Every participant in this website loves Whistler and thinks it is a world class resort. That is why we all bought real estate in Whistler. Many of us have been vacationing in Whistler with our families for over 20 years. Others who live internationally have been traveling from Singapore, the United Kingdom, South Africa and California for countless Christmas, Spring Break and summer vacations. For all of us, whether summer or winter, Whistler has always been a magical place.
We say all of this because building a website, Twitter feed and Facebook page to warn people about the dangers of investing in Whistler Phase 2 real estate doesn’t feel good. In many ways it is quite heart breaking.
We are all adults who accept and fully understand that with any real estate investment comes risk. But what has happened to us isn’t normal real estate risk. It is an example of a opportunistic investor who is doing things under the cover of the “Whistler Covenant” (see the “Phase” tab for a full explanation of Phase 2). And as long as the City of Whistler (Resort Municipality of Whistler or RMOW), the Mayor, City Council and City Administrator allow themselves to be intimidated by this same investor and remain silent on how and when their own Covenant is to be used…..all Phase 2 properties are incredibly risky investments.
We bought our units over 10 years ago and have always paid our mortgages, strata fees, Tourism Whistler fees yet today we are locked out of our rooms by this same investor who now controls the front desk. He justifies his actions using the Whistler Covenant (a legal contract attached to all Phase 2 hotel and condominium purchases) and says if he can’t use our rooms then no one can, including we owners.
This should be of concern to all current and potential Whistler Phase II investors. If it can happen to us it can happen to you!
So we are locked out of our units by a majority owner/hotel manager who is trying to squeeze us out of our units so he can buy them at distressed prices….they are down 80% from our original purchase price.
Despite our incredibly disappointing real estate investment experience…we still love Whistler. But until the City of Whistler (RMOW) is ready to stand up and defend the rights of the Phase 2 investor and not allow their Covenant to be misused, investing in Whistler Phase 2 property is simply too risky and we feel compelled to warn others.