overall market direction in those nine years. To clarify, it’s interesting to note that the property would likely have secured a buyer willing to pay over $900,000 in 2005 or 2006, as the decline in prices really commenced in 2007.

There is much chatter going on as the new ski season approaches, concerning pricing of Whistler properties. Most positive commentary revolves around how affordable the market has suddenly become and this sale at  The Ridge is a perfect example. Buyers are now actually showing some serious interest as more and more Sellers finally recognize the reality of the Whistler real estate supply and demand curve. I can absolutely confirm that most observers are of the opinion that the Whistler market has recently bottomed out and that we will see an up-tick as the new season progresses into 2012. Rental returns are now more in-line with asking prices and the price per square foot for a well constructed family home is no longer off-the-chart when viewed against past history.

There’s nothing better than a balanced real real estate market where buyers and sellers are in agreement as to true value of a property based on sound fundamentals rather than hope and delusion. After nearly four years of mixed messages, over-blown expectations and some would even say a little too much greed, I see the Whistler market is finally about to settle into a sense of normalcy that can only benefit all of us that has a vested interest in our market’s success.