development Archives - Joan Wolf, Big White REALTOR®

Top 5 Most Wanted Features in a Big White Ski Resort Property

February 7, 2024 by Joan Wolf

While every buyer is searching for something with their certain needs and wants, I am here to share the 5 most wanted features in a Big White Ski Resort property that are most common for buyers looking at purchasing property at the resort. Maybe a buyer is looking to check off all five of these boxes, or maybe just one, but these are the features that I have found to be the most wanted when working with both buyers and sellers at the resort.

TOP 5 MOST WANTED FEATURES IN A BIG WHITE SKI RESORT PROPERTY

Ski-in/Ski Out Access

Ski-in/ski-out access is a highly sought after feature. Luckily, unlike other ski resorts like Whistler, Big White offers arguably the best ski-in/ski-out accessibility from nearly every property at the resort. Whether its right outside the door or a short walk to the closest run, ski-in/ski-out access is an attainable feature no matter where on the mountain you are.

Well Run Strata

Having a predictable and proactive strata is another very important and wanted feature for those buyers looking to purchase a condo. As the majority of buyers are not living on the hill, having a well-run strata can ease the minds of buyers that are not always in the unit. With a well-run strata you can trust, a buyer can feel comfortable, and dependent that not only their unit will be looked after but the building itself maintained and functioning at the level they desire. Each building is different in how their strata runs so it is very important to work with a knowledgeable agent and of course review all strata documents.

Rental Income Potential

As previously stated, many buyers are not living on the hill and often look for rental income potential to offset costs when they are not using the property for personal use. Some units provide a steady stream of revenue and others can be limited due to many factors. Revenue potential varies depending on the type of unit, location, and amenities it offers. Many agents will provide past revenue numbers and a revenue forecast if available and applicable.

Location

This feature is completely dependant on each specific buyer but location is very important. Some buyers want to be right in the Village with amenities and activities just a few steps away, while others are looking for a more tranquil area. Happy Valley is a great location and highly sought after as it offers a close proximity to adventures such as ice skating, tubing, and more with also providing direct access to the Village from Lara’s Gondola.

View

Admittedly, this feature is not as important to some as say, ski-in/ski-out access, however many buyers are looking for a property that showcases the stunning Monashee Mountains. Whether it’s from a gorgeous chalet in Feathertop Estates or a condo in the Village centre, views can be a massive selling feature. With the gorgeous sunrises and sunsets that the resort is blessed with, its no wonder views make the top 5 most wanted features in a Big White Ski Resort property.

With the news of the foreign buyer ban being extended, and the resort being exempt from the short term rental ban, Big White Ski Resort is a superb investment for global and local clientele.

What’s Happening at Big White Ski Resort

October 25, 2023 by Joan Wolf

As we near the opening day, which is scheduled for November 23, 2023, there is lots happening at Big White Ski Resort. Each season the resort grows, replaces, and revamps many areas to improve hospitality, housing, and operations. According to the Regional District, over $100 million dollars in construction and maintenance is projected for the resort.

What’s Happening at Big White Ski Resort

Developments – The luxurious Feathertop Estates development is booming. There is a ton of construction happening in the area with new builds popping up all over the development. Foundations have been poured and constructed over the summer months, framing is taking place, and many chalets are in the lockup stage. This is exciting as we are starting to see them come together and ready for the finishing touches.

More new developments are also taking place in Black Forest, Porcupine, Sundance, and Monashee Ridge. They are coming along nicely and will be a great addition to the resort once complete.

Some of the complex buildings are also getting facelifts including Snow Ghost Inn. This is great to see updates happening around the resort and not just new construction.

You may notice a large pile of sand at the bottom of Big White Road that will be used for the roads. Speaking of transportation, some more exciting developmental news is that the resort has commenced building the first phase of the $600,000 upper parking lot at Black Forest. This parking lot will hold an additional 250 vehicles!

Tourism/Operations – Snow cats are a huge part of the resorts success and the resort has brought in some new ones and have been working to maintain the current ones so everything is ready to go once the snow starts to fly. There is a new restaurant in the works that will be ready for opening day. A welcomed addition to the Village, along with new electronic signs throughout the resort. Boxes and boxes currently fill the Village Centre as a new central reservations team prepares for the season.

It’s very exciting to see all of these preparations come together as we are expected to have an awesome Winter 2023/24 season.

What That Means for Real Estate

Both showings and deals have picked up immensely over the past few weeks. As normal, the off season slows down but now we are seeing a steady increase. Buyers, nationally and internationally are starting to get serious about putting in offers and many are arriving at the resort prior to opening day to secure their perfect ski home in time for the Winter season.

An abundance of showings over the past weekend has brought in multiple offers on a variety of styles of homes from 1 bedroom units at The Inn at Big White to multi-million dollar chalets with unbelievable views.

If you have any questions or would like to see where your property would be in today’s market at the resort, feel free to reach out anytime! Always reachable by phone 1-778-231-0308 or email [email protected]

Property at Big White Ski Resort

October 5, 2023 by Joan Wolf

Property at Big White Ski Resort is more than just owning a vacation home. The potential revenue that comes along with your investment plays a major role in your purchasing power. Finding properties that double as a vacation home and a rental property with great earning potential are a rare find. Especially when other resorts such as Whistler have speculation tax. Big White Ski Resort is exempt from that tax making it an even more desirable place to invest.

Owner/Rental Use

Depending on how much you use your property for personal use, the revenue potential can be vast. Renting out your property during the high times such as Christmas and New Years break and Spring break, can yield some great revenue and also provides an opportunity to still use the property personal use during other times of the year. High end luxury chalets have potential to reach six figure rental revenue.

Location Location Location

Choosing an area of the resort is also imperative for both personal pleasure and when renting. Being in or close to the Village is a valuable asset for any property. Many people visiting the resort like to have immediate access to all amenities whether that is in Happy Valley or the Village centre. Speaking of amenities, if a condo is what you are after, comparing each complex’s amenities is important and will affect rental potential. You could go all out and enjoy Stonegate’s amenities which include indoor/outdoor pool, movie theatre, game room and much more. Or if you are looking for a more cost effective strata, a complex such as the Whitefoot lodge may be more ideal.

Owning property at Big White Ski Resort offers the chance to enjoy and revel in the best of both worlds. Using the property for personal use, hitting the slopes and enjoying family vacations along with a fantastic earning potential gives Big White a leg up on other Canadian ski resorts.

Are you ready to start the search for your perfect Big White Ski Resort property? Reach out today and let’s get looking!

Okanagan and Big White Ski Resort Real Estate Update

February 7, 2023 by Joan Wolf

January was a great start to the new year with the Okanagan and Big White Ski Resort real estate market leveling out yet still producing high levels of deals. Even with mortgage rates rising, and an already difficult market to jump into, it seems to have remained steady through January and is picking up momentum as we go through February. A slight decrease in listing and sales price has made the market a bit more achievable and many people who were waiting to see this decrease are now jumping in on the action.

It is still a quite even market with it not favoring neither the seller nor the buyer at the moment. Sellers are acknowledging the prices have taken a slight downturn, but are still, of course, wanting top dollar for their property. Buyers seems to notice the small decrease in price and have been committing to purchase.

Okanagan Real Estate Update

Sales have seen a decrease in the Okanagan area with just 63 single family residence sales in the month of January, a 59% drop compared to January 2022. However the inventory has increased dramatically with 161% more properties available for sale. Currently sitting at 699 single family homes on the market. The average days to sell has increased to 81 – a large leap if compared to the same time last year when it was just 36 days. Which we know was unfamiliar and unprecedented.

The price ratio for January sat at 95.51% – on par for the market we were used to seeing prior to the pandemic. Comparing to last year is almost irrelevant because as we know most homes were selling for full list price and some way above list price.

So far this year the market seems steady throughout the Okanagan and is giving a chance to buyers to be able to purchase their first property or even their first investment property.

A great development that would work as a primary residence or investment property are the new townhomes at West 61 at Shannon Lake in West Kelowna. These 2/3 bedroom units offer views of Shannon Lake, top notch amenities, and modern luxury elements. Starting at $799k, these properties are a must see and are scheduled for completion August 2023.

Big White Ski Resort Real Estate Update

Big White Ski Resort had a slower January, with only 3 sales at the resort. However, the activity has increased quite a bit over the past two weeks and inventory has been selling at a faster pace that the beginning of this year. The average sale price at the resort in January was $650,667 – an increase of 13% when compared to January 2022.

All of the events happening at the resort are a factor in the real estate market. More and more locals and travelers alike are spending much more time at the resort. It’s also a factor with overseas buyers that the resort is exempt from the Foreign Buyer Ban really making Big White the ideal place to invest. The average days a property is spending on the market at the resort is just 53 days. Fairly on par if you compare to the same time last year where the average was 50 days.

If you are looking to build at Big White Ski Resort, Monashee Way is offering lots starting at $375k – these properties are ski-in/ski-out, with no rental restrictions. Build your dream chalet with the builder of your choice.

If you, or someone you know is looking to either get into the real estate market or perhaps free up some of your property assets, feel free to reach out – I would be happy to answer any questions and assist throughout the process.

CLICK HERE TO VIEW ALL OF MY CURRENT LISTINGS

Historic and Exciting News for Big White Ski Resort

December 8, 2022December 7, 2022 by Joan Wolf

In the last 54 years, we went from no accommodations, the first one was constructed in 1968, to what you see at Big White Ski Resort today which is just over 3,000 units.

There has been quintessential development and steady growth at the resort and it’s exciting to hear and now share the historic and exciting news for Big White Ski Resort that is currently in the works and the future plans. In addition to accommodation developments, Big White has grown to be the second largest lift system in Canada.

Historic and Exciting News for Big White Ski Resort

Black Forest Residences is marketed and sold by EPIC Real Estate Solutions Inc. I provide buyer representation to those interested.

As the 1999 master plan completes, the resort focuses on the Black Forest area. This included a $6m utility investment, $1m skier overpass, and 8 development sites this past summer. The developmental sites include:

Staff accommodations for up to 400 more staff;
an 11 acre site for 44 single and duplex buildings called The Glades with Acorn Communities;
a 7.5 acre, 35 homes and 15 townhomes development by Iron Horse Developments; and a
172 unit development offering micro suites. Which is currently preselling with K-West.

For information on these developments, as well as future plans, please visit Big White Ski Resort’s website, or contact Jordan Hettinga ([email protected]) or Paul Plocktis ([email protected])

Monashee Ridge is another development that has been a desirable place for buyers. These chalet’s are ski-in/ski-out with low strata fees, snowmobile accessible, and feature stunning mountain views. These 3-4 bedroom properties offers vaulted ceilings, open concept floorplan and room for everything.

As in the previously published blog, in the resort’s new 50 year master plan, there will be a tremendous increase in further accommodations and terrain.

When this historic and exciting news for Big White Ski Resort is approved, the plan would increase skiable terrain to over 1000 hectares and the number of lifts would total 35. To handle all of this, the resort would double in size and number of developments.

Big White Ski Resort has a bright future and one of the contributing factors is that Big White doesn’t have any land in ALR, so you can still purchase a property walking or sliding distance to the Village, and 100% of the overnight accommodations are ski-in/ski out. This is significant in differentiating Big White from other Canadian resorts such as Whistler which over offers approximately 20% of their bed base deemed ski-in/ski out.

(information source: Jordan Hettinga)

Seeing a Shift in The Okanagan’s Real Estate Market

November 23, 2022October 13, 2022 by Joan Wolf

We are fairly used to seeing a shift in Okanagan’s Real Estate market in the Fall. However, this is not the typical shift we are used to seeing. There are many properties being listed but we have seen a decrease in closed deals, about 35% less than last September. Many factors contribute to this shift. Including the increase of mortgage rates and rules, more inventory being available, and of course the listing price spike that has not come down as much as many potential home buyers would like to see.

Seeing a Shift in The Okanagan’s Real Estate Market

Properties are staying on the market a bit longer than last September with an increase of about 65%. The inventory level has increased a substantial amount (112%) compared to September of 2021, leaving potential home buyers more options. This is good to see as it creates a more balance buyer/seller market and not necessarily favoring one side or the other. The price ratio has also dropped,. Meaning properties are not all going for full list price and/or over list price, which again is nice to see for potential home buyers looking to get into the market for the first time.

Inventory at Big White Ski Resort has also increased when compared to last year, an increase of about 48%, but with less sales overall in September 2022 vs. September 2021. The market at the resort has remained strong throughout the off season and is already picking up as we get closer to the opening of the Winter 2022/23 season. The average sale price in September 2022 was just over $500,000 ($516,750) while September 2021 saw an average sale price of $479,450.

The prices at the resort are competitive, strong, and overall a great starting point when looking to invest in a ski property. Currently there are 68 active listings at Big White, some starting below $175,000 and some all the way up to luxury prices around 1.5 to 2 million dollars.

If you are interested in further discussing the real estate market, or how your property can fit in todays market, I would be happy to chat further – contact me here or give me a call at 778-231-0308.

May in the Okanagan

October 27, 2022May 16, 2022 by Joan Wolf

It’s been a fairly cool start to May in the Okanagan but the same cannot be said for the real estate market. Although it has slightly shifted to a more level market, it still remains to be a hot spot for many home buyers. We are finding it’s not just locals who are moving up from condos and buying single family homes. There are many buyers coming from out of province, and even out of country to purchase their own piece of paradise in Kelowna. And who can blame them!? The Okanagan, Kelowna in particular is the most amazing place to live.

There are countless opportunities in the city in careers, adventures, and your real estate portfolio. This summer is shaping up to amplify all three with many events making a come back after a two year hiatus. This brings more revenue to the city and with many tourists visiting the city, real estate will remain strong.

May in the Okanagan- Real Estate Recap

Real estate in April marked a decrease in number of units sold compared to April 2021. But that’s not to say they are low. They are just lower in comparison to the record breaking 2021 we saw. We are still seeing a fairly low inventory, which we know has been driving up the home prices, but it is starting to transition to a more stable environment.

The average days to sell is still on the decrease. Single family homes are sitting on the market just 22 days on average. Condos and townhomes are also seeing big decreases in days to sell. Townhomes dropped 54% compared to last April – with an average of 19 days on market.

Lakeview Heights in West Kelowna and South East Kelowna continue to be sought after neighbourhoods. These are popular with buyers because of the spaciousness of the homes, the peaceful settings, and larger lot sizes. Other neighbourhoods that are also popular are Joe Rich and Lake Country.

From affordable fixer uppers to large commercial lots, there are plenty of sales happening in the Okanagan. Like the 11 million dollar commercial deal on Truswell that I just firmed up, and the many single family homes throughout the region. I may specialize at Big White, but I’ve been bringing my expertise to the Okanagan and expanding!

Summer is just around the corner here in Kelowna. I think I can speak for all of us when I say that Kelowna in the summer is unmatched. Whether you are enjoying it in your backyard pool at your home in Lower Mission, or at a beach just down from your downtown condo, its the reason most of us live here.

If you are looking to purchase a piece of Kelowna to either start, or build your real estate portfolio, I am happy to assist you along the way. Feel free to contact me here or give me a call at 778-231-0308

Big White Ski Resort Property Management

October 27, 2022December 7, 2021 by Joan Wolf

What have the last two years of rental bookings looked like at Big White ski resort?

Due to the COVID-19 pandemic and the resulting restrictions on the hospitality industry, rental
bookings at Big White have been down the last couple of years. However, construction on the
mountain has continued unabated, with demand for accommodation in the Okanagan, and at Big
White, higher than ever. Come rain, snow, or COVID, people are continuing to visit from all
over the world to enjoy the world-class amenities and champagne powder snow that only Big
White has to offer.

Locations Mountain Management Services has continued to serve more and more owners
looking to rent out their properties in the off-season as well as the ski season. We get inquiries
every day from owners about property management, rentals, and cleaning services. We are
fortunate to be doing relatively well in tough times and can only imagine how things will boom
when the good times return.

Summer and shoulder season rental bookings?

We like to place guests in our owners’ properties for the entirety of the off-season (summer and
shoulder season). This way the owners earn more than through daily or short-term rentals in the
off-season, which are always significantly less than the ski season. This is revenue that our
owners would not normally expect to get; it’s money in their pockets. The Okanagan is one of
the most desirable places in Canada to live, and accommodation is scarce and can be expensive.
Guests looking to relocate often move into a property at Big White while they find a longer-term
rental solution in Kelowna.

What do you foresee for future rentals at Big White?

When the restrictions end and people feel safe and secure to travel freely once more, the sky’s
the limit. The demand for property and accommodation in Kelowna is extremely high, and this
demand has spilled over into Big White, where inventory is low and prices are high. Even in
these challenges times, homes, townhomes, and condos in Big White are receiving multiple
offers and selling at or above asking price.

Big White is Canada’s No. 2 ski resort. There are other ski runs in the Okanagan, but none can
match Big White for the number of runs, level of accommodation, variety of amenities, and
infrastructure. And did we already mention the champagne powder?

What are the most sought after features for rentals?

1. Private hot tub
2. Beds for a reasonable price to accommodate large groups
3. Proximity to the Village and amenities
4. Pet friendly

What types of properties are getting the most rentals?

The most sought-after rentals are 2-4 bedrooms, spacious, with good access to ski runs, and a
mountain view. People are looking for an exciting, emotional, and memorable ski experience.
They want the whole package, and Big White has the runs, the snow, the accommodation, and
the amenities to provide just that. Here are some properties that are available now!

Why choose property management?

You can do all the work yourself: if you’ve got the time, if you’re media savvy, you can prepare
your property, find guests, book them in, communicate with them, be available to answer any
questions they may have, deal with any issues that may arise, book them out, hire cleaners, and
rinse repeat. Or you could hire a property management company like Locations Mountain
Management Services to save you all the work as well as the learning curve. We advertise
through all the major channels, have pricing strategies that will maximize your income, find you
the right guests, and handle all communication, day or night. The number of bookings we can get
for you, and the level of service we can provide to you, easily makes paying our management
commission a worthwhile investment for anyone looking to rent their property.

Locations Mountain Management Services is a local business with their finger on the pulse of
what owners require and guests desire. We provide with full-service property management for our
owners and booking services for their guests. We advertise on our website and all the major
booking channels, including Airbnb, Vrbo, Booking.com, and Expedia. Our amazing properties
sleep anywhere from 4–18 people, are clean and tidy, warm and inviting, and ideally located.
Most properties are Ski In/Ski Out, have Private Hot Tubs, and are Pet Friendly. We offer
discounts on stays over 7 days and 30 days. Our customer service always responds promptly and
efficiently, and our reliable and quality-obsessed in-house cleaning team will ensure your stay is
spotless.

Hello 21/22 Winter Season at Big White Ski Resort

November 23, 2022November 8, 2021 by Joan Wolf

The final countdown is on to the 21/22 winter season at Big White Ski Resort. Are you ready? Passes bought, snowboard tuned and fresh gear? With less than 3 weeks to go, the resort has been seeing beautiful champagne powder fall in preparation for opening day. The village base is currently at 21cm as November 8th, a good start to the season. If you’re as eager as I am, you can watch the webcams here! The hype around the village is energetic and felt throughout. The restaurants, shops, and resort staff are all gearing up for the start of what is predicted to be an amazing winter season.

More New Things for the 21/22 Winter Season Big White Ski Resort

As discussed in my previous blog, there are many new and exciting things happening at the resort this year like Squawk Box (seriously check out the blog). In addition to those mentioned in that blog, Big White Ski Resort is also now home to the first Mexican restaurant on the mountain. Cantina del Centro, which also has a location in downtown Kelowna, is opening its doors in The Inn at Big White. The culinary variety at the resort is expanding every season and its nice to see numerous cultures and cuisines available.

Investing at Big White

Over the years, Big White Ski Resort has become a major hot spot for real estate investing. Consumers from all over the world purchase property at the resort. They use for generating income when not being used themselves. This is a great way to be able to have a vacation home and investment home in one. The resort sees many tourists arriving and renting condos and chalets for days or weeks at a time providing great revenue for the investor. This year we have seen an increase of not only investors purchasing but also families. The resort is less than a 45 minute drive from Kelowna making it a great place for families to escape to on the weekends.

In October, there were 33 sales at the resort. A 65% increase if you compare to 2019 which saw just 20 sales in October when the average sale price was $405,631. Which, is fairly on par with this October’s which was $414,433. We saw a 1 bedroom unit sell at $120,000, a luxury ski home sell for $1.1M and everything in between. 75% of those sales were under 500K.

Big White Ski Resort is so much more than investing in a property. It’s about investing in growth, family, and the pursuit of enjoying the beautiful outdoors. It’s better to be outside.

LIVE WHERE YOU PLAY

Recapping the First Half of 2021

October 27, 2022July 16, 2021 by Joan Wolf

Recapping the first half of 2021 seems like great a way to look back and see how this year has molded not only us as a community, but the community itself. It has been another eventful year where we have experienced, learned, and gained growth. 2021 has provided insight into what the next few years may bring and many exciting things have happened that lead us to that.

Let’s recap the first half of 2021:

Real Estate

As we know, the Real Estate market in BC blew up the first half of 2021. With homes going well above listing prices, flying off the market on the first day, and the lowest inventory we’ve ever seen, the first six months of this year have been wild. 141 sales were completed at Big White Ski Resort from January to currently. If we compare that to the 66 completed deals within the same time frame in 2020, that is a 113% increase in sales. And not surprisingly, the total volume has taken a huge leap from 31 million dollars worth of sales to a whopping 74 million.

Low inventory was a huge factor in the stresses of buyers looking for a home to purchase. We saw the lowest inventory available ever and that created a frenzy for buyers looking. And with that, came an incredible sellers market. Many sellers took advantage of the rising home prices and quick possessions. The average time a Big White property spent on the market this year is 60 days. A 45% decrease from the same time last year.

Big White Ski Resort

The resort itself saw many changes over the courses of these first 6 months of 2021. many COVID-19 protocols were implemented creating a safe place for locals, tourists and workers alike. There were challenges along the way but I think the team at Big White did a phenomenal job pivoting and adjusting as necessary. The Summer season has just begun and already the Village is seeing lots of tourists ready to relax, enjoy, and explore the wonderful outdoors.

Big White Ski Resort also made a huge announcement in January sharing that the resort has massive expansion plans over the next few decades. With more skiing terrain, a golf course, new housing developments, and more this is very exciting for the economy and resort.

No one knew what 2021 was going to bring and after a stressful and unknown 2020 we have adapted as a whole and are driving the changes into this year. The first half has been more than exciting and the rest of 2021 will be a great time to enjoy the growth the first half has brought us.