Back at the end of March, we talked about Whistler hotel condominiums selling for 50% off their original issue price.
Well... the plunge continues.
This unit in the phase 2 development of the Blackcomb Lodge in the Whistler Village has had it's asking price slashed again.
According to the realtor, these lofted studios were selling at $369,000 at their 2005 launch after a $5 million dollar upgrade to the lodge.
And despite the fact they sleep 6, include a fully equipped kitchen, indoor swimming pool, hot tub, sauna, ski concierge and that the strata fee includes all utilities, phone, cable & hydro... the current asking price is now a stunning $240,000 off the original 2005 price.
That's a 65% haircut on the original investment... and no buyer in sight!
Seems the downhill slide in Whistler continues.
(hat tip to Makayla)
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ReplyDeleteScam? Or more likely desperation?
ReplyDeleteSame unit is only 129K here, and also here as well as numerous other hits.
How many agents are trying to sell the same property? Tough sell though when a couple of doors down the hall you can pick up this identical unit for 127K
What's that term for the opposite of a bidding war again?
Beauty. Thanks alexcanuck.
DeleteFor people expecting the real estate prices in Whistler to drop after the Olympics, I’m afraid you’re going to be sorely disappointed.
ReplyDelete"The message is, if you’re waiting for prices to drop before purchasing property in Whistler, you may be too late. The time to buy is now."
words of wisdom ;) lol
Awesome! I will post this link at VCI for everybody to have a good laugh...
DeleteYes... excellent link pipewrench. I will definitely have to include this in a future Whistler post.
DeleteOh man. That was too funny pipewrench. I laughed all the way through the article. Best part was the rationalization for why Whistler owners will not ever lower ask prices. Did you hear...they have great revenues for most of the year! I wonder how this one asking 133,000 is rationalizing those words now. Want to bet that these places will be selling for between 15 and 20% of original cost by the time this bubble has finished bursting a few years down the road. Resorts always take the heaviest blows. What I find amazing is that the deflation there has been so deep and rapid even before the majors like Vancouver or Toronto have begun their inevitable corrections. The final verdict on Whistler is not yet here therefore and much more pain awaits the housing market.
DeleteFarmer
Great find.
ReplyDeleteIs there a benchmark for Whistler?
Or average/medians?
Just curious.
Strata hotel units have always been a bad investment.. High monthly fees, no guarantee the unit will be rented, hotel units take priority for rental before you unit does. Banks do not like to finance them and they are highly illiquid in the market.
ReplyDeleteI work for the largest insulation co. in Canada we are at half capacity since Dec/11.
ReplyDeleteStarting to see a few orders from the U.S.however,my advice if you own a home slash your price and get out asap.
WTF ! The link is broken! I'm missing the fun!
ReplyDeleteVancouver Condo Info linked to it today as their main post and it has either been taken down or the server is overloaded. Hopefully someone took a screenshot.
ReplyDelete