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Vancouver real estate: home across Trout Lake listed $1.7 million, sells $870000 over asking for $2.6 million – The Georgia Straight

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The Straight has previously reported about homes selling over $500,000 on top of their listed price.

If some thought nothing is ever going to beat that, here’s a surprise.

A home in East Vancouver recently sold $872,134 over its original asking price.

The top-up alone is enough to buy a townhouse or perhaps two condos.

The two-storey home at 3285 Victoria Drive sold on February 24 after eight days on the market.

Oakwyn Realty Ltd. listed the five-bedroom, four-bath residence on February 16.

The listing price was $1,728,000.

A buyer picked up the property for $2,600,134 million.

The transaction was tracked by Zealty.ca, a real-estate information site owned and operated by Holywell Properties.

Holywell’s managing broker Adam Major informed the Straight about the sale of Victoria Drive.

According to Major, the deal for the home located across from Trout Lake is a “candidate for craziest individual deal”.

B.C. Assessment placed the 2021 value of the property at $1,741,000 as of July 1, 2020.

There may be buyers out there who have a fear of missing out as the market continues to sizzle.

They may be tempted to enter into bidding wars.

Major’s advice: don’t.

“For buyers, I would recommend caution,” he said.

The market may have become too hot that the government could decide to do something about it.

“There is a risk that the federal government steps in to cool the housing market,” Major said.

Bank of Canada governor Tiff Macklem has observed “excess exuberance” in the country’s housing market.

“What we get worried about is when we start to see extrapolated expectations, when we start to see people expecting the kind of unsustainable price increases we’ve seen recently go on indefinitely,” Macklem said on February 24 at a meeting with chambers of commerce in Edmonton and Calgary.

The central bank dropped its interest-setting rate to 0.25 percent on March 27, 2020 to ease the impact of the COVID-19 pandemic on the economic.

The bank has maintained the rate, which is the lowest, and indicated that it will stay at that level until 2023.

“We are starting to see some early signs of excess exuberance, but we’re a long way from where we were in 2016-2017 when things were really hot,” bank governor Macklem said on February 24.

Holywell’s Major noted that the central may be “only six months late” in issuing a “warning about the housing market overheating”.

“But better late than never.  At some point, the rules could change and it could happen overnight,” Major said.

Major cited the case of New Zealand.

In April 2020, the Reserve Bank of New Zealand lifted lending restrictions to prop up the economy amid the COVID-19 pandemic.

The measure eased credit flow, and led to strong sales in the country’s housing market, with price increases setting new records.

Moving to cool the market, New Zealand’s central bank decided to reimpose so-called loan-to-value ratio (LVR) restrictions.

Starting in March 2021, banks can allocate only 20 percent of their residential mortgage lending to owner-occupiers with a down payment of 20 percent.

Moreover, banks can lend not more than five percent to investors with a down payment of less than 30 percent. Starting on May 1, the deposit requirement for investors will increase to 40 percent.

Back of 3285 Victoria Drive.

Here at home, Holywell’s Major said that the last week in February 2021 was the “busiest for weekly sales since 2019” in markets served by the Greater Vancouver, Fraser Valley, and Chilliwack real estate boards.

According to Major, 1,998 sales were reported in the combined areas of the three real estate boards.

“In the last week of February 2020, there were 1,109 sales, so we are up 82 percent over the same week last year,” he said.

Zealty.ca tracking also indicates that the last week of February 2021 was the highest since January 15, 2021.

Major also noted that the Canada Mortage and Housing Corporation has been “awfully quiet”.

He recalled that CMHC predicted at the beginning of the pandemic in 2020 that housing prices would fall 18 percent.

“The exact opposite happened,” Major said.

He speculated that an increase to down payment requirements by CMHC could be come “any day”.

So again for buyers out there, caution is the word.

“Are you sure you want to win a bidding war on a teardown in the sticks to wake up to the next morning to discover the feds changed the rules so nobody else makes the same mistake?” Major said. 

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Goldman Bets on City Bounceback with Paris Real Estate Deal – BNN

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(Bloomberg) — Goldman Sachs Group Inc. is betting that prime retail and office space in Europe’s top capitals still has a bright future.

The firm’s asset management unit has agreed to acquire a block in the French capital that it plans to transform into an upscale store, with office space above, according to Tavis Cannell, who is co-head of EMEA real estate. It’s the latest in a series of real estate bets the bank is making on the future of cities as the world begins its gradual recovery from the coronavirus pandemic.

“We never believed that cities were going to die through Covid and that everybody was going to move to the suburbs,” Cannell said in an interview. “And we do believe in the future of the office and continue to see bifurcation between high-quality buildings and everything else.”

Goldman is not alone in that view. Private equity firms including Brookfield Asset Management Inc., KKR & Co. and Tishman Speyer Properties LP have been snapping up plots in cities around the world that can be transformed into workspaces designed to lure workers back to the office.

Goldman and venture partner Immobel SA paid about 100 million euros ($119 million) for the property at 277 Rue Saint-Honoré in one of Paris’s toniest districts, a block north of the Place de La Concorde, according to people with knowledge of the deal. Goldman is investing a mix of clients’ and the firm’s capital for the transaction as part of its opportunistic real estate investing business.

A spokesman for Goldman Sachs declined to comment on the price or the fund.

“Post-corona there are huge opportunities,” Immobel Executive Chairman Marnix Galle said in an interview. “People who are used to working in chicken coops and have spent the past year working from home want a completely different environment now, they want much better buildings.”

©2021 Bloomberg L.P.

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Boutique Ottawa real estate firms find freedom in doing business their own way – Ottawa Business Journal

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After more than a decade in commercial real estate, John Zinati had settled into a comfortable career as a leasing manager at a well-known locally owned Ottawa firm and could have simply counted down the days until retirement.

Instead, he chose a different path. In 2016, he launched Zinati Realty, a boutique brokerage that serves mainly owners and landlords in the office, retail and industrial sectors. 

Since then, Zinati has brought on two more brokers and is looking to expand his team further as the industry slowly works its way toward a post-pandemic future. Looking back on his decision to leave the security of an established firm for the uncertainty of life as an entrepreneur, he has no regrets.

“I was just faced with too many limitations, so I made the decision to go out on my own,” Zinati explains. 

“Being nimble and quick and working closely with these owners to get their spaces filled or get their buildings sold is really rewarding.”

Zinati is one of a growing number of local real estate executives who’ve left comfortable, secure jobs at established big-name companies to start their own brokerages and advisory firms.

Many of these owner-brokers point to the freedom of being able to make their own decisions and do their own deals without having to answer to corporate bosses as a major factor in making the leap.

“I think commercial real estate brokerage in the boutique setting is one of the last few places where you can just earn more with a little bit more elbow grease,” says Darren Fleming, the CEO of Real Strategy Advisors. “There’s so much upside.”

Before launching his own firm, Fleming spent seven years as managing director of Cresa’s Ottawa office. His lengthy real estate resume also includes four years as a sales representative at Colliers International and a one-year stint as a leasing agent with Montreal-based developer Canderel. 

In 2016, Fleming sold his shares in Cresa, left the company and enrolled in the Executive MBA program at the University of Ottawa’s Telfer School of Management. 

The following year, he launched Real Strategy Advisors, which provides advisory and brokerage services to office tenants in the tech, professional services and not-for-profit sectors.

He’s never looked back. Too often, Fleming says, strict corporate policies at bigger firms put entrepreneurial-minded brokers in a straightjacket. He points to an example from early in his career, when an employer told him he was storing too much sales data on a company server. 

“I think I’m addicted to being an entrepreneur and being my own boss,” Fleming says. “Are there days when you wish someone would sign off on payroll other than you? Yeah, but it’s worth it in the end.”

KOBLE thriving

Graeme Webster is a partner at Ottawa’s KOBLE Commercial Real Estate, a firm that brokers mainly off-market and unlisted office and industrial transactions for buyers such as entrepreneurs and well-heeled professionals looking to build up their investment portfolios.

He and fellow partner Marc Morin founded KOBLE seven and a half years ago after cutting their teeth for more than a decade at large, well-established firms. Webster says he thrives on the feeling of satisfaction he gets from navigating clients through deals that can set them up for retirement or attain assets that can be passed on to future generations. 

“Our focus is to help people establish that family legacy,” he says. “Real estate is really just the tool to allow them to do that.”

Now at six employees, KOBLE recently brought Ottawa commercial real estate veteran Richard Getz on board as a senior adviser. The firm is also looking to hire someone to oversee its business operations as it continues to expand.

Webster says that despite the overall uncertainty facing the industry at the moment, KOBLE is thriving. The firm has more deals in its pipeline than at any other time in its history, a development he attributes largely to the city’s reputation for being a safe haven in times of economic turmoil.

“It’s a place where when there’s volatility, people want to jump in (the market),” he explains.

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Boutique Ottawa real estate firms find freedom in doing business their own way – Ottawa Business Journal

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After more than a decade in commercial real estate, John Zinati had settled into a comfortable career as a leasing manager at a well-known locally owned Ottawa firm and could have simply counted down the days until retirement.

Instead, he chose a different path. In 2016, he launched Zinati Realty, a boutique brokerage that serves mainly owners and landlords in the office, retail and industrial sectors. 

Since then, Zinati has brought on two more brokers and is looking to expand his team further as the industry slowly works its way toward a post-pandemic future. Looking back on his decision to leave the security of an established firm for the uncertainty of life as an entrepreneur, he has no regrets.

“I was just faced with too many limitations, so I made the decision to go out on my own,” Zinati explains. 

“Being nimble and quick and working closely with these owners to get their spaces filled or get their buildings sold is really rewarding.”

Zinati is one of a growing number of local real estate executives who’ve left comfortable, secure jobs at established big-name companies to start their own brokerages and advisory firms.

Many of these owner-brokers point to the freedom of being able to make their own decisions and do their own deals without having to answer to corporate bosses as a major factor in making the leap.

“I think commercial real estate brokerage in the boutique setting is one of the last few places where you can just earn more with a little bit more elbow grease,” says Darren Fleming, the CEO of Real Strategy Advisors. “There’s so much upside.”

Before launching his own firm, Fleming spent seven years as managing director of Cresa’s Ottawa office. His lengthy real estate resume also includes four years as a sales representative at Colliers International and a one-year stint as a leasing agent with Montreal-based developer Canderel. 

In 2016, Fleming sold his shares in Cresa, left the company and enrolled in the Executive MBA program at the University of Ottawa’s Telfer School of Management. 

The following year, he launched Real Strategy Advisors, which provides advisory and brokerage services to office tenants in the tech, professional services and not-for-profit sectors.

He’s never looked back. Too often, Fleming says, strict corporate policies at bigger firms put entrepreneurial-minded brokers in a straightjacket. He points to an example from early in his career, when an employer told him he was storing too much sales data on a company server. 

“I think I’m addicted to being an entrepreneur and being my own boss,” Fleming says. “Are there days when you wish someone would sign off on payroll other than you? Yeah, but it’s worth it in the end.”

KOBLE thriving

Graeme Webster is a partner at Ottawa’s KOBLE Commercial Real Estate, a firm that brokers mainly off-market and unlisted office and industrial transactions for buyers such as entrepreneurs and well-heeled professionals looking to build up their investment portfolios.

He and fellow partner Marc Morin founded KOBLE seven and a half years ago after cutting their teeth for more than a decade at large, well-established firms. Webster says he thrives on the feeling of satisfaction he gets from navigating clients through deals that can set them up for retirement or attain assets that can be passed on to future generations. 

“Our focus is to help people establish that family legacy,” he says. “Real estate is really just the tool to allow them to do that.”

Now at six employees, KOBLE recently brought Ottawa commercial real estate veteran Richard Getz on board as a senior adviser. The firm is also looking to hire someone to oversee its business operations as it continues to expand.

Webster says that despite the overall uncertainty facing the industry at the moment, KOBLE is thriving. The firm has more deals in its pipeline than at any other time in its history, a development he attributes largely to the city’s reputation for being a safe haven in times of economic turmoil.

“It’s a place where when there’s volatility, people want to jump in (the market),” he explains.

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