This is a friendly, interactive exchange of information on all Real Estate related subjects. Follow on Twitter: @RETALKS


Moderator: admin

 
jimtan
Real Estate Talker
Topic Author
Posts: 5515
Joined: Tue Jul 31, 2007 10:59 pm
Contact:

Re: What to buy Whistler for $400k

Wed Apr 24, 2013 6:22 pm

Made a visit.

Whistler is as I recall it. Kinda boring unless you like recreation trails and fake Alpine.

Squamish has the real nature trails and the genuine main street.

I'm told by a realtor that the Hilton property is not restricted to 26/26. However, it is not cash flow positive.

I take it to mean that the fees and commissions are horrendous. No go!

Anyway, I took a lot at the lobby. Doesn't look like a Hilton. Hope that the price falls by another 50%.

Suggest that a visitor take a look at a rental condo instead of buying into a condo-hotel.

For example, this property for $1900 per month in May.

https://www.airbnb.ca/rooms/130828
 
User avatar
WhipMaster
Real Estate Talker
Posts: 5129
Joined: Thu Mar 07, 2013 2:42 pm
Contact:

Re: What to buy Whistler for $400k

Wed Apr 24, 2013 6:41 pm

Anyway, I took a lot at the lobby. Doesn't look like a Hilton. Hope that the price falls by another 50%.
You sound like Timber! :shock:

Did something go in the wrong end??? :mrgreen:
Hoo~Cudda~Not~Nod~ed????? :-)
 
User avatar
Lady Luck
Real Estate Talker
Posts: 2310
Joined: Sun Jun 20, 2004 9:51 am
Contact:

Re: What to buy Whistler for $400k

Thu Apr 25, 2013 8:36 am

I would suggest totally avoiding the properties with restriction on usage. I have seen some recent jaw dropping deals in Whistler. My top picks would be Whistler Village and ski in / out condos zoned for nightly rental. There are very few three bedroom units and they are highly rentable. I have seen a 3 bedroom unit go for $595 000 which in 2002 would have been 1.2M The Aspens on Blackcomb (ski in /out) 1 bedroom units in the low $300 00's , in 2002 $600 000. Market place Lodge 1 bedroom $199 000, in 2002 $350 000. At these prices passive monthly rentals can be cash flow positive. Self managed nightly rentals can be a win fall. It is not all doom and gloom, well located chalets have retained their value.

Jimtan not sure what you mean by Whistler having "fake alpine" I somehow doubt that you have been anywhere other then the top of a gondola.

Squamish is "genuine" alright. A genuine armpit. Go for it.
 
jimtan
Real Estate Talker
Topic Author
Posts: 5515
Joined: Tue Jul 31, 2007 10:59 pm
Contact:

Re: What to buy Whistler for $400k

Thu Apr 25, 2013 9:30 pm

You sound like Timber! :shock:

I'm telling it like it is. These 'special deals' are toxic when the buyers don't read the fine print.

I would suggest totally avoiding the properties with restriction on usage. I have seen some recent jaw dropping deals in Whistler. My top picks would be Whistler Village and ski in / out condos zoned for nightly rental. There are very few three bedroom units and they are highly rentable. I have seen a 3 bedroom unit go for $595 000 which in 2002 would have been 1.2M The Aspens on Blackcomb (ski in /out) 1 bedroom units in the low $300 00's , in 2002 $600 000. Market place Lodge 1 bedroom $199 000, in 2002 $350 000. At these prices passive monthly rentals can be cash flow positive. Self managed nightly rentals can be a win fall. It is not all doom and gloom, well located chalets have retained their value.

Good to have you back.

Thanks for the info. Yes, prices are down a lot for condo because of the supply from Creekside. Will take a while to digest.

I agree that the high end market looks promising as the economy comes back.
 
VanLord
Real Estate Talker
Posts: 320
Joined: Fri Aug 24, 2007 3:52 pm
Contact:

Re: What to buy Whistler for $400k

Mon Apr 29, 2013 12:57 pm

I'm told by a realtor that the Hilton property is not restricted to 26/26. However, it is not cash flow positive.

I take it to mean that the fees and commissions are horrendous. No go!

Anyway, I took a lot at the lobby. Doesn't look like a Hilton. Hope that the price falls by another 50%.

Suggest that a visitor take a look at a rental condo instead of buying into a condo-hotel.

Don't fall for it, there are more and more Phase 2 properties that are going this route, its a phase 2 property acting as a phase 1, take a look at Alpenglow.

Phase 2 is nothing more than a horrible timeshare scheme, the owners put up the capital and take all the risks, while the hotels make all the money (although I doubt they are making much money the past 5 years). The hotel also ensures the properties continually lose money with high manaement fees for the owners. To make matters worse, every night you use it, means the property comes out of the rental pool, which means you are essentially paying top dollar to stay at your own hotel-condo, in the form of lost revenue.

Phase 1 properties are the only way to go, you can self-manage which isn't to bad, or in Jim's case you won't need to manage, since you aren't renting it out...or go for a place this isn't zoned for nightly rental at all, this means you will be further away from the village though.
 
timber2012
Real Estate Talker
Posts: 1730
Joined: Fri Dec 16, 2011 10:50 am
Contact:

Re: What to buy Whistler for $400k

Mon Apr 29, 2013 1:16 pm

I think jimtan should spend every last cent in Whistler - I'm sure that's a can't lose proposition :D :D :D :D :lol:
George Carlin once said "Think of how stupid the average person is, and realize half of them are stupider than that.”
 
VanLord
Real Estate Talker
Posts: 320
Joined: Fri Aug 24, 2007 3:52 pm
Contact:

Re: What to buy Whistler for $400k

Mon Apr 29, 2013 1:22 pm

 
User avatar
WhipMaster
Real Estate Talker
Posts: 5129
Joined: Thu Mar 07, 2013 2:42 pm
Contact:

Re: What to buy Whistler for $400k

Mon Apr 29, 2013 2:42 pm

this looks nice
wow. it makes my DTES SRO rental look like a broom closet.
Wait a minute, it is a broom closet! :mrgreen:
Hoo~Cudda~Not~Nod~ed????? :-)
 
MultipleOffer
Real Estate Talker
Posts: 734
Joined: Thu Feb 17, 2005 2:05 pm
Contact:

Re: What to buy Whistler for $400k

Mon Apr 29, 2013 7:57 pm

any thoughts/comments on Lost Lake Lodge?

Who is online

Users browsing this forum: Bing [Bot] and 5 guests