To buy or not to buy...

[mkmurrays]

18th March 2007 11:18

We're thinking of buying a small (emphasis on the small), condo /studio in Big White.....what is the collective view on whether this is a good idea, and which areas of Big White would you recommend buying in...?

Anything we should be aware of/be wary of?

We think we may buy somewhere as a base for when we first move, while we sort out buying our main home.....removes the issue about renting.....

All opinions gratefully received.

Thanks!

[Betalil]

18th March 2007 23:39

Ok, opinion only!! Others may disagree, but that's ok. But a question first, are you coming here to a job? or to retire?

If a job, then Big White is a bit of a hike out, and not central to anywhere. If to retire, then your location doesn't really matter too much.

I have noticed that condos for sale on Big White have been dropping in price, possibly because there has been alot of building up there, and the market is getting saturated maybe?. As a very long term investment it could be a good idea, but if for short term then probably not.

Have you considered buying a 1bed suite in one of the newer condos right in Kelowna, there are some pretty nice ones close to all the downtown amenities, parks, restaurants, lake, shopping etc. And it could be a better investment for a Vacation rental (summer and winter).

Just some thought drops, hope it helps

[mkmurrays]

18th March 2007 23:44

Hi
Thanks for the reply. We are thinking of buying the condo on Big White as a second property, to rent out, or stay in occasionally ourselves. We'll have our main home in Kelowna. Interesting about prices coming down, sure seems a lot of condos on the market.

[Bleech]

29th March 2007 16:39

Ooh a thread I know a little bit about, at last!

Ok well as Betail rightly says, the market at Big White has been flat now for about 12 months. Lots of new builds have meant lots of properties on the market up there. But in the past month the market has gone a bit mad. Speaking to our realtor up there he says that on a usual month they were selling 4 properties, but over the past month they've been selling one a day. The problem in the past was that Big White has been a winter only destination, but last month it was announced that Greg Norman is designing the golf course up there (the Great White and Big White groan!). This may not sound like very much, but it means Big White is now committing itself to as summer venue. So the lifts are being modified for mountain bikes and they've just announced a 7 story hotel with casino to be built at the location of the SnowGhost car park. Also with the Airport upgrading and turning international it'll soon be full of Europeans (groan) in the winter. I know of 3 friends who have all taken their condos off the market in the past 2 weeks. There were 3 buildings in our block (including mine) that had been on the market for 12+ months, they've all sold in the past few weeks.

They're biding to host the snowboarding at the 2010 Olympics and a few other events, so that'll give it more publicity as well.
You have to remember that Big White is 'relativly' unknown outside of Canada, so it's still a bit of a hidden gem. I regularly meet skiers and boarders from Vancouver who'd rather come here to ski Big White rather thn Whistler! I ask them why, usually get the same answer, sludgy coastal snow and busy lift lines (ques).

So I think longterm you can't really go wrong and if you're intending to rent it out, it 'should' pay for itself, obviously depending on values etc. Also it's just coming into the end of the season, so it's the best time to buy.

:disclaimer: These are just my opinions, I'd check it out yourself first. As you can see I'm very Pro Big White, in fact that's all I seem to blab on about these days but for us as a lifestyle and as a potential retirement fund/business venture it's perfect.
If you want to chat with a realtor up there, give me a shout.