My name is Peter Kosick. I am 83 years old, and was starved out of my real estate because the Whistler City Council enabled it.
I am a Vancouver resident and a born and raised Canadian.
Please be careful of calamitous Phase 2 Whistler real estate purchases. I lost $780,000. I had my property used by a rental manager for more than a year who wouldn’t pay me while he used my property and had my property foreclosed because I wasn’t getting any of the payments the manager owed me. And then my property was bought for 20 cents on the dollar by the same guy who squeezed me out.
If Whistler didn’t prevent me from renting out my property myself, or had given me some ability to negotiate with this manager (instead of protecting him while he used my property for free), I could have held on. I asked them to help – I spoke personally to them – and they wouldn’t. The rules Whistler makes for these properties give them the power to release units like mine and they didn’t…..and I never got even a reason.
This kind of precedent tells you something about Whistler. I and the other owners at the Nita Lake Lodge paid to build the project but when it came time to protect individual owners from a professional investor from Vancouver, the whole town and everyone involved just melted away. The realtor who sold me the property (Whistler Real Estate Company ) wanted nothing to do with it, the City government wouldn’t do a thing, and the bank who foreclosed on me? HSBC – the same bank that bankrolled the hotel manager.
Whistler isn’t what it used to be: the whole town encourages you to buy, but then when someone comes and starves you out, the City Council sit on their hands and let Phase 2 property become worthless.
This is not the Whistler I thought I knew. If you’re going to buy Phase 2, offer 20% of asking until the RMOW deals with its covenant problem.