Welcome to Blue Mountain Resort. We are excited that you have chosen this wonderful location to invest and vacation. Purchasing in the resort is different from regular real estate purchases as properties likely include participation in the Blue Mountain Rental Pool. The following will assist in your decision and we hope you find it valuable and addresses many of your questions. The Jen Scholte Team would love to work with you to make this a smooth and memorable Real Estate experience.
For the purpose of this blog we are going to focus on the Village Core (See Map).
1. Rental Pool - Many of the condos in the Blue Mountain Village participate in a rental pool. Basically, the rental pool places your property into a group of rentals which are rented by Blue Mountain for the duration of a visitors vacation. This rental is very much like booking into a hotel and the marketing, booking, and ongoing administration is handled by Blue Mountain Home Owner Services. The benefit of belonging to the rental pool is you share in the overall rental revenue of the specific building and is calculated based on the size of your unit (Bachelor, One Bedroom, etc), the number of days your unit is available for rent (when you are not up enjoying it yourself), and the monthly rent of your building. I have often been asked which building generates the best revenue for the rental pool and one must remember that each building has its busier season... for example the Weider tends to be busier in the winter during ski season, and the Mosaic tends to be busier during conference season. I have attached the most recent rental reports for you to look over. (Page 1, Page 2).
A couple of important points to consider prior to purchase:
- If you purchase a unit that is already in the rental pool then it continues after your purchase closes.
- If you purchase a unit that is not in the rental pool then you must apply and be accepted by Blue Mountain Home Owners Services. Sometimes they make request that must be met to qualify your unit into the pool.
2. Fee’s - There are several fee’s that you should be aware of.
- There is an entry fee of 2% of the Purchase Price plus HST payable to the Village Association upon closing your new unit. Click here to see more about what services the Blue Mountain Village Association offer... In short, they do all the magic which make visitors want to visit and vacation at Blue Mountain.
- There are basic fee’s of $1.08/sq ft. payable in equal quarterly installments.
- If your unit participates in the rental pool, Blue Mountain Home Owners Services will remit 2% of the gross income earned each month for the village amenity fee.
3. Insurance - The Blue Mountain Village has specific insurance requirements for its units. The contact for further information is Rob Bickerstaff from Noble Insurance and you can click here ( Page 1, Page 2) for further information. Budget for an annual cost of $450 or $650 depending on the location.
4. Financing - Financing a property in a Rental Pool can be a bit challenging... Call Mike to talk about your financing options. Generally the total mortgage cannot exceed 70% of the purchase price and the maximum amortization is 20 years.
Real Estate Sales - Jen & Mike Scholte, Brokers - Century 21 Millennium Inc. Brokerage 705-444-4949
Blue Mountain Village - Tina Ward, Blue Mountain Village Association 705-444-7398 x 221
Rental Pool - Tyler Hardy, Blue Mountain Home Owner Service 705-445-0231 x 6266
Insurance - Rob Bickerstaff, Noble Insurance 705-443-5574
The above information is based on April 22, 2014 and is subject to change without notice.