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Vacation Rental Market Trends
Whistler, BC
A Q&A with Whistler realtor, Ursula Morel
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How is the Resort & Second Home market in Whistler-BC-CanadaSales in Whistler have seen a sizable increase for the first half of 2007. Since our peak in 2002 we experienced lower sales volume and very little appreciation in value. As construction costs have increase some 50% since 2002, properties are selling for less then replacement value. Whistler is currently considered a buy in the real estate community and this is reflected in the increased sales volume. Inventory levels have dropped by about 20% and we expect this trend to continue as sales are outpacing listings at this time. It is inevitable if this trend continues that the reduced inventory and increased sales volume will lead to higher prices. We may be in the last stretch for the current prices we are experiencing in Whistler and will probably see price increases within the next six to twelve months. We are already experiencing increased sale prices in certain properties and price ranges.
Any trends that you have noticed in Whistler? There are now more than 9 million Millionaire households in the U.S. (those with a net worth of $1 million dollars or more, excluding primary residences), an 8% increase from 2005 to 2006. And during the same timeframe, the number of Affluent households in the United States (defined as those with a net worth of $500,000 dollars or more, excluding primary residences) rose 9% to a record 15 million-plus.
We've seen these national trends reflected in the local housing market. There are currently 16 upper tier homes priced at 4 million dollars or more in the Whistler market.
The Buyers in Whistler are from:
Average cost of Resort & Second Home Properties in Whistler:
What do prospective buyers look for in a Resort & Second Home in Whistler?
Property Types: Condos, Town homes, Duplexes and Homes bought as a vacation home, family retreat, rental income generator, or for portfolio diversification.
Best Locations: Waterfront, Golf Course, Ski In/Ski Out.
Amenities: Watersports, golf, winter recreation, mountain biking.
What tourist attraction and events would pull in renters?
Summer Activities: Alpine Bike Tour, Bike Rentals: Park & Valley, Summer Kids Programs, Valley Bike Rentals, Westcoaster Luge, Whistler Bungee, Wakeboarding & Wakesurfing, Canoe & Kayak Tours, Golf, Tree Trek Tours, Walking & Hiking Tours, Rocky Mountaineer, Train ride to Whistler, Rest day activities, Bear Viewing/Ecology Tours
Biggest Summer Events: Crankworx and North America';s Premier Mountain Bike Festival
Winter Activities: Adult Ski School, Adult Snowboard School,
Teen & Ski & Snowboard Lessons, Kids Ski & Snowboard Lessons,
Fresh Tracks, Tube Park, Snowmobiling, Horse-Drawn Sleigh Rides,
Heli Skiing/Boarding, Zip Trek Ecotours, Dog Sledding, Snowshoeing,
Snowcat Tours, SnoLimo Mountain Ecotouring, Cross Country Skiing,
Backcountry Wildlife Tours
Biggest Winter Event: TELUS World Ski & Snowboard
Top 10 Important Questions to Ask Before Buying a Vacation Rental Home in Whistler:
1) The obvious question is price versus affordability!?
2) What is you preferred location?
3) What type of property are you looking for?
4) Have you considered which amenities are important for you!?
5) How much personal use are you intending to have of the property!?
6) Are you looking to rent nightly?
7) Are you purchasing with cash or would you like to finance your home?
8) What are the associated purchase costs and process involved?
9) Who are the best companies to assist me before and after the purchase?
10) Are you aware of the current Real Estate Market and trends in Whistler?
Why should a buyer choose a vacation rental home in Whistler?
- Location, location, location.
- Lifestyle
- Activities
- Income
- Long term investment
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Ursula Morel works hard at her global marketing plan to earn the reputation and credibility as an expert in the marketing of upper-priced properties. Her values include honesty and integrity and her clients say that they like and trust her “something more” approach, just the right match for special properties.
Ursula likes to make her clients life easier and she believes that she has the best solution for them.
When you've made the decision to move up, you want a discreet real estate professional who not only has mastered the buying and selling process, but also knows the Luxury Resort & Second Home Market and has strong negotiation skills and this in three languages: English, French and German.
To get a feel for the Whistler Vacation Rental Market or to find a great vacation property to rent, browse Whistler Vacation Rentals on HomeAway.com.
Are you a realtor in a vacation market who'd like to do a Q&A? Email us.
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