About Russell Thompson Expertise I can answer most questions relating to the hidden issues behind owning a vacation home, and how to manage and maximize your investment. This includes tax issues, demographics, the process of buying and selling a home, how to structure the purchase, the level of yields to expect and the issues to consider that you might not have thought of.
Experience I am the owner of a Fund investing in Resort Real Estate, and also own a Company specializing in Property Management and Investment in North America. We own and manage vacation homes for our clients, and I am familar with many resorts within North America. I am based in Whistler B.C.
Expert: Russell Thompson Date: 12/28/2002 Subject: bc real estate
Question How would I go about finding a buyer's agent who specializes in vacation/recreation properties in British Columbia and who I can consult with over the phone/internet (I'm from California)? I've tried, but I can't seem to find anyone who has knowledge about ALL of British Columbia. Is there some kind of clearinghouse or real estate firm directory that would enable me to find such a buyer's agent or firm that specializes in assisting buyers? I'm especially interested in properties that can partially or mostly pay for themselves through rental income, if that makes any difference. Thanks for your time!
Answer Andrew
I don't think that I am going to be able to help you that much. British Columbia is such a huge place that the only firm that I can think of that would be pan-BC would be RE/MAX, but even they are obviously decentralised into the various offices. A reasonably concise list of offices and good agents can be found at this link http://www.worldreferrals.com/search/search.asp?started=&search=&Submit=Search+t...
However I just don't think that any one person or firm can help you here. However one thing that you should consider is the need to right across BC. If you are looking for rental returns versus holding costs, I believe there are only a few areas to consider, especially when you consider the re-sale market. Property up at Williams Lake might be cheap, but re-sale is obviously much harder than in Vancouver.
I would seriously try to limit your search to the following areas....
1. West Coast of BC from Vancouver to Pemberton. That includes Whistler and Squamish
2. Thompson-Okanagan region, including Kelowna, Kamloops, Big White
3. BC Rockies. Banff, Panorama, and Fernie
4. South Vancouver Island, especially Tofino
These regions cover a wide variety of types of property. Without knowing your investment profile it is impossible for me to give you good advice, but in my experience homes in the destination resorts appreciate much faster than other areas, and the yields are considerably higher (but so are the prices). My fund holds BC property in Whistler and Panorama at the moment, and we are considering some Waterfront property on Lake Okanagan. These sorts of areas are much more liquid in the re-sale market, and have generated considerable returns in the last three years (15%-25% p.a), with yields between 6% and 8%, which will easily cover any funding you put in place on the house.
I hope that helps. If you need any additional information please feel free to email me at russell@whistlerplatinum.com
