Archive for September, 2014

Vancouver’s empty, run-down million-dollar homes receiving global attention, local anger

Monday, September 22nd, 2014

Other

The images of graffiti, boarded-up windows and overgrown brush would look at home on one of the many blogs dedicated to Detroit’s thousands of abandoned homes.

But these million-dollar houses strewn about Vancouver’s west side have been left to decay by absentee owners planning to cash in on a speculative real estate market now getting global attention, according to the contributors of a new crowd sourced blog.

Last month, a group of about 20 concerned west side residents began posting to Beautiful Empty Homes of Vancouver, intent on documenting the ghost towns they fear many of their neighbourhoods are becoming, blog contributor James Macdonald said. There are now dozens of homes documented on the site.

“The neighbours (of the abandoned homes) are often irate, some of these houses have often been empty for four years or five years,” said Macdonald, an urban planner who has worked in sub-Saharan Africa and Southeast Asia.

“The only (homes) on the site are the ones you can ride by on a bicycle, or you can walk by, and say, ‘Wow, that’s an empty home,”’ he added. “If you speak to neighbours they’ll say, ‘Look, there are way more – there are lots where somebody’s paying a landscaping company to maintain (the appearance of a settled home).’”

The most extreme case of decay involves a home in Shaughnessy that became a den for coyotes, according to a neighbour interviewed for the blog post. Macdonald said he and other blog contributors have talked to elderly residents who say the empty homes around them make them feel unsafe.

“Our concern is that people should be living in these homes,” Macdonald said. “If you let enough homes be empty, then you kill a community or what makes a city livable.

“People move to a city because there are other people living there that they want to interact with.”

Macdonald acknowledged the blog cheekily pushes for squatters to move from places like Oppenheimer Park into the homes because “the city hasn’t done anything, so that would be the next step.” (“Realistically, there’s no legal regime in Vancouver that would permit squatting,” Macdonald conceded.)

He and the group are, however, asking municipal political parties to adjust the Vancouver Charter and implement a punitive vacant property tax on these empty homes that is “high enough to motivate landowners to ensure the property was lived in up to the time of demolition/ redevelopment.”

So far, the left-leaning COPE and Green parties have supported such a tax.

The group is also asking the parties to back a 15-to-20-per-cent surcharge on the price of a home for a non-resident buyer, which Macdonald said may not curb speculative purchases from out of the country but will help pay for infrastructure and public services like transportation and education.

But it is hard to determine whether a home is owned by a Canadian resident and why it is sitting empty, according to Bing Thom Architects’ Andy Yan, whose 2009 study of BC Hydro data found roughly 15 per cent of all downtown Vancouver condos were vacant.

Abandoned homes are being documented on a blog called Beautiful Empty Homes of Vancouver. The group behind the blog wants the city to impose a punitive vacant property tax.

The blog is “a documentation of what happens when Vancouver real estate enters the global real estate market,” but there may be factors other than absentee owners that contribute to the rubble-strewn yards and the decaying homes it showcases, Yan said.

As aging baby boomers begin downsizing to condos in other parts of the city “perhaps a good number” of their single-family homes are sitting empty between real estate deals, Yan said.

Still, this phenomenon could be the “edge of the new normal,” as Vancouver becomes a “resort city” where people from around the world invest their money in home ownership.

Regardless of why they are emptying, these neighbourhoods were centred around public schools and built for families, Yan said.

The planning of these neighbourhoods is part of “an incredible legacy that previous generations of Vancouverites have given us and the issue is how do we build upon that heritage and not squander it.

“It’s not something to be angry about, but to be considered and to really think about what you want in your city.”

© 2014 National Post

Realtor.com® Enhances Consumer Experience by Optimizing Real Estate App for iOS 8

Saturday, September 20th, 2014

Other

Realtor.com® recently announced the launch of its Real Estate App, optimized for iOS 8, which arms home buyers and renters using an iPhone, iPad or iPod touch with a more intuitive and efficient tool to stay on top of the latest properties to hit the market
The Real Estate App takes advantage of Today widgets in Notification Center with iOS 8. The app provides users with a convenient new way to view active and accurate for-sale and rental properties on the market in real time based on the recent search criteria of existing app users right from the Today view. A simple tap on the listing preview in the Today view takes users to the listing within the application. Another tap on the “View All Homes” button opens the search results page, sorted by newest listings first. For users who have not yet used the app, Today view will show listings in their current locations
“When searching for a home to buy or rent in this competitive market, consumers deserve and need the ability to see listings as soon as they come on the market. Our new app optimized for iOS 8 not only identifies the most recent properties, but also pushes the listings directly to consumers before they open up our app,” says John Robison, chief technology officer of Move. “It was crucial that we quickly develop on the iOS 8 platform, so that we can continue to satisfy the needs of consumers and allow them to take advantage of the latest technology.” 
The The Real Estate App is available for free on the App Store for iPhone, iPad and iPod touch or at www.AppStore.com.
For more information, visit www.realtor.com/mobile.

Copywrite 2014 RISMedia

Client appreciation events can provide Realtors with many benefits.

Thursday, September 18th, 2014

Limelight Marketing offers a range of tried-and-tested ideas and advice on doing it right

Mike Blaney
Other

Creating a client appreciation is about creating a “return on experience” vs “return on investment”.

I can’t remember where I read the quote that client appreciation events are for “friend-raising, not fund-raising”, but it is great advice.  A good event involves all five senses of sight, hearing, touch, smell and of course taste, which is usually everyone’s favorite!  It’s important to be involved with the client throughout the event so they do more than just see and hear you speak.

First, ask yourself: what do you want to accomplish?

  • Build a foundation of trust, which solidifies loyalty,
  • Reveal your depth of character to build friendship,
  • Share your mission, your business philosophy,
  • Show your appreciation,
  • Gather important life information about your clients and referrals,

The secret to a successful client appreciation event is having an effective marketing strategy and planning. Now the planning part is obvious, but why is the marketing strategy important? You need to be aware of the perception the event is going to create and how the event will impact your business. By nature it is to show your appreciation for their business, but the choice of event and the venue will have a major impact on the results.

  • Will you be mingling or sitting in an audience?
  • Will there be an opportunity for your clients to network among themselves?
  • Will they feel they are participating in a cause such as a charity event or simply enjoying themselves?

A successful event should be seen not only as an opportunity to make your clients feel appreciated, but it should demonstrate that you care about them too by ensuring they can meet new people and potentially help their businesses too. Keep in mind some of these events will be high touch and some will allow little contact with your clients.

Generally client appreciation events fall into four major categories:

  1. Charitable events: Hosting an event where the proceeds go to charity or paying the fee for your clients to participate in an event like a golf tournament or gala evening for a cause.
  2. Sporting and recreational: Hosting a golf tournament, family softball game, a night at the horse races, tickets to a hockey or baseball game, etc.
  3. Cultural and the arts: Inviting clients to plays, concerts, art shows, etc.
  4. Educational: Inviting clients to a seminar, to listen to a speaker, to learn something such as a cooking class or travel lecture.

When you choose an event, think about the following:

  • Does this fit in with the image of me and or my business?
  • Is it high touch or low touch? Will I be able to meet clients one-on-one?
  • How much will the event cost?
  • How much of my time will be required prior to the event?
  • What will be the lasting impact of the event?
  • What do I hope to achieve from this event? Intrinsic value? Financial return?
  • Will my clients mingle well together or should I hold two events and segment my guests?
  • How will I invite guests and ensure they actually attend?
  • How will I thank my clients for attending?

Get your client appreciation dollars to stretch further and identify the kinds of events that will have clients remembering you in a positive light — and not just for the free food and drinks.

Start by breaking event ideas down into two basic components; place and activity. Next focus on making each of those components unique and as “outside the box” as possible.

Here is a wide range of ideas for events:

  • Have clients collect winter coats and blankets and drop them off at a location where you serve hot chocolate and lunch.
  • Rent a movie theatre or the IMAX theatre for a special screening.
  • Host an educational event in which you bring in a guest speaker.
  • Invite clients to a cooking class.
  • Wine and cheese tasting at a local restaurant or wine store.
  • Chocolate tasting at a local chocolatier.
  • Private tour of the local zoo.
  • Create a scavenger hunt for clients and a have a party after.
  • Host a car rally.
  • Old-fashioned family picnic with bouncy castles, etc.
  • Halloween and holiday parties like an Easter egg hunt.
  • Have a bowling tournament.
  • Go to a local sports event.
  • Casino night with proceeds to a charity.
  • Rent out a public pool for a family swim night.
  • Have a magician teach clients magic tricks.
  • Host a dinner cruise.
  • Reserve go-carts at the local track.
  • Charter a fishing boat.

Implementation

First steps:

  • Choose a date – don’t be afraid of week night events.
  • Send actual invitations approximately 30 days before the event with an RSVP time of 10 days before the event. A rule of thumb is that one-third of invitees will attend.
  • Call clients on the list after the RSVP date if you have too few attending. You can then start inviting new people or encourage your attendees to bring along extra friends and family.

Set-up tips:

  • Be at the entrance to greet your guests.
  • Have all guests wear name tags (preferably greet guests at the door after the name tags have been applied).

Tips for success:

  • Have the event catered.
  • Take lots of pictures or have a photographer. Think of using a Polaroid camera so clients can take pictures home.
  • If you have staff or a team, have them do as little work at the event a possible so they can mingle and enjoy the guests – get outside help.
  • Have door prizes and raffles for extra fun.
  • Do not be discouraged if your first-year turnout is small.
  • Send a thank-you note to attendees.
  • Send a newsletter afterwards with pictures to all you have invited so everyone who did not attend can see how much fun it is.
  • Do not have any business-related discussions at the event unless you are specifically asked, then ask to follow up with a phone call and book an appointment later – just focus on fun.

Worried about the cost?

Working with a sponsor way to lower costs on client events is to work with a partner, such as an accountant , mortgage broker, conveyancing lawyer, home inspector or floor plan or staging company that is willing to split the bill with you to reach the same type of crowd.

One of the key criteria for a client appreciation event is to provide an event that makes the participant feel like they are part of something special. Often it is not how much you spend on the event, but it is how you spend that will make the difference.

The bottom line is to really have clients appreciate the relationship they have with you and your business.

© 2014 Real Estate Weekly

Mortgage Rate Forecast

Wednesday, September 17th, 2014

Lower, but for how muchlonger?

BCREA
Other

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Chinese developer Greenland makes its first purchase in Canada – a Toronto condo project

Wednesday, September 17th, 2014

Katia Dmitrieva
Other

Greenland Holding Group Co., a Shanghai-based developer owned by the Chinese government, said it bought King Blue, a two-tower condominium project in Toronto, its first purchase in Canada.

Greenland Holding bought the planned development, which includes 44 and 48-story towers, from closely held Easton’s Group of Hotels Inc. and The Remington Group Inc. for at least $100 million, according to Easton’s Chief Executive Officer Steve Gupta.

Immigration is a main factor driving demand, Gupta, the India-born founder of Toronto-based Easton’s, said by phone today.
Greenland Holding, which has invested in London’s Canary Wharf and New York’s Pacific Park, said it bought the site as an entry-point to Canada’s housing market where existing home sales reached a four-year high in August. Average Toronto condominium prices rose 5.5% to $367,010 in the second quarter over a year ago and sales advanced 10%.

“We believe this city will continue to grow and thrive creating other investment opportunities for Greenland Group (Canada) in the Greater Toronto Area and beyond,” Greenland Holding Chairman Yuliang Zhang said in the statement.

The King Blue project, which includes a former Westinghouse factory built in 1927, is located on King Street West, amid newly-opened bars and the TIFF Bell Lightbox Theatre which hosts the annual film festival. The 44-storey tower is 85% sold, according to Gupta. The second tower, hasn’t been pre-leased yet.

© 2014 National Post

In Vancouver, rich homeowners get richer – The median price for detached homes was $1,069,000 on July 1, 2013

Wednesday, September 17th, 2014

Brent Jang
Other

The price of admission to enter an elite club in Vancouver is going through the roof. To make the top 1 per cent in the city’s market for single-family detached houses, a property needs to be assessed at more than $5.58-million.

Vancouver is well known for its pricey real estate. The median price for detached homes was $1,069,000 on July 1, 2013, based on assessed values for houses within the City of Vancouver.

Andrew Yan, an urban planner with Bing Thom Architects, crunched the numbers supplied by BC Assessment, the provincial Crown corporation that provides valuations on behalf of B.C. municipalities, and found the rich are getting richer, at least for their abode.

He found that to claim bragging rights to be a member of the 1-per-cent club, a Vancouver property needs to be valued at $5,586,000 or higher. The most expensive homes, he found, have enjoyed the highest increases in assessed value over a five-year period. Comparing assessments conducted in 2013 with those in 2008, the value of homes in the 1-per-cent bracket has soared an average of 65.4 per cent from $3,377,000 in 2008.

Prices have jumped sharply for luxury homes due to increased demand from well-heeled buyers from other provinces and abroad, combined with a relatively limited number of listings for detached properties in a city where developers are increasingly focused on building condos and townhouses. Over the past three years, prices have been flat for condos and townhouses in Greater Vancouver, including the suburbs.

But within the City of Vancouver, detached homes assessed last year at $3,278,000 or higher qualify for being among the top 5 per cent, up 63.8 per cent from the threshold of $2,001,000 in 2008.

Getting to the upper crust’s top 10 per cent means having a home valued at $2,601,000 or higher, up 60.4 per cent from $1,621,900 in 2008. To make it into the top-33rd percentile out of a total of about 67,800 detached houses, a homeowner needs to have a property valuation of at least $1,484,000. Assessed values in the top-33rd percentile climbed an average of 46 per cent during the five-year period.

A Globe and Mail review of the data reveals that Lululemon Athletica Inc. founder Chip Wilson’s waterfront mansion is No. 1 on the latest assessment list, topping the B.C. charts at $54.2-million. In the previous assessment, as the home was being built, the value was $35.2-million

The next three highest assessed values are all homes located along Belmont Avenue in the upscale Point Grey neighbourhood on Vancouver’s west side.

A property registered to Pisonii (PTC) Ltd. is the runner-up at $46-million in the 2013 assessment, followed by the $28.6-million residence of philanthropist Nezhat Khosrowshahi and her husband, Future Shop founder Hassan Khosrowshahi. He is chairman of Persis Holdings Ltd. and serves on the board of the Bank of Canada. Fourth overall is the $25.6-million property owned by real estate developer Joseph Segal and his wife Rosalie, a philanthropist.

Other prominent owners include Vancouver entrepreneur Jacqueline Cohen, whose waterfront home in the Kitsilano neighbourhood is assessed at $24.2-million – enough to place No. 9 in the list of B.C.’s highest valued residential properties.

Mr. Yan’s data shows 4,360 detached properties were valued at $3-million or higher in his latest compilation. But owning a million-dollar home in Vancouver is increasingly run-of-the-mill, statistically speaking. He notes that 37,425 homes, or 55.2 per cent of the total detached properties on the assessment rolls, were pegged as being worth at least $1-million in mid-2013, up from 22,908 or 33.8 per cent in mid-2008.

Many first-time buyers look at townhouses and condos when entering the local market. Last month’s home price index for Greater Vancouver townhouses reached $474,900, up 3.9 per cent from a year earlier, while condo prices have climbed 3.6 per cent to $379,200 over the past year.

Copyright 2014 The Globe and Mail Inc.

Orizon on Third 221 3rd Street north Vancouver 104 condos in a 5 storey building by Intracorp

Tuesday, September 16th, 2014

Other

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The Black + White at Foster and Aspen in Coquitlam 107 townhouses by Intracorp

Tuesday, September 16th, 2014

Other

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Financial and less tangible benefits of townhome living

Tuesday, September 16th, 2014

Tony Kaleel
Other

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Chinese millionaires plan to leave China – Seventy-three percent said they were looking for “economic security” and 72 percent said they wanted a “desirable climate.” Their top destinations are Hong Kong, Canada and the U.S.

Tuesday, September 16th, 2014

Robert Frank
Other

Nearly half of Chinese millionaires plan to move out of the country in the next five years – a flight that could add to worries over the country’s economy, as more money moves offshore rather than being invested or spent in China.

According to a study from Barclays and Ledbury Research, which polled more than 2,000 people worth $1.5 million or more from 17 countries, 47 percent of Chinese millionaires plan to emigrate, while another 20 percent said they don’t know if they will move.

That’s the highest rate of planned millionaire flight in the world, topping Qatar at 36 percent and Latin America at 34 percent.

The study supports a finding from Hurun Report earlier this year, which said 64 percent of Chinese millionaires have either emigrated or plan to emigrate.

When asked why they are leaving China, 78 percent of respondents in the Barclays and Ledbury study said they were seeking “better educational/employment opportunities” for their kids. Seventy-three percent said they were looking for “economic security” and 72 percent said they wanted a “desirable climate.” Their top destinations are Hong Kong, Canada and the U.S.

Countries are now competing fiercely to attract today’s roving rich. While London, New York and Singapore have become global “hot spots,” countries in Europe and the Caribbean have also opened up special visa programs for rich investors.

“There has been an explosion in second passports as a way for these high net worth individuals to achieve global mobility,” Nicolas Rollason, head of business immigration at London-based law firm Kingsley Napley, said in the report. “If you look at the Russian and Chinese high net worth communities, having second passports and a residence that gives you access to a number of countries visa-free, it is very much seen as a badge of honor.”

The Chinese rich aren’t the only ones leaving. The study found that nearly half of today’s global millionaires have lived in more than one country – and many more are planning to migrate in the next five years.

Most millionaire Americans who plan to migrate are going to Europe, the study found. The largest number of millionaires planning to leave Asia are bound for North America, while millionaire migrants from the Middle East are basically split between Europe and North America.

© 2014 CNBC LLC.