Phase 2 investing thoughts

[tturla]

Anyone have any thoughts on Phase 2 investing in Whistler? It is not a timeshare, but rather an ownership of a specific unit in a hotel-like/condo like chain (eg Hilton, Marriott) and you are limited to using the unit 56 days per year and the rest of the time its in a rental pool, where you can get some income. Assuming the owner wants to go to Whistler at least 1-2 weeks per year, what are the pros and cons of this type of ownership? What about foreign ownership in Canada (the exchange rate at the moment if favorable for us Americans). Anyone here know much about the real estate market in Whistler? It looks like currently, its in a bubble, but wondering if the trend is going up, leveling or on its way down. Thanks!

 

[Crafty71]

I have not even heard of Phase 2, so I cannot speak to that...

However, you are correct about Whistler being overpriced...it recently surpassed Vancouver as the most expensive community in Canada...

I believe that Whistler is a true four-season resort...something to do in every season and its popularity just keeps going up...

However, in an economic downturn, luxury items (such as vacations) are usually the first thing to go...

And regarding Phase 2, I would treat it as a timeshare...do not trust what the salesman is saying but instead read the contract and understand the investment...if you don't understand it, then either go for it and if it doesn't work out quite like you thought it would, don't blame anyone but yourself or don't do it...

I doubt this was helpful, but it was my $0.02 worth...

Cheers!

 

[ronparise]

I don’t know your market but I am familiar with a condo-hotel in Ft Myers beach.

The big thing concern is that banks typically won’t finance them, at least they won’t here.ime Timeshares they are real estate, but also like timeshares the banks don’t want to own them in case of default. And if banks don’t consider them a good investment neither do I

Secondly is that control is out of the owners hands, rates are set by the manager as is the redecorating schedule. Etc etc. you might want to get one more season out of the furniture, but it’s not your call

On the plus side, like Timeshares there are no management headaches with condo-hotels