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.
