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Vancouver real estate lowest-priced listing goes to 70-square-foot storage room selling for $14900

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The lowest-priced property listing in the Vancouver real-estate market today is not a home.

It’s a storage room.

A check last weekend and Monday (October 5) with the Realtor.ca site operated by the Canadian Real Estate Association shows that the storage is selling for $14,900.

The 70-square-foot property is located at the parkade of the Vancouver House, a mixed-use project by Westbank.

The Vancouver House features a curvy tower at the north end of the Granville Bridge.

The listing by property agent Benjamin Lim of The Residential Group Realty states that the storage room is a “huge upgrade from the typical storage cage locker”.

The catch is that only owners at the Vancouver House are allowed to make the purchase.

Lim has another and bigger storage room listing, also at the parkade of Vancouver House.

The 200-square-foot storage is priced at $69,800.

The room is temperature controlled, and has its own water and power supply.

According to the listing, a buyer can use it for a private wine cellar.

Like the other storage room, this one is exclusively available for Vancouver House owners.

Curious how much condos are selling for at the tower?

A current listing for a one-bedroom unit is priced at $725,000.

The 2210-1480 Howe Street condo unit listed by Mike Ross of the Rennie & Associates Realty Ltd. measures 482 square feet.

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Source: – The Georgia Straight

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Hudson Bay aims to 'unleash' real estate values – Western Investor

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A plan by Hudson Bay Company (HBC) to unlock the real estate values of its vast property holdings could run into dramatic price differences among its holdings in Western Canada.

On October 19, the venerable retailer, founded in Canada in 1670, announced it had formed HBC Properties and Investments (HBCPI), a dedicated real estate and investments business to “manage, maximize and enhance” the 40 million square feet of gross leasable space that HBC owns across North America.

Richard Baker, HBC’s executive chairman and CEO said, “This is an exciting phase of our company’s transformation and provides us with a significant opportunity to unleash the full potential of our real estate and investments business. Under this new organization, we will build upon our strong foundation of valuable real estate assets in key demographic areas. We will also continue our strong track record of maximizing our portfolio and generating value from these assets, as we did through the sales of the Lord + Taylor flagship building and our interest in European real estate assets,” He added, “HBCPI is well-equipped to further elevate and increase the value of our portfolio.”

HBCPI sold HBC’s Lord + Taylor building in New York City last year for $1.1 billion. It unloaded the company’s share of European assets for a reported $1.5 billion.

The plan to monetize real estate could include downtown locations in Vancouver, Edmonton and Winnipeg.

The 168,000-square-foot Edmonton store is slated to close this fall. The Winnipeg downtown store, once the HBC flagship outlet in Canada, is scheduled to close February 2021 after more than 125 years in business.

In Vancouver, HBC had a conditional agreement in 2018 to sell its downtown store at 674 Granville Street to RioCan Real Estate Investment Trust for $675 million, but the transaction failed to go through.

The site, which includes 767,000 square feet of land at the corner of West Georgia Street, is currently assessed at $251.6 million by BC Assessment.

As a comparison, the 650,000-square-foot Winnipeg downtown building was valued at zero in a January 2020 appraisal done by Cushman & Wakefield.

According to the appraisal, the building is worthless, but the site would likely be developed with retail and other commercial uses, such as offices or multi-residential development.

This would likely be the fate of other HBC downtown locations in Canada.

HBCPI now owns New York-based Streetworks Development, a large-scale property development division that specializes in mixed-use redevelopments.

“This new division focuses on creating multi-use spaces that feature a variety of services and experiences across the workplace, retail, residential and entertainment categories,” according to a HBCPI statement October 19.

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New Brunswick Real Estate: Hot Markets, Province-wide – RE/MAX News

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The COVID-19 public health crisis has altered consumer trends and home-buying patterns. From social distancing to Zoom teleconferencing, more people are working from home and performing their daily duties from the comfort of their kitchen or dining room. This has allowed a lot of homebuyers to vacate the big cities and re-plant their roots within rural and suburban communities. Based on the numbers, it looks like many of these home seekers are looking to the Prince Edward Island, Nova Scotia and New Brunswick real estate markets.

Despite the economic challenges in the wake of the coronavirus pandemic, many major urban centres are witnessing record-breaking growth, whether it is in sales activity or prices. If too many Canadians were priced out of these cities before the outbreak, their dreams of living in the downtown core of Toronto and Vancouver are becoming even harder to realize. These trends have facilitated tremendous growth in Atlantic Canada real estate.

Atlantic Canada housing markets have witnesses record-breaking activity since the height of the pandemic. Below, we take a closer look at just how well New Brunswick’s hottest housing markets have fared over the course of this unprecedented public health crisis.

New Brunswick Real Estate: Hot Markets, Province-wide

Fredericton

Fredericton was one of the many Atlantic Canada markets to endure the “pandemic pause,” but the city has since recuperated and now it is on track to close out 2020 with strong numbers that are projected to boost the local market into next year.

According to the Real Estate Board of the Fredericton Area, residential sales surged a record high 34.4 per cent in September 2020 compared to the same time last year. The average price of homes sold in September climbed an impressive 22.6 per cent year-over-year, to $210,015.

Although 312 new residential listings were added to the housing market in September, overall inventory continues to decline to its lowest level in 17 years. Active residential listings were down more than 40 per cent compared to the end of September 2019.

The RE/MAX Fall Market Outlook Report forecasts that Fredericton home prices will maintain their current values, rising 2.5 per cent to finish 2020. However, as a direct result of dwindling supply and pent-up demand, Fredericton is witnessing a new trend that has largely been confined to Canada’s largest real estate markets, such as Toronto and Vancouver: bidding wars.

Saint John

Like Fredericton, Saint John is another city in the New Brunswick real estate market to enjoy record-setting activity, particularly in the second half of 2020.

According to the Saint John Real Estate Board, residential sales advanced by 27.1 per cent year-over-year, setting a new sales record for the month of September. The average price of homes sold in September increased by 14 per cent from a year ago to a record-breaking $205,247.

Despite 320 new residential listings, active listings fell 38.1 per cent at the end of September 2020. Overall supply levels are trending downward, standing at 12-year lows.

“Our local real estate market has continued to outperform expectations in September,” said Corey Breau, President of the Saint John Real Estate Board and broker at RE/MAX Professionals Saint John. “New listings also posted strong gains this past month but are struggling to stay ahead of the brisk pace of sales. Much like other parts of New Brunswick, Saint John’s usually busy fall market is experiencing significantly increased demand. When you combine that with the lowest inventory numbers that we have seen in over a decade, it creates sustained upward pressure on prices.”

While Saint John was not immune to the coronavirus-induced drop in housing activity earlier this year, the market has recovered. The RE/MAX Fall Market Outlook Report suggests that sales and prices will continue to be strong in the final quarter of 2020. Due to a lack of inventory, the high cost of building materials, and pent-up demand, Saint John prices are expected to surge seven per cent through the remainder of 2020.

The Broader New Brunswick Real Estate Market

CBC News recently reported that many New Brunswick households are better off financially than before the pandemic. Why? Federal COVID-19 relief spending in New Brunswick increased household incomes in the province to all-time highs, despite the economy slumping and thousands of people losing their jobs. When more consumers have money, a renewed confidence trickles down through the entire market, including real estate.

With demand outpacing supply in markets across the province, the competition for New Brunswick homes is ballooning, particularly with more real estate agents enabling the facilitation of online transactions. Remote markets are more accessible than ever before, and accordingly, people are snatching up New Brunswick real estate from across the country. In many cases, purchases are being made without the buyers even seeing the house in person.

The New Brunswick economy is on the rebound, thanks to successful containment of the coronavirus and interest rates at historical lows. For now, the province is enjoying stable growth, and the strong activity within its largest real estate markets will not only contribute to New Brunswick’s economic rebound, but also a possible population spike!

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Hudson's Bay Company Launches Division to Redevelop Real Estate Assets – Toronto Storeys

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Following months of uncertainty in the retail sector brought on by COVID-19, Hudson’s Bay Company (HBC) is looking to capitalize on its assets with the launch of a real estate and investment arm.


The 350-year-old retailer announced the new venture on Monday, called HBC Properties and Investments (HBCPI), which will look to convert some of Hudson’s Bay’s real estate into mixed-use developments.

The company currently owns or controls — either entirely or with joint venture partners — about 40 million square feet of gross leasable area across North America.

Among its portfolio of companies are three distinguished retailers: Saks Fifth Avenue, a premier luxury retailer, Hudson’s Bay, Canada’s preeminent multi-category retailer, and Saks OFF 5TH, a leading off-price retailer.

As part of the HBCPI initiative, the company is utilizing the 40-year-old large-scale US-based property development company Streetworks Development, which HBC acquired last year, to create “transformative multi-use environments” that marks the latest milestone in the Hudson’s Bay Company’s shift to a holding company structure with distinct portfolio businesses that operate “at the intersection of retail and real estate.”

READ: Amazon Opening Two New Fulfillment Centres, Creating 2,500 Jobs in GTHA

“This is an exciting phase of our company’s transformation and provides us with a significant opportunity to unleash the full potential of our real estate and investments business,” Richard Baker, HBC’s Executive Chairman and CEO said in a statement.

“Under this new organization, we will build upon our strong foundation of valuable real estate assets in key demographic areas. We will also continue our strong track record of maximizing our portfolio and generating value from these assets, as we did through the sales of the Lord + Taylor flagship building and our interest in European real estate assets. With the team’s deep expertise and forward-thinking approach to capitalizing on the intersection of retail and real estate, HBCPI is well-equipped to further elevate and increase the value of our portfolio.”

Ian Putnam has been appointed as President and CEO of HBC Properties and Investments — he previously served as President, Real Estate and Chief Corporate Development Officer of HBC. Putnam will lead the real estate portfolio and investments including Streetworks Developments.

Real estate veteran, Kenneth Narva, Chairman and Chief Development Officer at HBC, will direct the Streetworks Development team in the planning and execution of projects that modernize properties to “unlock value-enhancing opportunities across the company’s real estate assets”.

The new real estate division will focus on creating multi-use spaces that feature a range of services and experiences across the workplace, retail, residential and entertainment categories.

Putnam said, “With HBC’s valuable portfolio of real estate and investments, including marquee flagship properties in prime metropolitan markets, coupled with Streetworks Development expertise, HBC Properties and Investments is well-positioned to succeed in today’s landscape.”

“As consumers continue to change the way they live, shop, and work, we are committed to capitalizing on these shifts while maximizing the productivity of our properties, including the physical locations of HBC’s retail operating companies,” added Putnam.

This comes at a time when the retail sector has been facing unprecedented losses due to COVID-19, with Hudson’s Bay as no exception. The coronavirus pandemic contributed to HBC’s decisions earlier this year to close their stores in downtown Edmonton and in downtown Winnipeg.

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