Whistler Real Estate Newsletter Summer 2010

Date Posted: July 31, 2010
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Whistnewsjuly2010
Amber Mann

Amber Mann

Summer Update

Our Whistler Real Estate magazine is now available online, follow this link –
http://www.myvirtualpaper.com/doc/Whistler-Real-Estate/wrecs10web/2010070701/

PLEASE READ BELOW FOR OUR HOME OWNERS SURVEY

As a property owner, you are aware that Whistler is a unique, vibrant, year-round resort community. A clear vision, executed through a strong plan, has created a mountain resort like no other in North America. However, there is always room for a change in our vision and plan as we move forward successfully from the Olympics.

All of Whistler’s major stakeholders are currently strategizing on the next steps to ensure that Whistler continues to deliver on its promise. We, at Whistler Real Estate Company Ltd. believe it is important, if not mandatory, that you, the property owner, be able to participate in this process.

The community vision is currently outlined in Whistler 2020, It’s Our Future, a document based on community input. Over the next year the Resort Municipality of Whistler (RMOW) will be reviewing the Official Community Plan (OCP) for the first time in 17 years, to determine how it will incorporate the 2020 vision into future land use policies. These two documents will chart the path of the “Whistler of Tomorrow”. Coinciding with this, Tourism Whistler, The Whistler Chamber of Commerce, and Whistler-Blackcomb Intrawest are all re-strategizing to deal with today’s and tomorrow’s challenges as related to Whistler’s economic viability.

Whistler Real Estate Company Ltd. in conjunction with One Whistler and the Association of Whistler Area Realtors would like to communicate the thoughts of the property owners of Whistler (specifically, the second homeowners) to the RMOW and to the major community stakeholders so that they can be incorporated into the new OCP and new strategies that will benefit everyone.

Attached you will find a short survey, and we ask that you please take a few moments to complete. Once we have received sufficient responses, we will summarize the responses and present them both in executive form and as raw data to the stakeholders for their consideration.

http://www.surveymonkey.com/s/secondhomeownersurvey

Your thoughts and input are extremely important to us and to Whistler. If you feel you know someone who is a property owner and would like to participate please feel free to forward this to them.

We look forward to hearing from you. If you have any questions or concerns, please feel free to call me.

Thank you for your time to be involved in this important initiative.

Market Report

Bring on summer

After a predictable slowdown in real estate activity throughout Whistler and Pemberton following the Olympics, inquiries and sales activity in terms of both number of sales and value of sales improved dramatically to show an 18 per cent increase in total sales, and a 63 per cent increase in total value from a year earlier.

Average values stayed steady however, as the total number of properties available for purchase increased significantly.

Opportunities for buyers are at their highest level in almost 20 years. Given the flat value profile and the steadily increasing interest in Whistler (rental bookings and seasons pass sales are well ahead of last year) this may be one of the great “buy” opportunities for Whistler.

Whistler Sales 2007 – 2010

  07 08 09 10
$ (000) # Sales $ (000) # Sales $ (000) # Sales $ (000) # Sales
Q1 185,617 174 145,424 175 47,384 67 66,627 81
Q2 221,026 230 125,623 151 69,833 109 108,256 128
Total 406,643 404 271,047 326 108,217 176 174,983 209

Whistler Average Values June 30, 2010:

Single Family Condominium Townhouse Land
$1,596,341 $452,977 $815,289 $1,007,360

Feature Story

Whistler – Planning the Community Together

When people think of Whistler they usually conjure up images of a happening ski resort with a busy village, shopping galore and sizzling hot nightlife.

Okay, that may be an accurate description of the resort side of life, but Whistler is also a real community with a diverse population of full-time residents who genuinely care about the development and evolution of their pretty mountain town.

During the next year, the Resort Municipality of Whistler (RMOW) will update the town’s Official Community Plan (OCP) in a process largely determined by Whistler residents themselves.

The OCP is essentially a plan for the community including a set of high-level policies, such as land-use designations, that guide land-use planning, social, economic and environmental policies and civic infrastructure investments. It is also a regulatory document required by the British Columbia Local Government Act. The last comprehensive OCP update occurred more than 18 years ago, and Whistler has certainly changed and matured since then – becoming an international household name.

“This document may be the single most important legislation to be developed in Whistler this decade in terms of determining Whistler’s future and we hope everyone will get involved” states Whistler Real Estate Company president Pat Kelly.

The update is kicking off with a series of community engagement initiatives designed to allow residents to help determine the direction the community will take in the future.

Some suggestions already put forward by residents involve “spot zoning” to encourage a more diverse business economy, adding more non-sport options for high school students as well as several new business initiatives.

We at Whistler Real Estate Co. believe that the property owners, and particularly the 2nd home community need to be part of this important process. Look for our survey asking for your thoughts on Whistler shortly in your email in-box.

For more information on how to get involved please see whistler2020.ca, whistler2010.com and the RMOW’s website, whistler.ca.

Take an ArtWalk in Whistler

Artwalkadsum2010Along with world-class athletes, Whistler attracts more than its fair share of talented artists and artisans, and you can discover a lot of their works just by strolling through the Village right now.

Until August 31, the Whistler Arts Council presents its annual ArtWalk program where local works of painting, photography, multi-media, pottery and jewelry can be found in unorthodox host “galleries” throughout the Village including hotels, cafes, restaurants and retail outlets.

The opening reception starts July 9th at the Whistler Real Estate Office For more info go to whistlerartscouncil.com.


Pricing your Whistler property right by heather Clifford

Date Posted: July 28, 2010

Disasters of not pricing your home right – the first time!

whistlerheather | July 11, 2010 at 4:36 pm | Tags: First Tracks Lodge Whistler, Four Seasons Resort Whistler, Just Listed Whistler, Marketing, over pricing, Pan Pacific Whistler, Whistler BC, Whistler Listing System | Categories: Uncategorized | URL: http://wp.me/pIV1b-gN

Reasons for pricing it right

From the second you sign a listing contract your agent can begin the selling process. Your property is the hottest the minute it hits the market. In Whistler selling homes is a little different, while your new home listing is hot when it comes up for sale, the buyer in most cases does not live in Whistler and needs to be contacted, the buyer will probably want to view the home in person, and if it is a buyers market the urgency will not be there.

If however you price your property bang on and perhaps aggressively, you instill a different type of motivation in the realtor. The agent takes the listing back to their office and shares the excitment with their team, the listing is then put through the listing system and this is where your property hits the open market – the other agents then pass the “Hot Listing” onto their potential buyer. The professional realtor knows a well priced property. This is why in any market homes will sell, motivation determines how fast. Sometimes it does take a little longer, but real estate always sells in any market. We also need to realize certain properties like Phase II here in Whistler are taking much longer to sell, and different methods of marketing and price need to be considered. A well priced, sometimes staged property will breed curiosity.

In each agents data base there are purchasers waiting for the right property to come  onto the market. For every dollar you go above the suggested list price, the funnel of buyers or pool of buyers becomes smaller.

How do we know this

As Whistler BC is the market I am active in I will use the Whistler Listing System Statistics to prove.

If we have had less than 10% of our sales above $2,000,000 that would mean 90% of our market is under that price point – or if we have had 214 sales to date in 2010 and 17 have been over $2,000,000 than less than 10% of your buyers are in this price category. If your property’s value was established at $1,750,000 and you want to test the waters at $2,000,000 you potentially could be missing valuable buyers for two reasons.

1. If I can spend $2,000,000 I will look at properties from $1,750,000 – $2,250,000 perhaps – If I view your property along with the other homes at $2,000,000 I will be determining value for my money right there. If your home is not of the Caliber of the competition in that price range you could be creating a negative outcome.

2. If my purchase price is only $1,600,000 – I would still look up to about $1,900,000 thus missing your property all together.

It only makes good business sense to listen to your professionals advice on pricing, we can all list our homes at any price, but only recent sales determine market value. I know people who are in other fields of business that are very real estate savvy – builders of course are always keeping their finger on the pulse of real estate. Everyone loves to talk about real estate.

If you want to sell

Price it right from the day you get started. Clean it up so it sparkles. Make sure there is a marketing plan in place. Stay in touch with your agent and work together. There are really only two reasons a home does not sell, pricing and lack of exposure.                                          What is the disaster I mentioned in the headline…

Following a slow market downward! Agents could use your home as an example of poor pricing techniques.

What alternatives do you have?

OK – you just can’t sign the contract at that lower price – why not make a deal with your agent, and sign in advance a 30 day price reduction. This makes it a win win situation for your agent as well. Make sure you keep informed of all new listings, price reductions and sales around you… when you know a sale has happened find out why the buyer didn’t buy your home, or even worse never looked at your property. But do not forget timing is everything – new listings are the hottest when Just Listed. If you miss the busy tourist season and reduce in late Sept/Oct you very well could have missed your only buyer!

It might be wise to decide the best-selling 1/4 for your particular property while you’re at it.

Whistler

I can honestly tell you Whistler is not predictable, we have seen a stronger market 3rd and 4th quarters for many of the documented years and yet in many cases 1st quarter has been strong too. Why you ask – good question. Whistler statistics on sales data have been collected since 1998 I have found that each years quarter sales to be all over the board – no particular pattern could be found. The number of sales range from 434 to 1300 a year.  In those numbers are pre-construction hotel sales… Pan Pacific, Four Seasons Whistler, First Tracks Lodge and a few others… These properties are recorded when the deals went firm not when the money traded hands. Some of the hotels have hundreds of rooms documented in the data. As the Managing Broker for RE/MAX Sea to Sky Whistler I count every sale – hotel sales whether phase one or two are real people buying real estate in Whistler….

Sales History Year over Year

1998 – 434                                                                                            

1999 – 781                                                                                              

2000 – 973                                                                                               

2001 – 878                                                                                               

2002 – 1300                                                                                          

2003 – 729                                                                                              

2004 – 696                                                                                             

2005 – 528                                                                                              

2006 – 644                                                                                               

2007 – 942                                                                                               

2008 – 519                                                                                             

2009 – 465                                                                                             

2010 – 214 year to date

 Happy Negotiating!