Connect with us

Real eState

Nicola Wealth Real Estate partners with First Gulf and Challenger Motor Freight to expand their real – GlobeNewswire

Published

 on


Toronto, ON, Aug. 12, 2021 (GLOBE NEWSWIRE) — Nicola Wealth Real Estate (NWRE) announces the acquisition of the Cambridge Industrial Lands in partnership with First Gulf and Challenger Motor Freight, the existing landowner. This acquisition, brokered by Mark Cascagnette and his team at Lee-Associates, expands NWRE’s industrial footprint and growing Ontario portfolio comprised of industrial properties and other asset classes.

The partnership will co-venture on the 52-acre property situated on Allendale Road between Riverbank Drive and Highway 17 in Cambridge.  The property is well located providing quick access to Highway 401 enabling users to access Kitchener (20 mins northwest), Guelph (25 mins northeast), Pearson International Airport (60 mins east), and Downtown Toronto (90 mins east).

“We are excited to further expand our industrial presence in Ontario with First Gulf, a trusted and reputable partner” says Mark Hannah, Managing Director of Nicola Wealth Real Estate.  “The property is situated in a strong industrial node of Cambridge, characterized by small/mid/large bay industrial product, experiencing a remarkably low vacancy rate of 1.2%”.

“Our strategy is to develop five large bay industrial distribution buildings over two phases totaling over 1,000,000 square feet, pending the required approvals,” says David Carreiro, President of First Gulf.  “This project will appeal to tenants seeking to lease new, quality industrial product in a marketplace starving for new inventory.”

Nicola Wealth Real Estate has collaborated with First Gulf on several other projects in the GTA including an office development at 1335 North Service Road in Oakville, an industrial development at 880 Avonhead Road in Mississauga, and 50-acres of industrial land at 10538 Coleraine Drive in Brampton, a Burlington/Hamilton Industrial Portfolio, and a large industrial development property at 2485 Speers Road in Oakville.

NWRE continues to concentrate its growth in major Canadian markets such as the Greater Toronto Area, Greater Vancouver, Winnipeg, Vancouver Island, the Okanagan region, and expanding into Ottawa and Montreal, focusing on acquiring income-producing properties and value-add opportunities.

To learn more about the Nicola Wealth Real Estate funds, visit realestate.nicolawealth.com  


About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with $10.0 billion (CAD) of assets under management. NWRE has an experienced and innovative team that sources and asset manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include industrial, multi-family rental apartment, office, self-storage, retail, and seniors housing. With the acquisition of Blackwood Partners, the current NWRE portfolio now exceeds $6 billion gross asset value.

About First Gulf
First Gulf is an award-winning leader in the development of office, industrial, mixed-use and retail properties with developed assets of over $4 billion completed since the company’s inception in 1987. First Gulf is a fully integrated development company and is involved in all aspects of real estate development, from land acquisition and planning approvals to design-build, construction, leasing, financing, and property management. To date, First Gulf has developed and constructed over 30 million SF of office, retail, and industrial real estate. First Gulf is part of the Great Gulf Group, one of North America’s premier real estate organizations. Established in 1975, with major projects in Canada and the United States, the Group’s fully integrated activities span the entire real estate spectrum.

Attachment


Adblock test (Why?)



Source link

Continue Reading

Real eState

What About $8 Million Buys In Real Estate Around The World – Forbes

Published

 on


When it comes to luxury real estate, location is key. From properties with French alpine to Pacific Ocean views, these luxury listings take advantage of their picturesque settings. 

French alpine chalet 

Location: Courchevel Le Praz, France 

Price: $7.542 million (EUR 6.36 million)

This wood-filled chalet overlooks the ski slopes from an expansive living room with a fireplace and an adjacent south-facing terrace.

The six en-suite bedrooms all have terraces. A closed-in area features a pool and spa, along with sauna and massage room.

It is listed with Aurore Lucido of FGP Swiss & Alps.


Creek views in Colorado

Location: Aspen, Colorado

Price: $8.3 million

This ranchette home, remodeled in 2017, sits on a hillside overlooking Brush Creek Valley, the Snowmass ski area and Hunter Creek. The main home, which features antique 19th-century French Provincial/Mediterranean doors, has three bedrooms and 2.5-bathrooms. Features include a pantry with a custom wine cellar. A large outdoor entertaining area comes with a wraparound stone deck. 

A two-story accessory dwelling unit, built in 2005, houses an art studio and kitchen on the first floor and one bedroom, one bathroom, and a kitchen on the second. A three-car garage comes with a full bath.

It is listed with Stephanie Redmond of Slifer Smith & Frampton Real Estate.


Spanish island villa

Location: Son Termes, Bunyola, Mallorca, Spain 

Price: $8.241 million (EUR 6.95 million)

This villa sits surrounded by nature on the island of Mallorca. The 12-bedroom, nine-bathroom stone residence has classic Spanish architecture, shaded outdoor sitting areas and a modern swimming pool. 

It is listed with Antonio Ribes Bas of Inmobiliaria Rimontgo.


Historic oceanfront in Santa Monica

Location: Santa Monica, California

Price: $7.75 million

Designed and built in 1910 by architect Robert D. Farquhar, this three-bedroom home sits just off the Santa Monica Bluffs, with views to the Pacific Ocean. The home has been reimagined with luxurious finishes, including white oak flooring and custom automated shades. The kitchen features custom two-tone Italian cabinetry and stone countertops and Wolf, Sub-Zero, and Miele appliances. The bathrooms include luxe fixtures by Brizo, Rohl, Newport Brass and Toto. 

This home features a patio and the ground level and a deck on the second floor comprising more than 1,000 square feet of private outdoor space. 

It is listed with Bjorn Farrugia of Hilton & Hyland.


FGP Swiss & Alps, Hilton & Hyland, Inmobiliaria Rimontgo and Slifer Smith & Frampton Real Estate are exclusive members of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.

Adblock test (Why?)



Source link

Continue Reading

Real eState

B.C. real estate agent suspended, fined nearly $100K over 'predatory' rent-to-own scheme – CBC.ca

Published

 on


A Lower Mainland real estate agent has been ordered to pay nearly $100,000 in fines after being found guilty of professional misconduct in relation to a rent-to-own scheme allegedly aimed at financially vulnerable homeowners.

More than three years after B.C.’s real estate council first suspended Kevindeep Singh Bratch’s licence under “urgent circumstances,” Bratch has also been told he’ll have to wait another year before he can apply to get his licence back.

A disciplinary committee found that Bratch committed conduct unbecoming of a real estate agent after a hearing that saw testimony from a man who claimed Bratch acted like a “saviour,” while negotiating a deal to purchase a $2.1 million house for less than a quarter of its worth.

“Bratch’s conduct … constitutes conduct unbecoming because it targets members of the public who are in stressful positions, have limited options and feel pressured into agreeing to any terms to keep their family homes,” the council said in submissions that resulted in the penalties.

“In these circumstances, Mr. Bratch was looking to make an investment and was driven by profit. The homeowners were driven by the desire to keep their homes.”

Deals ‘disadvantageous’ to owners

The case was one of the last handled by the real estate council before the introduction of a new regulatory authority in B.C. The B.C. Financial Services Authority (BCFSA) now oversees real estate agents, mortgage brokers, credit unions, trust and insurance companies and pension plans.

The penalties — which include a $45,000 fine and $50,000 to pay for the cost of the investigation — were announced on the new regulator’s website this week.

The BCFSA will handle the file going forward.

B.C. Realtor Kevin Bratch has been fined and suspended in relation to a rent-to-own scheme that was called ‘predatory’ by the B.C. Real Estate Council. (Bratch Realty)

Bratch could not be reached for comment, but a spokesperson for the regulator said he has appealed the decision to the Financial Services Tribunal.

The rulings make clear that Bratch’s activities were not illegal.

The real estate council claimed they were “disadvantageous” to owners who “did not receive independent legal advice or separate agency representation, and either believed that Mr. Bratch was acting on their behalf, or were at least confused as to his role in the transaction.”

‘This is the best case scenario’

The witness who claimed Bratch came across as a “saviour” told the council that he approached Bratch after receiving unsolicited mail claiming the real estate agent was a foreclosure specialist.

At the time, the witness — whose name is redacted in the decision — was experiencing financial difficulties; his mother had passed away two years earlier and his bank had started foreclosure proceedings on his $2.1 million childhood home.

According to the decision, the two reached a deal that saw Bratch and his wife purchase the home for $500,000 and then agree to rent it back to the former owner for $4,000 a month with an option to buy back the property for $600,000 four months later.

“The language was like this is the best case scenario, this is what you have to do in order to make sure that the bank doesn’t take your home,” the witness told the disciplinary committee.

“I’m walking into this, like Kevin [Bratch], is in my corner, he is not somebody who, who is on the other side of the table in an agreement.”

The deal ultimately ended up in court after Bratch and his wife sued the homeowner, who responded by claiming the deal was “unconscionable.”

All three parties agreed to dismiss the legal action in December 2017.

‘I do wear the different hats’

The real estate council’s disciplinary committee considered evidence related to three rent-to-own deals involving Bratch.

In one case, Bratch evicted an elderly Maple Ridge couple on Thanksgiving 2017 after taking them to the Residential Tenancy Branch, over unpaid rent on a home they agreed to sell for $233,000 less than its assessed value to a company Bratch and his wife controlled .

The council faulted Bratch for failing to disclose the nature of his relationship with the company, and for failing to recommend that the couple get independent legal advice.

That situation led to the interest of local media. It also resulted in a lawsuit that was settled in an agreement that saw the couple buy their home back from Bratch for roughly the same price he originally paid them.

In the third case, the council says Bratch paid $154,000 less than the value of a property assessed at $869,000. He rented it back to the original owners for $4,300 a month.

“When we first signed this deal I expressed concern as to whether or not… [we] would be able to execute the re-purchase option after just one year, to which you assured me, and I quote, ‘I’m not a monster, I’m here to make a return on my investment, if you can’t buy it back after one year I would extent it [sic] another year,'” the original homeowner said in an email to Bratch, shared with the council.

The original owners could not buy the home back in a year and ended up renting on a month-by-month basis before moving out in December 2018.

According to the decision, Bratch now resides in the property. It was assessed at $915,000 in 2019.

Bratch represented himself at the hearing, disputing the allegations against him. He claimed he had advised the elderly couple to get a lawyer and was clear with his clients about the transactions.

According to the decision, he described himself as wearing “different hats.”

“So I provide homeowners with the different options and again I do wear the different hats,” Bratch is quoted as saying. 

“So I would be wearing a mortgage broker’s hat, a real estate agent’s hat and during that time you’re allowed to be … licensed as a mortgage broker and a real estate agent at the same time.”

In addition to the penalties and suspension, Bratch has been ordered to take an “Ethics in Business Practice” course offered by the Real Estate Institute.

Adblock test (Why?)



Source link

Continue Reading

Real eState

Vancouver real estate market: Inventory dips to lows not seen since 2016 – CTV News Vancouver

Published

 on


VANCOUVER –

A just-published report suggests the inventory in the Vancouver real estate market has reached a low not seen since 2016.

The Q3 report posted Thursday morning by the Real Estate Board of Greater Vancouver noted the number of active listings was low over the summer months, a trend that isn’t exactly new in the region.

“Since the last half of 2019, the total inventory of homes for sale in the market has been operating at near-historic lows despite higher-than-typical sales and new listing activity,” the REBGV wrote.

Still, record highs for sales and listings were noted in March of this year.

“The increasing correlation between sales and new listings over the pandemic is consistent with more buyers selling their current homes and purchasing other, typically larger, homes,” the board said.

It described the trend board members are seeing since early 2021 as the market “settling down,” and said a monthly survey pointed to first-time and move-up buyers becoming a larger portion of total home sales.

While inventory is down, prices are generally not.

The August 2021 benchmark price – a measure that is not an average or median but is calculated based on the typical type, size and age of home available in a region – was a record-breaking $1,176,600.

Looking at detached homes alone, the benchmark was $1,807,000. Benchmarks for attached homes and condos were at $952,600 and $735,100 in the market.

While growth in prices hasn’t been to the extent seen at other times in the local market, things are expected to pick up again in the fall.

The board forecast an upward pressure due to above-average sales volumes, coupled with the low inventory noted previously.

It says buyers and sellers should expect new listings and sales in Q4 to remain near to long-term averages, and expects the number of listings to increase, but at a level still well below the norm.

The report also summarized what its seen with housing completions, as well as trends in mortgage rates and employment

Adblock test (Why?)



Source link

Continue Reading

Trending