Financial Crisis Hurts 2 Western Canadian Mountain Resorts

It appears that the international financial crisis is "slowing the work at Revelstoke Mountain Resort, the major new ski area that was opened last year," according to the Idaho Mountain Express and Guide.

According to another source, the Revelstoke Times Review, "What is clear is that significant management and ownership changes are underway, and the credit crunch, as well as other factors, will cause a delay in the scheduled opening for many of the physical components of the resort and on-mountain infrastructure such as chairlifts.

This report quoted a resort official as saying "control of the project had been assumed by the Northland Properties group... which is operated by the Gaglardi family out of Vancouver." The Times Review said "previous control of the project had been held by Don Simpson, a Denver-based developer of housing." Apparently the new Nelson Lodge will be finished but not on its original schedule.

"At Canmore, meanwhile, the $135 million Solar Resort & Spa has gone into receivership and construction has been halted," reported the Idaho publication. Both Revelstoke and Canmore are in British Columbia. Canmore is right near Banff, while Revelstoke is a much-ballyhooed new, big ski/snowboard area in the Selkirk Mountain Range.

Canadians Eye Scottsdale 2nd Homes

It may be 110 in the shade in Scottsdale, Arizona in the summer but that is not stopping bargain-hunting Canadians from eyeballing second home residential properties in the area's renowned golf communities.How? Many shop the Web, others actually visit. Mike Weinberger, an agent for TeamFore, says his outfit has closed on 23 sales to Canadians, most of them from the western part of the country, since January. Reason: the dollar is down nearly 40 % compared to the Canadian dollar, a/k/a the Loonie. "The Canadians see this as a sweet spot," Weinberger told me. Buyers are principally looking for vacation homes, not investment properties or places they can flip he said. Prices: under $200,000 for a condo in the heart of town: $400,000 for a handsome single-family, such as the one shown above in Cactus Glen listed by Weinberger's colleague Diane Watson.

Overseas Buyers: Beware Overheated US Markets

Overseas, Mexican and Canadian vacation home investors shopping for bargain houses are not buying in all the so-called "bargain" communities of the US, according to a New York Times article. "Prospective buyers are still wary of America’s volatile economy and concerned that housing prices could continue to decline. The result is that despite their interest to get a great deal, foreigners have been slow to purchase in all but the most recession-proof properties in the most expensive areas, like East Hampton (above left, courtesy EastHamptonhomesearch.com) and Beverly Hills," the Timesquoted "Agents for properties adjacent to America’s most desired beach and ski communities." The article said while Hamptons may be hot, Cape Cod is not. Also cautious: buyers in California and Nevada's Lake Tahoe vacation home enclaves.

Canada Shops U.S. For 2nd Home Bargains

Orlando, Las Vegas and other vacation home spots suffering fromt the burst housing bubble have newly interested buyers in Canada. "The combination of the strong Canadian dollar and plummeting real estate prices in the U.S. due to the sub-prime mortgage disaster has made buying property feasible again, especially in Florida and California where home prices had risen dramatically in recent years," says a column in today's National Post. Note to sellers: these are not just potential investors but snowbirds who have always wanted a warm getaway. For oil-rich buyers in Alberta, golf and gated communities in Arizona are a big draw.

"Big White" Buyers Are Brits, Aussies

Brokers know that with the dollar so weak, overseas visitors to the US are buying second homes and vacation homes in Florida and pieds-a-terre in New York like they are, well, tee shirts. Same thing up North. At Big White, a wonderful ski area above Kelowna, British Columbia in Canada, Gary Turner of Royal LePage told me Tuesday that his biggest new market for buyers is Britain. With Australia not far behind. Why not? It's almost as easy to fly to Big White from London or Sydney as it is to go the Alps, except the Canadian snow is soooo much better. And their kids love the idea of ski/snowboard instruction in English. Handsome two-BR strata (condo) at Sundance can be had for under $465,000. Budget 2-BRs? Under $200,000. No wonder the slogan is "Tired of Tee Shirts? Come home with the ultimate souvenir!"

Pro Property Managers: Smart Choice

Do you need a professional property manager? Probably.

If you're a renter, don't expect hand-holding or personal service directly from owner via the Web. It might be better to deal with pro "concierge" for special requests like stocking fridge, renting sports equipment. This is true especially for those with a big group reunion, family celebration, or a business retreat.

For owners: nothing beats a pro when you need full service -- that means a 24/7 call number, agent to handle frozen pipes etc. "It's difficult to deal at a distance with putting in a hot water heating on a Sunday morning," says Michael Sarka of Vacation Rental Managers Association. Find them at VRMA.com -- they handle 150,000 vacation homes all over U.S., Canada, Caribbean, Mexico.