Issue 25 – January 2015

GREATER (METRO) VANCOUVER
JAN 2015 QTLY UPPER-TIER REAL ESTATE UPDATE #24

LUXURY JUST GROWS AND GROWS

As the North American economy improves, so our city’s luxury sector has continued its ‘onward and upward’ march. In a single more academic and economically acceptable word, Demand is strengthening.

Upper Tier activity continues without pause; prices continuing rising and new buyers arrive on our shores. Based on the past quarter’s results and current inventory levels, we at Homes of Provenance again believe this year too will show increased activity in all categories of luxury residence in Vancouver. Again, worthy of note is the upcoming Chinese New Year, being celebrated on February 19th this year. This is also referred to as the Spring Festival or the Lunar Year. We have not experienced a delay to the 49th day of the Calendar Year since 1996. There has been a marked rise in properties purchased on and around this event in past years and 2014 was no exception. Our discussion with various Real Estate practitioners involved with the representation of clients in the East and West Side of Vancouver, West Vancouver, Richmond, Burnaby and North Vancouver reveals that this year will see a continuation of this trend. A significant part of the conversation in our first six months we believe. There are many who talk of plans for the arrival of flights from mainland China bringing numerous folk intent on the acquisition of residential property. Not, we are trying to say, that this has been the major cause, but this joins the factors like the immigration/investment of numerous “players” desiring upscale accommodation in our fair and benign location. Not that this has been the major cause, but this joins the factors like the immigration (international and intranational)/investment of numerous “players” desiring upscale accommodation in our fair and benign location. Again the shortage of inventory of suitable homes will spark “bidding wars” for the more desirable offerings and reduced marketing times for many others. While we believe this period is significant, it is not the only factor fuelling the upper tier market.

Based too on the experience over 2014, many practitioners believe that we will see elevated demand for strata offerings. This demand, while including a significant Asian group, also comprises buyers from the Middle East and parts of Europe. Some presenters at the Leaders In Luxury, Institute for Luxury Home Marketing Conference held last year October 27-29 in Denver, Colorado spoke at length of the increasing demand from off -shore buyers focusing on the West Coast of North America (California northward to coastal British Columbia). A good number of Institute members across Canada with a preponderance of Vancouver area attendees. Yes, off-shore is a serious component of our upper tier market but not, let us stress, the major portion. More later. Now the 4th and final quarter 2014 figures from the R/ E Board’s database.

Detached homes sold [$2MM and above] 2014- 412 listings sold vs. 2013 – 387 sold (an increase of 7%). Highest sale $14.69 MM (’13) vs. $18.5 MM (’13). This property – at 1638 Angus Drive , Shaughnessy sold in Nov’14 after 92 days on the market, originally listed at $17.888 MM, 8 bed/8 bth, it is a 15,187 sq. ft. totally refurbished 1917 First Shaughnessy character home on over an acre of secure property. Tax assessed (2014) at $14.051MM. Massive basement and indoor swimming pool. An unique property and a distinctive home of provenance.

Attached homes, those best described as townhomes and duplexes, [$1MM and above] 2014 – 66 units sold vs. 2013 – 51 sold (an increase of 1%). Highest sale $3.773MM (’14) vs. $2.1 MM (’13). This property at1169 W Cordova St (One Harbour Green) Coal Harbour’s Golden Mile, sold in Dec’14 after 90 days on the market. Tax assessed (2014) at $3,773MM. A stunning 2 level view town home 3bd/3bth and 2,600 sq. ft. of living space. A luxurious offering in a community of exceptional homes.

Apartments [$1MM and above] 2014 – 121 units vs. 2013 – 80 sold (up 51%). Highest sale $16.2MM (’14) vs. $4.7MM (’13). This is the 30th Floor (2 level) 3 bed/5 bth apartment – 6,018 sq. ft at Two Harbour Green 1139 W Cordova St. A premier Penthouse with a Panoramic, unobstructed 360 deg view. Listed originally at $18.68MM, it sold in Nov’14 after 75 days on the market. Tax assessed at $13.315MM (2014). Another exceptional Coal

Harbour ….home of provenance!

Here are the current inventory (listings) figures:

Detached ($2MM and up) 1002 – Highest $25.8MM * – 60 at $10MM plus
Attached ($1MM and up) 108 – Highest $35MM** – 8 at $3MM plus
Apts ($1MM and up) 279 – Highest $15.8 MM*** – 15 at $5MM plus

* 4749 Belmont Ave. 77yr old home, 5bd, 3bth- 3,700 sq ft.
Almost 1.2 acre lot could accommodate close to 30,000sf mansion with spectacular ocean views to Vancouver Island.

** 268 Beach Cres. at the Erikson, Yaletown 3bd/4bth, 2 lvl, 12′
4,427 s/f On the Seawall facing False Creek. 2 spacious patios. 4 car garg.

*** #901 277 Thurlow St 5,189 sf – 5bd/6bth, Three Harbour Green.

Call 604-626-2526/e-mail HOP for info or to view any of these.

Note: We place little store on “asking” prices, as the true measure of a market is “sale” price. We include these as they are clearly of interest. It underlines the fact that unique properties are challenging to price and, in certain markets, very few may sell.

Please visit our website for new developments. We continue our promise to keep you up to date on Vancouver’s HomesOfProvenance.com – the “go to” site for Upper Tier Real Estate analysis and jumping off point for market offering information.

To join the group getting the e-mail version of this “update” – send a request now to info@HomesOfProvenance.com and you’ll be assured receipt; phone us at (604) 626-2526 or visit www.HomesOfProvenance.com

…..and now a New York Times ‘anecdote’ to provide perspective….

Blockbuster penthouse sale breaks $100 million price barrier in NYC

One57_from_Columbus_Circle,_May_2014New York City residential property sales bounced as high as $88 million in the past several years, but as of late December 2014, the sale of a penthouse encompassing the 89th and 90th floors of the new One57 tower has closed for $100.5 million, setting a new record for the most expensive residence ever sold in New York City.

The buyers name remains a mystery since the purchase was made in the name of a limited liability company, P89-90, LLC. Of the apartments sold in the building to date, reports are that more than half are in the names of Trusts or LLCs for privacy’s sake. While the property sets a record for NYC, at least three other U.S. properties have sold for more than $100 million in the past year.

The nearly 11,000 square foot duplex unit boasts the longest south to north city views ever offered by a NYC condominium and includes outstanding views of Central Park and other landmarks. The distinctive blue building was designed by Atelier Christian de Poirtzamparc, the Pritzker-prize-winning French firm. The building sponsor is Extell Development Company.

One57 is among several high rises to break ground on “Billionaires’ Row,” where the tall new towers cast shadows over Central Park. A group led by investor Bill Ackman is reported to have paid at least $90 million for another duplex on the 75th and 76th floors of the building, but the sale has not yet been recorded.

NY Times: $100.4 Million Sale at One57

Courtesy W Moore – Institute for Luxury Home Marketing

Issue 24 – October 2014

GREATER (METRO) VANCOUVER

OCT 2014 QTLY UPPER-TIER REAL ESTATE UPDATE #24

OUR RECENT PREOCCUPATION WITH AFFORDABILITY

When contemplating a regular series of articles on a subject such as the “upper tier” of our city’s residential real estate, we at Homes of Provenance address a variety of issues. One that may be regarded as “the elephant in the room” could well be affordability. The past six months or so has seen a definite escalation in articles and discussion on this topic. Possibly brought about by our impending municipal elections.

Let’s raise the spotlight then. Homes of Provenance has used a somewhat arbitrary measure of ‘upper tier’ as including detached homes of $2MM or more; attached (t/homes or duplexes) and apartments of $1MM or more. Clearly, these parameters define a class of housing that would be unaffordable by a large percentage of those in Metro Vancouver who currently are, or aspire to become, home owners. Other than those who ascribe to a more socialistic viewpoint, most of this group accept the fact that, for limited financial resources and/or lower earnings, they cannot or should not venture into the “upper tier”. Supply and Demand factors set the ‘cannot or should not’ aspect of affordability at each level of the pricing spectrum. A recent Vancouver Sun columnist has suggested that it may be realistic to “….consider that your home doesn’t have to be a house, and that it doesn’t hurt to start small and think big”. That columnist, Shelly Fralic, has expressed her frustration thus. “So for the love of God, people, stop complaining about the price of housing in Vancouver. Market forces, not your, mayor or mom, determine the cost of housing. Just ask home buyers in New York, Paris and London.”

The demand for our city’s upper tier real estate remains strong as we see in the 3rd quarter 2014 figures from the Greater Vancouver R/ E Board’s database.

Detached homes sold [$2MM and above] 2014 – 423 listings sold vs. 2013 – 374 sold (increase of 13 %). Highest sale $14.35MM (’14) vs. $15.19 MM (’13). This property, high end, gated, Shaughnessy home – at 1431 Laurier Ave, sold in Aug’14 after 85 days on the market, originally listed at $16.89 MM, 6 bed/8 bth, a 9,000 sq. ft. home on an approx 20,000 sq. ft. lot. Exceptional quality – Italian marble, granite and H/W. 6 car Parking incl 3 car garage. Spectacular kitchen/ home theatre/ rec room and Gym.Tax assessed at $10.893MM. Incredible dwelling and a most distinctive home of provenance.

Attached homes, those best described as townhomes and duplexes, [$1MM and above] 2014 – 79 units sold vs. 2013 – 95 sold. Highest sale $3.675MM (’14) vs. $4.724MM (’13). This property At 2748 Highgrove Pl in Whitby Estates

(The Terraces at Highgrove) sold in Sept’14 after 158 days on the market. Over 3200 sq ft it is a new, spectacular view townhome (3bed/3 bth) with stunning architectural features. Tax Assessment awaited, originally listed at $3.898MM.

Apartments [$1MM and above] 2014 – 137 units vs. 2013 – 116 sold (up 18%). Highest sale $11.65MM (’14) vs. $9.75MM (’13) This is a 22nd Floor 3 bed/5 bth sub-PH – 5,100 sq. ft. in the sought after One Harbour Green (2200 1169 W Cordova St). Panoramic views of city, water, mountains and park. This “full flr” apt has 24hr Concierge and full slate of facilities. Listed originally at $13.28MM, it sold in Sept’14 after 19 days on the market. Tax assessed at $9.4 MM.

Here are the current inventory (listed property) figures:

Detached ($2MM and up) 1505 – Highest $25.8MM * – 67 at $10MM

plus

Attached ($1MM and up) 184 – Highest $5.95MM** – 19 at $3MM plus

Apts ($1MM and up) 413 – Highest $18.68 MM*** – 13 at $5MM plus

* 4749 Belmont Av, Pt Grey. 5bd/3bth, 3700 s/f 1937 (1 – 4 bldg lots?)

** 1233 W.Cordova 3bd/3bth, 2 lvl, 2580 s/f TH 17

*** 3000-1139 W.Cordova 6018 sf P/H – 3bd/5bth

Call 604-626-2526/e-mail HOP for info or to view any of these.

Note: We place little store on “asking” prices, as the true measure of a market is “sale” price. We include these as they are clearly of interest. It underlines the fact that unique properties are challenging to price and, in certain markets, very few may sell.

Please visit our website for new developments. We continue our promise to keep you up to date on Vancouver’s HomesOfProvenance.com – the “go to” site for Upper Tier Real Estate analysis and jumping off point for market offering information.

To join the group getting the e-mail version of this “update” – send a request now to info@HomesOfProvenance.com and you’ll be assured receipt; phone us at (604) 626-2526 or visit www.HomesOfProvenance.com

Issue 23 – July 2014

GREATER (METRO) VANCOUVER

JUL 2014 QTLY UPPER-TIER REAL ESTATE UPDATE #23

VANCOUVER BY LEAPS AND BOUNDS

It is difficult to find an article that touches on higher priced property that doesn’t use the term ‘luxury’ as in luxury real estate, luxury homes or luxury living. We at Homes of Provenance prefer not to use this qualitative adjective. A small aside here is the fact of flawed English usage. The correct usage being ‘luxurious’, the tendency of American English being to contract words by omitting the extension. As an example, consider the common use of ‘come quick’ when ‘come quickly’ would be the correct usage. Luxury (whatever this may be) is a subjective term and in this context, carries with it the implication that all other properties, other than the ones thus defined, are therefore inferior (or lesser) commodities. We spoke to a number of folk, some in the real estate industry and others who were not and found a consensus that luxury implied most of the following – higher priced residences, personal wealth of those owning these, quality components and workmanship and a sense of desirability exceeding other residences in the housing stock. The unfortunate part of many comments was that they tended to imply a sense of the “lifestyles of the rich and famous”.

A single definition of luxury was hard to come by. A tendency for the possessions of the wealthy being highly desired by many, seems to prevail. It seems to us of more significance to focus on a concept of quality and utility rather than merely what the residence costs. Unjustifiable extravagance as one might see in a10,000 sq foot home for two persons, no offspring and little intention to entertain may diminish it’s appeal. Useful in this discussion is the overall value of the property based on the individual components and how they are prized i.e. their demand. The list contains the following items – location, view, size, living accommodation, proximity to amenities, privacy and an elevated pride of ownership. To the extent that these are generally prized (in demand) will determine the price the buyer is willing to pay.

It is hoped that these musings might stimulate further thought as to the nature of ‘luxury’. We do know that an abundance of wealth appears to lead to what many would consider “extravagance in acquisition”. Is this increased luxury?

The demand for our city’s upper tier real estate is certainly evident as we see in the 2nd quarter 2014 figures from the greater Vancouver R/ E Board’s database.

Detached homes sold [$2MM and above] 2014 – 446 listings sold vs. 2013 – 385 sold (increase of 16 %). Highest sale $15.1MM (’14) vs. $16 MM (’13). This property, high end, gated, waterfront home – at 2696 Bellevue Ave, Dundarave, sold in Jun’14 after 17 days on the market, originally listed at $16.8 MM, 5 bed/6 bth, a 6,811 sq. ft. home on a 13,778 sq. ft. lot. Exceptional quality with covered outdoor Summer dining and sitting area. 6 car Motor Court with 3 car garage. Tax assessed at $11.854MM. Unique and a most distinctive home of provenance.

Attached homes, those best described as townhomes and duplexes, [$1MM and above] 2014 – 83 units sold vs. 2013 – 86 sold. Highest sale $3.05MM (’14) vs. $4.75MM (’13). This property TH21 1281 W Cordova St in Coal Harbour

(Callisto) sold in May’14 after 5 days on the market, it is the premier NW townhome in the complex and is located on the prime 1/2 mile of Vancouver’s waterfront and Coal Harbour Seawall. Superbly renovated 3bed/3 bth with exceptional patio and deck space. Private elevator to all levels including the private 2 car garage. Amenities include indoor pool, exercise room, media room and 24 hr concierge. 3 level, 3bd/3bth and 2,473 sq. ft. of living space. Tax Assessed $2,738, originally listed at $3.25MM.

Apartments [$1MM and above] 2014 – 136 units vs. 2013 – 86 sold (up 58%). Highest sale $10,8MM (’14) vs. $25MM (’13) [ highest ever – Fairmont Pacific Rim] This is a 35th Floor 4 bed/5 bth apartment – 5,256 sq. ft. also in the sought after Callisto building (1281 W Cordova St). 360 panoramic views of city and water. Listed originally at $14,980MM, it sold in May’14 after 455 days on the market. Tax assessed at $9,111MM.

Here are the current inventory (listed property) figures:

Detached ($2MM and up) 1375 – Highest $25.8MM * – 33 at $10MM plus
Attached ($1MM and up) 179 – Highest $35MM** – 16 at $3MM plus
Apts ($1MM and up) 413 – Highest $22.3MM*** – 17 at $5MM plus

* 4749 Belmont Av, Pt Grey. 5bd/3bth, 3700 s/f 1937 (1 – 4 bldg lots?)
** 3838 Cypress St. 5bd/7bth, 3 lvl, 12,216 s/f SL1 &2 combined, early
1900’s Heritage ‘A’ gem, Lt. Gov. Hamber’s Res “Greencroft Estate”

*** 3 Harbour Green 8,008sf P/H – 4bd/6bth, approx 3000sf patio/dk/rftop

Call 604-626-2526/e-mail HOP for info or to view any of these.

Note: We place little store on “asking” prices, as the true measure of a market is “sale” price. We include these as they are clearly of interest. It underlines the fact that unique properties are challenging to price and, in certain markets, very few may sell.

Please visit our website for new developments. We continue our promise to keep you up to date on Vancouver’s HomesOfProvenance.com – the “go to” site for Upper Tier Real Estate analysis and jumping off point for market offering information.

To join the group getting the e-mail version of this “update” – send a request now to info@HomesOfProvenance.com and you’ll be assured receipt; phone us at (604) 626-2526 or visit www.HomesOfProvenance.com

Issue 22 – April 2014

GREATER (METRO) VANCOUVER

APR 2014 QTLY UPPER-TIER REAL ESTATE UPDATE #22

VANCOUVER BY LEAPS AND BOUNDS

We do live in a world class city and its reputation is growing daily. Vancouverites have been titillated for some months by a term that (T.V. advertising) invited us to try to pronounce. That term, apparently a European sounding one, emerged as GESAMTKUNSTWERK. The efforts were ‘all over the show’ and we were left in doubt as to what the significance was… until a week or two ago. An exhibit opened at 1460 Howe Street (just under an ‘on ramp’ of the Granville Bridge) and we attended on day one. Fascinating, with models, drawings and artistic renderings of a proposed development quarterbacked by Westbank Projects. We’ll dangle this carrot….what if you had a building lot with a severely restricted building envelope approximating an isosceles triangle and then proceeded to design a building which had a “penthouse footprint” of, say double the ground floor footprint? An interesting conundrum ….to say the least! DO VISIT the exhibition, you will not be disappointed. Also visit http://westbankcorp.com/vancouver-house. Our interest in the nature of the residential offerings and the layouts, sizes and Penthouses etc. could not be addressed – but (we were assured) that all will be revealed in due course. Vancouver House…. you have our attention!

Yes, a serious level of demand for our city’s real estate and an active market in its upper tier. There is significant belief that this demand is growing. Now the 1ST quarter 2014 figures from the R/ E Board’s database.

Detached homes sold [$2MM and above] 2014 – 423 listings sold vs. 2013 – 293 sold (an increase of 31%). Highest sale $11.01MM (’14) vs. $18.6 MM (’12). This property, a 1915 Tudor Revival style English manor house – at 3689 Selkirk St, Shaughnessy sold in Jan’14 after 91 days on the market, originally listed at $12.88 MM, 7 bed/7 bth, it is a 16,287 sq. ft. 1915 First Shaughnessy character home on a 39,000 sq. ft. lot. Tax assessed at $9.052MM. A unique property and a most distinctive home of provenance.

Attached homes, those best described as townhomes and duplexes, [$1MM and above] 2014 – 54 units sold vs. 2013 – 102 sold (a decrease of 47 %). Highest sale $4.3MM (’14) vs. $8MM (’12). This property at 1570 Homer Mews in Yaletown (The Erickson) sold in Mar’14 after 816 days on the market. An unobstructed (forever) view property. 2 level, 3bd/3bth and 2,499 sq. ft. of living space. A luxurious Erickson masterpiece. Tax Assessed $4.084, previously listed at $4.99MM.

Apartments [$1MM and above] 2014 – 144 units vs. 2013 – 57 sold (up 153%). Highest sale $5.9MM (’14) vs. $3.25MM (’13). This is a 27thFloor 3 bed/4 bth apartment – 3,600 sq. ft. in the sought after Harbour Green 2 building (1139 W Cordova St) NW corner unit. Stunning panoramic views. Listed originally at $6.388MM, it sold in Jan’14 after 120 days on the market. Tax assessed at $6.79MM.

Here are the current inventory (listed property) figures:

Detached ($2MM and up) 981 – Highest $22.8MM * – 37 at $10MM plus
Attached ($1MM and up) 111 – Highest $35MM** – 8 at $3MM plus
Apts ($1MM and up) 301 – Highest $22.3 MM*** – 16 at $5MM plus

* 5050 Happy Valley Lane. 2yr, 7bd, 8bth- 12,988 sq ft. custom blt estate (2.3 acre lot), Caulfield W/Van. European style mansion, Lighthouse Park.
** 3838 Cypress St. 5bd/7bth, 3 lvl, 12,216 s/f SL1 &2 combined, early 1900’s Heritage ‘A’ gem, Lt. Gov. Hamber’s Res “Greencroft Estate”
*** 3 Harbour Green 8,008sf P/H – 4bd/6bth, approx 3000sf patio/dk/rftop

Call 604-626-2526/e-mail HOP for info or to view any of these.

Note: We place little store on “asking” prices, as the true measure of a market is “sale” price. We include these as they are clearly of interest. It underlines the fact that unique properties are challenging to price and, in certain markets, very few may sell. Please visit our website for new developments. We continue our promise to keep you up to date on Vancouver’s HomesOfProvenance.com – the “go to” site for Upper Tier Real Estate analysis and jumping off point for market offering information.

To join the group getting the e-mail version of this “update” – send a request now to info@HomesOfProvenance.com and you’ll be assured receipt; phone us at (604) 626-2526 or visit www.HomesOfProvenance.com

Issue 21 – January 2014

GREATER (METRO) VANCOUVER

JAN 2014 QTLY UPPER-TIER REAL ESTATE UPDATE #21

A MOMENTOUS YEAR IN THIS LUXURY MARKET

Despite a less than stellar period in both International and North American economies, our city’s luxury sector has, in a significant way, “come of age” [“When History is made – PT 1 and 2]. See ISSUES 19 and 20 on the HOP website. International buyers from various locations have been more than evident and active investors.

Upper Tier activity continues without pause and, based on the past quarter’s results and current inventory levels, we at Homes of Provenance believe that 2014 will show increased activity in all categories of luxury residence in Vancouver. An item worthy of note is the upcoming Chinese New Year, being celebrated on January 31st this year. There has been a marked rise in properties purchased on and around this event in past years. Our discussion with various Real Estate practitioners involved with the representation of clients in the West Side of Vancouver, West Vancouver, Richmond and North Vancouver reveals that this year will likely be no exception. There are many who talk of plans for the arrival of flights from mainland China bringing numerous folk intent on the acquisition of residential property. A perceived shortage of inventory of suitable homes is felt, by some, to likely spark “bidding wars” for the more desirable offerings. The past year has given us some evidence of the ‘desirable’ targets as including larger detached residences (specifically those with views), older homes on both larger and view lots suitable for rebuild.

Based too on the experience over 2013, other practitioners believe that we will see elevated demand for the more desirable strata offerings. This demand, while including a significant Asian group, also comprises buyers from the Middle East and parts of Europe. Some presenters at the Leaders In Luxury, Institute for Luxury Home Marketing Conference held in November in Seattle, spoke at length of the increasing demand from off -shore buyers focusing on the West Coast of North America (California northward to coastal British Columbia). A good number of Institute members across Canada with a preponderance of Vancouver area attendees. Yes, a serious level of demand for our city’s real estate and an active market in its upper tier. There is significant belief that this demand is growing.

Now the 4th and final quarter 2013 figures from the R/ E Board’s database.

Detached homes sold [$2MM and above] 2013 – 387 listings sold vs. 2012 – 182 sold (an increase of 112%). Highest sale $8.5 MM (’13) vs. $8.388 MM (’12). This property – at 1589 Matthews Ave, Shaughnessy sold in Dec’13 after 265 days on the market, originally listed at $9.988 MM, 5 bed/8 bth, it is a 5,260 sq. ft. rebuilt 1937 First Shaughnessy character home on over 20,000 sq. ft. secure property. Tax assessed at $9.729MM. A unique property and a distinctive home of provenance.

Attached homes, those best described as townhomes and duplexes, [$1MM and above] 2013 – 51 units sold vs. 2012 – 48 sold (an increase of 6 %). Highest sale $2.1MM (’13) vs. $5.388 MM (’12). This property on West Vista Court (Edenshaw development) in West Van’s Upper Caulfield sold in Dec’13 after 43 days on the market. One of the most stunning view properties on the bluff at Edenshaw. 3bd/3bth and 2,940 sq. ft. of living space. A luxurious offering in a refined community of exceptional homes.

Apartments [$1MM and above] 2013 – 80 units vs. 2012 – 70 sold (up 14%). Highest sale $4.7MM (’13) vs. $5.3MM (’12). This is the entire16th Floor 3 bed/3 bth apartment – 3,358 sq. ft. in the sought after Tudor Manor Heritage rebuild at 1311 Beach Avenue. Magnificently renovated with marble, high end hardwood and an impressive chef’s kitchen. Panoramic, unobstructed 360 deg view. Listed originally at $5.1MM, it sold in Dec’13 after 209 days on the market. Tax assessed at $3.683MM. Another home marketed by RE/MAX Metro Vancouver Properties.

Here are the current inventory (listings) figures:

Detached ($2MM and up) 981 – Highest $22.8MM * – 37 at $10MM plus
Attached ($1MM and up) 111 – Highest $35MM** – 8 at $3MM plus
Apts ($1MM and up) 301 – Highest $22.3 MM*** – 16 at $5MM plus

* 5050 Happy Valley Lane. 2yr, 7bd, 8bth- 12,988 sq ft. custom blt estate
(2.3 acre lot), Caulfield W/Van. European style mansion, Lighthouse Park.
** 3838 Cypress St. 5bd/7bth, 3 lvl, 12,216 s/f SL1 &2 combined, early
1900’s Heritage ‘A’ gem, Lt. Gov. Hamber’s Res “Greencroft Estate”
*** 3 Harbour Green 8,008sf P/H – 4bd/6bth, approx 3000sf patio/dk/rftop

Call 604-626-2526/e-mail HOP for info or to view any of these.

Note: We place little store on “asking” prices, as the true measure of a market is “sale” price. We include these as they are clearly of interest. It underlines the fact that unique properties are challenging to price and, in certain markets, very few may sell.

Please visit our website for new developments. We continue our promise to keep you up to date on Vancouver’s HomesOfProvenance.com – the “go to” site for Upper Tier Real Estate analysis and jumping off point for market offering information.

To join the group getting the e-mail version of this “update” – send a request now to info@HomesOfProvenance.com and you’ll be assured receipt; phone us at (604) 626-2526 or visit www.HomesOfProvenance.com

Issue 20 – October 2013

GREATER (METRO) VANCOUVER

OCTOBER 2013 QTLY UPPER-TIER REAL ESTATE UPDATE

 BEING THERE WHEN HISTORY IS MADE – PT II

 Thank you to those of you who called, e-mailed, and in various ways commented on last Quarter’s discussion on the ‘Metro Vancouver Groups’ involvement in the Fairmont Pacific Rim sales [“When History is made – PT 1 – JULY 2013]. Please see ISSUE 19 HOP website, if you did not see that one. A little more on that later, including a surprise development.

Our Upper Tier activity continues apace and H. of P. wants to address a story which surfaced during August. We suggest, for a moment, that we collectively suspend our judgement and preconceptions and consider the ramifications of the following. Donald Trump is invited to this city to “rebrand” the 2009 shelved project formerly known as The Ritz Carlton Tower. That proposed 63 storey tower designed by renowned architect, Arthur Erickson, it was announced, would henceforth be known as the Trump International Hotel and Tower in Vancouver. “We are thrilled to be bringing the Trump flag to Vancouver as it has become a world-class city in its own right” Trump said at a packed press conference. When looking at expanding our portfolio, we felt that this was a market that held great potential for our brand”. This $360MM tower will house the highest Michelin star rated restaurant in Canada when it opens. Presales are commencing as this is being written – anticipated completion is estimated to be in the range of mid-2016. Other features include champagne bar, a pool bar and Canada’s first Mar-a-Lago Spa to be opened by Trump’s daughter Ivanka.

We felt that it was of interest to return briefly to the ‘Fairmont sale story’ of our last Update. Some coverage has emerged, but surprisingly little, in our estimation. Our Canadian “discretion” is likely part of this and is, we feel, a good thing. Our discussion with the Buyer’s local representative (see the HOP interview appended here) revealed a few more details – a further sidebar to last update’s sidebar if you will. The foreign buyer stated that they were attracted to Vancouver and Canada by the country’s stability and the city’s natural beauty and stressed that they placed in high value the pervasive societal acceptance exhibited by the citizenry. This is borne out by the final figure attached to the aggregated purchase. Not only did they acquire the 3 units referred to in last Quarter’s report but subsequently arranged the addition of the last unit on the 46th floor. Premier penthouse accompanied by the sub floor’s entire footplate. The total consideration, an astounding figure, a shade under $55MM. While clearly, the parcel is not a principal residence, it represents a major vote of confidence in our city’s standing and its future.

Yes, a serious level of demand for our city’s real estate and an active market in its upper tier. We clearly believe that this demand will grow by leaps and bounds.

For full details of third quarter sales and available properties please click here.

Please visit our website for new developments.  We continue our promise to keep you up to date on Vancouver’s HomesOfProvenance.com  – the “go to” site for Upper Tier Real Estate analysis and jumping off point for market offering information.

 To join the group getting the e-mail version of this “update” – send a request now to info@HomesOfProvenance.com and you’ll be assured receipt; phone us at (604) 626-2526 or visit www.HomesOfProvenance.com

Issue 19 – July 2013

GREATER (METRO) VANCOUVER

JULY 2013 QTLY UPPER-TIER REAL ESTATE UPDATE

 BEING THERE WHEN HISTORY IS MADE ?

 In May of this year, history was made in Vancouver. We, at Homes of Provenance, are pleased to have been able to discuss this disposition and acquisition with the representative Realtors of both the seller and the buyer. We are speaking, of course, of the sale of the Fairmont Pacific Rim penthouse for $25MM in May.

This two-level jewel crowning the 47 story strata hotel on West Cordova was brought to market in August of 2011 at a price of $28,800,000. It is assessed, for property tax purposes at $16,991,000. The listing Real Estate company was Angel, Hasman of West Vancouver, represented by Malcolm Hasman, a well-respected and experienced Realtor involved in large part with the sale of upper-tier homes. The buyer was represented by Sasan Fazli of RE/MAX Crest Realty, part of the RE/MAX Metro Vancouver Group. Homes Of Provenance, whose Realtors are all licensed members of the 10 office “Metro” is pleased to have been associated with this momentous occurrence.

A fascinating side-bar to this story (property transaction) is the fact that the buyer’s representative Sasan Fazli concurrently assisted the buyer with the acquisition of both units 4601 and 4602 (sub-penthouses) in the same building.#4601 listed at $21,000,000 (assessed at $8,796,000) and sold for $15,000,000, a 4015 sq ft, one level – 3 bedroom, 4 bathroom unit is located below the abovementioned penthouse as is 4602. This was listed at $11,288,000 (assessed at $6,997,000) and sold for $9,750,000. At 3,358 sq ft, this 2 bedroom, 3 bathroom. A sum total of $49,750,000 for the three with an aggregate of 13,807 sq ft and generous outdoor patios for each unit. It is feasible that the buyer might “connect” one or both of the two lower dwellings with internal stairways. We are attempting to “interview” the two representatives and, if successful, will attach one or both of these “interviews” to this Update on the HomesOfProvenance.com website.

We feel it is of interest to explore some of the dynamics which brought this marketing to a successful conclusion. Indeed, in its simplest form, this is an example of the culmination of the interaction between a willing buyer and three willing sellers. Some details are obviously a matter of record, but these two representatives must respect the various parties’ privacy and
sensitivity.

There is evidently a serious level of demand for our city’s upper-tier residences and an active market in these. This serves to confirm the assertions made and reported in our last (first quarter) update. It is our considered belief that this demand will grow by leaps and bounds and transactional statistics will expand for Metro Vancouver in our arbitrarily chosen boundaries for the “upper tier”. Not a week goes by where we do not have some discussion as to the appropriateness of these parameters. At this point they shall remain as defined in the following figures.

Now the second quarter 2013 figures extracted from the REBGV database.

Detached homes sold [$2MM and above] 2013 – 385 listings sold vs. 2012 – 295 sold (an increase of 30%). Highest sale $16 MM (’13) vs. $12.030 MM (’12). This property – at 4815 Belmont Ave, Point Grey, sold in Apr’13 after 19 days on the market, originally listed at $17.5 MM, 4 bed/4 bth, it is a 3,625 sq ft structure on approx 52,000 sq ft, water and mountain view lot– in beautifully landscaped garden. An impressive 48 year old University area home, tax assessed at $13.268MM. A unique property and a distinctive home of provenance.

Attached homes, those best described as townhomes and duplexes, [$1MM and above] 2013 – 86 units sold vs. 2012– 74 sold (an increase of 16 %). Highest sale $4.75MM (’13) vs. $2.598 MM (’12). This property, at the Kingswood, W14th Ave in Fairview sold in May ’13 after 22 days on the market and was originally listed at $4.999 MM. One of 18 luxury adult, concrete construction terrace homes with outstanding views. 3bd/5bth and 4,366 sq ft of living space. A luxurious home lushly landscaped with a 6,700 s/f wrap-around terrace.

Apartments [$1MM and above] 2013 – 122 units vs. 2012 – 122 sold. Highest sale $25 MM (’13) vs. $4.338MM (’12). This is the penthouse, 47th Floor 3 bed/4 bth apartment, 2 full levels – 6,434 sq. ft. in the Fairmont Pacific Rim which graced the “current inventory” section below for almost 2 years – aptly described as “the most prestigious ocean front penthouse in the city” and “truly world class and without comparison” . Listed originally at $28.8MM, it sold in May ’13 after 643 days on the market. Tax assessed at $16.991MM. (see above).

Here again are the current inventory (listings) figures:

Detached ($2MM and up) 1422 – Highest $29.88MM * – 45 at $10MM plus
Attached ($1MM and up) 185 – Highest $4.998 MM** – 10 at $3MM plus
Apts ($1MM and up) 391 – Highest $19.88MM*** – 3 at $10MM plus

* 5633 Newton Wd ¾ ac lt. 6bd, 8bth- 14,000sq ft arch. designed mansion
** 2474 s/f. Yaletown 1576 Homer Mews (Erickson) t/hse – 3bd/3bth
*** Penthouse at Harbour Green II 3bd/5bth, 2 lvl, 6018 s/f, 1139WCordova

Note: We place little store on “asking” prices, as the only true measure of a market is “sale” price. We include these as they are clearly of interest. It underlines that unique properties are challenging to price and, in certain markets, very few may sell.

Please visit our website for new developments.  We continue our promise to keep you up to date on Vancouver’s HomesOfProvenance.com  – the “go to” site for Upper Tier Real Estate analysis and jumping off point for market offering information.

 To join the group getting the e-mail version of this “update” – send a request now to info@HomesOfProvenance.com and you’ll be assured receipt; phone us at (604) 626-2526 or visitwww.HomesOfProvenance.com

Issue 18 – April 2013

GREATER (METRO) VANCOUVER

APR 2013 QTLY UPPER-TIER REAL ESTATE UPDATE

 OUR CITY’S FUTURE IN LUXURY?

 In March of this year, the Globe and Mail published an interesting article with a headline which read – “Canadian luxury real estate set for a boost from the newly rich”. It is almost the only editorial over the past year or so that presages a positive future for any element of Canadian real estate in any corner of our country, province or city. It touches on improving real estate values and increasing demand within the “upper-tier” sector and certain cities in particular. Could Metro Vancouver have received a mention,  or possibly two? Let’s find out.

Admittedly, this premier national daily newspaper is a business and economically oriented one and does not appear to be drawn to the highly emotive and lurid type of headline often employed by other publications (often, but not exclusively magazine style offerings) relying for an increase in sales at the checkout/newsstand on impulse purchasing by those with a penchant for the dramatic. Strangely, a reference to last quarter’s update comes to mind. The Globe’s offering in March alluded to numerous factors which were felt would ultimately lead to “…upward pressure on prices of luxury properties” and “Canada will become increasingly popular as a destination for international wealth along with New Zealand and Australia. That’s because of “the rule of law, strong domestic balance sheets, political stability, and [the fact that] they are lovely places to live”. Both references came from Andrew Hay, head of global residential property at, British-based Real Estate consultancy, Knight Frank.

While, it was noted, “Vancouver region’s premier real Estate market took a breather last year, although sales of properties valued at $3MM or higher remained well above levels of a decade ago”. In his words “Vancouver is definitely the most favoured Canadian location for the newly wealthy, outstripping Toronto and Montreal.”

This quote, too, appears in the same article – “Don Campbell, a senior analyst at Real Estate Investment Network in Vancouver, noted that the pattern of home price growth in Vancouver closely tracks the movements of Chinese GDP – an indication that Chinese investors have a considerable influence on the Vancouver market .”  See full copy http://rem.ax/ZeGZtZ

Now the first quarter 2013 figures extracted from the REBGV database.

Detached homes sold [$2MM and above] 2013 – 260 listings sold vs. 2012 – 361 sold (a decrease of 28%). Highest sale $18.6 MM (’13) vs. $19.88 MM (’12). This property – at 5638, Newton Wynd, Vancouver, sold in Feb’13 after 206 days on the market, originally listed at $23 MM, 5 bed/8 bth, it is a 9,734 sq ft structure on approx 30,000 sq ft, water and mountain view property– luxurious 1350 sq ft,  master suite. An impressive 10 year old University area home, tax assessed at $13.268MM.  An amazing home of provenance.

Attached homes, those best described as townhomes and duplexes, [$1MM and above] 2013 – 48 units sold vs. 2012– 83 sold (a decrease of 42 %). Highest sale $3.25MM (’13) vs. $3 MM (’12). This property, on Highgrove Place, Whitby Estates, W/Van, which sold in Mar ’13 after 361 days on the market, was originally listed at $3.398MM. One of 18 luxury adult, concrete construction terrace homes with outstanding views. 3bd/3bth and 3,282 sq ft of living space. Newly built for occupation end of 2013. Highly desirable homes being created with “provenance”.

Apartments [$1MM and above] 2013 – 92 units vs. 2012 – 77 sold (an increase of 19%). Highest sale $8 MM (’13) vs. $5.9MM (’12). This is the penthouse, 42nd Floor 5 bed/7 bth apartment “full floor” – 5,708 sq. ft. in The Melville (tallest in Coal Harbour) . Spectacular 360 deg view, clubhouse, pool, sauna, steam room. 11ft ceiling living room (18’ x 30’), pvt 3 car lock up garage and many more features incl the ‘chef inspired’ kitchen. Listed originally at $8.5MM, it sold in Mar ’13 after 241 days on the market. Tax assessed at $5.544MM.

Here again are the current inventory (listings) figures:

Detached ($2MM and up) 1310 – Highest $28.8MM * – 36 at $10MM plus

Attached   ($1MM and up) 161 – Highest $5.28MM** – 8 at $3MM plus

Apts ($1MM and up) 370 – Highest $28.8MM*** – 2 at $20MM plus

*     Caulfield W/Van  2.3 acre estate lot. 7bd, 8bth European style mansion

**    3414 sq. ft. “Cres on McRae”, Shaughnessy t/hse –  3bd/4bth

***  Penthouse 1 at Fairmont Pac Rim 3bd/4bth, 2 lvl 6434 sq.ft. 598 days

Note: We place little store on “asking” prices, as the only true measure of a market is “sale” price. We include these as they are clearly of interest.  It underlines that unique properties are challenging to price and, in certain markets, very few may sell.

Please visit our website for new developments.  We continue our promise to keep you up to date on Vancouver’s HomesOfProvenance.com  – the “go to” site for Upper Tier Real Estate analysis and jumping off point for market offering information.

 To join the group getting the e-mail version of this “update” – send a request now to info@HomesOfProvenance.com and you’ll be assured receipt; phone us at (604) 626-2526 or visitwww.HomesOfProvenance.com

Issue 17 – January 2013

GREATER (METRO) VANCOUVER

JAN 2013 QTLY UPPER-TIER REAL ESTATE UPDATE

THE END OR A BEGINNING?

There was a comment made last quarter of the “year coasting to a quiet close” and, yes, was it quiet! This quarter’s Update (the first edition of 2013) addresses a comparison of the last quarter’s results for 2012 vs. the same period for 2011. It’s always an interesting exercise comparing how successive years finish off.

We’ll get to these momentarily; firstly a comment on our headline and its possible “dark side”. With a subscription to MacLean’s magazine we see an advance copy thereof (digital download). Behold the first issue of 2013 (this is the Jan 14th edition, loaded to iPad on Jan 4th). One has to suppose that ‘publication date’ is a flexible concept 😉 ! We urge all “balance minded” folk to read it and make their own judgement accordingly. Here we go – the front cover (accompanying a picture representing an alternative concept of ‘prices going through the roof’) sports the headline “Inside the Great Real Estate Crash of 2013”. The article on page 44 shows a lurid photograph of flames surrounding a high-rise building and in block capitals the legend CRASH AND BURN. In an arena where opinion is fairly evenly spread between the “we’re doomed” believers and the “logically it is a correction” brigade, the only ‘economists’ quoted are those who would likely appreciate the author, Chris Sorensen’s rhetoric and the graphics used. Yes, we acknowledge the journalistically provocative style adopted by this publication (commencing about 4/5 years ago) and it is understood the nature of “debate” necessitates opening with a “speaking for the motion” piece.

While not wanting to question every comment raised, we’ll address one statement made. It refers to the three months of ‘falling housing starts’ as a bad thing and an indicator of impending Real Estate Armageddon (our hyperbole – apologies) .Why could it not be seen as a likely indication that builders and developers are making intelligent business decisions? … a logical response to the signs in the market. I do believe that this journalistic piece will be seen as a ‘poke’ to make the Canadian homeowner and those currently renting, question the pros and cons of being in or being out.

Now the final quarter 2012 figures extracted from the REBGV database.

Detached homes sold [$2MM and above] 2012 – 180 listings sold vs. 2011 – 267 sold (a decrease of 33%). Highest sale $8,388 MM (’12) vs. $14.68 MM (’11). This property – at 1688, Acadia Rd, Vancouver, sold in Oct ’12 after 48 days on the market, originally listed at $11.9MM, 7 bed/8 bth, it is a 9,916 sq ft structure on a 21,053 sq ft, W facing property– A 17 year old University area home, tax assessed at $8,006MM. A good example of a home of provenance.

Attached homes, those best described as townhomes and duplexes, [$1MM and above] 2012 – 44 units sold vs. 2011 – 52 sold (a decrease of 15 %). Highest sale $5.34MM (’12) vs. $3.3MM (’11). This property, on Bellevue Ave in Dundarave Ave, W/Van, which sold in Oct ’12 after 22 days on the market, was originally listed at $5.98MM. Hollingsworth designed, panoramic ocean and city views 2bd/4bth and 4,371 sq ft of living space. A spectacular 23 yr old waterfront townhome (tax assessed at $4.98MM) – on a 10,000+ sq ft lot.

Apartments [$1MM and above] 2012 – 70 units vs. 2011 – 82 sold (a decrease of 17%). Highest sale $5.3MM (’12) vs. $7.2MM (’11). This is a previously unoccupied (no HST) 22nd Floor 2 bed/3 bth apartment (NE facing) corner unit, 2630 sq. ft. unit in Three Harbour Green with 24/7 concierge. Unobstructed views, indoor swimming pool and more. Listed originally at $5.8MM, it sold in Oct ’12 after 33 days on the market.

Here again are the current inventory (listings) figures:

Detached ($2MM and up) 998 – Highest $37.9MM * – 37 at $10MM plus
Attached ($1MM and up) 107 – Highest $8.5MM** – 5 at $3MM plus
Apts ($1MM and up) 308 – Highest $28.8MM*** – 2 at $20MM plus

* W/front, view West Van estate marketed as 3way subdividable ppty
** 8243 sq. ft. fully restored Shaughnessy half duplex – 3437 Osler St
*** Penthouse 1 at Fairmont Pacific Rim 3bd/4bth, 2 lvl 6434 sq.ft. over 510 days on market

Note: We do not place too much store on “asking” prices, as the only true measure of a market is a “sale” price. These are however included because they are obviously of interest. It does underline the fact that unique properties are often challenging to price and that, in certain markets, very few of these offerings are sold. Note: in this market segment, the number of detached listings has risen by over 21% (year over year). Attached up by 16% and apt 8%. Just a note here; these inventory figures are as at Dec 31st of both years and a sizeable number “expire” by Jan 1st. Thus far (first two weeks) this year many of those which came off the market have not been relisted for sale. Many are resisting chasing a declining market in this phase of the cycle.

It will be of interest to see where sales activity in the upper tier moves during the first quarter of this year. It is questionable we’ll see an increase, in this quarter.

Again, visit the website to see the new developments. We continue our commitment to keep you up to date on Vancouver’s www.HomesOfProvenance.com – the “go to” site for Upper Tier Real Estate analysis and jumping off point for market offering information.

To join the group getting the e-mail version of this “update” – send a request now to info@HomesOfProvenance.com and you’ll be assured receipt; phone us at (604) 626-2526 or visit www.HomesOfProvenance.com

Issue 16 – October 2012

GREATER (METRO) VANCOUVER

OCT 2012 QTLY UPPER-TIER REAL ESTATE UPDATE

AT A POSITION IN A CYCLE

The headline this quarter is used in a somewhat ‘tongue in cheek’ way. As in, “when are we not at a position in a cycle?” The emphasis here is surely on the fact that ‘cycles’ become a topic when the circumstances we find ourselves in, are not to our total satisfaction and we need assurance that the ‘pendulum’ will return to the more desirable position. As a matter of interest, can you remember many communicators identifying what most would identify as a ‘desirable position’ for the purpose of reinforcing the inevitable reverse swing?

Upper end residential real estate is not immune to these cycles, although, as we have addressed before, those players with more significant financial resources are generally less vulnerable to the urgency brought about by the need for immediate disposition. Also, too, they are not as limited as the less financially endowed, by the inability to acquire real estate (or additional units) than say, the important sector of ‘first-time buyers’.

Consider for a second the impact of a cycle, such as the present one, on recreational real estate (generally a discretionary acquisition). Look at the softness around this province in places such as Vancouver Island, the Gulf Islands, Whistler and the Okanagan. Clearly, the demand has subsided and the sales that are being transacted are in large part at lower price levels than prevailed at the height of the preceding cycle. The fact remains that the confidence to buy affects all groups of buyers, even those with more significant wherewithal to buy. “Confidence” is the key here and this generally returns concurrent with the belief that the market has started to rebound.

Now the third quarter 2012 figures extracted from the REBGV database.

Detached homes sold [$2MM and above] 2012 – 197 listings sold vs. 2011 – 312 sold (a decrease of 37%). Highest sale $16.167 MM (’12) vs. $10.3 MM (’11). This property – at 1988 Drummond Drive, Vancouver, sold in Sept ’12 after 228 days on the market, originally listed at $19.6MM, 4 bed/8 bth, it is a 12,184 sq ft structure on a 65,433 sq ft, W facing property with 10 car garage – A 5 year old Pt Grey masterpiece, tax assessed at $11.2MM. Indeed a home of provenance.

Attached homes, those best described as townhomes and duplexes, [$1MM and above] 2012 – 45 units sold vs. 2011 – 68 sold (a decrease of 34 %). Highest sale $4.28MM (’12) vs. $3.15MM (’11). This property, at The Erickson (Homer Mews) in Yaletown, which sold in Aug ’12 after 117 days on the market, was originally listed at $5MM. A unit with unobstructed False Creek views, 3bd/3bth with 2,502 sq ft of living space. A spectacular 2 yr old semi-waterfront townhome (tax assessed at $3.7MM) – one of a kind.

Apartments [$1MM and above] 2012 – 76 units vs. 2011 – 127 sold (a decrease of 40%). Highest sale $6MM (’12) vs. $10.1MM (’11). This is a spectacular refurbished and fully furnished 38th floor Aquarius penthouse (the entire floor – 5,234 sq.ft.) 3 bed/7 bth apartment with panoramic 360 degree breathtaking views (incl 4 car pkg). Listed originally at $7.45MM, it sold in Sept ’12 after 96 days on the market. Note – larger than the attached sale above and all ‘on one floor’ – unit 3801 & 3802 combined.

Here again are the current inventory (listings) figures:

Detached ($2MM and up) 1404 – Highest $37.9MM * – 48 at $10MM plus
Attached ($1MM and up) 206 – Highest $8.96MM** – 11 at $3MM plus
Apts ($1MM and up) 436 – Highest $28.8MM*** – 5 at $10MM plus

* W/front, view West Van estate marketed as 3way subdividable ppty
** 8243 sq. ft. fully restored Shaughnessy half duplex – 3437 Osler St
*** Penthouse 1 at Fairmont Pacific Rim 3bd/4bth, 2 lvl 6434 sq.ft. over 400 days on mkt

Note: We do not place too much store on “asking” prices, as the only true measure of a market is a “sale” price. These are however included because they are obviously of interest. It does underline the fact that unique properties are often challenging to price and that, in certain markets, very few of these offerings are sold. Note: the number of detached listings has risen by over 21% (year over year). Attd by 44% and apt no change.

It will be of interest to see where sales activity in the upper tier moves during the final quarter of this year. It is unlikely that we’ll see an increase, if any, before next year.

Again, visit the website to see the new developments. We continue our commitment to keep you up to date on Vancouver’s www.HomesOfProvenance.com – the “go to” site for Upper Tier Real Estate analysis and jumping off point for market offering information.

To join the group getting the e-mail version of this “update” – send a request now to info@HomesOfProvenance.com and you’ll be assured receipt; phone us at (604) 626-2526 or visit www.HomesOfProvenance.com