Connect with us

Real eState

US banks on alert over falling commercial real estate valuations

Published

 on

[ad_1]

What is included in my trial?

During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.

Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. For a full comparison of Standard and Premium Digital, click here.

Change the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section.

300x250x1

What happens at the end of my trial?

If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 € per month.

For cost savings, you can change your plan at any time online in the “Settings & Account” section. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.

You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. Compare Standard and Premium Digital here.

Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.

When can I cancel?

You may change or cancel your subscription or trial at any time online. Simply log into Settings & Account and select “Cancel” on the right-hand side.

You can still enjoy your subscription until the end of your current billing period.

What forms of payment can I use?

We support credit card, debit card and PayPal payments.

Adblock test (Why?)

[ad_2]

Source link

Continue Reading

Real eState

Calgary’s ultra-luxury real estate heats up

Published

 on

New report from Sotheby’s International Realty Canada highlights that the city leads the nation for demand growth.

Ultra-luxury homes in Calgary may not be selling like hotcakes, but homes priced $4 million or more are seeing higher demand than ever before, says a local realtor, specializing in the niche resale real estate segment.

“This spring, Calgary has seen multiple ultra luxury sales over the $4-million mark, compared with last spring,” says Corinne Poffenroth, senior vice-president of sales with Sotheby’s International Realty in Calgary.

300x250x1

She points to one sale in late April in Upper Mount Royal for more than $5 million among a handful of ultra-luxury home transactions that are becoming more common, though still far from the norm in Calgary. The recently published Top-Tier Real Estate: Spring 2024 State of Luxury Report, by Sotheby’s International Realty Canada, reveals that Canada’s luxury market is recovering after the recent slump in activity in many major centres, resulting from higher borrowing costs.

It also highlights Calgary as a luxury market outlier with higher demand than other large cities, further adding the city should continue to lead Canada for percentage sales growth of high-priced homes.

“One big reason is Calgary is attracting a lot of new businesses right now,” says Don Kottick, president and chief executive officer of Sotheby’s International Realty Canada.

What’s more, Calgary is a value market for luxury, unlike Vancouver and Toronto where luxury starts at $4 million. In Calgary, by comparison, luxury starts at $1 million.

Yet luxury is a moving target in Calgary these days — upward in price, that is — given that the average price for a single-family detached home in the city exceeded $800,000 at the end of March, Calgary Real Estate Board statistics show.

Still, buyers are arguable purchasing a luxury home in Calgary for about $1 million, with Kottick noting a comparable home in Vancouver costs $4 million — which is considered luxury there.

Most luxury demand in Calgary is for single-family homes “accounting for 83 per cent of sales for homes priced at $1 million-plus,” Poffenroth says.

Yet ultra-luxury — $4-million-plus — in Calgary, often a slow market, has picked up, as noted in Sotheby’s report.

It points to two luxury properties worth more than $4 million selling in the first three months of the year versus none in the same period in 2023.

The market for luxury homes under that price, however, was much more active. All told, 441 sales over $1 million occurred in the first quarter of this year, an increase of 63 per cent year over year, the report states.

The vast majority of sales are in the $1-million to $2-million range, accounting for 92 per cent of luxury activity in Calgary.

While many of these transactions involve single-family detached homes, other luxury housing types — townhomes and condominium apartments — are seeing stronger demand than seen in the previous 10 years, Poffenroth says, pointing to recent sales for $1.5 million and $3 million for apartment condominiums downtown.

“We are seeing both downsizers wanting larger luxury condos and a lock-and-leave lifestyle to replace their large estates, combined with out-of-province buyers who see the investment value in Calgary luxury condos.”

CREB statistics from the first quarter of 2024 reveal 15 apartment sales of $1 million or more versus 10 in 2023, also a strong market historically. Row sales did fall from four to three sales year over year, ending March 31, but semi-detached transactions in that price range were up sharply from three last year to nine this year.

Kottick says the report forecasts improving demand for Canada’s luxury market, especially if interest rates fall, with Calgary expected to again be a luxury activity leader.

“The city is still booming economically, and that will certainly drive luxury sales.”

 

[ad_2]

Source link

Continue Reading

Real eState

This abandoned Toronto home is $6 million

Published

 on

[ad_1]

300x250x1

It’s unclear how long this Toronto house has been abandoned.

The last time it sold was in 2009 for $1.8 million, and even then, it was being sold “as is.”

“The house had been vacant and derelict for years before I purchased it,” said current owner Marina Stefanovic.

“And at the time the sellers, the estate of the couple that passed away, was not allowing showings inside the house for safety reasons. The children of prior owners had chainsawed the house throughout (floors, fireplaces, walls,  etc.) looking for a valuable coin collection that the parents had.”

For the record, the kids never found the coin collection.

When Stefanovic bought it she had grand plans but she told blogTO that it took a long time to get through the Committee of Adjustments for approvals of new plans.

By the time plans were approved Stefanovic, her family had moved out of the area and things stalled.

In 2017, 132 Blythwood Rd. went on and off the market for the entire year. It started at $6,188,000 and dropped to $5,295,000 by December, but never sold as a deal fell through.

132 Blythwood Road Toronto

The front of the house.

In the intervening seven years, the house has remained abandoned and has only become more derelict.

And yet, despite the abysmal state of this house, the home has just been re-listed for $6,385,000.

Why? You might ask. Because land. It’s always land.

132 Blythwood Road Toronto

An aerial shot of the neighbourhood and property.

132 Blythwood Rd. is sitting on a massive 77 by 403-foot ravine estate lot with a substantial amount of table land (aka flat ground).

With over 30,000 square feet of land, the possibilities of building a dream home are pretty much endless, if you have the cash.

You could have a sprawling estate with a pool, detached four-car garage, and enough room for the greenhouse of all greenhouses.

In fact, according to the listing, plans for a dream home are already in the works.

There’s a survey, previously approved renovation/extension plans by Richard Wangle, and draft plans for a 13,000-square-foot new build.

Or, if you’re more entrepreneurial, you could divide the property in two and build a whole townhouse development, a condo, or whatever you want.

132 Blythwood Road Toronto

The backyard and detached garage.

This property has the space and potential to pretty much do anything you can get a building permit for.

Location wise, it is in the prestigious Lawrence Park neighbourhood where homes, on average, go for over $4 million.

So that obviously plays a part in the listing price, but even considering all that $6 million is likely high.

When we ran the address through HouseSigma and looked at the comparables, the value of the 132 Blythwood Rd. was in the $4 million range.

132 Blythwood Road Toronto

Looks like there once was a pool.

Then again, Stefanovic shared that in the years she’s owned the property she’s received a number of unsolicited offers – the highest offer being $6 million plus commission.

So who knows, maybe it will sell for close to the asking price.

[ad_2]

Source link

Continue Reading

Real eState

Calgary's ultra-luxury real estate heats up – Calgary Herald

Published

 on

[ad_1]

New report from Sotheby’s International Realty Canada highlights that the city leads the nation for demand growth.

Article content

Ultra-luxury homes in Calgary may not be selling like hotcakes, but homes priced $4 million or more are seeing higher demand than ever before, says a local realtor, specializing in the niche resale real estate segment.

“This spring, Calgary has seen multiple ultra luxury sales over the $4-million mark, compared with last spring,” says Corinne Poffenroth, senior vice-president of sales with Sotheby’s International Realty in Calgary.

Advertisement 2

Article content

Article content

She points to one sale in late April in Upper Mount Royal for more than $5 million among a handful of ultra-luxury home transactions that are becoming more common, though still far from the norm in Calgary. The recently published Top-Tier Real Estate: Spring 2024 State of Luxury Report, by Sotheby’s International Realty Canada, reveals that Canada’s luxury market is recovering after the recent slump in activity in many major centres, resulting from higher borrowing costs.

It also highlights Calgary as a luxury market outlier with higher demand than other large cities, further adding the city should continue to lead Canada for percentage sales growth of high-priced homes.

“One big reason is Calgary is attracting a lot of new businesses right now,” says Don Kottick, president and chief executive officer of Sotheby’s International Realty Canada.

What’s more, Calgary is a value market for luxury, unlike Vancouver and Toronto where luxury starts at $4 million. In Calgary, by comparison, luxury starts at $1 million.

Yet luxury is a moving target in Calgary these days — upward in price, that is — given that the average price for a single-family detached home in the city exceeded $800,000 at the end of March, Calgary Real Estate Board statistics show.

Article content

Advertisement 3

Article content

Still, buyers are arguable purchasing a luxury home in Calgary for about $1 million, with Kottick noting a comparable home in Vancouver costs $4 million — which is considered luxury there.

Most luxury demand in Calgary is for single-family homes “accounting for 83 per cent of sales for homes priced at $1 million-plus,” Poffenroth says.

Yet ultra-luxury — $4-million-plus — in Calgary, often a slow market, has picked up, as noted in Sotheby’s report.

It points to two luxury properties worth more than $4 million selling in the first three months of the year versus none in the same period in 2023.

The market for luxury homes under that price, however, was much more active. All told, 441 sales over $1 million occurred in the first quarter of this year, an increase of 63 per cent year over year, the report states.

The vast majority of sales are in the $1-million to $2-million range, accounting for 92 per cent of luxury activity in Calgary.

While many of these transactions involve single-family detached homes, other luxury housing types — townhomes and condominium apartments — are seeing stronger demand than seen in the previous 10 years, Poffenroth says, pointing to recent sales for $1.5 million and $3 million for apartment condominiums downtown.

Advertisement 4

Article content

“We are seeing both downsizers wanting larger luxury condos and a lock-and-leave lifestyle to replace their large estates, combined with out-of-province buyers who see the investment value in Calgary luxury condos.”

CREB statistics from the first quarter of 2024 reveal 15 apartment sales of $1 million or more versus 10 in 2023, also a strong market historically. Row sales did fall from four to three sales year over year, ending March 31, but semi-detached transactions in that price range were up sharply from three last year to nine this year.

Kottick says the report forecasts improving demand for Canada’s luxury market, especially if interest rates fall, with Calgary expected to again be a luxury activity leader.

“The city is still booming economically, and that will certainly drive luxury sales.”

Article content

Comments

Join the Conversation

This Week in Flyers

Adblock test (Why?)

[ad_2]

Source link

Continue Reading

Trending