Big White Real Estate Report: Q2 2020 Update
Summer is here and we are just days away from Big White re-opening for it’s 3rd summer season. It’s great to be back on the hill after Big White Ski Resort’s early closing due to the COVID-19 pandemic back in late March.
Big White real estate transactions slowed to a halt for the first part of the 2nd quarter of 2020 just as it did in most markets around the world dealing with lockdowns and other measures to protect us from this pandemic. There were a total of only 11 Big White vacation properties sold in the second quarter of 2020! This included 2 detached private ski homes, 1 home in a multi-plex, 2 townhouses, 4 ski condos, and 2 building lots. The number of sales is down from Q2 last year by 52.17%.
Big White Sales Numbers and Values
The average sale price of Big White real estate skyrocketed last year and although the average sale price shows a considerable drop I caution you from using the stats from this quarter on their own in any analysis. The average sale price for Q2-2020 was CDN $506,178 compared to CDN $537,431 in Q2-2019. Total sales in dollar volume was down substantially to a total of CDN $5.57 million compared to the CDN $12.36 million for Q2-2019. Q2 is typically the slowest quarter at Big White and as such has the most inconsistency in its data.
Looking a little more closely at these numbers, we see that of the 4 condo residences sold at Big White in Q2, the lowest priced condo sold for just $329,800 and the highest priced condo sold for CDN $952,281. The average sale price for Big White condos was CDN $507,114. This is very much on par with the average from Q2-2019 when it was CDN $367,777. While this makes it appear as though condo values have skyrocketed this is only the effects of a small sample size. Note, the 1 condo residence that sold in The Timbers for nearly $1M sold for double the average and nearly 3 times the average selling price from Q2-2019. This was a sprawling 4-bedroom penthouse condo; had it been a more modest 2-bedroom condo, the average of the 4 sales would have been considerably lower.
Now looking at townhouses of which 2 Big White townhouses sold in Q3. The lowest priced townhouse sold for CDN $433,500 and the highest priced townhouse sold for CDN $636,000. The average price for Big White townhouses was CDN $534,750. This average price is up slightly from Q2-2019 when it was CDN $523,300. Again, I do not consider this on it’s own to be a reflection of the market conditions.
Now looking at private ski homes. A total of 11 vacation homes sold at Big White in Q3, 7 detached and 4 duplex. The lowest priced ski home sold for CDN $270,000 (a leasehold property) and the highest priced ski home sold for CDN $895,000. The average price for freehold Big White homes was CDN $683,500 which was just slightly below the average of $841,800 for Q2-2019. In this case it appear as though home values have plummeted, this is only the effects of a small sample size. Taking a deeper dive on valuations we can see that Big White homes sold for an average of CDN $306 per square foot or CDN $3,293 per square metre compared to an average of CDN $308 per square foot or CDN $3,315 per square foot in Q2-2019. In this case the average sale price is very clearly down only because the average size of homes sold was down.
Here’s a look at some of what sold
Detached Family Ski Homes and Multiplex Homes
265 Moonshine Crescent - a custom built 6-bedroom home in the White Forest Estates neighbourhood, this private ski home sprawls out over 3,500 sq.ft. (325 m²) of living space over a total of 3 levels including the basement level which also has a double tandem garage. Advertised as having, “added luxury details including log staircase, a double sided fireplace, and vaulted ceilings,” you can see what attracted the fortunate new owner.
Lots
Lot 9 Feathertop Estates - this beautiful lot offers over a third of an acre of ready to build land just above the Sundance ski run and the Bullet Chair. It has stunning panoramic views of the Monashee Mountains. Advertised as, “The perfect location to ski-in and ski-out, walk to the village or enjoy a quiet, cozy night in with family and friends in your custom build of up to 4,000 sq. ft. or more. If you are looking to build a special ski home at Big White this lot is a must see! No timeframe to build!”
Ski Condo
#205 - 355 Rock Ridge Road - a fantastic ski-in/ski-out condo on the top floor of The Crescent condo building on the Northern edge of Happy Valley neighbourhood and very close to Big White Village. This 2-bedroom, 2-bathroom, ski condo built in 2005 offers a spacious 1,035 sq.ft. (96 m²) of living space. Step inside and feel the warmth on your feet from the heated tile foyer. Other high end features and finishes include heated floors in the bathrooms, steam shower, granite countertops, and stainless steel appliances. The new owners will love their brand new hot tub on the covered deck next season!
#402 - 5085 Snowbird Way - a luxurious penthouse condo residence in The Timbers. This 3-bedroom, 5-bathroom, penthouse ski condo built in 2006 offers a sprawling 2,570 sq.ft. (239m²) of living space. Advertised with unique features including, “two heated underground parking spots and a private 8-person hot tub!” From this epic home you get outstanding views of the Monashee Mountains and a serious amount of room to relax and enjoy the company of friends and family when you’re not on the slopes. The Timbers also has some fantastic amenities including a fitness room, games room with table tennis, billiards table, shuffle board, and fooseball, and a large ski storage room with a secure ski locker
