Stonebridge lot sells for $ 9 million, as market returns “with vengeance”
Whistler is real The real estate market already has a reputation for being expensive, but a recent sale of land is pushing the parameters of what is considered expensive to new levels.
Whistler Real Estate Company agent John Ryan recently set the record for the highest land sale price ever in Whistler with the transaction of a 5.44 acre (2.2 hectare) lot at 5466 . Stone bridge Drive for $ 9 million.
Located on the west side of the valley in the eminent Stone bridge development, the residential zoned property offers a panoramic view of Sproatt, Wedge, Whistler and Black comb mountains, as well as “spectacular views” of Green and Alta Lakes, Ryan said. The sale was finalized at the end of September, without ever being formally listed on the stock exchange.
âIt is up to the real developers of Stone bridge, so it wasn’t actively marketed, âRyan said. “We just brought the buyer to them.”
The property was valued at $ 3,788,000 in July 2020, according to BC Assessment.
The final sale price is “pretty much fair,” what Ryan and his team expected, the real estate agent said. The price technically corresponds to that of another Stone bridge lot – this one with approximately 10.87 acres, or 4.4 hectares – previously sold by Ryan for $ 9 million in the fall of 2015. âThis lot and this particular lot are by Stonebridge two best lots, âhe noted.
This is a new record for Ryan, who also represented Whistler’s highest real estate sale at $ 22.225 million in 2016.
This latest lot sale âclearly illustrates that Whistler is on the map for the uber-buyers now, âAnn said Chiasson, management broker and owner of RE / MAX Sea to Sky Real Estate.
Although the recently sold Stone bridge the property is undoubtedly large by Whistler standards, it is not just the square footage that is responsible for pushing its sale price to an all-time high, Chiasson Explain.
“Stone bridge is a prestigious development, âshe said. “The people who buy there have the money to buy what they want, and also, the views are spectacular.”
To compare, by Chiasson brokerage house recently sold four acres of land in the Wedge development, slightly north of Green Lake, for $ 2.3 million.
It takes about the same time to travel “from [marketplace] To Stone bridge as it is for Wedge, and it has a similar zoning, âshe explained. “If I bought in the prestige of Stone bridge and wanted to pay $ 9million, that’s one thing, but if I looked at the practicalities and could buy a four acre lot at Wedge for $ 2.3 [million], some people might do [a different] decision.”
According to Whistler Listing Services data provided by RE / MAX Sea to Sky Real Estate, so far 48 vacant land properties have been sold in Whistler, up from 15 in all of 2020, 10 in all of 2019 and 14 in 2018. As of October 12, a total of 66 lots had been sold in Whistler since January 2020.
The market is booming again in 2021, with 319 properties of all types sold in the first quarter of the year, 211 in Q2 and 231 in Q3. âLast year the market was kind of back in the summer, if you will, and this year it’s back in full force,â said Chiasson. “It was a very strange deal.”
With a limited inventory available this year, Chiasson tells the story of very competitive situations, multiple buyers, and “difficulty with anything reasonably expensive,” she said. “This [$9] million lots, there was a buyer, but if you put a house in Alpine on the market for $ 2.8 [million], there will be between five and ten buyers.
Ryan said, âThere is such a shortage of products, period, it doesn’t matter if it’s condos or townhouses, single-family chalets, land; everything is just in incredibly rare quantities … [the market] is active, there is no doubt.
He added: âIn all segments of the market, supply is limited and demand high.
And Whistler isn’t likely to see an influx of vacant land coming up for sale anytime soon, Ryan said.
“We’re about to run out of bare land, and you’re already starting to see a lot of small cabin teardowns, which has happened at more established resorts like Vail and Aspen, where they’ve been faced. to rips for decades, so it’s a little new to us.
According to Chiasson, there were 31 vacant lots for sale in Whistler as of October 12.
Data shows that the average selling price of a cottage or single-family home in Whistler is just over $ 4 million in 2021, compared to $ 3,265 in 2020 and $ 2,861 in 2019. The price Average sales of vacant land is $ 1.68 million in 2021, down from $ 1.893 million in 2020, but up from $ 1.138 million in 2019.
It’s also worth noting that Canadians made up 95.91% of home buyers in Whistler from January to August 2021, with 2.95% coming from US and Hong Kong buyers totaling 0.68%. In 2019, 83.99% of Whistler buyers were Canadian, while 10.24% of buyers were American and 2.61% were of Chinese descent.