Residential properties in Flamborough and Burlington were among the highest-priced sales in the area in October, and also the lowest, says the Realtors Association of Hamilton-Burlington.
The three most expensive homes sold in the RAHB market area — which includes Hamilton, Burlington, Haldimand and parts of Niagara West — last month were in Flamborough, Burlington and Ancaster, and ranged from $2.7 million to $2.8 million.
RAHB president Kathy Della-Nebbia says all three areas have seen an increase to the average sale price over the past year, but Flamborough’s gains have been most significant.
“Flamborough’s average price in October was $1,106,337, which is up 48.3 per cent from last year,” she said, noting the whole region has seen steady traffic from people coming from elsewhere, thanks to an increase in remote working. “The pandemic has also highlighted the value of space within and outside a property, and we are seeing this reflected in the types of properties that are in demand, namely single-family detached (homes).”
The three least expensive October sales were two properties in Flamborough and one in Burlington.
“The two properties in Flamborough are … more than likely modular properties within a lease land community,” she said. “The bottom sale in Burlington is an apartment-style property that is most likely a co-operative ownership.”
Here’s a look at two houses that sold in Hamilton in October.
Kirkendall South: $2 million
Address: 125 Amelia St.
Nearest main intersection: Aberdeen Avenue and Queen Street South
Asking price: $2,249,900
Selling price: $2,000,000
House size: 2,902 square feet
Lot size: 16,258 square feet
Taxes: $12,646.82 in 2020
Sold: Oct. 23
Closes: Jan. 22
Main Floor: Living room/dining room, living room, kitchen, primary bedroom, ensuite bathroom
Basement: Recreation room, games room, office, laundry room, storage room, bathroom
Second floor: Three bedrooms, two bathrooms
Listing agent: Drew Woolcott, Re/Max Escarpment Woolcott Realty
This mid-century home was designed by Toronto architect Jerome Markson and built around 1957. It’s on a deep lot at the end of the cul-de-sac, backing onto the Bruce Trail. The kitchen has quartz counters and the living room has a vaulted cedar-strip ceiling and floor-to-ceiling windows. The upstairs bedrooms include built-in drawers and desks.
According to the realtor, this $2-million sale is both the highest sale price within the last year in the former city of Hamilton, but also the highest sale price ever in Kirkendall.
North End: $390,000
Address: 449 Mary St.
Nearest main intersection: Burlington Street East and Wellington Street North
Asking price: $299,999
Selling price: $390,000
House size: 1,244 square feet
Lot size: 3,498 square feet
Taxes: $2,508 in 2020
Sold: Oct. 24
Closes: Nov. 19
Main Floor: Kitchen, living room, two bedrooms, bathroom
Basement: Bathroom, storage, utility room
Second floor: Bedroom
Listing agents: Reisha Dass, Re/Max Real Estate Centre
The sellers of this home bought it in 1972, says realtor Reisha Dass. Their sons are now adults; their mother sold the home to move in with one of her sons, says Dass.
The home has dated fixtures but is on a good-sized lot close to the waterfront and downtown. “Here’s an affordable opportunity for those looking for a lighter venture,” said the listing, targeting investors, renovators and flippers.
Real Estate Brokerage Compass Taps Banks for IPO – BNN
(Bloomberg) — Compass, a SoftBank-backed company that’s among the largest real estate brokerages in the U.S., has selected underwriters for a potential initial public offering, according to a person with knowledge of the matter.
The New York-based startup is working with Goldman Sachs Group Inc. and Morgan Stanley ahead of a listing that’s slated for 2021, said the person, who requested anonymity because the information isn’t public.
Representatives for Compass and Goldman declined to comment. A spokesman for Morgan Stanley didn’t immediately have a comment.
Compass was founded in 2012 by Ori Allon and Robert Reffkin, a Goldman alum who was once Gary Cohn’s chief of staff at the bank. It positions itself as a real estate firm that uses technology to give its agents an advantage over rivals. The company has used capital from venture investors to expand by acquiring smaller brokerages across the U.S.
Low mortgage rates have fueled a housing rally in the U.S. as Americans seek more space to spread out in the pandemic. That’s boosted residential real estate companies, including Zillow Group Inc. and Opendoor, another SoftBank-backed company. Realogy Holdings Corp., which owns Compass competitor Corcoran Group, has seen its shares rally about 28% this year.
In addition to SoftBank, which participated in a $370 million funding round last year that valued Compass at $6.4 billion, investors include Goldman Sachs, Fidelity, Wellington Management, Founders Fund, Dragoneer Investment Group and Canada Pension Plan Investment Board, according to its website.
Former American Express Chief Executive Officer Ken Chenault and Salesforce.com CEO Marc Benioff are also investors.
©2020 Bloomberg L.P.
Commercial Real Estate: Navigating Opportunities And Challenges Ahead (Video) – Real Estate and Construction – Canada – Mondaq News Alerts
Commercial Real Estate: Navigating Opportunities And Challenges Ahead (Video)
To print this article, all you need is to be registered or login on Mondaq.com.
Uncertainties currently abound in many sectors and commercial
real estate is no exception. While the COVID-19 pandemic has caused
some level of distress in certain sectors of the commercial real
estate market, it has also opened doors for stakeholders and
presented opportunistic transactions with their own unique set of
risks and important structuring considerations, particularly in the
restructuring and insolvency space.
In this video, Graham Rawlinson and Charlene Schafer briefly
discuss what to expect in our upcoming webinar on December 3 on
commercial real estate. Some of the key topics to be explored
- preparing for bankruptcy or insolvency opportunities that may
affect the Canadian real estate market, and what to consider when
dealing with assets going through some type of a debtor/creditor
- funds focused on distressed and opportunistic real estate
assets, and whether the ongoing distress in the market will
continue to present new opportunities; and
- distressed opportunities south of the border and unique
considerations affecting the U.S. commercial real estate
Play the short clip below and register for the webinar here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Real Estate and Construction from Canada
Nakisa to acquire real estate management tech firm IMNAT | RENX – Real Estate News EXchange
Nakisa CEO Babak Varjavandi said IMNAT’s real estate management technology will be added to Nakisa’s lease management solutions portfolio.
“By combining the breadth of our lease accounting knowledge with their real estate expertise, we’re poised to disrupt the corporate real estate market, which is currently reliant on outdated processes and proptech legacy software,” he told RENX.
IMNAT is also Montreal-based. The start-up has about a half dozen employees and has entered the sales phase for its platform, which it markets specifically at businesses which manage their real estate.
“Our reimagined corporate real estate solution will offer customers a complete modern end-to-end solution that leverages the Nakisa cloud platform and provides full ITGC (IT general controls), GDPR (General Data Protection Regulation), user management and more,” Varjavandi said. “We truly believe we can disrupt this market because I think we are much further ahead . . . of our competitors with the technology.
“At the end of the day, because of the technology that we have, we believe we can bring in all these other pillars to provide an end-to-end solution.”
He said IMNAT Software’s technology will complement and extend Nakisa’s existing lease accounting product line and address increasing demand for global corporate real estate management solutions.
The acquisition is set to close on Jan. 1, 2021.
Nakisa and IMNAT
Nakisa released the first version of its product in 2000. The company has two lines of business – one addressing human resources and the other in leasing. It will now expand to provide end-to-end lease management which will include real estate and lease accounting.
The company also has offices in Frankfurt, Singapore, Florida and Pakistan.
Varjavandi said the company name is also his mother’s name.
He said IMNAT Software, founded in 2011, has a core product, InfoSite, which is a leading edge corporate real estate management software designed to centralize and manage corporate real estate accounts.
The platform features databased reporting and dashboards, streamlines corporate lease operations and manages data for leases, taxation, payments and rent rolls.
“When we talked to our customers and looked at the market, what we found that was interesting is that the real estate software industry hasn’t really evolved,” said Varjavandi. “They’re still using very old technology and it’s very costly to implement.
“Even if they’re on the cloud, they’re really not what we call a native cloud application.
“We saw huge opportunity in that area. For us to enter that market, we had a choice of either building the whole real estate functionality, which is the operation day-to-day activity of maintaining your real estate.
“Or we had to acquire a company that already had a customer base, they already had the expertise and they could use their expertise and that’s what happened. We saw this made-in-Montreal company.”
IMNAT has some major clients
Nakisa became familiar with IMNAT because the companies share some of the same clients.
IMNAT’s customer base include large private corporations such as Dollarama, Transcontinental and Lowe’s Canada, as well as some of the largest public government institutions in Canada.
Nakisa and IMNAT will combine their technology and networks. They will also combine their company-level data to generate a more accurate financial planning repository of information for trends and projections.
Varjavandi said InfoSite will be integrated into Nakisa’s product line and branded under the Nakisa umbrella. In January, IMNAT’s team, including CEO and co-owner Alexis Dénommée-Godin and co-owner Jean-François Bechard, will join Nakisa.
“I’m extremely proud of the quality software our team has built over the years and it’s an honour to be recognized and chosen by an established lease accounting brand that serves Fortune 500 companies around the world,” said Dénommée-Godin in a statement announcing the sale.
“Joining Nakisa allows us to take our real estate expertise to the global market and fulfill a need that has a tangible impact on both businesses and people.”
Unify divergent software products
Varjavandi said Nakisa serves more than 900 enterprise customers and over one million subscribers in 24 industries. Its client base includes a number of different industries, including retail, pharmaceutical and airlines. It has users in over 120 countries and supports 18 languages.
He said the acquisition of IMNAT presents a huge opportunity for Nakisa to both better serve existing customers and attract new ones.
“We are seeing companies having multiple software and we think we can actually unify the whole leasing, both for accounting and operations side, under one umbrella,” Varjavandi said. “From our perspective, any kind of asset you have we can provide an end-to-end solution.
“On the real estate side, we have a few customers who are interested in expanding on that to things like facility management and project management. Those are areas we’re also working with them. The beauty of the customers that we have, because these are very large customers, they’re actually willing to engage with us . . .
“From a customer perspective, the whole implementation and management is already done for them because it falls on the same platform.”
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