Whistler Hotel Condo Prices Collapse

The Pique has an article about some remarkable goings-ons just a little ways north.  Some hotel condo units in Whistler are now selling for half their peak price.

Those who own a condo unit in a Whistler hotel are sitting on great potential, but at the moment the units are not showing great value.

Real estate consultant Denise Brown with Re/Max Sea to Sky Real Estate reported that a unit originally sold in the Four Seasons Whistler for about $1.1 million was recently resold for only $520,000.

The so-called Phase 2 units in Whistler have fallen victim to the globally depressed financial situation, said Brown.

“We’ve seen the prices come down significantly,” she said.

According to Brown, this segment of the real estate business is at the bottom of the cycle so prices are good right now. She said the people who are happiest in the condo hotel market are those who are in for the long-term and have made a lifestyle choice in purchasing a condo unit in a hotel.

Lifestyle.  Got it?  Lifestyle, Lifestyle, Lifestyle.  Just repeat the mantra and you’ll be fine.

Then there’s this gem:

Kelly said this segment of the real estate industry has improved in the last six months but people aren’t willing to spend as much in Whistler as they were a decade ago.

“It’s not anything wrong with Whistler or that Whistler is worth less,” said Kelly. “It is just that people are prepared to spend less.”

It’s not that Whistler is worth less than it has ever been worth, it’s that some people paid more than it was worth.

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Anon
Guest
Anon

If I spend half a million on condos I better get the whole building, not just one unit!

Joe Q
Guest
Joe Q

Anon, give it 12 months…

Rob A.
Guest
Rob A.

i’ve been saying it for years, and i’ll say it again. reaestate outside downtown vancouver can cororect but downtown won’t because it’s where the action is. people want the downtown lifestyle.

hate CMHC
Guest
hate CMHC

Very soon Vancouver will be what people will be willing to spend less for. oh, i forgot to insert a “way” there, should read “way less”. but then there wont be any “way” outta it, so should I add a “way” there. So many ways this “way” can screw your thought process. No way!!!! LOL

Bailing in BC
Guest
Bailing in BC

@Rob A.:

I’m in total agreement with you. It’s about LIFESTYLE. Lifestyle, lifestyle, lifestyle. There, I got it!

Anonymous
Guest
Anonymous

I met a man who used to rent a 1 bedroom suite at the OV. His rent was atrocious. Then he got repeated lung problems, even ended in emergency ward with pneumonia. He then found out he had fibers in his lungs. It seems the ventilation in his suite was “shedding fibers” from the insulation.

southseacompany
Member
southseacompany

“Canadian home prices rise in January, Vancouver’s continue to fall” Van Sun, Mar 28/12

http://www.vancouversun.com/business/Canadian+home+prices+rise+January+Vancouver+continue+fall/6372993/story.html

“More cooling was seen in the once red-hot Vancouver market, which fell 0.3 percent to log its fourth consecutive monthly decrease.”

b5baxter
Member

weekly inventory graph update is available in the forum.

Over the last month the average daily increase was:
47
At this rate we will reach 17,000 in 18 days (Apr-15-12)
At this rate we will reach 20,000 in 81 days (Jun-18-12)
and 25,000 by October-02-12

space889
Member
space889

@Anonymous: Wasn’t in some of the OV newstory a while ago? Anyways if this is true then isn’t your buddy facing much higher risk of cancer or some serious ailments? A lot of the stuff in insulations are very toxic?

WFT?
Guest
WFT?

@Anonymous:
I hope he sued the landlord for personal injury as well as refund of rent for supplying an unfit dwelling.

WFT?
Guest
WFT?

@WFT?:

Correction: sue the landlord and the strata.

Rob A.
Guest
Rob A.

can you guys stop downvoting my comments? it’s very poor netiquette. you should just be downvoting spam or comments that are rude other wise the comments aren’t balanced.

Anonymous
Guest
Anonymous

@Rob A.: sorry, any post that contradicts bears’ believes are voted down! It’s the rule.
Posts bitching and whinning about RE are, for sure, voted up. Try it, it works.

vangrl
Member
vangrl
@McLovin “They don’t. Won’t even consider it. Virtually no US institution will even lend to a Canadian regardless of downpayment. They need to take a HELOC out on their property in Canada with a Canadian bank and use the money to buy the US property in cash unless they are dealing with the US arm of a Canadian bank such as BMO or RY in which case they will extend credit based on Canadian credit scores with a 25% down payment, regular rates +1.5-+2.0% and several other restrictions.” Is this true? my friend is going to Phoenix this week to look at properties, she told me that she is taking a mortgage out in the states, that as long as she comes up with 40% down that they will lend her money at 3.8% for a 15 year amm (15… Read more »
mortageslave
Guest
mortageslave

Rob and the other ESL fool (believes?)
post some valid facts or stats to back your comments. People that can’t grasp english and obviously don’t understand economics get voted down, simple. Go back to school.

vangrl
Member
vangrl

after reading a few comments after Mclovin’s I’m seeing that Canadians can take out a U.S mortgage if they put enough down. No need to answer my question.

Many Franks
Guest

@southseacompany: Looking at the Teranet index (XLS link available from http://www.housepriceindex.ca) it’s actually the 5th consecutive month of reported declines. Not that it matters until we hit a 10-month stretch like we did in 2008-2009…

interesting
Guest
interesting

I’ve been browsing http://www.reddit.com/r/vancouver, for those of you who don’t know reddit is very popular liberal young people. The opinions I see there regarding realestate are astoundingly stupid. It just gives you an idea of what the average person is thinking.

http://www.reddit.com/r/vancouver/comments/r608m/storm_clouds_forming_over_vancouvers_realestate/c43ig5z?context=3

http://www.reddit.com/r/vancouver/comments/rfccc/vancouver_real_estate_correction_now_predicted/c45ff7v

http://www.reddit.com/r/vancouver/comments/r608m/storm_clouds_forming_over_vancouvers_realestate/c438iwt

Marinegate
Guest
Marinegate

@b5baxter: Thanks for the graph, here’s a direct link for people that just want to click to it:

http://vancouverpeak.com/groups/inventory-graph/forum/topic/inventory-graph/?topic_page=2&num=15#post-2339

(there’s a little # symbol by each comment there that will give you a direct link)

We’re still at the highest point of the year on that graph and the line doesn’t seem to be tapering down as much as I expected it to. The most recent update kind of looks like it could be the start of the ‘next leg up’. If it follows the same line as 2008 look out below!

McLovin
Guest
McLovin
Is this true? my friend is going to Phoenix this week to look at properties, she told me that she is taking a mortgage out in the states, that as long as she comes up with 40% down that they will lend her money at 3.8% for a 15 year amm (15 years is max for non U.S citizens). Is she wrong? has she been mislead by the U.S realtor that she’s using? I said “virtually”. Your friend obviously found a US bank to play ball. (I would certainly verify with the bank in writing before removng subjects) One off stories aside, it is almost impossible for a Canadian to get a US mortgage regardless of DP. They are just not interested in the business and they have many new regulations since 2008. Prior to 2008 it was quite easy.… Read more »
VCI Admin
Admin

Last batch of invite codes to vancouverpeak went fast, so here are five more:

hj02-q9ip-cmo3
ty3a-62on-8vd4
osc9-a0p0-mlqq
2kxv-kem6-k3jv
40cw-6iyg-4qvf
Yak
Guest
Yak

@mortageslave:

What about Grammar? Capitalize the first letter of the sentence. You should go to school.

Makaya
Member
Makaya

A good piece to read from the Whisperer today…

(…)
Such is the case with this property at 6231 Gibbons Drive in Richmond.

This 3,500 square foot house sits on a huge 21,857 foot lot in the prestigious Terra Nova neighbourhood.

It’s been on the market for a long time, originally listed on February 28th, 2008 for $2,388,000, the home competes for buyers with it’s neighbour at 6251 Gibbons Drive (listed for $2,480,000).
(…)
I am told 6231 Gibbons Drive sold this week.

After lowering the asking price to $1,888,000, the property sold for $1,428,000. That’s $960,000 off the original asking price or 40% lower.

-40% in HAMland… ouch!

vangrl
Member
vangrl

the line on that graph for 2011 is cut. Do you know what we peaked at that year?

Anonymouse
Guest
Anonymouse

@Makaya: “-40% in HAMland… ouch!”

Is it possible that that and the neighbouring property were owned by the same person, and their asking prices were ridiculous?

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