Monaco real estate billionaire Patrice Pastor has bought another historic multi-million dollar property in Carmel-by-the-Sea, leaving locals ‘terrified’ for the future of the Californian town.
Pastor, 51, is known for his feud with Monaco’s Prince Albert II – and for the very public falling out the two had in recent years.
Through his company, Esperanza Carmel, Pastor has been buying up homes and businesses – including a $22 million Frank Lloyd Wright house – in the small town about 75 miles from San Jose since 2015.
Pastor now owns more than a dozen properties according to SFGATE, with one anonymous third-generation local telling the outlet ‘people are terrified’ that they are ‘handing over our town to one person who’s doing what he wants to do.’
The town – which has just 4,000 residents – was named the ‘destination of the moment’ by Vogue and is favored by celebrities including Brad Pitt, who bought a $40 million home there in 2022.
Pastor’s latest purchase was the historic $7.5million La Rambla building made up of two apartments and two commercial spaces.
The white villa-style property has a large sunny courtyard with a water feature.
In 2022, the Wall Street Journal reported that Pastor bought renowned architect Frank Lloyd Wright’s only existing ocean front home for $22 million.
The Carmel property was designed to look like a boat cutting through water.
Lloyd Wright originally designed the house, also known as ‘the cabin on the rocks,’ for artist Della Walker around 1950.
Pastor is also currently running three construction projects in the area, according to his property company’s website.
His largest project is the Ulrika Plaza new build development, which will be a 42,000 square foot mixed-use, retail and residential space.
The site also lists the the JB Pastor Project which will be a 30,000 square foot mixed-use, retail and residential.
He is also renovating the Rocky Point Project. The site says: ‘Originally constructed in 1951, located on Highway 1 between Carmel and Big Sur, Rocky Point enjoys one of the best views in the world.’
And he owns notable buildings including L’Auberge Carmel Hotel, the Brown-Spaulding Building and the Eastwood Building.
The concerned business owner told SFGATE that ‘people are terrified’.
They added: ‘What’s going to happen as he spends so much money on the building, the property tax goes up and the rents go up and the only people who can afford it are chain stores?
‘What’s going to happen to our mom-and-pop shops? What’s going to happen to our local feel?’
They said that the small town is now split into four camps, those who are too afraid to speak up because they are financially tied to Pastor, those who don’t speak up because they want to be financially tied to Pastor, those who do speak up and finally new residents who are ‘blissfully unaware’.
But not everyone fears Pastor’s involvement in the town.
Real estate agent Tim Allen told SFGATE: ‘I think the focus has been on “Oh my gosh, he’s buying up everything!” But the reality is he owns very little compared to some families that have been here for a while.
‘We need an influx. If he’s restoring something in an area that’s big or small, it shows that if people work together, as opposed to thinking someone’s right or wrong, then you can move everything in the right direction.’
He added: ‘I know Patrice, he’s like family, and he loves Carmel, loves it. And what he’s doing is good for our community.’
Likewise, local conservation associations have expressed support of Pastor’s plans.
Karyl Hall, who helped form the Carmel Preservation Association told local newspaper Carmel Pine Cone: ‘We are the luckiest people in the world to have him (Pastor) come in.
‘He cares about Carmel and cares that Carmel keep its character… He has the money to come in and do what nobody else can do.’
Pastor is notorious for his feud with Monaco’s crown prince which has been raging since 2021.
In 2021, an email from Prince Albert II’s press advisor to one of the Prince’s close friends was shared on an anonymous website, LesDossiersDuRocher.com, which published incriminating evidence about Monaco’s royal family.
The email said: ‘That octopus Pastor is everywhere! He has gotten his hooks into Monaco. He has gone mad, he has no limits!’
Le Monde reported at the time: ‘This supposed “octopus” appears to be multi-billionaire Patrice Pastor, a 49-year-old who for decades constructed and rented buildings and apartments for small fortunes.
‘Proud and with no frills, he is an unmistakable character in Monaco. “I’m not a nice guy,” he said. “I’m free, independent and I have money, so… Everything in the ‘Dossiers du Rocher’ is true, and everyone knows it! The truth is that I irritate them.”‘
Meanwhile AirMail reported last year: ‘Patrice Pastor has been described as the only man in Monaco more influential than its ruler.’
It added: ‘He is a canny, outspoken developer with statement glasses and leonine hair, who has long controlled Monaco’s property market and thus, in essence, most of Monaco itself.’
Rivals describe him in the article as competitive, and say he wants ‘to win contracts not for the money … but to crush everyone.’
DailyMail.com contacted Esperanza Carmel for comment.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
