Whistler Sales up 58% 2011 YTD

[Lady Luck]

http://www.whistlerquestion.com/article ... tate-sales



Not related to this story I was interested to learn of Whistler's first Asian real estate agent speaking Cantonese, Mandarin, Hokkien and Bahasa, who also specializes in Feng Shui. Now that is something different!

[jesse1]

I'm not sure 2010-2011 YOY is a fair comparison given the run-up to and wind-down from the Olympics was effectively for half of that time; I would look at the previous 10 years as indication of "normal". One hopes locals don't abandon vacation properties

[MultipleOffer]

Ay reliable source for market statistics in Whistler? Thinking of buying up there but want to check out trends etc.

[Taipan]

As you know, im looking at interior ski resort properties. Market is down a bit and sales are slow.

Vendors still think its happy times. But it appears to be changing.

Ive noticed in the last 8 weeks a lot of top end property coming onto the market.

Vendors from across Canada.

Couple of interesting observations.

In 2010 there were 4 sales over $1m. Discount off asking was from 8% to 34%
In 2011 there has been none.

Currently there are 15 properties asking more then $1m.

5 properties have been listed in the last two months. (Not unusual as coming into ski season.)

Of the other 10 properties - they have been for sale for between 171 days and 1066 days. 8 of those for over a year.

Two properties were withdrawn after sitting on the market for 477 days and 1,417 days.

No white knights or greater fools riding to the rescue.

[MultipleOffer]

I was asking about whistler not interior ski properties?..

[Taipan]

I was asking about whistler not interior ski properties?..

Oh im sorry!

Well sunshine, sit down, set up a data base and track it for years. Then you can rely on your own judgement rather then being spoon fed!

[thirdlittlepig]

I was asking about whistler not interior ski properties?..

Here's a little nugget for ya: at the current rate of sales it would take 530 days to sell the active listings at whistler, roughly 18 MOI. no break down for different prices ranges, but I hear tell now is a great time to buy!

[MultipleOffer]

There must be some official source for market stats..... WLS / Whistler Real Estate Co and Whistler ReMax sites don't contain any sales data. Basically i'd like to see a graph of market trends in the area for detached, attached and condo. Should be easy to get, no?

[Taipan]

Possibly not. You know i do it the old fashioned way. Learning the market from new listings, price increase, price decreases, sales, prices achieved, properties withdrawn, days on the market. Properties withdrawn and relisted.

But that takes time, effort, work, dedication, patience and an ability to understand what you are looking at.

That gives you the ability to walk into a realtors agent and say, im interested in purchasing ZZ property, and they say yes we have only had it listed this month and its a great property.

You can say - no the property has been on the market for 965 days, its been listed under this mls number and this number and nobody is interested.

So lets talk.

Of course you can do it your way where, you are fed the information, where you are told the market is up year over year, prices are up, and you accept what your being told.

[thirdlittlepig]

There must be some official source for market stats..... WLS / Whistler Real Estate Co and Whistler ReMax sites don't contain any sales data. Basically i'd like to see a graph of market trends in the area for detached, attached and condo. Should be easy to get, no?

Taipan is correct. The stats are what they are, but what are they is the question. I have seen (here in the Okanagan, but it is still relevant) places on the market year after year, listed under different realtors, or real estate comapanies at different times, yet they are called "new listings". The stats say they sold for "95% of list price" or whatever, so it sounds like the market is pretty busy. But that price has been drifting down every year for many types of homes (not just the dumps, new homes, or slightly older but decent homes, even really nice homes). Yet when it finally sells they claim it fetched full price, sure after it was discounted how many times. Or a home is bought by a flipper, they spend so many tens of thousands of dollars on renos, then it's up for originally more than they bought (naturally), but when you are doing that with hundreds of homes, it shows up as an apparent increase in value of homes, which it isn't. A few years later, these same homes are still for sale, but eventually at a price where they are not going to recoup their expenses, almost back at the original price they payed before the cost of renovations.When there are a lot of speculators in the market the prices are what they optomistically think these homes will be worth in an upward market. If buyers are foolish enough to think that's a reasonable price, they get sucked in. As the market cools, it takes a while for everyone to realize the stats were accurate but had little to do with the value of the home in a weak economy. The average price will seem to rise because only the rich folks can buy homes, but the unsold (over-priced) moderate homes still aren't moving, which is what most people would be looking at. Year after year the inventory is high, so a lot of homes are either not selling or coming back on the market next year, or there are just more and more becoming available (boomers downsizing, plus economy weakening, old folks dying/ young people just not getting enough jobs, construction people moving elsewhere for jobs leaving rental vacancies etc.) All of the "stats" are only relevant for the current interest rate environment, and under all the government stimulus which is drying up now, as soon as rates rise the picture will change drastically unless some other new "boom" comes to B.C.

[jesse1]

TLP, I think Kelowna's market is dead man walking. Not sure if 2012 will be "the" year but it's not looking promising for sellers. Private lenders aren't touching the Okanagan right now FWIW.

[Taipan]

It appears that the BC regional and recreational markets will be road kill in 2012. I think Jesse would be right that it would be almost impossible to get loans on some of these places.

From having too much debt in the market which forced prices up, there will be a credit squeeze forcing prices down.

I wont need any loans, but expect to sit on my hands till summer next year. I think ill just let the vendors sit quietly in their properties and listen to the sounds of silence.

No phone calls, no knocks at the door, no offers.

Property I put an offer on back in June 2008 is currently off the market, but hasnt been sold by the original vendor. Interesting example.

[Lady Luck]

Finding actual Whistler stats is as rare as Yeti sightings. The local firms are all in cahoots running the private WLS. I will see what I can find. Sales are dismal 6-15 per week. Some jaw dropping recent sales , single family home in Alpine $550 000 a ski in / out condo at the Aspens $300 000. These examples are 50% off the 2002 high. This market is starting to tank I fully expect more price pain for 2012. We need the U.S buyers back.

[MultipleOffer]

Thanks for your Post LL. I was hoping you would step in and I could get some good info, rather than the usual Taipan spew!

I found some stats on Jon Chaudhari's website here: http://whistlerrealestateagent.com/propertystats.html Not as good as you can get from the REGBV, but perhaps this is as good as it gets in the Whistler market. Unfortunately it only goes back a few years, and if 2002 was the peak, it seems like I need to be looking back at least 10y. Strongly considering buying a townhome up there, but don't want to step in yet if there will be further drops. Appreciate your advice.

[Austin]

Hey, credit where credit is due, Taipan has been dead on about BC Ski Resorts.