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Whistler real estate stayed steady in Q2 – Pique Newsmagazine

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Whistler’s real estate market stayed mostly steady through the second quarter of 2021, while Pemberton’s hit historic levels in both the number of transactions and sales value.

In Whistler, the red-hot end of 2020 and first quarter of 2021—which saw some of the busiest months of the last five years—seems to have cooled, as the total number of sales fell closer to the monthly average.

Local realtors counted 68 sales in April and 73 in May—slightly above the eight-year monthly average of 60, but well below the 115 sales recorded in February and the 111 recorded in March.

The average sale price for a single-family home in Whistler also continues to climb, from $3,264,947 in 2020 to $3,495,481 in 2021.

“Single-family obviously were the hot item, if they were priced right, [but] we saw a flurry of multiple offers on many properties … All in all, our market is fairly strong and steady,” said Ann Chiasson of RE/MAX Sea to Sky.

“Some of the prices have gotten pushed a little high based on the fact that we had a frenzy and things were very active, and I don’t think our market is going to drop significantly at all, because there’s such a housing shortage and we don’t have a lot of listings.”

In Pemberton, realtors tallied $37 million in total sales volume on 40 transactions in April—well above the previous high of $21 million in September 2020, and the five-year monthly average of about $9 million.

“Pemberton is in a whole different league now,” Chiasson said. 

“People woke up and realized that it’s 25 minutes from Whistler, and you can buy more house for less money, so the price points there are actually creeping up in the single-family home range.”

Since 2015, the average price of a single-family home in Pemberton has climbed from $641,579 to $1,248,141.

The overall average sales value in Pemberton as of June 30 was $886,000—a jump of about 25 per cent from the end of 2020, according to the Whistler Real Estate Company’s Pat Kelly.

“Pemberton is off the chain, really,” Kelly said, noting that you can buy a lot and build a house for under $2 million in Pemberton.

“You can’t do that in Whistler. So people are looking further abroad for opportunities.”

Developers are working with the Village of Pemberton to bring more product onto the market, which is not currently happening in Whistler except for on a much smaller scale, Kelly said, pointing to projects like the Empire Club development on Nita Lake or the enhanced rezoning process for the Northlands.

But with Whistler doing somewhere between 650 to 1,000 transactions per year on average, “adding 30 or 50 or 100 units to the overall mix isn’t going to really change anything,” Kelly said.

While Whistler’s activity levels fell about 35 per cent in Q2, the pace of business is still above the historical average, but indicative of the lack of active listings, Kelly said.

And demand for Whistler properties isn’t likely to drop off either, he added.

“I think we’re going back to [where we were] prior to COVID—2018, 2019, we had a very stable market,” he said.

“I think you’re going to see a lower activity level, but it’s still at some fairly rare air price-wise. [And] Pemberton will continue to be very popular for people. It’s still the lowest-priced place to buy property in the corridor, that I’m aware of.” 

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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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