Ski-in Ski-out Trails in Kadenwood

2935 Big Timber Court, Kadenwood, Whistler, BC

Kadenwood Ski Trail Access

I often get asked about the ski-in ski-out trails in Kadenwood. The development has always been positioned as a ski-in ski-out location with its own Gondola. Initially the development was meant to have groomed trails throughout which would lead to the obvious ski access trails. The development has its own PistonBully groomer to tackle such a job. I have not seen any evidence of these groomed trails on the streets whenever I have shown property up there. For more information on Kadenwood please click that link to find a wealth of information.

Ski-in Ski-out Trails in Kadenwood

You may need me to help you interpret this map. There are three sets of trails on the map. 1) Ski-home, 2) ski to the slopes, 3)potentially groomed trails within the development. Think of yourself leaving the house first and find out how simple it is to access a brown trail. Then once you have done that, pretend you are skiing home into Kadenwood. Find your entry point and then trace the pale yellow trails to find either the house, or a brown trail which leads you to or close to the property. For a version you can print off, please click this Ski-in Ski-out Trails in Kadenwood link.

Kadenwood Whistler ski in ski out trails

Rainfall in Kadenwood

Unfortunately rainfall can quickly dissolve the snow and make ski trails non-existent, especially at the start and the end of the winter season. There is usually no shortage of snow on the ground in Kadenwood. So the ski access trails last all winter season and certainly until Whistler Mountain closes usually at the end of April. Kadenwood is basically 2,000 ft above sea level, and is the highest development on Whistler Mountain. The advantage of the elevation, is that when it is raining in the valley, the freezing level in winter is rarely below Kadenwood.  I often hear weather reports which talk about the freezing level is at 1,500 meters which is just below the Round House restaurant on Whistler Mountain. Granted, in Spring when the freezing level drops then rain will fall on Kadenwood. However, by then you may be thinking of sailing or golfing.

If you would like me to explain the ski trail system in Kadenwood, and you are not working with a realtor, please contact me. The new rules in British Columbia have banned dual agency, so it is better to contact a Buyer’s Agent, like me right from the start. I can assist you with your real estate needs before, during and after the transaction.

It’s a Good Life In Whistler!

Marion Anderson

 

June 2018 Whistler Market Update

Snowridge Crescent and Snowridge townhomes

Only One Sale in June in the Whistler Luxury Home Market

Summary of June 2018 Whistler Market Update, there was one sale over $4MM and eight new listings. Non of these new listings can be classified as ski-in and/or ski-out. Proof again that the luxury market is so small in Whistler. The sale in June was in the Lakecrest area of Alta Vista. A beautiful house close to, and with a view of Alta Lake. The sale was for 3116 Hillcrest Lane, a 4 bed/4.5 bath house built in 2010. This 5,000 sq. ft. house was on the market for only 10 days. Which leads me to believe that the buyers had been looking, and knew exactly what they were looking for.  There were no ski-in ski-out house sales in June.

The following report refers only to the Whistler luxury real estate market update for June 2018. Just to clarify, the price segments for this report start at $4m. The reason I have chosen this benchmark, is simply because there are no ski-in ski-out houses,  listed at less than $4m. Remember, this is a niche site for those who are looking to purchase a ski-in ski-out property. All my market update reports have to focus on the market segments which cater to those buyers, otherwise it really isn’t a niche website. In addition, the numbers of listings in each price category is so small that I have grouped them together in a way that makes sense to me, since I know the properties. There are plenty of gorgeous houses in the $3m – $4m range. Those can always be considered after you have exhausted your ski-in ski-out housing options.

Listings in the Price Segments of the Luxury House Market

I have simplified these price ranges so that they are easy to remember.  The analysts will question where I would list a house on the cusp, for example, a $10,000,000 home. This listing would go into the range where the sales price would land, which is lower than the listing price. The following listings are taken from all brokerages in Whistler.

Average Days on the Market (DOM) by Price Segment

Listing agents like to pretend that a property has not been on the market very long before it is snapped up. When the real estate agent re-signs the contract, usually after a year, they list the property as a new listing. It takes me a few minutes to go back in and research the actual DOM for each current listing for this post, as I would do for my clients.  In the $7m – $9m range there are two properties which have been listed for over 4 years. So the DOM for this price range is continually skewed.  I suggest that the best way to look at the DOM is from a negotiation perspective of how long a seller could be waiting for a buyer. However, the sellers in Whistler in this high-end market never seem to be in a rush to sell. The all seem to have the patience for the long game.

  • $4 MM to $5 MM:  80 DOM average
  • $5 MM to $7 MM range: 339 DOM average
  • $7 MM to $10 MM range: 700 DOM average
  • $10 MM to $15 MM range: 505 DOM average
  • $15 MM and above: 972 DOM average

Comparing Whistler Real Estate Market to the Vancouver’s Market

With the downturn in the Vancouver market several buyers have asked me to compare the Whistler luxury housing market with the Vancouver luxury real estate market. I can tell you that for inventory listed at over $4 million, Vancouver in June had 718 houses listed and had 21 sales in June. Whistler had 29 houses listed over $4 million, up from 17 in May, with one sale over $4 million. I expect you can see now why it is not relevant to compare  Whistler with the Vancouver real estate market. Please click the following link for a report from the Institute of Luxury Home Marketing Vancouver June 2018 real estate Statistics.

For more market information please click through to the Market Update on Whistler Real Estate page.  For specific information on Whistler Luxury Houses, click the following Whistler Luxury Houses Sales Statistics  page.

If you have any questions and you are not working with a real estate agent, please contact me, Marion Anderson. I am here to help you with your real estate needs, before, during and after the transaction.

 

 

 

 

Suite Rental Income To Qualify for Mortgage in Whistler

Whistler building department

House Suite Can Be Factored Into Your Mortgage Application, With Restrictions.

Using suite rental income to qualify for a mortgage in Whistler is a process. It starts with finding a house with a legitimate suite which the lending institution will accept as authorized accommodation. Some real estate agents in Whistler refer to unauthorized accommodation, as non-conforming, or illegal space. I prefer to use the term provided by the Real Estate Council of BC, which is unauthorized accommodation.

What is Unauthorized Accommodation?

The building plans are presented to and approved by the Resort Municipality of Whistler (RMOW). Through due process everything on those plans would be deemed authorized space. The suite must be in the original building plans. If the suite was added after those plans were approved, the suite would be referred to as unauthorized accommodation.

One of the most common area for change is adding on a suite, or adding on a second suite. The Seller must divulge that there is unauthorized accommodation on the Property Disclosure Statement (PDS). Which is why the BC Council of Real Estate requests that buyer views the PDS before writing the offer. In addition, viewing the property’s file from the building department of the RMOW would also be advantageous. However, most listing agents do not have the RMOW documents on-hand when they rush to list a property, rarely is the PDS completed. So, the buyer could have written an offer and then once the plans arrive, find out that there is unauthorized accommodation. The listing agent may tell us what is unauthorized space, but it really should not be relied upon. We are better to do our own research.

Whistler Mortgage Broker Comments

I asked Karen Garrett of Dominion Lending, Whistler, how easy it was to get financing on a house with a suite. Karen responded “The banks are very strict about lending against unauthorized space. If the contract states something like ‘buyer is aware the suite is non-conforming and illegal’ then it is more likely the lender won’t allow the suite to be factored in to the financings.”

To avoid a misunderstanding, the buyer’s agent should be adding the unauthorized accommodation clause to the contract. This clause states “The Buyer is aware that the property contains unauthorized accommodation and has been informed of the consequences of such ownership and the potential loss of income should the rental use be discontinued.” A clause like that will surely raise the question of “what is unauthorized?” from the lending institution.

How to Spot An Unauthorized Suite

Unauthorized suites are easy to spot. A suite is defined by it’s own exterior entrance. If the entrance is through the main house, that is your first clue. Second clue is the suite does not have a full kitchen, for example, the ‘kitchen’ only has a hot plate, that is not a true suite. Third clue is if there is already one authorized suite factored in for financing. Then you ask to use a second suite in the home. Two suites are not allowed in a Whistler home.

Banks Have An Independent Appraiser

The banks send out an independent property appraiser, hired by the bank to prepare a report on the property you are asking them to finance. This is usually done at the last minute prior to subject removal. So the report will tell them if you have accidentally misled them. These pitfalls should be identified by your real estate agent, before making an offer.

Are you looking for a real estate agent who can help navigate the pitfalls of purchasing real estate in Whistler? Check out the FAQ for Buyers page on this site. Contact me if you are not already working with a realtor.

It’s a Good Life in Whistler!

Disclosure of Representation in Trading Services Form

View from the 'back yard' of 26-4501-Blackcomb-Way-Snowy-Creek

Why it Benefits You to Sign the Disclosure of Representation in Trading Services Form

In summary, by signing the Disclosure of Representation in Trading Services Form you are binding me, the agent you have chosen, to honour four legal duties. These duties are: 1)Loyalty, 2)Avoid conflicts of interest, 3)Fully disclose any relevant information, and 4) Protect your confidentiality (indefinitely).

The Real Estate Council of BC is very serious about this form. To the point where the agent has to email each signed copy to their Broker.  The Broker then keeps it on file, for future audits. There are massive fines to the real estate agent and their broker by not following this ruling. The fines can be $250,000. Needless to say, that is a game changer for most realtors. So, I will be following this rule as I do every other rule put forward by the Real Estate Council of BC.

It is not mandatory that you, my client signs the form, but if I am signing it then I will be hard pressed to understand why you won’t! Also, it is not a binding document which ties you to me as your realtor. It actually binds me to you legally, to honour the four duties. It does not bind you to me, that is where I have to earn your trust as your agent…which I will.

Real Estate Board of Greater Vancouver

Please click the following link to view the entire Disclosure of Representation in Trading Services Form.  The following is an excerpt which is taken directly from the form.

Disclosure of Representation Form

If you have any further questions, please contact me, if you are not working with real estate agent. Another excellent resource is refer to the Real Estate Council of BC’s website at www.recbc.ca.

 

Price Reduction at 26 Snowy Creek

Layout showing the floor to ceiling windows at 26-4501-Blackcomb-Way-Snowy-Creek

Price Reduction at 26 Snowy Creek Indicates A Market Shift

In the recent seller’s market, a price reduction at 26 Snowy Creek to $4,999,000 would not be necessary. A price reduction is typically an indication that the listing agent and the owner were ambitious when they priced the property. If priced too high in a seller’s market, they would decide to stay the course as the market would continue to rise up, and one day meet the listing price. For 26 Snowy Creek, the agent’s pricing strategy was correct for the market conditions at the time of listing in March 15, 2018 for $5,495,000. The listing agent at Whistler Real Estate Company is an experienced realtor.

However, since March we have seen a change in the Whistler Real Estate Market. In this case, the price reduction is an indication that the luxury priced townhouse market, like the detached housing market is undergoing a correction. I have been watching the move from a seller’s market into a balanced market for several months. Have a look at the Whistler Market Update page on this site for the Whistler sales statistics provided by the Real Estate Board of Greater Vancouver.

There is good news for buyers of this type of property. When a listing agent keeps reducing their price that usually indicates that they are seriously wanting to sell. In addition, it looks like a good opportunity to negotiate a fair market value price on #26 as the second price reduction was to $5,250,000 on April 21, 2018.

Ski-in Ski-out Condo Sales in Whistler

In comparison, the condo market is still gaining momentum. We recently saw the highest sale of a 1 bed/1 bath in the Aspens. The condo sold for $830,000 on May 20, 2018, which is less than a month ago.  The sale was a 570 sq. ft. condo, selling for $1,456/sq. ft. That is the same cost/sq. ft. as the sale of the 4.5 bed/3.5 bath, 2,424 sq. ft. townhouse in Snowy Creek which sold for $3,450,000 after 57 days on the market in March 27, 2018. Cost per square foot was $1,423/sq. ft. Interesting information.

When we experience a market correction, the effect on each segment of the market takes place at different times. Right now we are seeing a correction in detached houses. However, the condo and townhouse market seem to be continuing to sell within a short period of time, and for a price which was higher than the last sale.  How long will this continue, and will it be the condo or the townhouse segment that will ease into a balanced market before possibly plunging into a buyer’s market?

Is Now The Time To Buy Whistler Real Estate?

For a ski-in ski-out property, these are in such short supply that you would really have to consider buying whatever property comes on the market that fits your needs.  Especially if the property is for lifestyle. If you want to purchase a property for revenue, you should already know that the return on your investment is going to be low if you are paying today’s prices.

Over time, a property like 26 Snowy Creek will reach out to a buyer who is familiar with Whistler. That same buyer will understand the impact of Vail Resorts, and the lack of supply of ski-in ski-out real estate in Whistler. Ski-in ski-out properties like this one are a rare find in any of the top ski resorts in North America. If you are such a buyer, and you are not working with a realtor, please contact me, I am here to help you.