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Vancouver real estate record: Mansion sale price is region's highest-ever, but realtors won't say what it is – CTV News Vancouver

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VANCOUVER —
A luxury real estate company says a Vancouver mansion is the most expensive home ever sold in the region, but representatives won’t say what the buyer paid for it.

According to Sotheby’s International Realty, a mansion known as Belmont Estate recently sold for the highest price on record in the Metro Vancouver area.

But realtor Christa Frosch refused to answer questions from CTV News Vancouver about how much it sold for – or even if the price was at, above or below the listing price – citing privacy as their reason.

A spokesperson said Sotheby’s wouldn’t even provide the listing price out of respect to their buyer and seller, but the current listing on the company’s website puts the asking price at $58 million.

The mansion on Belmont Avenue was listed on the site at the same price in February 2020, when CTV News compiled a list of some of the most expensive homes for sale in Canada at the time

That listing has since been taken down, but the photos were the same. It’s unclear whether the house sold, then was put back on the market or if the attempt to sell was unsuccessful at the time, as Sotheby’s said it would not provide an answer due to privacy reasons.

vancouver mansion

Also unclear is whether the seller had to drop the asking price from the $63 million it was listed at in 2017, as Sotheby’s would not answer this question either. 

About four years ago, the same realtor involved in the 2021 sale issued a statement about Belmont Estate, saying the ornate mansion owned by a pair of long-time Vancouver philanthropists had broken a record for most expensive listing in the city.

Again, the photos are the same as used in the current listing, but it’s unclear how many people, if any, owned the home since the listing from owners Joseph and Rosalie Segal.

BC Assessment suggests there is no sales history for at least the last three years. 

All that Sotheby’s would confirm was that the previous record for Metro Vancouver was $31.1 million, set in 2016, so Belmont Estates must have sold for more. The company said it confirmed the undisclosed sale price was a record based on data from MLS.

Belmont Estate - landscaping

WHO BOUGHT THE MANSION?

Frosch wouldn’t provide many details on the buyers of the 21,977-square-foot home on a 1.28-acre lot in Vancouver’s tony Point Grey neighbourhood.

She said there was interest from international buyers as well as local residents, and that ultimately, the successful bidder was Canadian.

“This speaks to the strength of the domestic market,” she said in an email to CTV News.

“Despite COVID-19 curtailing travel, local demand for luxury properties is still prominent.”

Earlier this summer, Sotheby’s issued a report on the sale of luxury homes in Vancouver, which suggested a 300 per cent increase year-over-year when looking at those priced higher than $10 million.

Read more on the luxury real estate report in previous coverage from CTV News

She did not answer how long it typically takes to sell a home in this price category, saying only that it’s about finding the right buyer, and that sometimes this means a house stays on the market longer.

Belmont Estate - windows

POTENTIAL IMPACT ON THE MARKET

Frosch said the “record-breaking” sale shows the strong interest both locally and globally in Vancouver real estate.

“Vancouver is a very sought-after city to live in due to the fantastic lifestyle the city offers, and we expect to see the interest in the city’s luxury market continue,” she said.

But many of Vancouver residents struggle to afford even a one-bedroom condo.

When CTV News asked about the impact on the market as a whole of sales of these types of homes, Frosch said the pandemic showed would-be buyers what really matters to them in terms of lifestyle, and working from home gave some people more options in terms of location.

“We have been witnessing people’s real estate decisions at all price points being driven by clarity over lifestyle choices,” she said.

She did not say answer whether she expected record-breaking sales in the luxury category to have a trickle-down impact, driving up prices of so-called affordable homes.

Belmont Estate - hallway and dining

A MORTGAGE ON BELMONT ESTATE

Without the sale price, it’s hard to say what a mortgage on this type of home would cost, but hypothetically, CTV News crunched the numbers through RateHub.ca’s mortgage calculator

Assuming the home sold for $31.2 million, slightly over the previous record of $31.1 million, and the buyer was able to put 20 per cent down ($10.92 million), the monthly mortgage at the best available rate (1.74 per cent) as of Thursday morning on a five-year fixed mortgage with a 25-year amortization period would be $102,588.

Assuming it sold for the list price of $58 million, and using the same calculations as above, the new buyer would be paying $109,709 a month.

And that’s in addition to paying the land transfer tax of between $914,000 and $1,718,000, depending on the sale price.

They’d also have to pay annual property taxes based on the provincial assessment of $33,839,000.

Belmont Estate - staircase

FEATURES OF BELMONT ESTATE

For would-be buyers still not deterred, here’s a quick look at what the anonymous seller is giving up.

The 20-year-old home has 21,977 square feet of living space, which includes a dozen bathrooms and five bedrooms.

Designed by Ernest Collins Architect Ltd., in collaboration with the owners, it took more than five years to build. The listing says every element of the home was carefully chosen.

It has six parking spaces, features a stone waterfall and includes a grand hall.

Amenities, as listed by Sotheby’s, include “3+ fireplaces,” heated floors, an exercise room, a library, a hot tub and indoor pool, steam room, underground sprinkler system, marble countertops, private elevator and wine cellar, among other things.

It has views of the ocean and North Shore mountains, a wraparound deck and a terrace.

Belmont Estate - waterfall

Belmont Estate

All images from Sotheby’s International Realty listing for 4743 Belmont Ave.

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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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City incentives, 'red-hot' real estate market fuel action on brownfields – Windsor Star

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A city program created in 2010 to entice investors to build on contaminated old industrial sites has been blazingly successful in the last 18 months.

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In its first six years, uptake on the Brownfield Redevelopment Community Improvement Plan was tepid — just four approvals for grants to help investigate possible contamination and tax breaks to compensate for the considerable costs of cleanup. Things sped up in the next four years with 23 approvals. And since January 2020, interest has kicked into high gear with 15 approvals. The increased interest has been driven by the attractiveness of the incentives and the red-hot demand for housing, says Greg Atkinson, a senior City of Windsor planner who has administered the program since its inception.

“When I put the numbers together I was quite impressed,” he said Wednesday, referring to a recent report on the program’s success and suggested tweaks. Normally, such a review happens after five years but there wasn’t enough data available due to the low initial uptake.

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“We’ve got that now,” said Atkinson, referring to the 42 total approvals — most of which happened in the last few years — to spur new projects on these usually vacant properties contaminated by years of use as factories, dry cleaners, fuel depots, landfills and gas stations.

City council has so far approved $13.2 million in incentives to drive redevelopment of derelict old properties. The result is private sector investment to the tune of $182.7 million and a rise in the assessed value of the properties totaling $216.2 million.

“Just doing quick math, it’s close to $14 in private investment for every public dollar in incentives,” Atkinson said. “So value for money, this community improvement plan (one of several created by the city in recent years) is really performing well.”

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Greg Atkinson, a City of Windsor senior planner, stands by a vacant brownfield site on Riverside Drive in April 2016. Since January 2020 there have been 15 applications to the Brownfield Redevelopment Community Improvement Plan.
Greg Atkinson, a City of Windsor senior planner, stands by a vacant brownfield site on Riverside Drive in April 2016. Since January 2020 there have been 15 applications to the Brownfield Redevelopment Community Improvement Plan. Photo by Tyler Brownbridge /Windsor Star

A study conducted in 2009 identified 137 brownfield properties on 559 acres that had sat unused for many years. “Historically, there has been little interest in redeveloping brownfield sites due to the uncertainty surrounding the extent of contamination and the potential cost of cleanup,” Atkinson’s report said.

Mayor Drew Dilkens said the CIP was designed to change that.

“With the combination of the program and a hot real estate market, we’re seeing a lot of action,” he said, explaining that developers are looking everywhere — including these brownfields — for places to build.

“Having this program … is really instrumental in seeing some of the more difficult land activated in an improved way.”

The first application was approved back in 2012, for redevelopment of a long-abandoned gas station at Dougall Avenue and West Grand Boulevard. Andre and Hoda Abouasli used the grants available to help clean up contamination before building an attractive commercial building. The project served as a visible example of what the CIP can do to transform eyesores throughout the city, Atkinson said.

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The projects since have ranged from modest to major. The biggest by far was for up to $12.5 million in incentives to help with the cleanup of the former GM Trim plant on Lauzon Road so that Farhi Holdings could proceed with a massive $250-million residential development that’s one of the biggest in the city’s history. A cleanup costing $6.5 million to remove contaminated soil and remove the footings and concrete from the former building cleared the way for the project, which is well underway.

Other big projects approved recently approved include: $3 million in incentives for the 123-unit Graffiti residential/commercial project at 1200 University Avenue West; $457,700 for an 81-unit apartment project on Argyle Road, formerly the site of a pharmaceutical plant destroyed in a 2018 fire; and $579,185 for a project to build a 24-unit residential building at 840 Wyandotte St. E., formerly a commercial building destroyed in a 2016 fire.

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And in June, a committee of council endorsed a CIP application to help with the $81,600 cleanup of an 11-acre former industrial site bounded by Walker Road, Edna Street, St. Luke Road and Richmond Street. The owner, the Sood family, has a plan to build three five-storey towers with 62 units each, plus 90 two-storey townhouses. It’s a development that Atkinson believes will help link up Walkerville and Ford City, which for decades have been separated by industrial wasteland.

The CIP provides grants for 50 per cent of the cost of studies to see how feasible it is to redevelop a brownfield and study what it would cost to clean it up. Those are cheques the city writes in the range of $7,500 to $25,000. The CIP can also reduce development charges by 60 per cent. But the biggest incentives by far are the Brownfields Property Tax Assistance and Brownfield Rehabilitation Grant
programs, which provide annual grants to offset either 70 or 100 per cent of the tax increases that occur after a brownfield site is redeveloped into something more valuable, like an apartment building. The grants are paid out for 10 or 13 years and can end up saving developers many thousands of dollars — after the projects are built.

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  1. Developer Anuj Sood talks about progress made to rental units on Walker Road in Walkerville, on Wednesday, June 16, 2021.

    As Walker Road townhouses near completion, Soods plan transformation of industrial wasteland

  2. Farhi Holding Corporation drawing for 1600 Lauzon Road.

    ‘Massive’ 543-home project starts this fall at former GM Trim site

“The whole premise is the city is not collecting a lot of tax revenue, in some cases almost nothing, from these properties that are negatively impacting their neighbourhoods,” said Atkinson. “So forgoing some of that tax revenue, over a 10-year grant period, is a low price to pay for a redevelopment where you might get 50 dwelling units where you had vacant land before.”

If all 42 of the approvals proceed, the result will be 962 new dwelling units on 119.2 acres of brownfields. Based on a metric from a 2003 national round table, that would prevent 512 acres of greenfield from being developed, according to Atkinson’s report. In addition, the spinoff effect of $182.7 million in private investment is $694 million invested into the economy.

bcross@postmedia.com

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