One of Vancouver’s legally protected heritage homes gets a new owner.
For $2.5 million, a buyer has taken Williams House, a 1911-1912-era home in Kitsilano.
The purchase tag goes over the original asking price by over half a million dollars.
The 2722 West 7th Avenue property was listed for $1,945,000.
As a designated heritage property, the home is protected from inappopriate alterations and demolition.
The Vancouver Heritage Foundation (VHF) explains online that the Williams House is secured through agreement with the City of Vancouver.
The home acquired the protection in 2005 as a result of its voluntary designation as a heritage property by the owners at the time.
The owners also at the time participated in VHF’s True Colours, and Restore It Programs.
“This two storey wood frame house has both architectural and historical significance,” according to the VHF.
The home was constructed in 1911-1912 by builders Bentley and Wear as “one of a cluster of six houses on this side of the block”.
“The house is a good example of the early Craftsman style,” the VHF noted.
Features include a “full width arched front porch, a bay window with leaded glass in the upper sashes, and an oriel above with a similar pattern of leaded glass in the paired transoms”.
“Anthony Williams, an immigration inspector with the federal government, owned the house from 1926 until he died in 1941, followed by Florence Williams, a school teacher, who owned it until she died in 1983,” the heritage group recalled.
Moreover, the house was “repainted to a colour scheme matching its original colours in 2005 using a VHF True Colours Grant”.
“The house has also undergone restoration in the form of a complete exterior restoration (VHF Restore It 2005), and a new roof (VHF Restore It 2012),” the VHF stated on its website.
Tracking by real-estate information site fisherly.com indicates that the 2,285-square-foot house was listed on October 28, 2020.
A buyer snapped up the property on November 3.
The purchase price was $555,000 above the asking price.
The heritage home features four bedrooms, three baths, and two kitchens.
The home’s 2020 B.C. Assessment value as of July 1, 2019 comes to $1,787,000.
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.”
Real estate expert Benjamin Tal on the winter market, the vaccine, and the massive recovery to come – Post City
How has the real estate market outperformed your expectations as of late?
Yes, we have seen the mother of all V-shaped recoveries. The fact that the market recovered was not a big surprise. The speed at which it recovered was a surprise. I think that the number one fact though, of course, when people try to figure this out, will point to pent up demand and extremely low interest rates, which is true. However, there is much more to it. I think that if you look at qualification rates, at 4.79%, for variable and fixed-term rates, they are in fact higher from a qualification perspective when they were in 2008. And back then, this activity went down. In fact, this has been the most housing-market-friendly recession ever. Okay, so it’s not just about the industry. It’s about the composition of the damage in the labour market.
Explain how the labour market activity has impacted the market.
The vast majority, almost 100%, of all jobs lost during this recession were low wage occupations. Many of them are renters and are not players in the resale market. Second, is that it means that a very large segment of households was untouched by this crisis, financially speaking, their job is there, their income is there. In fact, many of them are sitting on extremely high levels of excess cash. And the interest rates are in the basement. That’s the opportunity that they were looking for. So the asymmetrical distribution of development in the labour market is the secret behind the success of the housing market today.
The downtown condo market is that big outlier here. What do you see happening there right now?
I think most of the most of the improvement was, of course, in the low-rise segment of the market. It makes sense because the nature of the crisis means that a lot of people want to move to detached houses. We are seeing a situation in which there is a positive correlation between the inflation rate in housing and the price of housing. The fact that detached prices are rising is a real nightmare, if you wish, for mover-uppers, because the price of the house that you want is rising faster than their own house. The gap is widening. So this is a reflection of people wanting to live in bigger houses and therefore they also move to outside the 416.
And do you see this trend continuing for the long-term?
I believe that that will continue to be the case for the next six months or so especially during the winter. The housing market in general, during the winter, will weaken alongside the economy as a whole as we have a second wave combined with the flu season confidence will go down. So that’s clearly something that we expect, and that will impact the housing market. I think that the 416 condo space will feel most of the pain because of the fact that we have a lot of supply coming in and demand is slowing. Having said that, I think that as we reach the other side of this crisis, the later the second half of 2021 we’re going to see a situation in which people start realizing the rental space in downtown Toronto is a bargain and you will see demand returning In between I see some adjustment in supply and some developers that basically front load and that activity will not be there during the winter. So the net result of some reduced supply in the second half of 2021 and marginal improvements in demand, we see some improvement in this market as well. But in between, we have to go through the winter.
And do you see the exodus to the suburbs trend continuing?
That trend started way before the crisis, as we all know, this is not new. Every crisis is a trend accelerator. And this crisis is no different in the sense that it accelerated this trend. Will we continue this trend? Absolutely not. When we are on the other side of this crisis, people will rethink this approach, it will continue, but not at the current rate. So again, when you’re in a situation, you have a tendency to exaggerate the long-term implications of that situation and we are in a situation. So people look at the people fleeing from downtown as a sign of a long-term trend. That’s not the case. I think that people will go back to downtown and the trend will continue but at a much slower pace than we’re seeing now.
What is your advice in terms of navigating this volatile market? Is it better to wait it out?
Well, I think that if you are in the market for a quick investment, then you can wait. For the long term, I think that the winter will provide some good entry positions given the relatively soft nature of the market. I think that the spring will be relatively strong.
And when the vaccine rolls out the timing, what will that do in terms of the market and the economy in general?
That’s one of the reasons why I believe that the economy will be very strong in the second half of the year, especially in the summer and into October, November when the vaccine will be widely available. That’s one of the reasons why I’m so optimistic about the second half of the year, when the economy I believe will rise by four, five, six percent including some nice improvement in the housing market.
Is now actually the best time in terms of buying a condo downtown?
I think that the market is soft and will probably get softer. The next few months will be actually if you have a long term horizon, the next few months will be a good opportunity absolutely.
Vancouver real estate: Kitsilano property purchased for $138000 in 1986 sold in 2020 at $3.5 million – Straight.com
Here’s an example of how real estate creates wealth.
On November 9 this year, a Vancouver property in Kitsilano sold for $3.5 million.
The transaction was tracked by real-estate site fisherly.com.
Realtor and market observer David Hutchinson shared the sales history of this property at 3472 West 12th Avenue to illustrate what the market does.
Some people make money and, of course, some lose. Others break even, Hutchinson told the Georgia Straight.
The property was sold on December 22, 1986, for $138,000, based on information from the real-estate site Redfin.ca.
Years later, it again sold on April 20, 2012, for $1,510,000.
In 2013, a new house was built on the property.
The house features four bedrooms and six baths.
On June 2, 2014, the property sold again, this time for $2,475,000.
B.C. Assessment placed the 2020 value of 3472 West 12th Avenue as of July 1, 2019, at 2,810,000.
After more than six years, the Kitsilano property was back on the market.
Sutton Group-West Coast Realty listed the property on October 28, 2020, for $3,688,888.
The realty agency described the “stunning Kitsilano family home” as one of “highest quality with lavish, elegant finishes”.
Plus, it has “nanny or in-law accommodation with roughed in laundry & separate entrance”.
It sold after 12 days on November 9 at $3.5 million.
“This one is a big money maker,” said Hutchinson, who watches the market closely.
According to Hutchinson, the market is “fickle”, and results are “unpredictable”.
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