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