Exclusive Sneak Peek!

 

Vancouver's Most Sensational Development in Recent History

 

Set to become Vancouver's second tallest residential tower with 53 floors of 1, 2 and 3 bedroom homes, 

TELUS Garden will revitalize an entire city block in the heart of Downtown Vancouver at Richards and Robson. This ideal urban location will become home to TELUS' brand new national headquarters.

 

 

The New Standard for Intelligent and Green Living

 

TELUS Garden will be home to the most advanced technological solutions for your home, including TELUS Optik TV, TELUS Optik Internet, and a TELUS App which will centralize and streamline your home technology.

Projected to achieve LEED Gold, homes will feature state-of-the-art sustainability features

 

including on-site district energy heating and cooling system which is expected to result in an overall 80% reduction in energy demand; rainwater collection for landscape irrigation; and electric car charging stations.

 

 

Urban Wellness Centre Preview

 

Wellness begins at home, and with over 15,000 square feet of amenities, TELUS Garden will be your personal sanctuary. Convenient concierge services are provided 24 hours a day. Residents will also enjoy direct access to the new world-class YYoga, offering over a dozen styles of yoga, Pilates, YRide and core classes to energize body, mind and soul.

The Wellness Centre also includes a spectacular heated outdoor swimming pool and gym facility to fully support your fitness goals and well being.




 


 



 


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When real estate entrepreneur Cam Good hosted a group of predominantly mainland Chinese investors this Wednesday at a White Rock condo showing, he was tapping into a market that's surging across much of Metro Vancouver.

 

 

Good, president of The Key, a Vancouver-based sales and marketing firm that's focusing on a new wave of Chinese buyers, figures he's sold more than 500 homes to mainland Chinese investors and immigrants in January and February in Vancouver and Toronto.

He's also opened an office in Beijing's business district -The Key China -where Chinese buyers can purchase Canadian condos from a presentation centre and view videos that showcase various condo developments and the virtues of Canada.

"[Chinese investors] have really picked up a lot of steam in the last two or three months," Good said in an interview. "And I believe this is just the tip of the iceberg. There's an über-wealthy upper class forming and there's a strong middle class growing in China. This massive middle class is now getting to a point where they can afford international real estate. And Canada is viewed by the Chinese as a very stable place to put their money.

"There are literally planeloads of Chinese coming here to buy real estate."

Wednesday's attraction was Avra, a 17-storey condominium tower that's slated to be built over the next two years, and Good took along a busload of investors -some from China and some already living here -and their agents to view the plans.

But it's not just condos that are attracting Chinese buyers, with single-family homes and large lots topping the list.

Across the Lower Mainland, especially Richmond and Vancouver's west side, mainland Chinese buyers and immigrants are becoming a major part of the market, in some cases competing with each other through multiple offers.

But the phenomenon is starting to spread to other areas including Burnaby, West Vancouver, White Rock and beyond.

"We predict that this will be a dominant trend for a long time," Scott Brown, senior vicepresident, Western Canada for Colliers International residential marketing, said in an interview. "Some of the most expensive [Vancouver] real estate is only being marketed to Chinese buyers. And Vancouver and Toronto are very popular."

According to a report on new multi-family home sales in the Lower Mainland by Colliers, which recently opened a dedicated office in Shanghai to deal with the increasing demand, a total of 2,711 new multi-family units were sold in the region in the fourth quarter of 2010, making it the most active quarter of the past year.

"As in each quarter in 2010, the health of the market is expected to continue to be positively impacted by increasing Asian immigrant and investment demand," the report, prepared by Colliers and Urban Analytics, concluded.

Scott said the expected offshore demand will continue to be "the dominant story in 2011 that it was in every quarter of 2010 especially in Vancouver-west, Metrotown and Richmond."

The demand for Vancouver properties appears to be fuelled by many factors -including, ironically, a crackdown on property purchases in mainland China that may be moving much of that investment overseas, particularly to Canada.

Local real estate companies are tapping into the demand, which realtors say is also partly fuelled by an easing of travel restrictions by China with the granting of approved destination status to Canada.

As well, local Vancouver area Chinese-language newspapers are being used by realtors and agents to specifically target mainland Chinese buyers, citing Canada and Vancouver's stability and strong local real estate returns.

A recent report in the China Daily, a state-run publication based in Beijing, said Canada was "the most popular choice" for overseas investors while "growing restrictions on property purchases in major Chinese cities [are driving] the country's nouveau riche to look overseas for investment opportunities."

The newspaper noted that most overseas property purchases are motivated by a combination of factors including immigration, education and investment, with Canada, Australia and the U.K. topping the list of destinations.

The China Daily report also said buyers from the Chinese mainland represent between 40 and 50 per cent of the current market for pre-sale projects in Vancouver.

But China's effort to cool an overheating market is just one reason investment is pouring into Canada.

Brown believes there are many factors, especially Canada's image as a great country to live in and a safe place to invest money. "There's no one easy answer, but one of the main drivers is [they] believe that having their children educated in Canada [is good]. The other driver is that Vancouver is a beautiful, livable city and they want to buy their own piece of it."

One recent buyer is former Beijing resident Yang Yang, who moved to B.C. with her husband and young daughter last summer, purchased a detached house in Surrey, and accompanied Good to the White Rock condo showing.

"We prefer the peaceful life here," Yang said in an interview. "Beijing is very crowded and the air pollution is bad there."

Yang said that she and her husband, an IT engineer, are considering a condo at Avra as a place to retire when they no longer need their larger home.

Yang's realtor, Hong Lui, with Interlink Realty in Richmond, said she first noticed a surge in mainland Chinese interest last spring and it's grown increasingly stronger, with a mix of investors, including those who want to immigrate to Canada and others who are looking here after the Chinese government restricted their ability to own several homes.

Richmond MacDonald Realty realtor David Lindsay said: "January and February has been almost exclusively mainland Chinese buyers of big lots, with a house of little value on it. And we're getting multiple offers."

He said, for example, that a typical lot in the Seafair area, which sold for $800,000 in October, is now selling in the $1.2-million range. "I sold one last Sunday and we had four offers. The winning bid was $1.03 million. It was on the market for $968,000." Lindsay believes there's speculation is going on, because some buyers are getting an accepted contract with a clause that allows them to assign the contract to a third party before the sale is completed. "One buyer didn't even set foot on the property."

Real Estate Board of Greater Vancouver president Jake Moldowan said he believes lifestyle is the core reason for the interest. "Vancouver is an extremely desirable place to be."

He said that Richmond lots are now going for $1 million to $1.3 million. "And I know that there have been realtors from Hong Kong and mainland China, who fly over there, put packages together, and then bring people over."

Meanwhile, Bosa Properties announced this week that its 34-storey Sovereign tower in Burnaby's Metrotown sold out immediately, surpassing the single day sales record in the Burnaby market by selling $98-million worth of real estate.

 

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Unbeatable Pricing, Quality and Credibility
 
Just take a look at these pricing examples. Call us to visit the completed two bedroom display suites.
  
Home Type
Sq. Ft.
Starting From: 
Inclusive of Net HST**
Starting From: 
Exclusive of Net HST
One Bedroom
623
$306,900 / $493 per sq. ft.
$291,730 / $468 per sq. ft.
Two Bedroom
764
 $371,900 / $487 per sq. ft 
$353,266 / $462 per sq. ft.
Two Bedroom + Workspace
853
$413,900 / $485 per sq. ft.
$390,335 / $458 per sq. ft.
Two Bedroom
944
$439,900 / $466 per sq. ft.
$413,283 / $438 per sq. ft.

 

You may also visit their website from the following link:
 
 
 
 
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Downtown Vancouver is getting a new $450-million casino and hotel complex to anchor its new "entertainment epicentre," B.C. Premier Gordon Campbell confirmed.
 
Campbell made the announcement with David Podmore, the chair of the B.C. Pavilion Corporation, at a news conference at the proposed site for the complex — a parking lot between BC Place and the end of the Cambie Street Bridge.
 
The casino, which will be similar in size to the River Rock in Richmond, will also include two major hotels, five restaurants, and more than 100,000 square feet of gambling facilities, said Campbell, who called the project a catalyst for development of the area.
 
The new facility will be run by Las Vegas-based Paragon Gaming, replacing the company's Edgewater Casino in the old B.C. Expo 86 pavilion across the street from the new site.
 

That location has had troubles with poor access and parking, but the new location is expected to be more easily accessible to the public.


Pending the approval of a re-zoning application by the City of Vancouver, construction is expected to begin in early 2011 and wrap up by 2013.
 
 
Next door, work is under way on the installation of a new retractable roof on BC Place stadium. That $460-million project is expected to be completed by the summer of 2011.
 
 
The new casino complex is expected to generate about 3,200 direct jobs during construction, and up to $130 million a year in revenues for the province once it is completed, said Campbell.

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The financially troubled Olympic Village in Vancouver has been put into receivership.
 
The City of Vancouver announced that it has negotiated an agreement with the accounting firm Ernst and Young to assume control of the Millennium Southeast False Creek Properties and the Millennium Water development, as the Olympic Village condominium project is now called.
 
Following the 2010 Winter Games, units in the eight-block, 25-building village were to be turned into a combination of free-market condos and social housing.
 
But sales never really picked up and in September, Millennium came up short on its loan payment and then said it didn't expect to finish selling the more than 400 remaining units for another 2½ years.
 
Even before the Games, the developer's original lender stopped paying its loan, forcing the city to step in and secure hundreds of millions of dollars to finish the project in time.
 
Millennium is scheduled to come up with another $75 million by January, but it is not clear now whether that payment must be made in light of Wednesday's announcement.
 
 
Price Reduction are Coming!
 
Condo marketer Bob Rennie announced that he is about to receive approval from Ernst & Young to reduce condo prices across the board in the Olympic Village complex in southeast False Creek.
 
Although he did not speak to any specific numbers, Rennie called the pending reductions ‘significant' . He spoke about a very delicate positioning of the new Olympic Village marketing plan quoting a ‘do it right or die' approach is the one they'll be taking.
 
Rennie hinted that a possible relaunch price could be around $1,000 per square foot for the high-end units and that he expects to move 100 units by June next year. The target date for the newly priced marketing relaunch is Feb 12, 2011, the one year anniversary of the 2010 games.

My feeling is that while $1,000 per square foot will be achievable, those sales will be limited to the best of the best only – waterfront suites. Look for a huge price differential between the waterfront suites and those further back in the compound towards the Wall Center at False Creek development site.

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