Less than three months after a $32-million mansion shattered the record for the most expensive property ever sold in Whistler, B.C., another record has fallen.
Stall 45 underneath the Pan Pacific Hotel in Whistler Village was just bought for $195,000 after being on the market for only a week, marking the most expensive parking space ever sold there.
That sum of money could buy a home in many Canadian towns, but certainly not in Whistler.
The reason a parking spot sold for so much so quickly all comes down to supply and demand, Stall 45’s Realtor Shauna O’Callaghan told CTV News.
“A parking spot like this one comes up once a year if you’re lucky. So with the amount of houses and investments in Whistler, even if you didn’t own a house here, it would still be a pretty good asset because you can drive up for the day and all of a sudden park,” she said. “If people own a $20 million house up here, having a spot right at the base of the lift is pretty hard to beat.”
The price tag on the parking spot is actually quite reasonable when compared to what people are spending on luxury real estate in the resort, O’Callaghan explained.
She said $195,000 is pennies when there are lots selling for $5 million to $10 million in Whistler, and buyers are spending upwards of $50 million on constructing their dream homes.
“In the scheme of their real estate holdings, it’s nothing, and it makes their home unique, like not everybody has access to the village,” she said.
“I would actually say many people feel disappointed that they missed out.”
In fact, she said the buyer is a local who is building a luxury home and wants to complete it with a luxury parking spot. O’Callaghan explained that Whistler’s most high-end properties aren’t at the foot of the mountain, so easy access to the ski lifts is sought after.
Still, the daily rate for parking in one of Whistler’s day lots is $14. That means Stall 45 would take roughly 13,929 days to pay off, or 38 years worth of pow-days.
Stall 45 previously sold in 2017 for $95,000, O’Callaghan said, so its former owner did make some return on their investment. The old record for most expensive parking spot sold in Whistler was $110,000.