My girlfriend Carolyn asked me why I haven’t blogged about Real Estate yet…..Today we will talk Real Estate in the Resort Municipality of Whistler…. I am qualified to talk on this subject… I am an expert on real estate….
20 years of Selling Real Estate, Brokering, and a Diploma in Urban Land Economics at UBC…should do this….right? Not necessarily so…..
It is my opinion that real estate is a very complicated subject – when one asks “How is the Market?” A general blanket statement from anyone is just wrong…. and not the least bit helpful…. Every segment of a market needs to be micro analyzed… the condo market is not the same as the housing market…and the $500,000 market is certainly different then the $2,000,000 market….the product is even vastly different. That is why I will attempt to share my knowledge and hopefully create a better picture for your view on real estate in Whistler…..
Today I said I’d talk about the Olympics and historic similarities with Real Estate in other areas….I will however get back to markets, related values, and investment in another blog….
How it went in Park City
Leading up to the Salt Lake 2002 Olympics was 911 as we all know and recognize today…. It sent a lightening bolt of fear – clear across the land… My good friend Dennis Hanlon from Park City (who is a realtor with Prudential Utah Real Estate) told me when I visited in 2004 that they thought this event alone would paralyze their real estate market…just after the attack prices did fall in Park City…. and the market did slow down…another contributing factor was not terrorism but the infrastructure that needed to be put in place for the 2002 Olympics… The army, policing, the building of the venues, and then the training needed by the Olympians… The market in 2002 during the Olympics was very quiet….The Olympics inspires a new in crowd….not your regular skier, or tourist; remember every Olympic sponsor and corporation brought with them as many clients as they had tickets to share; and with them came an entourage of party seekers..after all this was the Olympics…..the real estate inventory started to build up… the listings were at an all time high.
Right after the excitement left town… Park City and all their residents experienced what became known as “An Olympic Hangover” …. and then the market caught fire…. real estate in Park City started to move…and it was a good market…By 2003 the market had experienced a full recovery… http://bit.ly/6G0z5s (This incredible link will back up the numbers we are talking about…MLS statistics) Just ONE YEAR after the 2002 Olympics war broke out in Iraq….The second GUlf War – March 20th 2003. The state of the union was in an uproar…Yet Real Estate was still selling in Park City… one of the side effects of war is it can stimulate the economy…… keep in mind that on July 2nd, 2003 Whistler together with the city of Vancouver was awarded the 2010 Winter Olympic and Paralympic Games….
It was not until 2005 that Park City experienced real estate heading north… and I don’t mean to Canada… I mean the value of your investment was increasing… Similar to the rest of the country.. Practically everywhere in North America was experiencing a real estate boom….Which leads me to ask you….Do you think the Olympics did this or the overall state of the economy? Diversification of portfolio’s…from stocks (at the time a loosing battle)…..to real estate…. Could it be…….The old saying … “Real Estate has always been a great (safe) place to park your hard-earned dollars”….
We do know that having the eyes of the World upon you is the best marketing anyone could pay for..a rare opportunity. Right now Whistler is known to 8% of the people in developed nations… … this figure is speculated to grow to 24% ….But to award the Olympics the mighty Gold Medal for increased values for homes…could be a tad presumptuous….Although I am counting on it for my investment…
I am going to blog about the state of Whistlers union next…..stay tuned…or click on the left hand side of my blog for a subscription…yes it is free…today!
Cheers! [tweetmeme source=whistlerheather only_single=false]