January 4, 2010
Capitol Residences at 833 Seymour coming along
Categories:Blog,Downtown NW,Downtown VW,MAC Marketing Solutions,Real Estate,Rennie Marketing,Twitter,Vancouver West
The Capitol Residences are coming along nicely, as seen in this photo found on skyscrapers.com
Capitol Residences, built by Wall Financial (Run by Peter Wall and Bruno Wall) was sold a few years back by Bob Rennie and Rennie Marketing Systems.
What is the address of Capitol Residences?
The address is currently slated to be 833 Seymour Street,Vancouver. This may change at completion.
Who is the builder of Capitol Residences?
Capitol Residences is being developed by Wall Financial Corp.
What is my condo at Capitol Residences worth?
For a free evaluation of your condo, conact Cory Raven of TAC Real Estate Corp at 604-220-9399
When will Capitol Residences be completed / finished?
Capitol residences is slated to be finished in late 2010.
September 9, 2009
Luxury Real Estate Making a comeback in Vancouver?
Categories:Bentall,Blog,Coal Harbour,Downtown VW,MAC Marketing Solutions,Prime Property,Raven's Real Deal,Rennie Marketing,Vancouver Bubble?,Vancouver listings,Vancouver Real Estate,Vancouver West,Vancouver West Real Estate,West End VW
Courtesy of Thane Stenner, published in the Globe and Mail
Looking west from the boardroom in our office, you can just see it: an enormous pit, perhaps 200 feet deep, where the crowning glory of Vancouver's skyline would have been.
Designed by the late, great Arthur Erickson, the Ritz-Carlton's 123 luxury residences would surely have been one of the most prestigious addresses in the city. Fully 58 storeys high, the tower featured a dramatic 45-degree twist from foundation to apex, with spectacular views of the city, the Strait of Georgia and the North Shore mountains.
At least, that was the idea. When the global financial crisis hit last fall, the Ritz-Carlton was one of the casualties. Faced with sky-high construction costs, uncertain financing and sluggish sales, the developer halted the project in October. Recently, there's been some buzz about things starting up again after the 2010 Olympics. Until then, it serves as a poignant reminder of the depth of the global financial crisis.
A time to buy?
I asked Ross McCredie about the project when we met for a working lunch late last week. As president and CEO of Sotheby's International Realty Canada, and a 10-year veteran of the industry, he knows full well how tough times have been for anyone buying or selling luxury real
Since then, however, it's been a different story. "I was surprised at how quickly the market picked up this past spring," he said. "[In Vancouver,] we've sold one home well over $10-million, one at $9.5-million, as well as two in Victoria at $6.8-million and $6.5-million, all in the last six weeks."
Why the dramatic change? Mr. McCredie believes it has everything to do with the psychology of the sellers. "The past year has cut deep into the mindset of many high-net-worth individuals and their families," Mr. McCredie said. "[Many] have decided to dispose of properties they thought they would never sell."
If you're a buyer, this is the kind of mentality you've been waiting for. "In the urban centres, properties over $3-million have a limited number of buyers, and they're taking a great deal more time to sell," Mr. McCredie said. "Often, sellers feel as if they 'missed the market,' and they're panicking somewhat."
If it's a recreational property you're shopping for, the news is equally good.
"Across Canada there are rare opportunities to purchase one-of-a-kind properties at well below assessed values - and often well below replacement cost," Mr. McCredie said. "This is especially true in the recreational markets such as Whistler, waterfront homes in the Okanagan, Muskoka and Mont Tremblant."
Advice for buyers and sellers
Despite his optimism, Mr. McCredie is quick to point out that luxury real estate is far from a "slam dunk," even in this market.
Certainly, great deals are out there, but the rules of real estate still apply: "Location is still the No. 1 driver of value in the upper end of the market," Mr. McCredie said.
At the same time, he points out that buyers are looking for more than just a pretty view.
"The architectural significance of the home is becoming more important. Size has little to do with value, but the actual beauty, quality of construction, and function of a home are key components of establishing a home's value."
Mr. McCredie believes that when it comes to luxury real estate, both buyers and sellers need to think carefully about the investment aspect of their purchase.
"Whenever buying or selling any home - and especially the most expensive home on the block - think about who else would buy it," he said.
As Mr. McCredie points out, building your dream home is all well and good, but your dreams aren't necessarily the same as a potential buyer's.
"People often get carried away building a trophy home for themselves without ever considering the basic fundamentals of real estate," he says.
"As a result, they overbuild for a particular lot or neighbourhood."
As Mr. McCredie candidly explained, such a move is rarely a wise investment decision. "It's a very simple supply-and-demand function," Mr. McCredie said.
"If there are multiple high-net-worth individuals who would want the home, then its value can easily exceed the current market."
As our server brought us the bill, I asked Mr. McCredie where he thinks the luxury market in Canada is headed over the next year.
He reminded me that when it comes to luxury real estate, the market is only one factor in the equation.
"A home's value is always determined by the buyer's ability to believe the home's story," Mr. McCredie said.
"Done poorly, you can sell a home well short of its value. Done well, you can overcome nearly any market."
Thane Stenner is founder of Stenner Investment Partners within GMP Private Client L.P., as well as Managing Director, Private Client. He is also bestselling author of ´True Wealth: an expert guide for high-net-worth individuals (and their advisors). He can be reached at email@example.com. The opinions expressed in this article are the opinions of the author and readers should not assume they reflect the opinions or recommendations of GMP Private Client L.P. or its affiliates.
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Please excuse the mess while I upgrade my website. In the meantime, you may access all my blog posts by clicking here.
Please excuse the mess while I upgrade my website to provide you with even more timely and topical information on our market and the process of buying and selling. In the meantime, you can access my blog by clicking here