MARKET OVERVIEW

• Housing prices have doubled over the past 10 to 12 years, and even nearly tripled in certain areas. Most notably, there was a period of rapid appreciation from about 2001 to 2003.
• Since the financial crisis, the volume of sales in Whistler has slowed significantly.

2009 September 16

Yep, we've heard recently from a local agent that no sales happening in expensive luxury sector or the affordable segment of the market, which means there are probably some terrific buys out there.  We might be able to help you source some.  Ca$h is proving to be king, as long as you have some!    If so, stunning opportunities exist for those who recognize value.   A discerning eye is helpful in this market.   Land at Whistler is freehold and Blackcomb Mountain offers the longest vertical in North America  while Whistler Mountain offers some of the most interesting terrain for experienced skiiers of the world.   The infrastructure and greater Whistler area has been up graded in preparation for the 2010 Olympics.   Several of the official activities shall take place here.   Corporate accommodation has already been secured for those in the know.   They already 'down averaged' by contracting a two year term at $8K per month.     Those like Lululemon have been client developing over the golf course at Whistler during the summer      -  太太

2010 OLYMPICS

Whistler awarded rights to host 2010 Winter Olympics  - 2003

NEWS STORY

WHISTLER -- Tomorrow, Vancouver's hopes and dreams for the 2010 Olympics take flight.

Terry Wright, vice-president of the Vancouver 2010 Olympic Bid, will board a plane to Lausanne to deliver the first draft of the proposal for hosting the Winter Olympic Games.

The blueprint, often called the "mini-bid" book, answers 22 questions including political and public support and financing.

Each of the eight cities vying for the Games will submit a bid book this week. Each book will be scrutinized by the International Olympic Committee over the next several months. The IOC will announce Aug. 29, 2002 who made it to the short list, with a final decision on the Games host due July 2, 2003 in Prague.

Vancouver's chief competition is Salzburg, but "overall, we have a great package," says spokesman Sam Corea. "We can feel confident that ours will be a winning bid."

Today, as both cities finalize their mini-bid books, we take a look at how they stack up in their quest to host the Olympic winter games in 2010.

n  Transportation: Spectators, volunteers, media, sponsors, VIPs and day skiers will use a combination of buses, passenger-only ferries, and rail. In Vancouver, public transit handles 400,000 people a day regularly. It's expected that 195,000 will ride during the Games, which are also acting as a catalyst for a Vancouver-Richmond rapid-transit project. No decision has been made on the billion-dollar project.

It's generally accepted that the Achilles heel of our bid is the Sea to Sky Highway -- although Corea insists it's really a "unique" and "scenic" experience.

Some 1,500 buses would move people from Vancouver and Squamish to Whistler. Twenty to 30 high-speed ferries would get people to and from Squamish. Helicopters would move VIPs and athletes to medal ceremonies in B.C. Place Stadium in Vancouver.

Fifty bi-level commuter-rail cars will carry people from Squamish to Whistler. Ticket holders will get tickets for public transportation; there will be no public parking at venue sites. Private-vehicle use on the Sea to Sky highway will likely be done with a permit system.

Vancouver International Airport is considered an asset: It was recently rated the No. 1 airport in North America.

n   Budget: The bid budget is $34 million, which includes $5 million for a sports legacies program. Of that, $29 million has already been raised. The provincial and federal governments have each contributed $9.1 million, with the rest due from the corporate sector. The capital expenditure budget for facilities such as an athletes' village is $620 million, all from governments. The budget for the actual Games is $1.2 to $1.3 billion. This money comes through the International Olympic Committee, which gets its funds from TV rights, sponsorship deals, merchandising and ticket sales. A fundraising lottery is under consideration.

n  Security: New technology will play a key role, with biometrics such as facial recognition and iris scanning, part of the overall plan. There will be metal detector gates, bag checks and magnetic-wand body sweeps at entrances. The security budget will be covered by governments.

n  Celebs: It's a bit early yet for the likes of Celine Dion or Bryan Adams to be lining up to perform as part of the cultural events or even lend their support. But there are lots of sport celebrities lending their expertise and names to the bid. They include Steve Podborski, who won an Olympic bronze in 1980 and a 1981 World Cup downhill title. Kathy Kreiner-Phillips is also on board the bid's athlete advisory committee. The three-time Olympic skier had her first World Cup victory at 16. She won an Olympic gold medal in Giant Slalom at Innsbruck.

n  Venues: Many consider Vancouver a front-runner in the bid because it has so many of the ice-surfaces needed already in place. It can also offer, for the first time, a covered stadium for the opening and closing ceremony with a capacity of 55,000.

The Alpine venues are in good shape, too: Whistler has hosted many successful international ski and snowboarding competitions.

Plans call for Vancouver to host all the ice sports, including skating, hockey and curling, while Whistler and Blackcomb Mountains will host the Alpine events.  Luge, bobsled and skeleton events will likely be on Blackcomb. Nordic events will run in a new facility in the Callaghan Valley just south of Whistler. Freestyle skiing and snowboarding competitions are to be held on Cypress Mountain.

The athletes' village for Whistler will be located in the Callaghan Valley while the Vancouver village will be in False Creek. Both of these villages must be built. Other venues that remain to be built include a Vancouver curling rink ($15 million) a long-track speed-skating oval ($45 million) in Burnaby, the bobsled and luge tracks in Whistler ($50 million), an ice arena at the University of B.C. and one in Whistler, and a radio and TV broadcast centre in Richmond.  - by Clare Ogilvie      Province newspaper     26 May 2002

WHO BUYS

Though Whistler attracts visitors from around the globe, the overwhelming majority of homeowners are from Vancouver; Victoria, British Columbia; and Seattle. Ten to 15 percent of Whistler’s buyers come from the United States, he added, while 5 to 10 percent come from the “rest of the world” — the Pacific Rim in particular, according to Statistics.

BUYING BASICS

There are no restrictions on real estate purchases by foreigners in Whistler. The province of British Columbia levies a property transfer tax, which is 1 percent on the first $200,000 of a property and 2 percent on the balance. A goods-and-services tax is applicable in some real estate transactions.

Though there are exceptions and exemptions, a 5 percent federal goods-and-services tax applies to new construction, as well as to property used for short-term rentals. (In lieu of paying the tax upon closing, owners of properties being rented on a nightly or weekly basis can apply for a goods-and-services tax number from the Canada Revenue Agency. This enables them to collect goods-and-services tax from guests and remit it to the government.)

Additional purchase expenses include an estimated 1,500 to 2,000 Canadian dollars ($818 to $1,227) for lawyer’s fees, and transfer and registration costs

USEFUL WEB SITES

• Municipal government: www.whistler.ca
• Ski resort: www.whistlerblackcomb.com
• Tourism Whistler: www.whistler.com
• 2010 Olympics: www.vancouver2010.com

LANGUAGES AND CURRENCY

• English; 
• Canadian dollar (1 Canadian dollar = $ 0.82)

TAXES AND FEES

The 2008 property taxes on a chalet are ~ $ 3,563 Canadian dollars ($2,915).  -  2008 November 17   NY TIMES

The resort municipality of Whistler
An overview of the community and its top issues

1. AFFORDABLE HOUSING: High land values have made it difficult for the resort's service workers to own homes here. The concern is that Whistler will lose its soul if increasing numbers of local employees are forced by market economics to live in other communities such as Pemberton and Squamish. 

2. ECONOMY: The number of winter room nights -- the crucial economic index in this resort town -- has been declining for the past four years. 

3. 2010 WINTER OLYMPICS: Council over the next three years will be focused on Olympic preparations. Whistler will also be positioning itself to take advantage of pre-Games media exposure and of the post-Games legacy of sports venues and support infrastructure.

Population estimates    (As of July 1 2005)

Age Distribution

Value of Building Permits

Safety Net Dependency
BC Basic Employment
assistance Insurance

Age recipients beneficiaries

THE MONEY TRAIL (2004)
(*municipal taxes including taxes collected for regional government and transit, and other fees and services collected as part of taxes; but not including school taxes. )

WHISTLER
Municipal taxes* $33,983,733
School taxes $33,290,996
Municipal spending $46,845,344

Source: Ministry of Community Services

 
It's being called the `Aspenization' of Whistler.

A report by Canada Mortgage and Housing says average house prices in the popular ski and golf resort town could triple -- to three million dollars -- by 2010.

This appears to follow a trend seen in Aspen, where only the super rich can afford to buy.

However, CMHC market analyst Peggy Prill says the three-million-dollar figure in the study was just meant to be one possibility, and should not be taken as a forecast.  -  The Canadian Press  2001

NEWS STORIES

TOP 10 MLS* SALES IN BRITISH COLUMBIA IN 2000                     
* Multiple Listing Service

1. $7.9 million 3820 Sunridge Whistler                     -  January
2. $6.3 million 5240 Marine Drive West Vancouver    -  February
3. $5.3 million 3019 Point Grey Vancouver               -  July 
4. $5.25 million 2608 Finch Hill West Vancouver       -  February  
5. $4.8 million 3824 Sunridge Whistler                     -  May
6. $4.625 million 3050 Procter West Vancouver        -  August
7. $4.325 million 2576 Bellevue West Vancouver       -  February
8. $4.25 million 3637 Pine Crescent Vancouver         -  April
9. $4.2 million 1920 SW Marine Vancouver               -  January
10. $4.18 million 3426 Osler Vancouver                     -  April           

Sold!~ For $10 million!  CHECK BELOW FOR when THIS WAS WRITTEN

New buyers don't like publicity, but they're sure to love the lakefront, home theatre, wine cellar, and the hot tub 

A publicity-shy Australian couple with two kids has snapped up a luxury $10-million home in Whistler for what is touted as one of the highest prices ever paid for a house in Canada.

Chateau du Lac, which went on the market last August for $11.3 million, is a rock-basalt home styled after French chateaus in Eastern Canada. It's nestled in the trees on a rocky cliff overlooking Nita Lake just south of Whistler.

The 5,000-square-foot home, on 1.8 hectares, described by some as the best piece of land in the ski resort, also has 380 metres of lakefront.

The buyers don't want to be identified, said  a real-estate agent [at Whistler].  "The clients are very, very happy with the quality and the style of the house," the agent said. "They're just thrilled. I know that they'll be looking forward to spending more time up here." The agent said she believes it's the highest price ever paid for a home listed for sale in the country.  "I tried calling the Toronto Real Estate Board and they have some listings higher than that, but they don't have any sales higher than that."

The copper-roofed house off Highway 99 has a short private drive, a home theatre with three-metre screen and Dolby digital surround sound, a temperature-controlled wine cellar and a four-zone heating and air-conditioning system.  The new buyers will also enjoy a 10-person hot tub on a cantilevered deck overlooking the lake.

"It looks like you're on a private lake, as compared to a lot of Whistler views that are very grand with mountaintops everywhere," said Nina Hamilton of Napanee Designs of West Vancouver.  "This is much more intimate."  She added it was a "grand rustic example" of the new Whistler.

"We've gotten pretty sophisticated in Whistler in the last few years with the international clientele that we have. And I think it's appropriate for that market."

The previous record sale in Whistler was $7.9 million for Akasha, a 5,000-square-foot, 29- room house. It was sold in February 2000 to British media baron Chris Anderson.  -  The Province        January 11, 2002

• Summit Lodge sold to San Francisco based operator investor
• Pemberton
• Julia Murray- following in Dave Murray's tracks

In the  Whistler resort community, dot com money helped set new values thresholds of value during 2000.  Firstly, a record set of $7.8 million paid by dotcom money for a custom built single family  residence.  Secondly, Vancouver based Seagate President planned a 10,000 sq ft  private ice rink on his 6.5 acres of waterfront property by Alpha Lake.

Bed units in Whistler have reached their maximum with all bed units allocated to current development permits permitted under the current official community plan.  Whistler is therefore set to continue to appreciate in value because there will be no more new supply after the approved units have been built.

Whistler will host the Winter Olympics in 2010.

Summit Lodge at Whistler sold

MORE NEWS STORIES
Four Seasons to Whistler  
Jet-setters line up to wallow in luxury

The international set will soon have a spectacular new palace in which to play in Whistler.

Intrawest Corp. of Vancouver and Four Seasons Hotels and Resorts said yesterday they will build a $150-million, 242-suite luxurious hotel in the heart of the resort.

The Four Seasons Resort Whistler will occupy a site a ski-pole's length from the Blackcomb Mountain ski lifts.

Construction will start this spring, with completion set for 2004.

It is the first hotel project for the prestigious Four Seasons group in Canada in two decades and Intrawest's biggest-ever single project. The strata-owned hotel is aimed at the jet-set and buyers are already lining up, including Trevor Linden of the Vancouver Canucks.

The arrival of Four Seasons, and its glowing international reputation, will further cement Whistler's star in the superstar international resort ferment.

Whistler Mayor Hugh O'Reilly said Four Seasons will add even more cachet to Whistler's reputation.

"It is a significant indicator of the confidence the hotel industry has in the long-term future of Whistler," O'Reilly said.

The suites range in size from 590 square feet to 2,900 square feet and in price from $349,000 to $2.3 million. They will feature top-quality fittings including crafted wood fireplaces, granite countertops, soaker tubs with stone surrounds and high-speed Internet connections.

Units officially go on sale at the Four Seasons Hotel in Vancouver Feb. 25.

Joe Houssian, Intrawest president and CEO, doesn't expect them to last long.

"The last time we offered anything like this in Whistler was at the Pan Pacific Lodge. It was a much smaller development and it sold out in 90 minutes."

James Askew, vice-president of Intrawest's real estate marketing arm Playground, said the hotel amenities include a restaurant, aprËs bar, spa and health club with 14 treatment rooms, retail and conference facilities and parking.

Other regal touches include complimentary ski valet and shuttle service.

Owners will have access to their suites for 28 days in summer and 28 days in winter. For the rest of the year, the suites will be rented out as guest rooms by the hotel for which owners will receive the rental income minus expenses. Owners will also have use of all the resort's amenities year-round.

Room rates have not been set but a report by accountants KPMG projects the average daily rate in the first year of operation would be $340 a day rising to $530 a day by 2009.   -by Ashley Ford    The Province 11 January 2002  

Four Seasons & Intrawest expect $150 million in sales

Buyers will be charged from $350,000 to $2.3 million for suites in a new luxury Four Seasons hotel that will open in Whistler by the summer of 2004, Intrawest Corp. announced Thursday.

Intrawest expects the total value of all sales in the strata-title project will reach $150 million. Construction of the 242-suite hotel, to be located in the Blackcomb Benchlands, is scheduled to begin in April.

Intrawest regional vice-president James Askew said about 20 per cent of the units will be priced at $1 million or higher.

"This won't be just another condo hotel operated by a certain brand," he said. "It will have the true look and feel of a luxury Four Seasons property."

Suites in the hotel will range in size from 590 square feet to 2,900 square feet. Only a few will have kitchens.

Four Seasons vice-president Peter Hodgson said the company is very bullish on the Whistler market and has no concerns about any potential drop in tourism traffic due to recent economic events.

"We take the long term view and all of our projects have to go through different business cycles," he said. "By the time the hotel opens in 2004, that discussion (about the downturn in the economy) will be history.

"Recent results out of Whistler indicate it had a banner Christmas holiday season."

The new Whistler hotel will be just the third Four Seasons property in Canada and Hodgson said the company will pay about $25 million to buy common area assets in the hotel like the restaurants and spa facilities.

Four Seasons currently has no hotels in ski resort destinations but Hodgson said the hotel chain sees a big future in that sector, noting it is also working on a ski resort project in Wyoming.

A sales launch for the hotel suites will take place next month and Askew expects a big demand for the units, given the recent popularity of other Intrawest projects. He noted Whistler has just two or three years of development left before it reaches the maximum that will be allowed by the resort municipality.

Vancouver hotel industry consultant Angus Wilkinson said the prices being charged for the suites -- up to $800 a square foot -- are the highest ever seen for a Whistler project of that kind.

"The big issue is the question of whether there is enough individual consumer confidence from U.S. buyers now to pay those prices," he said.

Owners of the suites will have access to them for 28 days in the summer and 28 days in the winter. The suites will be rented out on other days.

A projected cash flow chart contained in the disclosure statement for the project predicts the average daily room rate at the hotel will increase from $340 in 2004 to $530 in 2009.  - by Bruce Constantineau           Vancouver Sun    11 Jan 2002

Dream 'shacks' start at $450,000
Real estate prices are as high as Blackcomb Mountain

WHISTLER - "The do-it-yourself-er days are over" says Pat Kelly, the owner of Whistler Real Estate Co., who, for 20 years, has been selling homes and property to weekend skiers, local residents and investors from all over.

He announces this assessment toward the end of our hour-long drive to view six or seven subdivisions. The tour is at my request to see homes at both the high and low end. I want to get a sense of prices. We are at a point on our tour, in fact, where we've entered the area where I happen to be staying, Alpine Meadows, one of the original enclaves.

From Monday to Friday, I have the use of a three-bedroom A-frame chalet that was built here in the late 1960s on site, from a kit. I fell in love with it when I saw it and am now in seventh heaven inside its cedar-panelled living room, beside the cozy wood-burning stove. I can't tell you how many times I've wished that I, too, might have arrived earlier, like Kelly, when there was a way to afford this.

But a place like this is what Kelly means when he says do-it-yourself-er. This is passe. Moreover, this area is where Kelly has taken me to see "affordable housing".

These "shacks" "cabins" in Alpine Meadows, built 20 years ago by "mountain men" start at $450,000, and remain in the "affordable housing" range ( up to $700,000 for a rebuilt or renovated structure).

I realize at this point that I've got everything backwards. I had thought that my area was the most desirable with its quaint cabins and large lots.

The house appears to consume every square inch of property that it sits on. Structurally it is magnificent, though, with a dazzling perch overlooking both Whistler and Blackcomb. Just no room, front or back, to build a snowman.I'm also surprised by the definition of affordable. But never mind that. That's just "sticker shock"; Kelly tells me. A lot of people from Vancouver are alarmed by the price tags.

I'm also surprised by the definition of affordable. But never mind that. That's just "sticker shock"; Kelly tells me. A lot of people from Vancouver are alarmed by the price tags.

I begin to understand that if Alpine Meadows is affordable it is because it is old, and in an "outlying"; area, meaning that, by car, I'm a full five minutes away from the parking lot of Blackcomb Mountain and 15 minutes to the Wizard chairlift after I park and haul my gear.

But no wonder I don't really get it. Today's buyers are way different from me. They're in the top 2% of income earners, they're mostly weekenders and they don't want to be in outlying areas. They want to be in town. They don't want to renovate these older, smaller structures, even when the work is contracted out.

"They don't want to argue about whether or not the place should be equipped with a washer/dryer"  as Kelly once did with a developer. They want "sophisticated homes with hot tubs and "gourmet kitchens" -- homes that start at a million dollars and average two million.

It is a fact that, right now, if Kelly has two homes that are priced fairly -- one at $500,000 and one at $1-millionn -- he'll sell the million-dollar home first. Everything sells in Whistler, but the demand for high end is booming.

Our high-end tour begins in Sunridge, a two-year-old development of single dwelling homes on the southwest side of Whistler Mountain. Everything is built with local cedar and stone. We've come here to see Akasha, the name given to the home with the indoor swimming pool that currently holds the record for highest list price on the market: $7.9-million.

Incidentally, most people don't name their homes. Most people just say "the Whistler place."

"It's just a place, like the Hawaii place" says Kelly. "Like the mountain home or the beach home."

Next door to Akasha, a Vancouver man in his thirties or early forties has moved in on weekends. There aren't many film stars here but "Microsoft has a presence"  I'm told, as do many Pacific Northwestern people who've struck it rich in the high-tech Microsoft spin-off businesses. This Vancouver fellow, for example, who runs a computer company, didn't look around first, says Kelly. Debt isn't an issue. Around here they just buy it."

A real estate agent in Whistler wants to make the point that Whistler isn't  "out of touch" price-wise and that families can afford to buy here.

And it's true, I think. You can easily find yourself a one-bedroom condo for $225,000.

Also if you are employed in the town of Whistler, the municipality is looking out for you, buying up condos and capping prices on resale value to keep prices affordable for those who have to, as opposed to want to, be here.

The mandate of the Whistler Employee Housing Society is to ensure that employees can rent at rates commensurate with their incomes and purchase at reduced cost. The going price for an employee two-bedroom condo is $165,000 for 1,000 square feet. A comparable two-bedroom condominium at regular market value is $335,000.

I get excited when I hear this because Kelly tells me I would qualify as a Whistler employee. However, he says, with restrictions on resell value, and who I could resell an "employee condo" to, these places aren't great investments. Besides, he says, "there's a definite look to the stuff."   - Julia McKinnell  National Post

$152m worth of condos sell out in just five hours

Top NHL players and Hong Kong millionaires were among buyers who scooped up exclusive Whistler suites worth $152 million in just five hours yesterday.

The elite buyers thronged to the invitation-only sale at the Four Seasons Hotel in Vancouver and scooped up all 242 suites at the yet-to-be-built Four Seasons Resort in Whistler.

Intrawest boss Joe Houssian was astonished by the speed with which the units, which cost an average of $628,000 each, were scooped up during the five-hour sale.

"This is the first time that buyers have been offered an opportunity to acquire whole ownership real estate in a Four Seasons hotel," he said.

"It is also the first time that Intrawest has combined its expertise with the well-recognized reputation of Four Seasons.

"Selling out of the project in this short amount of time is confirmation that purchaser demand for luxury resort suites is strong."

An executive of Playground, the sales division of Intrawest, said 50 buyers had to be turned back from the lineup to buy.

Intrawest and Four Seasons executives celebrated into the evening, jubilant over the success of the drive on which they "had been working for 24 hours a day" for several days, said an Intrawest spokeswoman.

The freehold, strata-titled luxury condos that will range in size from 590 square feet to a whopping 2,900 sq. ft., sold at prices ranging from $300,000 to $2.3 million.

The $2.3-million suite was bought by a business tycoon from Hong Kong.

Four Seasons CEO Isadore Sharp said the resort is slated to be the most luxurious in Whistler, which is ranked as the top skiing destination in North America by industry magazines such as Skiing.

Construction will begin soon and completion is expected by April 2004, said Intrawest spokeswoman Maria LoScerbo.

Thrilled with the response, James Askew, vice-president of sales for Playground, said he was up to his neck in paperwork last night.

"There were probably 50 to 60 people that could not purchase even though they wanted to," said Askew.

"We had a properly allotted time slot for people to come in to make purchases and we were sold out by about 3:10 p.m., but there were reservations still coming in till about 4 p.m. We had people still coming in even though we were sold out."

Askew declined to name buyers, but said: "We had several NHL players from all over the league, we had a handful of buyers from Hong Kong.

"Some of those from Hong Kong purchased quite a few suites."

He said about 65 per cent of the buyers were from the Lower Mainland. Other suites were bought out by Four Season's loyalists, he said.

The 2010 Olympic bid did not have a major impact on sales, he said.

He attributed the success of the sale to a combination of factors including the popularity of Whistler as a skiing destination, the popularity of Four Seasons suites among holidayers and the quality of the resort that is to be built.

Whistler Mayor Hugh O'Reilly said the speed with which millions in real estate sold speaks volumes for the resort's popularity.

He noted that "marquee'' resort properties like these usually bring in people all year 'round and that is good for Whistler.

"It's great to have these types of populations coming into Whistler because it keeps us on the map all year 'round," O'Reilly said. "I think people look at the product and when they compare it to similar resort properties in the U.S they see it is good value." - by Salim Jiwa and Clare Ogilvie    The Province     27 February 2002

SCENE & HEARD: The community of Whistler was buzzing this week when word leaked out that three high-profile NHL players were about to become part-time neighbours. The players weren't identified in original newspaper stories relating how 242 exclusive suites worth $152 million at the yet-to-be-built Four Seasons Resort in Whistler were purchased during a five-hour, invitation-only sale. The names Trevor Linden, Cliff Ronning and Shayne Corson have been linked to the list of buyers who had to act quickly. Linden, one of the most popular members of the Canucks, lives in Kitsilano. Burnaby-born Ronning leads the Nashville Predators in scoring with 45 points after 60 games and Corson is winding down his 16-year career with the Toronto Maple Leafs after stops in Montreal, Edmonton and St. Louis ... - by Greg Douglas    VAncouver Sun    2 March 2002

Four Seasons suites sold in six hours

Even whistler’s mayor was surprised by the speed at which Intrawest’s latest development in Whistler sold-out this week.

"Is that a record?" asked Mayor Hugh O’Reilly referring to the sale of $152 million worth of Four Season Hotel suites in less than six hours on Tuesday.

"It definitely is a record for us in a lot of way," said Paul Woodward, vice-president, for Intrawest’s Resort Development Group-Whistler.

"I haven’t done the math in terms of dollars per hour, but it was certainly our record launch."

Mayor O’Reilly puts the success of the sale of the 242 yet-to-be-built suites down to four main factors; the spectacular nature of Whistler, the loyalty of Four Seasons users, the fact that the community is almost at build-out, and the low Canadian dollar.

"The sales in that time frame speak volumes about what people see in the resort," he said.

The development of this type of property is good for Whistler, said O’Reilly as the Four Seasons focuses on all-season business. It will help keep the resort humming winter and summer.

"It’s great to have this type of population in Whistler because it puts us on the map all year round," said O’Reilly.

The new hotel will be located on the Blackcomb Benchlands. It won’t be open for occupancy until the spring or summer of 2004. Buyers had to put 10 per cent down, pay another 10 per cent in eight months and the balance on completion.

Intrawest anticipated huge demand after earlier developments also sold out fast. It helped that under Whistler’s community plan there is only two or three years left of development before the resort reaches its maximum bed-unit limit.

Buyers included NHL players and Hong Kong investors, who snagged the most expensive suite, the Penthouse, a 2,900-square-foot presidential suite at a cost of $2.3 million.

The suites ranged in cost from $350,000 for a 590-square-foot suite to the multi-million dollar Penthouse.

Most of the buyers were from B.C. but some came from Ontario and the United States.

"Four Seasons Resort Whistler is the largest real estate sales launch ever carried out by Intrawest, not only in Whistler but at any Intrawest-owned resort," said Joe Houssian, chairman, president and chief executive officer of Intrawest.

"Selling out of the project in this short amount of time is confirmation that purchaser demand for luxury resort suites is strong."  - By Clare Ogilvie     The Province

Four Seasons to Whistler  
Jet-setters line up to wallow in luxury

The international set will soon have a spectacular new palace in which to play in Whistler.

Intrawest Corp. of Vancouver and Four Seasons Hotels and Resorts said yesterday they will build a $150-million, 242-suite luxurious hotel in the heart of the resort.

The Four Seasons Resort Whistler will occupy a site a ski-pole's length from the Blackcomb Mountain ski lifts.

Construction will start this spring, with completion set for 2004.

It is the first hotel project for the prestigious Four Seasons group in Canada in two decades and Intrawest's biggest-ever single project. The strata-owned hotel is aimed at the jet-set and buyers are already lining up, including Trevor Linden of the Vancouver Canucks.

The arrival of Four Seasons, and its glowing international reputation, will further cement Whistler's star in the superstar international resort ferment.

Whistler Mayor Hugh O'Reilly said Four Seasons will add even more cachet to Whistler's reputation.

"It is a significant indicator of the confidence the hotel industry has in the long-term future of Whistler," O'Reilly said.

The suites range in size from 590 square feet to 2,900 square feet and in price from $349,000 to $2.3 million. They will feature top-quality fittings including crafted wood fireplaces, granite countertops, soaker tubs with stone surrounds and high-speed Internet connections.

Units officially go on sale at the Four Seasons Hotel in Vancouver Feb. 25.

Joe Houssian, Intrawest president and CEO, doesn't expect them to last long.

"The last time we offered anything like this in Whistler was at the Pan Pacific Lodge. It was a much smaller development and it sold out in 90 minutes."

James Askew, vice-president of Intrawest's real estate marketing arm Playground, said the hotel amenities include a restaurant, aprËs bar, spa and health club with 14 treatment rooms, retail and conference facilities and parking.

Other regal touches include complimentary ski valet and shuttle service.

Owners will have access to their suites for 28 days in summer and 28 days in winter. For the rest of the year, the suites will be rented out as guest rooms by the hotel for which owners will receive the rental income minus expenses. Owners will also have use of all the resort's amenities year-round.

Room rates have not been set but a report by accountants KPMG projects the average daily rate in the first year of operation would be $340 a day rising to $530 a day by 2009.   -by Ashley Ford    The Province 11 January 2002  

Four Seasons & Intrawest expect $150 million in sales

Buyers will be charged from $350,000 to $2.3 million for suites in a new luxury Four Seasons hotel that will open in Whistler by the summer of 2004, Intrawest Corp. announced Thursday.

Intrawest expects the total value of all sales in the strata-title project will reach $150 million. Construction of the 242-suite hotel, to be located in the Blackcomb Benchlands, is scheduled to begin in April.

Intrawest regional vice-president James Askew said about 20 per cent of the units will be priced at $1 million or higher.

"This won't be just another condo hotel operated by a certain brand," he said. "It will have the true look and feel of a luxury Four Seasons property."

Suites in the hotel will range in size from 590 square feet to 2,900 square feet. Only a few will have kitchens.

Four Seasons vice-president Peter Hodgson said the company is very bullish on the Whistler market and has no concerns about any potential drop in tourism traffic due to recent economic events.

"We take the long term view and all of our projects have to go through different business cycles," he said. "By the time the hotel opens in 2004, that discussion (about the downturn in the economy) will be history.

"Recent results out of Whistler indicate it had a banner Christmas holiday season."

The new Whistler hotel will be just the third Four Seasons property in Canada and Hodgson said the company will pay about $25 million to buy common area assets in the hotel like the restaurants and spa facilities.

Four Seasons currently has no hotels in ski resort destinations but Hodgson said the hotel chain sees a big future in that sector, noting it is also working on a ski resort project in Wyoming.

A sales launch for the hotel suites will take place next month and Askew expects a big demand for the units, given the recent popularity of other Intrawest projects. He noted Whistler has just two or three years of development left before it reaches the maximum that will be allowed by the resort municipality.

Vancouver hotel industry consultant Angus Wilkinson said the prices being charged for the suites -- up to $800 a square foot -- are the highest ever seen for a Whistler project of that kind.

"The big issue is the question of whether there is enough individual consumer confidence from U.S. buyers now to pay those prices," he said.

Owners of the suites will have access to them for 28 days in the summer and 28 days in the winter. The suites will be rented out on other days.

A projected cash flow chart contained in the disclosure statement for the project predicts the average daily room rate at the hotel will increase from $340 in 2004 to $530 in 2009.  - by Bruce Constantineau        Vancouver Sun    11 Jan 2002

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