Are you considering the purchase of a Whistler Phase 1 condo? Perhaps in the Aspens? Phase 1 means that the property is zoned for nightly rentals. Can statistics help you determine when to buy real estate? Let’s take an example of a client looking for a one bedroom, Whistler Phase 1 condo. They have narrowed the search down to the Aspens on Blackcomb Mountain. The clients don’t want to buy at the top of a down market, and of course they want to feel as though they are getting value for their money. So, can statistics help them with their decision. Let’s have a look at the video.
Buying a One Bedroom Condo in the Aspens
In the video we saw that in 2018 the gap between a one bedroom condo in the Aspens and the average sales of Phase 1 condo in Whistler was significant, close to $170,000. Meaning that an average sale of a one bedroom condo in the Aspens was 25% above the market average for a one bedroom, Phase 1 condo in Whistler. Anyone who bought in 2018 had their own reasons for buying, but they paid the most above market average than anyone in this segment had in the last 10 years.
However, now in September 2019 the gap between the one bedroom condo in the Aspens, and the market average for a one bedroom, Phase 1 condo is closing. The difference as of September 30, 2019 was 12%. So, if you are considering a one bedroom in the Aspens, you are getting more value by purchasing now, than you were back in 2018, and getting closer to the value in 2017.
However, let’s look at the Market Graph for September 2019, produced by the Real Estate Board of Greater Vancouver, (REBGV). It looks as though we are trending out of a balanced market, and creeping towards a seller’s market. This means that the 12 % difference may start going back up and not down to the 10% spread where it was in 2017. Decision Time.
I am here to help you before, during and after the transaction. The recent rules effective June 15, 2018 have banned dual agency, so it is prudent to contact a Buyer’s Agent like me, for more information. Please contact me if you are not working with a realtor.
Click the following link for more information on the Market Update for Whistler real estate. Statistics courtesy of Real Estate Board of Greater Vancouver.
It’s a Good Life in Whistler!
Marion Anderson, *PREC