Recreational Price Implosion – Okanagan; Whistler – 45% to 54%-Off

580 Sarsons Rd, Kelowna, BC V1W 2X3, Canada
1452 sq ft ‘penthouse’
Asking price $600K; “Reduced Almost $500K”

4591-258/259 Blackcomb Way
258/259 in the Four Seasons Resort provides 2 beds / 2 baths and 1,430 sq ft.  The price has just been reduced to $527.5k which implies a deal at c$500k is achievable (which is in line with the recent sale in the building).  [Sold for $519K -ed.] That compares to an original 2002 sale price of $1,138k for this unit!”

[hat-tip Makaya at VCI]

Coming soon to a metropolitan area near you. – vreaa

15 responses to “Recreational Price Implosion – Okanagan; Whistler – 45% to 54%-Off

  1. So these are down more than 50% already? Holy crap, the bubble has burst somewhere it seems.

    • And a long way to go.

    • In the Lower Mainland and the Fraser Valley, we’re not there yet but some areas are starting to feel the squeeze…

      “REDUCED! MUST SELL! CUSTOM-BUILT HOME by the beach (Tsawwassen)”

      “Price $574,900.00
      PRICE REDUCED BY $50,000! ” (Langley)

      almost $200,000 in brand new renovations!” – Abbotsford
      [this one sounds like a flip gone bad]

      There is so just many postings with “REDUCED” on them to list here, but you get the point… Besides Vancouver proper, the market is cooked.

      • Here is another interesting one not too far from Vancouver…

        “Waterfront Deal of the Decade! – Bowen Island
        The price has been dramatically reduced and reflects essentially the value of the land with a token for the home and other improvements.”

        The house is actually pretty nice with a huge deck and a swimming pool…

      • For the sado-masochistically inclined [among other tendencies shared by those who periodically conduct ‘micro’ field work near the temples of the Terrifying&Pityless ProtoRealtors ‘o OgoPogo] it is not unusual, Makaya… to see individual listings displayed upon which multiple reduced ‘stickers’ have been affixed… each bearing a successively lower ask (I recently saw one featuring five)…

  2. Here’s the thing. A year ago I’d talk to people in the glorious BPOE about areas like the Okanagan, the eastern Fraser Valley, parts of Vancouver Island, telling them prices had already dropped quite severely. And they’d almost always greet me with “Really?” “Prices have DROPPED?” “Are you sure you’re not on drugs?”

    A perfect example of mass brainwashing.

    But now, I just as often hear “I know.” Slowly, ever so slowly, the power of the dark side is ebbing.

  3. Makaya – interesting. However, it’s only kinda sorta waterfront. Certainly not beachfront. And the house is pretty nice, though definitely older and far from a mansion. And let us not forget the hassles of getting to and from Bowen.

    When the bloodbath is well and truly on, I’d guesstimate this place would fetch far, far less than a mil. I’d go so far as to say it’d be in the $600,000 range. What say you?

  4. No money left for recs. Many are having trouble paying for their principal residences. Rec properties have been struggling or many years now. And that Kelowna penthouse is on the 4th floor? That’s not a true penthouse anyway. And at 500k +, it’s stil over priced.

    1.2 mil for that Whistler condo?? Now half the price? Who’s the moron that bought that one originally. Intrawest is in big trouble. I’m depressed because I love Whistler and its dead up there compared to the early 2000’s. The best resort in NA is a absolute ghost town now.

  5. Recreational properties require high downpayments. In an environment where 5% down is the norm, recreational properties suffer.

  6. The Whistler sale (like many of the Four Seasons properties which have all been massive – massive investment losers) was from a US executive from Illinois. I had asked a realtor in Whistler what happened to this property and it seems it was sold at the peak of the Intrawest success and was sold out to massive hype in 3 hours. However – these are really like commercial properties in their structure and the returns have been terrible.

    Four Seasons is a great resort but the investors have all lost pretty much 50%.

  7. Buckets of ice cream always melt from the outside in…

  8. That Bowen Island property has been on the market for a very long time. It was once listed for $2million. If I remember correctly, Jason Soprovich was the listing agent. You can see the old listing under another realtors site.
    I could have sworn the property was on the market for the greater half of 2011
    It appears the property is now for sale by owner. Owner realized that he might cut his losses by removing realtors from the deal. However, $1.5million is still too much for a place called Bowen Island, people have never heard of. This is not Hawaii. $600K is what I would pay for such a property.

  9. I believe that a relatively strong Canadian dollar could be the main cause of the drops in the recreational market. Actually, it might be the key factor that discourages foreign purchases and thus pushes prices down.

  10. The thing that kills you on whistler properties is the strata fees. I talked to some friends with a place up there and fees run close to 800/month. This is a hotel style place where your place can be rented out by the building and you get a certain amount, but they said even if they rent it every weekend (mid week rarely rents) it bearly covers the strata fees.

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