 | | CREDIT: Debra Brash, Times Colonist | | Condo buyer Semion Strovski, left, thinks Bear Mountain Village Resort is the next Whistler. Strovski looks over the village golf course with his wife Galina and another condo-investing couple: Lize and Johan Blignaut. | |
Langford's Bear Mountain Resort is the new Whistler -- at least, that's what Semion Strovski is betting.
The Quesnel doctor, who moved to Canada from Russia in 1998, was one of scores of people Saturday who snatched up 271 condominiums in a record-setting real estate grab.
"Whistler has reached its top as far as investment, I think," he said, describing property he owns there yet intends to sell.
"But Victoria is the retirement capital of Canada as far as we can see ... we hope [the condo] will appreciate [in value], and we hope we'll use it as well."
Bear Mountain Resort estimated $130 million in sales Saturday when two condo buildings -- Finlayson Reach and St. Andrews Walk -- officially hit the market.
It is the highest one-day total for condominium real estate in Greater Victoria's history.
Bear Mountain mauled even monthly records kept by the Victoria Real Estate Board, beating $66 million in condo sales recorded for this March and $39 million in October.
Strovski paid $341,500 for a 562-square foot, one-bedroom, condominium in St. Andrews Walk. From the fourth floor perch atop the west building, he and wife Galina will have a view of the golf course.
Strovski admits Bear Mountain's 18-hole course, designed by golf legend Jack Nicklaus, was a major reason for his purchase.
He, like fellow Quesnel doctor Johan Blignaut, views the property as an investment in Greater Victoria, the golf course, and a village planned for Bear Mountain.
Blignaut and his wife Lize had never been to Bear Mountain before they arrived Saturday, cheque-in-hand, to buy their 630-square-foot, $349,900, one-bedroom suite on the third floor of Finlayson Reach.
"I was amazed by the view and the buildings," said Lize.
The investment "risk is minimal" said Blignaut. The couple, in their early 30s and originally from South Africa, intend to make at least yearly visits to their new Langford condo.
Inside the busy clubhouse Saturday, buyers were ushered upstairs to select one of 127 units in St. Andrews ranging from $205,000 to $949,000, or 154 units in Finlayson Reach, from $400,000 to $1.8 million.
After they signed on the dotted line, they went outside to a heated tent where champagne was served in the company of a live band.
A large display showing individual units inside was covered with sold signs. All but 10 units in Finlayson Reach were gone, and penthouse apartments were not yet on the market.
Much of Bear Mountain is still under construction. The Fairways hotel -- Phase 1 of development -- is open with 65 suites.
The resort's new clubhouse building -- a massive structure with suites, a restaurant, ballroom, spa and pro shop -- is considered Phase 2 and should be done by May 2006, said Bear Mountain Resort CEO Len Barrie.
Barrie said many of the current buyers are from Alberta "and are looking at it as a vacation or secondary home." Some came from as far away as Germany and the Middle East, he said.
Victoria Real Estate Board president Garry McInnis said Bear Mountain's "site-specific" golf course attraction highlights a larger demand for real estate in the region.
"I'm very confident that 2005 will go down as a banner year for real estate overall," he said. "There's just nothing to stop it from being one of the most remarkable years of all time."
Saturday's buyers will have plenty of time to sit and anticipate their new Bear Mountain condos.
The St. Andrews building isn't scheduled to open until mid-2007, and Finlayson Reach until 2008.
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