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.
Hey! A opening day presales condo in Vancouver SOLD OUT!
Marine Gateway, and the 415 pre-sale units that sold, is big news because at a time when listings are soaring and sales have been falling off a cliff, the pre-sales at this development have bucked the negative trend.
In fact it has completely turned that trend on it’s head.
Let’s put that into perspective.
A sell-out of pre-sale condo unit offerings hasn’t happened in Vancouver in over six years. As Global TV noted in this story, you have to go back to the Woodward’s presale in 2006 – before the collapse of the world financial markets – to match an opening day pre-sale sellout of a condo development.
Either the market is on the upswing again or Rennie is back with his marketing magic… Although he does seem to have lost the ‘be bold or move to the suburbs’ thing.
Check out Whispers from the Edge of the Rainforest for an examination of this sell-out.
Real professional posted an updated housing sentiment indicator over at Vancouverpeak.com
This is an excerpt from the housing bubble chart book produced by Pacifica Partners.
Jesse pointed out this article bloomberg: Asian Buyers Buoy New Home Demand in California’s Orange County. It turns out we’re not the only place that get’s the hype about suitcases of cash:
“You know why Orange County is doing better?” said Wang, a native of Taiwan who splits her time between Shenzhen in southern China, where she oversees a toy-manufacturing business, and Irvine, California, where she raised her three children. “It’s because all my neighbors are from China and Taiwan, and they all bought their homes in cash.”
And you know what ‘doing better’ means? It means house prices dropping by ‘only’ 39%.
Demand has kept property values from declining as much in Orange County as in other regions. The median home price was $392,000 in January, down 39 percent from the June 2007 peak. That’s less than the 49 percent decline across Southern California and the 51 percent slump nationwide, DataQuick said.
Pretty good news eh?
The CBC has an article looking at the situation for middle-class home shoppers in Vancouver BC. They’ve noticed that incomes have dropped since the 70s while prices have risen.
So if you’re middle class in Vancouver you’re either priced out forever or something is going to change.
From that article:
Lawyer Nathan Hume and health researcher Angie Chan live with their two young children in a rented two-bedroom apartment in Vancouver.
With two good jobs, they had hoped home ownership in the city would be within their reach. But sky-high prices in Vancouver have left them without any options.
“We have a number of friends who are in the same situation as us — highly educated, they’ve got good jobs, they have young kids, and they’ve all left the city,” said Chan.
Hume says it is likely they could get a mortgage to buy something, but they don’t think that’s smart, when it would mean foregoing savings for retirement and their childrens’ education.
Any readers here have friends who have moved away from Vancouver simply do to house price dynamics? Any of you considering a move away based purely on the cost of housing?