They’re sitting on top of the world.
Well, OK, they’re actually skiing on top of Mount Revelstoke in B.C. — but they’re on top of the world, nonetheless.
Debbie and Peter Brown are avid skiers from Calgary who had a condo in Fernie, B.C. to take advantage of the slopes every chance they could.
Until recently.
“We ski our brains out in winter and had been skiing for 15 years in Fernie,” says Peter.
“Two years ago, we were finally convinced to try skiing at Revelstoke. We had preconceived ideas that it (Mount Mackenzie) wasn’t a great hill, but we had to eat crow. The hill is gorgeous — the fall line and snow are great. With the amount of snow and the vertical, you can ski above the rain line and the ski season is long.”
That was enough to convince the couple to sell their Fernie place and instead hang their ski poles in Revelstoke — but plans for the future development of the $1.5-billion Revelstoke Mountain Resort didn’t hurt, either.
“We like the future plans for the village and mountain, as well as the future golf course that’s planned for the area,” says Peter.
“We like the fact that they are building the core first, which includes the village. In a typical development, they start building outside first, then go into the centre, where they can then get bigger money.”
The ski resort, which opened three years ago, will have more than 20 lifts and 4,047 hectares of lift-accessed terrain by build-out — 15 per cent larger than Whistler and Blackcomb combined.
It has North America’s highest lift-serviced vertical and is the only resort worldwide to offer lift-, cat-, heli-and back-country skiing from one village base.
The four-season resort will include more than 5,000 housing units when development is completed — including 1,500 resort condos, 2,000 hotel suites, 850 town-homes and 550 single-family lots.
In addition, there are plans for more than 500,000 square feet of commercial and retail space, plus a signature resort-style golf course.
Some single-family homes and townhouses have already been built and Nelsen Lodge — a condominium apartment hotel complex containing three buildings — is under construction.
The Browns have purchased a penthouse unit in the second building of Nelsen Lodge. “The three buildings are inter-connected and we liked the quality and location of Nelsen Lodge,” says Peter.
Despite the grand plans, the economic downturn affected the resort, which was close to bankruptcy just a year after it first opened.
B.C. businessman Tom Gaglardi, president of Northland Properties Corp., took over as majority equity owner a year ago and has since eliminated the $100-million debt incurred by the original developer, allowing the next phase of construction to begin.
“We were concerned, absolutely,” says Brown.
“But with the restructuring, we saw that as a positive sign and now the debt is paid off.
“As well, we didn’t buy this for an investment, but for lifestyle. We plan to live here during ski season and in the summer.”
Another positive was the fact that the developer has not dropped prices, says Brown. “He reconfirmed that he will keep the value of the condos, homes and lots at the level they are at now — not step back.”
And plans for expansion are happening.
In recent months, 11 condos sold at prices ranging from $339,000 to nearly $900,000.
Albertans are quickly becoming the dominant group of buyers.
“Albertans have a strong interest in the resort with the world-class powder snow, highest vertical in North America and phenomenal terrain,” says Mike Vopni, director of sales and marketing for Revelstoke Mountain Resort.
In Nelsen Lodge, alone, Albertans account for about one-third of buyers so far.
Nelsen Lodge also offers a rental pool for buyers that can offset mortgage costs for buyers.
A new on-mountain restaurant, Rockford Wok/Bar/ Grill, opened this winter.
This summer will see construction of a new lift at the top of Revelation Gondola as well as refinements to the base area, with improved parking facilities and village base landscaping.
Construction of the resort’s golf course is planned for 2011, with play by 2013.
WHAT YOU NEED TO KNOW
Revelstoke
Mountain Resort is just six kilometres southeast of Revelstoke in the Selkirk Mountains in southeastern B.C.
The area abounds with nature at its best, including two national parks — Glacier National Park and Mount Revelstoke National Park — and you can try everything from mountain biking, to fishing, canoeing, ATVing, white water rafting and heli-hiking.
Two hot springs are in the area as well as attractions such as Three Valley Gap Heritage Ghost Town and The Enchanted Forest.
|THE BUYERS
Peter and Debbie Brown.
Ages : 57 and 52.
BACKGROUND: The avid skiers owned a property in Fernie, B.C. for years, but were convinced to move to Revelstoke Mountain Resort the first time they skied Mount Mackenzie. They purchased a penthouse unit in Nelsen Lodge, a three-building condo hotel development on the ski hill. The Calgary couple plans to spend most winters in Revelstoke Mountain Resort as well as some summer days. They also spend time in Tucson, Ariz.
PROJECT: Revelstoke Mountain Resort’s Nelsen Lodge.
DEVELOPER: Northland Properties Corp.
POSSESSION DATE: Late 2011.
