Whistler Spring 2013 Newsletter

                           

  

Early May Greetings from the Mountains!

I’ll start by asking; “What do Skunk Cabbage, Daffodils and Bears have in common?” A sign that Spring has sprung in Whistler! It's hard to believe that just over two weeks ago (April 30th) the weather was very cool with the snow-line just above the valley floor. In contrast last week was hot and sunny with temperatures hitting over 30 degrees (that's mid-eighties for our US friends). I say...keep it coming until the snow flies in November!

Up in the alpine, Blackcomb Mountain plans to remain open until May 27th for skiing and riding. Down in the valley, the early summer-like weather has allowed the local golf courses to open a few weeks ahead of their normal schedule and the bike trails are in excellent condition. 

On the real estate side the market trends of the past few years continue to be consistent. The one notable exception is overall listing inventory is down significantly. Current Active Listings: 522 versus one year ago: 687*. This is the lowest in approximately 6 years. In particular the inventory for specific price ranges for Residential Single-Family Chalets and Townhomes is quite limited compared last year. The following graph illustrates Active Listings from January 2008 to April 30, 2013.

 Regarding the number of sales, the total number as of April 30th is slightly less than last year (approximately 178 versus 193.)*  However, total dollar volume is slightly higher ($136,161,723 versus $133,870,750). The following graph illustrates Number of Monthly Sales and Dollar Volume from January 2012 to April 2013. 

That’s a quick Whistler snapshot of what's happening here. Have a great Spring, whether you’re on the bike trails, the golf links or the corn-snow on Blackcomb. Drop me an email or phone call if I can assist you with more specific market information. Also if you’re interested, follow my periodic real estate posts at http://facebook.com/whistlerrealestateagent  And please keep in mind if I can offer my services to someone you know, referrals are always greatly appreciated - Thank you!

Enjoy Spring!

Ron

Ron Mitchell

Real Estate Broker

Mobile: 604.938.3815

Email: RonMitchell@Sutton.com

Web:  WhistlerRealEstateInfo.com

Sutton WestCoast Realty - Whistler

(Disclosure: If you do not wish to receive future Newsletters please "Unsubscribe" or email me at RonMitchell@sutton.com with "Unsubscribe' in the subject line.

This communication is not intended to cause or induce breach of an existing agency agreement.  *Sales Data Source - Whistler Listing System. Does not include Timeshare, Employee Housing & Vacant Land. E&O. E)

Global TV News - Whistler Condo Prices?

Yesterday, Anne Drewa from Global TV BC came to Whistler to do an article on the current value of condos.  (CTV was here two weeks ago doing the same - see my previous post.) Anne interviewed me and Dean Linnell to get the real facts on the Whistler condo market. In my opinion the coverage was well done.  The Whistler condo market can be confusing due to the TYPES of condos. In the Village area there are two types of condos that create two Micro-Markets;  Hotel-Condos and Unrestricted-Condos. The facts are clear... Hotel-Condo units (i.e. a condo that is operated as a Hotel, lots of restrictions, owners have little control and are basically silent investors) have dropped in value 50% to 60% since 2003. Unrestricted condos (i.e. a normal regular piece of real estate,  I call it ..."REAL" real estate, have dropped 20% to 30% since the last peak in mid-2008.  The source data is the Whistler Listing System (WLS). Check out the coverage:  http://globalnews.ca/video/490640/whistler-condo-prices-plummet

Real Estate Property Values in Whistler - How much have they dropped?

Re: CTV News Release April 2, 2012.
Real Estate Property Values in Whistler - How much have they dropped?

An interesting article however the focus is on two small micro-markets (Shared-Ownership and Condo-Hotel units). The  CTV article and news coverage (web-link) as below, focuses on a small percentage of the overall Whistler market. Specifically Condo-Hotel units (aka Phase 2 Condos) and Shared-Ownership (Quarter-share / Tenth-share etc). The information presented is accurate although it does not tell the whole story and tends to focus on what is "sensational". As we know "Sensationalism" Sells!

Yes, the current selling prices of Condo-Hotel units and Shared-Ownership have dropped in the range of 40% to 68% from their peak in 2003 however the majority (80%) of Whistler sales in the past year (2012) were Whole-Ownership / Unrestricted-Use properties.  
Buyers are acquiring these types of properties for Personal-Use, Recreational- Lifestyle and Residential purposes. As reported, the majority of these properties have only dropped in value approximately 20% - 25% from when they peaked in late 2007-mid 2008 (before the global financial crisis of Oct 2008). 

The fact is in the past few years Residential Chalets and Townhomes made up the majority of the real estate transactions in Whistler.  In 2012 the Whistler Listing System recorded a total of 579 transactions. Condo-hotel units represented approximately 8% (51 units) and Shared-Ownership represented approximately 10% (58 sales).

Enjoy reading the article below and watching the video.

All the best, 

Ron

_______________________________________________________________________

Whistler real estate prices plummet up to 68 per cent | CTV British Columbia News

Real estate prices at one of B.C.’s most popular getaway spots are sliding downhill, with some properties selling for up to 68 per cent less than a decade ago.

Whistler property prices have fallen 25 per cent on average since 2007, but it’s the so-called Phase 2 and factional ownership units that have seen the most dramatic declines.

One 800-square-foot unit at Blackcomb Springs with two bedrooms and two bathrooms, located right on the ski hill, is currently selling for $229,000.

In 2004, a similar unit would have cost $579,000.

Real estate expert Tsur Sommerville said Whistler’s market fluctuates with demand from U.S. buyers, which has been dwindling for years.

“Whistler has been impacted both by exchange rates, which have made Canadian markets more expensive for Americans, and by what’s going on with the U.S. economy,” Sommerville said.

With the Canadian dollar at par, American buyers accounted for just six per cent of sales in 2012.

The nature of vacation properties makes their prices much more cyclical, Sommerville added, and fractional ownership properties, which are similar to timeshares, are generally tougher to sell.

Even Phase 2 properties, which can be purchased by a single owner but contractually must be rented out most of the year, are seeing huge drops.

One such studio apartment next to Blackcomb Mountain that sold for $249,000 in 2003 is now listed for just $79,000.

Phase 2 owners are only permitted to spend 56 days in their properties annually; 28 in the summer, and 28 in the winter.

Whistler realtors told CTV News they’re seeing momentum in some areas, and Sommerville said there could be a resurgence in prices as the U.S. economy picks up steam.

“If we’re having this conversation in a year or two from now it would be a different dynamic,” he said. “We would be talking about Whistler’s recovery rather than Whistler being in the doldrums.”

With a report from CTV British Columbia’s Mi-Jung Lee

CTV News Release Video Clip:

http://bc.ctvnews.ca/whistler-real-estate-prices-plummet-up-to-68-per-cent-1.1221964

BROKER RECIPROCITY?

What it is and why is it important if you are selling a property?

When listing a property for sale  "Maximum Exposure" is one of the key components to a successful marketing program.

Today the majority of buyers start their search on-line. Unlike years ago when the real estate companies were the "Gate-Keepers" of information, today access to information is unlimited. The World-Wide-Web has opened the doors to vast amounts of information including how buyers shop for real estate. 

MLS® -  The Multiple Listing Service is well known by consumers in today's real estate world. In Canada the MLS® system is managed by the Canadian Real Estate Association (CREA) and various regional real estate boards including the Real Estate Board of Greater Vancouver (REBGV) of which the REALTORS® in Whistler are members. The benefits of having your property listed on MLS® are very obvious.  REALTOR® to REALTOR® cooperation is the key.  Exposing your property to a multitude of REALTORS®  who are acting as Buyer Agents increases the chances of finding the Right Buyer for your property. MLS® offers both a REALTOR® log-in Property Search site and a public Property Search site (Realtor.ca / MLS.ca).

WLS - In Whistler there is also a cooperative listing system exclusive to members of the Real Estate Association of Whistler (REAW) known as the Whistler Listing System (WLS).  As with the MLS® system the WLS offers a REALTOR® log-in Property Search site and a public Property Search site (WhistlerListings.com).

Sellers in Whistler can get the benefit of having double exposure if their REALTOR® uses both MLS® and WLS. 

This is where the additional exposure of Broker Reciprocity comes in. In Canada the majority of the Real Estate Companies and their REALTORS® participate in BROKER RECIPROCITY.  In basic terms it is a Cooperation Agreement between Brokerages to share their listings on other Brokerages' and REALTORS'®  websites. Thereby having your property on potentially hundreds of websites. 

So as a Seller, choosing an Agent that can provide  (offer) Maximum Listing Exposure, REALTOR® Cooperation and Local Product Knowledge will ensure you are getting the best Representation possible.

At Sutton WestCoast Realty we are a full MLS®  and WLS Reciprocity Broker.  We allow our MLS® and WLS listings to be shared on other Reciprocity Brokers’ and Agents’ websites both locally, regionally and nationally who are members of the Real Estate Board of Greater Vancouver (REBGV) and the Canadian Real Estate Association (CREA). When selling your property this is a strong tool, giving your property the best possible exposure and a true sense of REALTOR® cooperation. 

Not all real estate companies participate in Reciprocity, so if you want the maximum on-line exposure possible list with a Reciprocity Broker. If you are not sure, just ask!

                             

                                         Real Estate Wise is offered by Ron Mitchell / REALTOR® / Managing  Broker 

 Sutton West Coast Realty - Whistler. The information provided here is for consumer knowledge only and is not intended to cause or induce breach of an existing agency agreement. E&O.E)

Whistler Market Snapshot - March 2013

With Spring around the corner the market in Whistler continues to show stable positive signs. Compared to a year ago listing inventory is down approximately 25%. Sales for the first two months of this year are on par with last year. And due to a number of higher-end sales, overall dollar volume is up ($86m vs $58m).

To sum up, it will be interesting to see what's in store for the Spring-Summer market, however I feel it's fair to say the buyers that have been purchasing did so because they felt there was good value in Whistler. As I've always said the best reason to buy Whistler is a healthy ROL (Return On Lifestyle).

Feel free to drop me an email or phone call if there is a specific Property-Type that is of interest to you.

Enjoy the first signs of Spring!!

(All Statistics from the Whistler Listing System. Excludes quartershare, timeshare and fractional ownership. E&O.E) 

THE GLOBE AND MAIL ARTICLE ON WHISTLER - A BARGAIN?

                       REAL ESTATE IN WHISTLER - NOW OFFERING GOOD VALUE!

Here's an interesting article in The Globe And Mail Newspaper - January 15, 2013 Edition. Looking at real estate in whistler as a good buy! 

Click this link:

THE GLOBE AND MAIL NEWSPAPER ARTICLE - BUYING REAL ESTATE IN WHISTLER

Whistler Winter Newsletter 2013

                          Whistler Winter Newsletter 2013

Whistler,  February 2013               

Winter Greetings! 

As I write this we are having another fabulous winter snow season. Like last year, the snow started in early November and just kept coming. Christmas and New Years saw the Village filled to capacity and both Whistler and Blackcomb Mountains were wide open with superb conditions.  With the consistent reliable snow, great terrain and a village like no other resort it’s no surprise the 2013 Resort Guide from SKI Magazine once again named Whistler Blackcomb #1. Without being too biased, most of us agree. Whistler Blackcomb is deserving of a #1 spot as the biggest resort in North America with lots of snow, incredible terrain and a great village.

The top 10 Resorts as chosen by readers of SKI Magazine:
1. Whistler Blackcomb / 2. Deer Valley / 3. Vail / 4. Park City / 5. Telluride / 6. Jackson Hole / 7. Sun Valley/  8. Snowmass / 9. Beaver Creek / 10. Canyons Resort

While skiing and snowboarding are still the most popular winter sports, more and more visitors are enjoying our world class cross country skiing both in the Valley and up the Callaghan in the Whistler Olympic Park. Besides cross country skiing there’s the thrill of riding a bobsled at the Whistler Sliding Centre or participating in Biathlon at the Olympic Park.

Looking back to the summer it was another busy one with the summer events and festivals continuing to grow. We hosted the 3^rd Grand Fondo bike race from Vancouver to Whistler, our first “Tough Mudder” endurance event, and next year we’re thrilled to be hosting Ironman Canada.  Beside these formal events there’s the usual summer activities such as hiking, mountain biking and riding the world-renowned Peak to Peak Gondola. 

Whistler is a well established year-round alpine resort with a strong local community and the future looks very bright!

The Real Estate Market
On the real estate side we had a strong 2012 with total sales up by approximately 8% compared to 2011. Besides an increase in sales activity we also started to see the listing inventory drop as the year progressed. Back in January 2012 we started with 690 active Chalet, Condo, Duplex, Townhome and Vacant Land listings and the year ended with 558 active listings*. Chalets and Townhomes were the most popular properties in 2012. 

Condominium sales (both Unrestricted Phase 1 & Residential) remained relatively soft throughout the year. The number of sales transactions and property values were down from 2011.

Shared Ownership and Phase 2 Hotel-Units saw the weakest demand due to the current inability to finance these properties and the lack of qualified buyers. Both these Property-Types saw values drop in the 35% to 40% range from 2008 levels.  Overall these properties only represent a very small portion of the total market (approximately 5%). 

Looking Forward This Year
The majority of Whistler buyers (approximately 75%) continue to be recreational buyers from Vancouver and surrounding areas of the lower mainland. These owners are able to enjoy their Whistler properties and the Whistler lifestyle on a regular basis. With so much to offer and the time convenience of the highway, Whistler ownership is a healthy lifestyle decision. With Whistler properties offering good value and a strong BC economy, I expect this buying trend to continue through 2013.

If you would like more information on a specific Property-Type, Neighborhood or Complex drop me an email or a phone call. 

Enjoy the remainder of the winter and I hope to see you around Whistler!

Warm regards,
Ron

(Disclosure: In my endeavors to provide information to past and current clients, I periodically send real estate related information such as this. However, should you wish not to receive future mailings, please let me know and you will be removed from my database. This communication is not intended to cause or induce breach of an existing agency agreement.  *Sales Data Source - Whistler Listing System. E&O. E)