Intrawest has introduced a new ownership structure for mountain homes, called Intrawest Quarter Ownership or iQ, and will build the first such project this spring on the Blackcomb Benchlands.
Sales of 51 units in Horstman House, located between Snowgoose and Treeline, will begin in early March.
Intrawest says it did extensive market research prior to developing the iQ concept. The basic concept is that instead of buying an entire home, purchasers buy a quarter interest which they can use themselves or place in a rental pool.
"We were seeing a lot of people go into partnerships in buying real estate at Whistler," Doug Ogilvy, vice president, Resort Development Group, said in a release. "People were finding their own ways to make owning a home at Whistler affordable without tying up a lot of equity. iQ is our response to that trend."
Buyers will have use of their unit one week per month and will have two weeks during the Christmas season every four years. Intrawest’s research shows this tracks typical patterns for those wanting flexibility in their usage.
Whistler council on Monday approved a minor development permit which allows the Horstman House project to go ahead. A development permit had been approved for the original project on the site in December, 1997. The revised project has fewer units — 51 instead of 65 — but requires additional bed units. Twenty-two bed units from Whistler Mountain’s inventory were transferred to the project.
A phase I rental pool covenant remains on the project.