Investors in our Whistler Phase 2 project, the Nita Lake Lodge, come from British Columbia, Ontario, the United Kingdom, Mexico, the United States, Singapore, and South Africa. Some of us grew up near Whistler. More about us here.
After several years since investing in this Whistler Phase 2 property, most of our friends, neighbors and co-workers have come to know about the dysfunction and turmoil surrounding this investment and the question each one of us gets, almost on a daily basis, is……
How is it possible that you can own a piece of real estate in a place like Whistler, Canada and not be allowed access to it?
Again, this is a question that one of us gets almost every day. When we hear this…..our first reaction is to get annoyed but then we remember this is probably a fair question from an outside observer. But one for which we never really seem to have a good answer.
We try to explain that in Whistler, they have different types of properties that you can buy such as Phase 1 and Phase 2 etc, and these properties have all sorts of Whistler rules and restrictions around usage, management etc.
Our friends usually don’t get all this complexity at first (some never seem to grasp it)…….the subsequent question is usually; are we current on all our mortgage payments, property taxes etc? We answer yes because we are (as an aside, it costs me almost $65k a year between my mortgage, property taxes, strata fees and Tourism Whistler fees for a unit that my wife and I are locked out of by the current manager).
So then our friends, neighbors and co-workers scratch their heads and then say something like……how can something like that happen in Whistler, a top rated resort and how can that happen in a country like Canada where there should be some recourse and some rule of law?
Again, we never know how to provide an easy answer without telling a long drawn out story about an aggressive investor, appointing himself manager, using our rooms without paying, locking us out of our rooms by exploiting a thing called a Whistler covenant etc etc.
They usually roll their eyes and their unfortunate takeaway is usually, “I guess I should just visit Whistler but not buy property there.”
From our perspective and at this moment in time, we clearly understand that comment, certainly with respect to Whistler Phase 2 property anyway. This is very unfortunate because it is certainly within the City’s power to fix this.
However, when the City goes to all the trouble of attaching extensive rules (covenants) to your property and then allows an aggressive investor to abuse these rules for his own interests and locks others out of their units, as is the case with us…….we can see why others might be skeptical of these investments. Our friends, neighbors and co-workers all are.
These almost daily questions about Whistler reminds us of what a poor investment we have made and of the incredible political risks of buying Whistler Phase 2 real estate…… so we keep writing these blogs and warning others.
While the City of Whistler leaves Phase 2 investors exposed, please beware.