Archive for February, 2003

Sharp Drop in Real Estate

Tuesday, February 11th, 2003

Real estate revenue falls, Intrawest profits cut


VANCOUVER (CP) – Ski resort operator Intrawest Corp. reported a sharp drop in profits in its latest quarter as a decline in the company’s real estate business dragged down overall revenues.

Intrawest said Tuesday it earned profits of $3.4 million or seven cents a sharre from continuing operations in the three months ended Dec. 31, the company’s fiscal 2003 second quarter. That compared with profits of $6 million or 14 cents a share in the same quarter in fiscal 2002.

Quarterly revenues fell to $208 million from $231.4 million.

“Our resorts performed extremely well in the quarter, with strong attendance during the holiday from coast to coast,” Joe Houssian, Intrawest’s chairman, president and chief executive, said in a release.

However, overall revenues were squeezed by a drop in real estate sales, which fell to $99.4 million from $141 million. The decrease was expected because more closings on condominium sales are expected later this year.

Intrawest said it closed the sale of 243 resort units during the quarter, down from 450 in the same quarter last year. Real estate profit fell to $13.9 million from $21.1 million last year.

For the six-month period, Intrawest (TSX:ITW) lost $7.6 million on revenue of $320.8 million. That compared with a loss of $3.7 million in the same period last year on revenue of $325.1 million.

© The Canadian Press, 2003


Housing Sales Drop But Prices Rise

Thursday, February 6th, 2003

The market is strong in the entry to mid-level range to start the year

Wyng Chow

CREDIT: Glenn Baglo, Van. Sun This 15,260-square-foot house at 3639 Osler in Vancouver topped the list as the most expensive sold last year — at $6.58 million

Year-over-year housing sales dropped in January but average prices and inventory rose as the real estate markets in Greater Vancouver and Fraser Valley ushered in the new year.Multiple Listing Service figures show a total of 1,966 detached homes, townhouses and condominium apartments changed hands last month in Greater Vancouver, down 12 per cent from 2,248 units in January 2002. Fraser Valley sales fell 11 per cent with 1,034 transactions in January, compared with 1,165 homes the previous year.

“Last year, the market at this time had strong momentum due to pent-up demand and a sharp drop in mortgage rates,” said realtor Stephanie Corcoran, president of the Real Estate Board of Greater Vancouver.

“Now, the market continues to remain strong with activity focused in the entry to mid-level price range.”

Corcoran and Fraser Valley Real Estate Board head Patti Flostrand both expressed optimism for a buoyant spring market as the number of active listings in the region improved by five per cent in January over the previous year.

“Going into January, we had a low inventory of homes for buyers to choose from,” Flostrand noted. “With the increase in listings coming on to the market, we expect sales activity to remain steady.”

While sales decreased, average prices climbed in each of the three main housing categories.

In Greater Vancouver, the average MLS selling price of a detached home in January rose 16 per cent to $422,700, up from $363,900 the year before.

The average condo price jumped 19 per cent to $206,200, compared with $172,200, while the average townhouse price inched up to $251,100 from $250,000 in January 2002.

In the six Fraser Valley communities, detached homes sold at an average price of $288,800 last month, up 12.7 per cent from $256,300 the previous year.

Townhouses fetched an average of $187,800, about four per cent higher than $180,800 in January 2002, and condos saw an improvement of 8.3 per cent to $121,200 from $111,900.

10 Most-Expensive MLS home sales 2002

While there has been brisk movement in family homes over the past year, there have also been some notable sales of ultra-high-end residences. These are the 10 most-expensive MLS-listed houses sold in Greater Vancouver last year:

3639 Osler, Vancouver (15,260 square ft., $6.58 million)
1681 Drummond, Vancouver (12,126 sq. ft., $5.5 million)
4769 West 2nd, Vancouver (13,470 sq. ft., $5.3 million)
5530 Kingston Rd. Vancouver (10,854 sq. ft., $5.2 million)
2965 Mathers, West Van (11,120 sq. ft., $4.6 million)
3190 Travers, West Van (8,844 sq. ft., $4.5 million)
1611 Drummond, Vancouver (4,925 sq. ft., $4.5 million)
2686 Bellevue, West Van (6,009 sq. ft., $3.9 million)
2967 Point Grey Rd., Van (6,648 sq. ft., $3.68 million)
2818 Bellevue, West Van (2,000 sq. ft., $3.5 million)

2010 Olympics almost guaranteed buy land in Squamish

Saturday, February 1st, 2003


Vancouver is going to win the 2010 Olympics

Saturday, February 1st, 2003


Top U.S. RE/MAX Agents very Tech Savvy

Saturday, February 1st, 2003