The Million Dollar Townhome?
In last month's newsletter, I observed that there were no chalet listings under the $1M price point (a fact that holds true this month, too).
This month, I noticed that more than a third of the townhomes that sold in October exceeded the $1M mark.
There's no doubt that townhomes are the most hotly demanded Whistler property type right now, and people are willing to pay to get their hands on one. Here are a few figures that stand out to me:
So why townhomes?
- 29 townhomes sold in October (versus 11 in September)
- There are 35 townhomes currently on the market (whereas there are 55 chalets and 66 condos)
- 31% of townhomes sold last month sold OVER listing price, with another 34% selling at listing price. Worth noting: 0% of chalets sold over list, and 23% of condos sold over list.
First of all, convenience. Elements like outdoor maintenance (think roof repairs, snow shoveling, etc.) are all taken care of by the strata corporation, making them an easier ownership option for second homeowners or investors.
Of course, you have to pay a monthly strata fee (maintenance fee) for this benefit, but anecdotally, strata fees for townhomes in Whistler are often lower than they are for similarly sized condominiums.
Third, the townhomes that are selling are centrally located in the Village, the Benchlands (up along Blackcomb Mountain), and Creekside.
Finally, many of Whistler's finest townhomes are comparable to luxury chalets. For instance, the townhomes at Fitzsimmons Walk have 4 bedrooms and are nearly 2,500 SF in size. The Red Sky condos in Rainbow are 3.5 bed/3.5 bath over nearly 2,000 SF and have views to die for.
Interested in your own Whistler townhome? Contact me and we'll establish an aggressive buying strategy.
Value in Luxury Chalets
This might seem like an oxymoron, but if you're looking for value, you're most likely to find it in chalets priced in the $3M+ price point.
Overall, chalets are the least demanded property type right now (October saw 9 sales, and there are 55 chalets currently listed for sale - more than half of which exceed $3M).
People are keeping their eyes on chalets priced in the low $1M range, but the market for chalets in the $3M+ range is relatively small. Buyers are competing against fewer people for these properties, and are often able to negotiate a better deal than for other property types.
I mentioned earlier than none of the chalets sold in the past month went for above asking price. In fact, only one sold at the listing price, and the other 8 sold below anywhere between $40K to $380K below list price.
They're not your traditional bargain-priced deals, but luxury chalets are good value nonetheless - particularly when you consider what similar properties would sell for at other ski resorts in North America. Interested in a high end chalet? Contact me for details.
Where We're at Today
To help you navigate through the latest sales and listings, I've divided current listings and October sales up by property type: