As the sales cycle ramps up for the Cheakamus Crossing neighbourhood, facilitated by Whistler Real Estate Co., the Whistler 2020 Development Corporation (WDC) is closer to confirming the actual price of various housing projects within the development. Another open house is being planned for Aug. 23 from 11 a.m. 5 p.m.
The current estimate is roughly $100,000 for a studio apartment to $500,000 for a three bedroom duplex with a den, with the cost per square foot between $228 and $248 depending on factors such as whether a unit has a view, is a corner unit, and has external amenities like a carport. There will be no opportunity to upgrade features at the point of sale as in Rainbow Development, but features like stainless steel appliances, granite countertops and wood floors will be standard for many units.
The units will be sold in late September or early October through the Whistler Housing Authority, which closed the waitlist in June with 500 people already registered to buy on the athletes’ village site. Another waitlist will be created once the 500 people have had an opportunity to purchase in the new neighbourhood.
WDC president Joe Redmond confirmed the terms of the sale. Buyers are expected to pay two per cent of the value in a refundable desposit when purchasing the unit, and another three per cent one year out from the closing date. The closing date will likely be around November of 2009.
The units will be held by the Vancouver Organizing Committee for the 2010 Olympics until June of 2010, while undergoing post-Olympic renovations.
Redmond says they are sensitive to the fact that some residents may have a hard time coming up with a five per cent down payment while paying rent or mortgages in other units. The terms could be negotiated in different circumstances, he says, but otherwise he says the amounts were chosen to make things easier for homebuyers.
“We don’t think that the five per cent is an onerous amount, but I think we can play it by the ear a little bit,” he said. “You have to remember that it’s a real estate transaction and there will no doubt be some negotiation, and some particular hardships can be handled… The last thing we want is to have these units tied up and people not closing. We don’t want people saying ‘we’ll buy, we’ll buy,’ and then deciding not to.
“At the end of the day, by the time most people close on the unit and actually sign over with the mortgage in place they’re going to have to have five to 25 per cent equity in the project anyway.”
Redmond believes that if people are qualified under banking regulations for a mortgage they could probably borrow the money for the deposit until the sale closes.
Gord Leidal, president of Whistler’s Mature Action Committee (MAC) says he hasn’t heard of any seniors that would have trouble meeting the deposit requirements of the project.
“We haven’t had any negative feedback, but the application forms are just coming in now,” he said. “We’ve had several inquiries by phone and e-mail about the qualification requirements, but nobody has brought up the matter of the down payment except from one couple that was wondering whether it’s refundable.”
As a result of a survey earlier in the year, Leidal says roughly 28 households are definitely interested in the 24 units of seniors housing at Cheakamus Crossing, while another 15 or so are possibly interested. He expects that to change as the closing date gets closer.
“For most seniors the plan is to stay in their homes as long as possible before moving into a senior’s facility, which is when they have to make that decision,” he said. “For some people the time to move was yesterday, but others are content to wait a few years.”
To date, Whistler has no designated seniors housing although three projects are currently underway, including Cheakamus Crossing. The others are 40 units at Rainbow and 22 units at Holborne.
MAC handles the applications differently than the Whistler Housing Authority, creating waitlists based on need. They give a score for age, and another score for how many years the applicant has lived in Whistler, to establish priority. Some seniors also have a preference for different developments, and are content to wait until space opens up.
All developments within the Cheakamus Crossing neighbourhood are currently underway, and the project is on time and on schedule says Redmond. “We thought our last project would start in the middle of August and we’re almost bang-on. We’re a little ahead of schedule on a couple of the other projects, and we’re way ahead with site servicing and providing the requirements for VANOC to do the overlay.”
Some of the amenities for the neighbourhood still need some work. The municipality and the WDC have an agreement to build athletic fields on the landfill site, and to build a valley trail extension from Spring Creek to Cheakamus Crossing. Planning for the commercial aspects of the neighbourhood, including a coffee shop in the hostel building, and roughly 5,000 square feet of other commercial space, is also underway.
“For the 5,000 square feet of commercial space we’re hoping we can find an operator of a beer and wine store, something that would service the community in the evenings or for lunch, and some sort of convenience store. We will need a retail facility… as the closest place to shop is Creekside by car or by bus, and we want this to be a sustainable neighbourhood.”
