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  1. Voici quelques photos de Ho Chi Minh City que j'ai eu l'immense plaisir de visiter récemment. Le développement de cette ville se fait à une vitesse folle et il y a du beau real estate pour des enthousiastes comme nous.
  2. MONTREAL - It’s the talk of downtown: big changes are said to be coming to Ogilvy’s and Holt Renfrew. The buzz is that Holt’s will close in its current location, move into Ogilvy’s, and the Art Deco Holt building will become condos. Sales staff in the area worry about their jobs, while merchants wonder what effect the loss of a retail anchor on Sherbrooke St. W. would have on the foot traffic for boutiques on Crescent and de la Montagne Sts. The rumours come after Selfridges Group Ltd., owners of Holt Renfrew, acquired Ogilvy’s this summer. Terms for the sale, which closed on Sept. 8, were not disclosed. The sale came just a year after a consortium of Quebec real estate investors bought the historic department store. “As of now, it’s business as usual for both,’’ said Jean-Sébastien Lamoureux, a spokesman for SGL, part of the billionaire Weston family’s empire. The Toronto family also owns Selfridges department store in the United Kingdom, stores in Ireland and the Netherlands, and controls Canada’s Loblaw grocery chain. An Ogilvy’s branch at Quartier Dix30 had been set to open next August. SGL still plans to open a store in Phase 3 of the South Shore mall, but no date for the opening has been set, said Lamoureux of National Public Relations. “Rumour is rumour,’’ said Ogilvy president Michel Théroux. “There’s no way to kill a rumour.” “The owners are studying a lot of scenarios,’’ Théroux said, emphasizing he has no information on any changes. He, too, tells employees it’s business as usual. A retail analyst, as well as executives speaking off the record, say that merging Holt Renfrew and Ogilvy’s stores is logical. The big question, said one source, is the future of Ogilvy’s as a heritage brand. “They’re not looking to walk away from it as brand, but it won’t be the name on the door,’’ the source said, adding that Ogilvy’s has great recognition and appeals to many people who don’t shop at Holt’s. “Heritage and tradition is worth something, but at the end of the day – I don’t know. We’re all waiting.” Holt’s has about 64,000 square feet of selling space compared with Ogilvy’s 120,000 square feet. About 80 per cent of Ogilvy’s is leased to boutiques, including Louis Vuitton, Ports, Les Chaussures Ogilvy (actually run by Jean-Paul Fortin shoes) and the large Design Louis George boutique on the fourth floor. Holt’s, with 11 stores across Canada, leases space to Hermès, Chanel, Links, Max Mara and the fur boutique. The future of many of those leased boutiques is at risk, a source said, wondering how the brands from the two stores will be merged. The source said Holt Renfrew has to face up to competition across Canada and in Montreal, with U.S. chains moving in and with the online shopping onslaught . “It’s time for a wow store in Montreal,’’ the source said. “I don’t know where the bagpipes will be.” Whatever is in store is years away, observers say. Asked whether Montreal can afford two high-end department stores, consumer analyst Neil Linsdell said there is definitely enough money here. “But when you get on that very high end, you’re not competing with everyone else in Montreal, because you probably have more travelled customers,’’ said Linsdell, of investment bank Versant Partners. “To a certain extent, you’re probably competing with London, New York.” In every sector, the selection is greater in the U.S., he added. “You can be very successful at either end of the market, high end or low end. Everybody is being squeezed in the middle,’’ Linsdell said. “High end is probably a better place to be.’’ To Théroux, Montreal has had room for the two high-end stores in the past, so he sees no reason that should not be in the case in the future. That said, Montreal is a small market and not a shopping destination for well-heeled tourists. “It’s not Toronto, it’s not New York. So you have to be a little bit different – offer things that people enjoy and like. We have to be humble,’’ he said. “Let’s address quality for the Montreal market.’’ He said the Louis Vuitton boutique at Ogilvy’s does very well; its accessories are affordable for many people. “But can we have a Prada boutique (with a) full assortment, etc., etc.? I’m not sure.” Real estate agent Liza Kaufman, who sells the adjacent Ritz condos, had heard the rumours, too. She said she thinks nobody really knows the plan. “There is going to be a Holt Renfrew,’’ she said. “Holt’s is a national brand. Ogilvy’s is only local. I do love Holt Renfrew. I love the location, obviously. Having said that, the store is small.’’ She and her clients travel and do a lot of their shopping elsewhere, she said, for the greater selection and the better prices. Kaufman said she thinks it’s business as usual for five years. As for possible changes to the real estate on Sherbrooke St. W., she suggested storefronts could remain on Sherbrooke St. W. even if the building becomes condos. “I would hope that other retailers take over that space if Holt’s does move,’’ Kaufman said. Linsdell noted that the demographics of an aging population favour the construction of more condos in the downtown area. And on the city council side: “There seems to be a war on the commuter.” Linsdell does not predict a major backlash from Montrealers by a move to Ogilvy’s by Holt Renfrew. It could be considered just a real estate play, he said, with Holt’s moving to the much roomier Ogilvy quarters and not losing that much in the availability of product.“There’s the immediate payoff on the real estate, selling it to a condo developer,’’ he said. Last week, the Quartier du Musée association staged a fashion show featuring designers in the area. Marie Rouzaud, coordinator of the group, said the goal is to keep designers and artisans – be it fashion or chocolate – and small businesses in the area. “We suffered because of the construction. Everywhere downtown is difficult, because parking is expensive, taxes are high,’’ Rouzaud said. “It’s hard to survive. Boutiques close, and big chains come in. Downtown must keep its authenticity,’’ she said. “If Holt Renfrew moves, it will be sad for the quartier.’’ The arrival of Montreal’s first Anthropologie, a U.S. chain store with a devoted following, and Tiffany’s jewellers is seen as good news in the short term. Both are expected to open early next year, Anthropologie next to Holt’s on de la Montagne, Tiffany’s in the new Ritz condo project on Sherbrooke. Designer Michel Desjardins, who opened a bright atelier-boutique on Crescent St. two years ago, said he likes the shopping corridor created by Holt’s and Ogilvy’s from Sherbrooke to Ste. Catherine St. “The circuit would be broken,’’ he said, if Holt’s were to wind up on Ste. Catherine, which he characterizes as less luxe than Sherbrooke. For Sally Yep, a boutique owner on de la Montagne, it’s difficult to imagine the merging of the two stores. “You always think of them as being separate fashion visions. I have the impression that Holt’s is going to stay strong,’’ she said. “Holt is the dominant brand. Ogilvy has more tradition.” Another merchant, not wishing to be named, also spoke of the different characters of the two stores. “It would be terrible without a free-standing Holt Renfrew and Ogilvy,’’ she said. “There is a clientele that is loyal to these stores.’’ http://www.montrealgazette.com/business/changes+predicted+Ogilvy+Holt+Renfrew/5756714/story.html
  3. http://www.cbc.ca/beta/news/canada/montreal/montreal-real-estate-tax-foreign-investors-vancouver-1.3704178 A new tax on foreign buyers in Vancouver has real estate agents predicting a spillover effect into other Canadian markets. But it's unclear if Montreal, often an outlier when it comes to real estate trends, will be among them. "I really don't think this is something that's looming for Montreal," said Martin Desjardins, a local realtor. The market here is "nothing compared to what's happening in Toronto and Vancouver," he said. The new 15 per cent tax, which took effect Tuesday, was introduced by the British Columbia government with the intent of improving home affordability in Metro Vancouver, where house prices are among the highest in North America. Ontario Finance Minister Charles Sousa has said he is examining the possibility of a similar tax "very closely," as a measure to address Toronto's skyrocketing home prices. Experts believe the Vancouver tax could exacerbate the booming housing market in Toronto and, potentially, affect other Canadian cities. Brad Henderson, president and CEO of Sotheby's International Realty Canada, said some foreign nationals could turn to areas not subject to a tax — either elsewhere in British Columbia or farther afield. "Certainly I think Toronto and potentially other markets like Montreal will start to become more attractive, because comparatively speaking they will be less expensive,'' Henderson said. However, the Montreal market has so far remained off the radar of foreign investors. France, U.S top Montreal foreign buyers the Canada Mortgage and Housing Corporation said the number of foreign investors in the Montreal area is small and concentrated in condominiums in the city's downtown. The report found that 1.3 per cent of condominiums in the greater Montreal region were owned by foreigners last year. That number jumps to nearly five per cent in the city's downtown. Residents of the United States and France accounted for the majority of foreign buyers, while China (at eight per cent) and Saudi Arabia (five per cent) accounted for far fewer buyers. Francis Cortellino, the CMHC market analyst who prepared the study, said it's difficult to determine whether the Vancouver tax will change the situation much in Montreal. "We're not sure yet what [buyers] will do," he said. "There are a lot of possibilities." In Montreal, Desjardins said the foreign real estate buyers most often operate on a much smaller scale, often consisting of "mom and pop investors" or people from France looking for a more affordable lifestyle. "I don't think it will ever be to the point where we'll have to put a tax," he said. Sent from my iPhone using Tapatalk
  4. Get the Real “Montreal Experience” at These 5 Can’t-Miss Restaurants http://www.vogue.com/13445210/montreal-dining-guide-local-traditional-authentic-food/
  5. http://www.newswire.ca/news-releases/nobel-reit-is-moving-downtown-montreal-577586241.html 2016 /CNW Telbec/ - (TSXV: NEL.UN) Nobel Real Estate Investment Trust (the "REIT" or "Nobel REIT") is pleased to announce that it is moving its head office into its most recent acquisition located at 2045 Stanley in Downtown Montreal. Our offices are therefore closed today for the move; they will reopen in our new premises on Monday May 2nd. The REIT will then be reachable again at its new phone number, 514-840-9339.
  6. www.e5pace.com Le résumé trimestriel unique en son genre d’Espace Montréal se démarque par ses rapports de premier plan sur le marché de l’immobilier commercial de la grande région de Montréal, ses entrevues, ses chroniques professionnelles et ses renseignements en matière de location. Le pouls de ce secteur dynamique est consulté dans chaque numéro d’Espace Montréal, une lecture incontournable attendue avec impatience par tout passionné du monde de l’immobilier commercial de Montréal. Industry leading reports, interviews, professional columns and market information are the hallmarks of Espace Montréal's unique quarterly roundup on commercial real estate in the greater Montréal area. The pulse of this dynamic industry comes to life in every issue of Espace Montréal - an eagerly awaited must-read publication for any aficionado of commercial real estate in Montréal.
  7. http://www.newswire.ca/news-releases/healthy-economic-outlook-for-montreal-and-quebec-city-in-2016-570899271.html OTTAWA, March 3, 2016 /CNW/ - Quebec's two largest cities are forecast to enjoy healthy economic growth in 2016. Montréal and Québec City can expect growth of 2.3 per cent and 2 per cent, respectively, according to The Conference Board of Canada's Metropolitan Outlook: Winter 2016. "The depreciation of the Canadian dollar and a healthy U.S. economy is bringing good news to Québec City and Montréal and their export-oriented industries. Economic growth in both cities has been on the upswing. In fact, we expect real GDP growth in both Montréal and Québec City to outpace the national average for the second consecutive year in 2016, after trailing it for five straight years" said Alan Arcand, Associate Director, Centre for Municipal Studies, The Conference Board of Canada. Highlights Montréal is expected to see real GDP growth of 2.3 per cent in 2016, up from 1.7 per cent last year. Québec City's real GDP growth is expected to reach 2 per cent in 2016. Vancouver's real GDP is forecast to grow 3.3 per cent, making it the fastest growing economy among the 28 census metropolitan areas covered in this edition of the Metropolitan Outlook. Montréal Montréal's economic improvement will be driven by a strengthening manufacturing sector, a rebound in construction, and steady services sector gains. Manufacturing output is forecast to expand by 3 per cent in 2016, bolstered by the combination of a weaker Canadian dollar and healthy U.S. demand. Two massive infrastructure projects—the $4.2-billion Champlain Bridge and the $3.7-billion Turcot Interchange—will help the local construction industry shake off three straight years of declines. However, a decline in housing starts will limit overall construction output growth to 2 per cent in 2016. Growth among the services-producing industries is projected to be 2.2 per cent in 2016, the same rate as in 2015. All eight industry sectors will advance this year, with the biggest gains coming from the business services sector and the personal services sector. In all, Montréal is expected to post real GDP growth of 2.3 per cent this year, up from 1.7 per cent in 2015. About 26,000 jobs are expected to be created in 2016. A similar rise in the labour force will keep the unemployment rate at 8.2 per cent, well above the national average of 7 per cent.
  8. L'entrepôt qui je crois était loué par la ville situé au 701 Notre-Dame Ouest a été démoli voilà pas si longtemps. Ils débarrassaient encore des débris la semaine dernière. Le terrain appartient tout vraissembablement à Magil Laurentienne, juste en face de la tour de la Bourse Je ne suis pas en mesure de savoir quel développement qu'il y aura à cet endroit. On parle de grands terrains de stationnement en ce moment. Du coup j'aimerais ajouter que le terrain du Bureau en gros non loin de la est d'un gaspillage de "prime real estate" avec le nouveau boulevard qui sera la bientôt. Quelqu'un peu m'éclairer et me pointer vers le fil du suejt sur le forum? (s'il y en a un) ou comment trouver plus d'info sur le sujet?
  9. Ce projet va renaitre de ses cendres (en partie), via un autre promoteur Simon Property Group, Calloway REIT, and SmartCentres Announce Second Premium Outlet Center® in Canada to Serve Montreal Area INDIANAPOLIS, May 21, 2012 /PRNewswire/ -- Simon Property Group, Inc. (NYSE: SPG), the world's leading retail real estate company, Calloway Real Estate Investment Trust ("Calloway") (TSX: CWT-UN) and SmartCentres announced plans to develop their second Premium Outlet Center® in Canada. The center will be located in the Town of Mirabel, Quebec, approximately 20 miles north of Montreal. The project, called Montreal Premium Outlets®, is a joint venture between Simon, Calloway and SmartCentres. Simon will own 50% of the project. The Mirabel site is located on Highway 15 at Notre Dame Street. Phase 1 will be comprised of 350,000 square feet of gross leasable area and 80 stores. Construction is expected to begin in 2013. The first Simon and Calloway project, Toronto Premium Outlets, located in the Town of Halton Hills, is currently under construction and on schedule for a summer 2013 opening. "Due to the strong response to our first announced project in the Toronto area, we are excited to now bring the Premium Outlets branded concept of upscale outlet shopping to the Montreal area," remarked John R. Klein, President of Simon's Premium Outlets platform. "We are pleased to quickly expand our presence in Canada and our partnership with Calloway and SmartCentres to develop another first-class project." "Opening a new Premium Outlet Center in the Montreal area will help fulfill the merchant demand for growth in Canada while providing economic benefits in and around Mirabel," said Al Mawani, CEO of Calloway. "With more than four million residents in the area, we look forward to bringing a high-quality outlet shopping experience to the region." "We're pleased to be partnering with Simon Property Group, the world leader in the shopping and outlet center business. We are excited about bringing many new international designer brands to the Canadian consumer at affordable prices," said Mitchell Goldhar, CEO of SmartCentres. "I am delighted with this decision to develop a portion of the Lac Mirabel lands and welcome Premium Outlets to our city," said Hubert Meilleur, Mayor of the City of Mirabel. "They can count on the City's full cooperation in seeing this new project through to its successful completion. Being the first in Quebec to have a Premium Outlets concept is something for us to be very proud of." Simon Property Group's outlet portfolio comprises 70 Premium Outlet Centers® including 57 in the United States, one in Puerto Rico, eight in Japan, two in Korea and one in Malaysia and Mexico. Premium Outlet Centers in the United States are located primarily in or near major metropolitan markets such as New York, Los Angeles, Boston and Chicago and visitor markets such as Orlando, Las Vegas and Palm Springs. Premium Outlets properties are distinguished by their unparalleled mix of leading designers and name brands selling direct to consumers at significant savings with each being an architecturally distinct village setting with charm and ambiance. About Simon Property Group Simon Property Group, Inc. (NYSE: SPG) is an S&P 100 company and the largest real estate company in the world. The Company currently owns or has an interest in 337 retail real estate properties in North America and Asia comprising 244 million square feet. We are headquartered in Indianapolis, Indiana and employ approximately 5,500 people in the U.S. For more information, visit the Simon Property Group website at http://www.simon.com. About Calloway Calloway is one of Canada's largest real estate investment trusts with an enterprise value of approximately $6 billion. It owns and manages approximately 26 million square feet in 118 value-oriented retail centres having the strongest national and regional retailers, as well as strong neighbourhood merchants. Calloway's vision is to provide a value-oriented shopping experience to Canadian consumers. For more information on Calloway, visit http://www.callowayreit.com. About SmartCentres A privately held Canadian company, SmartCentres has developed more than 200 shopping centres in communities big and small, and operates in every province. SmartCentres is committed to bringing value to Canadian communities through the efficiencies of unenclosed shopping centre formats each adapted to the market in which it is located. For more information on SmartCentres, visit http://www.smartcentres.com. http://phx.corporate-ir.net/phoenix.zhtml?c=113968&p=irol-newsArticle&ID=1698130&highlight= SOURCE Simon Property Group, Inc.
  10. http://globalnews.ca/news/1895026/business-vacancies-skyrocketing-in-montreals-west-island/
  11. Greece | Oil | Keystone XL | RRSPs | BoC | Apple | Target | Bombardier How the falling loonie and low rates could lure more foreign investors to Canadian housing Republish Reprint Garry Marr | February 26, 2015 | Last Updated: Feb 26 7:12 PM ET More from Garry Marr | @DustyWallet Twitter Google+ LinkedIn Email Typo? More Jason Payne/Postmedia News, file Jason Payne/Postmedia News, fileLennon Sweeting, a Toronto-based dealer with US Forex which trades in currencies, says the loonie is making housing more attractive to foreign buyers. Canada’s two priciest housing markets may not need the boost, but Toronto and Vancouver could be on the verge of a spike in foreign investment. Toronto's rental market reborn as housing prices surge out of reach for many ‘There’s a huge demand for rental… We are seeing for the first time in 40 years people are starting to build rental,’ says managing director of Timbercreek Asset Management With the loonie falling about 10% against the U.S. dollar in the last six months, foreigners who have their money parked in greenbacks or in currencies pegged to the American dollar are likely to ramp up their interest in the Canadian marketplace, say industry experts. Alberta, which is now facing a crunch of new listings and weak demand, is unlikely to see any benefit as investors run away from the province over oil price fears. “The reputation of the oilpatch here has been tarnished a bit,” says Dan Scarrow, the Shanghai-based managing director of Canadian Real Estate Investment Centre, which was set up just two months ago, and is run by Vancouver-based Macdonald Real Estate Group. He says the opposite is true in Vancouver and Toronto, where prices in January were up 7.5% and 6.1% respectively from a year ago, according to the Canadian Real Estate Association. “With the Chinese economy slowing down a bit and with the Canadian dollar depreciating 20% versus the RMB, it might change the calculus of some people of how much they want to leave in China and how much they want to bring to Canada.” To [foreign investors], the Canadian market has gone on sale Mr. Scarrow’s firm caused a stir last year with data it produced from its client base that showed 33.5% of all single-family homes sales in the Vancouver area could be traced to buyers from mainland China. Foreign buyers and their position in the marketplace have been a concern for some market watchers, who fear these investors are inflating housing prices. But there hasn’t been definitive data. Even the chief executive of Canada Mortgage and Housing Corp., Evan Siddall, conceded there were data gaps. The Crown corporation finally produced data two months ago on the condominium market that showed as much as 2.4% of Toronto highrises were in foreign hands and 2.3% in Vancouver, with some people still disputing those findings. Mr. Scarrow says in terms of Chinese investors they are divided between people still living overseas and people already living in Canada but with money still parked in RMBs. With Chinese New Year over, he expects investment to pick up. Related Foreign buyers taking over — this time it's Canadians in Florida IMF says housing in Canada overvalued by as much as 20% “Decisions have been held off until this week,” he says. “There is a lag for these things in terms of stats and what we see on the ground.” Brian Johnston, chief operating officer of Toronto-based Mattamy Homes, has never been a believer of the idea that foreign investment was a huge factor in Canadian housing, but he says when you get can a 10% to 20% currency swing it has to be positive. “To [foreign investors], the Canadian market has gone on sale,” said Mr. Johnston, noting his company also develops property in the United States it tries to sell to Canadians. “The reverse is true for them. The price of U.S. real estate just went up by 10%.” Lennon Sweeting, a Toront0-based dealer with US Forex which trades in currencies, says the loonie is making housing more attractive to foreign buyers. “The Bank of Canada has tried to offset lower prices with a weaker currency making investing in Canada more attractive,” said Mr. Sweeting, adding most high net worth investors are likely holding U.S. dollars right now. “Absolutely it makes it easier to buy [Canadian real estate]. If you’re holding U.S. dollars you are looking at buying at a discount and there’s plenty of supply.” Low interest rates have also boosted demand, even though foreign investors tend to have to put up larger down payments when borrowing to buy property. Shaun Hildebrand, senior vice-president at condo research firm Urbanation Inc., noted new condo sales in the Greater Toronto Area in 2014 rose over 50% from a year ago but it’s hard to pinpoint how much is attributable to foreign investors. “I wouldn’t be surprised at all to see more foreign investment in 2015,” said Mr. Hildebrand, adding surveys of Urbanation clients peg the foreign component of Toronto’s condo market at just under 5%. sent via Tapatalk
  12. http://www.playthecity.nl/ Play the City Play the City uses gaming to engage multiple stakeholders in resolving complex urban challenges. Changing the way we engage stakeholders, Play the City designs physical games as a method for collaborative decision making and conflict resolution. We tailor our games according to the questions of our clients. These can relate to large urban projects, refugee camps, violence prevention and other multi-stakeholder challenges societies face. We use gaming as a problem-solving method bringing top down decision makers together with bottom up stakeholders. In the accessible environment of games, freed from the jargons, various ideas, plans and projects meet, conflict and collaborate towards negotiated outcomes. We believe gaming is the real alternative to standard formats of public consultation in the 21st century. Our method has been acknowledged internationally and has been implemented for large-scale projects in Amsterdam, Istanbul, Brussels and Cape Town. You can gain more insight by clicking our projects page. sent via Tapatalk
  13. Square Dealing: Changes could be afoot at the iconic Westmount Square BY EVA FRIEDE, MONTREAL GAZETTE OCTOBER 10, 2014 2:16 PM Investor Olivier Leclerc outside Westmount Square, who has purchased 84 units in the complex for $70 million. Photograph by: John Mahoney , Montreal Gazette An investor has bought 84 rental units at Westmount Square for $70 million, and says that less than two months after the sale, he has already resold at least 48 of the apartments. Olivier Leclerc, 26, acting with real estate broker and adviser Albert Sayegh, bought the units at the iconic Mies van der Rohe buildings in August from Elad Canada, a division of the Israeli real estate multinational Tshuva Group. The deal means that Elad has sold all of the approximately 220 units in the two residential towers of Westmount Square. Now it is proposing to convert Tower 1, with 200,000 square feet of office space, to condos. But Westmount has slapped a freeze on all conversions from commercial or institutional buildings to residential use and is studying all development in its southeast commercial sector, from Atwater to Greene Avenues. The freeze is in effect until an interim bylaw is adopted and an update on the study is expected in November, said Westmount councillor Theodora Samiotis. Samiotis, who is the commissioner of urban planning for Westmount, said there are two concerns about such a conversion. First is Westmount Square’s heritage value as a Mies van der Rohe mixed commercial-residential project, completed in 1967. “On a heritage value, obviously we would want to make sure that any architectural aspect of the design would respect that,” she said. And there are those who would argue that changing the usage combination would change the architect’s vision, she said. The complex was conceived with three towers — two residential and one office — and an 86,000-square-foot shopping concourse. Equally important to Samiotis is the commercial vibrancy of the area. “So when you tell me you are changing a commercial tower to a residential tower, I am concerned about the impact this is going to have on my commercial district,” she said. Residential tax rates are lower than commercial rates, so the city also could lose revenue. “It’s not just the conversion of any building. It’s a landmark,” she said. They are very much aware of the proposal to convert the office tower, Sayegh said, but the file is currently closed. “If Tower 1 does occur, we will look at it,” he said. Elad Canada owns, operates or is developing such properties as New York’s Plaza Hotel, Emerald City in Toronto and in Montreal, the Cité Nature development near the Olympic Village and Le Nordelac in Point St-Charles. The 84 Westmount Square units were the remaining rental units in two of the towers. In a meeting at Sayegh’s real estate office — he is president of the commercial division of RE/MAX Du Cartier on Bernard St. W. — Leclerc said he bought the apartments in August as an investment, and resold them to various groups of investors, two of which bought about 12 apartments each. Leclerc would not specify how many of the apartments he intends to keep. It is a significant sale, probably the biggest of the year, said Patrice Ménard of Patrice Ménard Multi-Logement, which specializes in sales of multi-unit residential buildings. But it is not a record. By comparison, the La Cité complex of three buildings with more than 1,300 units sold for $172 million two years ago. Also in 2012, Elad sold the Olympic Village to Capreit Real Estate Investment Trust for about $176 million, Ménard said. Both La Cité and the Olympic Village remain rental properties, however. Both Sayegh and Leclerc emphasized that confidence in the economy was a basis for the Westmount Square purchase. The reselling was not a flip, but a long-term strategy, Sayegh said. “He has his own chess game,” Sayegh said. “The context was favourable to take hold of such a prestigious building — the political context,” Leclerc said. “The socio-economic climate in Quebec has never been as conducive to investments as it is today,” Sayegh added. Leclerc would not say what profit he has taken so far, nor what return he is expecting. “It’s a nice acquisition to my portfolio,” Leclerc said. He also owns or has converted buildings in Mont St-Hilaire and Brossard as well as Hampstead Court on Queen Mary, bought in 2011 and now all sold. Four years ago, Leclerc joined his father, Ghislain, in the business of converting rental buildings to co-operatives. Over 25 years, he and his father have converted more than 2,500 apartments, he said. His father is now semi-retired. With his father, he also worked on the conversion of the Gleneagles apartments on Côte des Neiges Rd., bought in 2010 and sold by 2013. “We do major work. We put the building in top shape,” Leclerc said. “Then we make esthetic improvements. After that, we sell the apartments. “We never throw out the tenants. We profit from the fact that the tenants are in place, who pay rent ‘x’ for an apartment in the state it is in. “We respect the rental laws.” Leclerc said he buys only good buildings in good locations. “The area reflects the tenants. Location, location, location.” At Westmount Square, the tenants are not affected, Leclerc said, as the same company, Cogir, manages the building. The range of price for the 84 apartments was $400,000 to $2 million. efriede@montrealgazette.com Twitter: @evitastyle
  14. Influx of South Americans Drives Miami’s Reinvention By LIZETTE ALVAREZ JULY 19, 2014 MIAMI — As the World Cup played out over the past month, yellow-clad Colombians packed the Kukaramakara nightclub downtown, Aguila beers in hand, shouting, “Colombia, Colombia!” Outside, Brazilians in car caravans blasted samba music. Argentines, some in blue-and-white striped jerseys, jammed into nearby steakhouses and empanada joints. Around town, children filed into Sunday Mass, their jerseys ablaze with their futbol heroes from across Latin America. It was less a commentary on soccer than a tableau vivant of the new Miami, which has gone from a place defined by Cuban-Americans to one increasingly turbocharged by a surge of well-educated, well-off South Americans in the last decade. Their growing numbers and influence, both as immigrants and as visitors, have transformed Miami’s once recession-dampened downtown, enriched its culture and magnified its allure for businesses around the world as a crossroads of the Spanish-speaking world. “It’s now the indisputable capital of Latin America,” said Marcelo Claure, a Bolivian millionaire who founded Brightstar, a global wireless distribution company based here. “The Latin economic boom in the last 10 years has led to the creation of a huge middle class in countries like Brazil, Peru and Colombia, and they look at Miami as the aspirational place to be.” The transformation, the latest chapter in the city’s decades-long evolution, is especially apparent amid the building cranes, street life and nightclubs downtown. But it is seen across Miami-Dade County, where highly educated South American immigrants and second-home owners have increasingly put down roots and played a major role in jump-starting a region that not long ago was ravaged by recession. Their relative wealth has allowed them to ramp up businesses like import-export companies and banks, and to open restaurants that dish out arepas from Venezuela, coxinhas from Brazil and alfajores from Argentina. Partly as a result of that influx, the Miami-Fort Lauderdale region eclipsed Los Angeles in 2012 as the major metropolitan area with the largest share — 45 percent — of immigrant business owners, according to a report by the Fiscal Policy Institute, a research group. The South American presence has also reshaped politics and radio here. More moderate than traditional Cuban-Americans, South Americans have nudged local politics toward the center. Radio stations no longer cater exclusively to Cuban audiences; they feature more news about Latin America and less anti-Castro fulminating. Last week, Charlie Crist, who is running for governor as a Democrat, named a Colombian-American woman from Miami, Annette Taddeo-Goldstein, as his running mate. Colombians, who first began to settle here in the 1980s, are the largest group of South Americans. They now make up nearly 5 percent of Miami-Dade’s population. They are joined by Argentines, Peruvians and a growing number of Venezuelans. Brazilians, relative newcomers to Miami’s Hispanic hodgepodge, are now a distinct presence as well. The Venezuelan population jumped 117 percent over 10 years, a number that does not capture the surge in recent arrivals. Over half of Miami’s residents are foreign born, and 63 percent speak Spanish at home. Continue reading the main story The influx is expanding the borders of immigrant neighborhoods in places like West Kendall, the Hammocks and Doral. Their numbers are growing across the county line into Broward, where one city, Weston, has gained so many Venezuelans that it is jokingly called Westonzuela. Jorge Pérez, the wealthy real estate developer for whom the the new Pérez Art Museum Miami is named, said the latest surge of South Americans was turning the city into a year-round destination and luring more entrepreneurs and international businesses. Latin American banks have proliferated as they follow their customers here. Most noticeably, they are snapping up real estate in Miami, Miami Beach and Key Biscayne, a wealthy island two bridges away from Miami. Real estate developers credit South Americans for spurring the current housing boom. “South Americans are the game changers — they are the ones that allowed the housing market to bounce back,” Mr. Pérez said. Cubans still dominate Miami, making up just over half the number of Hispanics and a third of the total population, and Central Americans have flocked here for decades. But in an area where Hispanics have gone from 23 percent of the population in 1970 to 65 percent now, what is most striking is the deepening influence of South Americans. Many came here to flee a political crisis, as the Venezuelans did after the presidential election of Hugo Chávez in 1998 and then his protégé, Nicolás Maduro, or to escape turbulent economies, as the Argentines and Colombians did more than a decade ago. But the latest wave of South Americans adds a new twist. It includes many nonimmigrants — investors on the lookout for businesses and properties, including second homes in Miami and Miami Beach. For them, Miami is an increasingly alluring place to safely keep money and stay for extended periods. Spanish, which has long been the common language in much of Miami, now dominates even broader sections of the city. In stores, banks, gyms and even boardrooms in much of Miami, Spanish is the default language. “You can come here as a businessman, a professional, and make five phone calls, all in Spanish, to set up the infrastructure for your business,” said Guillermo J. Grenier, a sociology professor at Florida International University. The effect on real estate is especially visible in the Brickell area, Miami’s international banking center, and in once-bedraggled parts of downtown. The South American infatuation with urban living has led to the explosion of lavish new condominium towers, with more to come. There is even rooftop soccer, like the kind offered in South America. Last year, David Beckham and Mr. Claure announced that they would bring a Major League Soccer team to Miami, though they are still in negotiations for a suitable stadium site. Sit in a restaurant and you hear a range of accents — the lilt of Argentine patter, the clarity of Colombian Spanish, the liveliness of Venezuelans and the speedy rat-a-tat of Cubans. Brazilians have sprinkled Portuguese into the mix. The flurry of condo construction now rivals the one before the 2008 crash, raising the specter for some housing analysts of another risky housing bubble. A Miami Downtown Development Authority study found that more than 90 percent of the demand for new downtown and Brickell residential units came from foreign buyers; 65 percent were from South America. “Status is having a condo in Miami,” said Juan C. Zapata, the first Colombian to serve as a Miami-Dade County commissioner and, before then, in the State Legislature. The suburbs, too, continue to swell as more South Americans move into areas anchored by people from their countries. Doral, a middle-class city near the airport, is now a panoply of South Americans, most of them Venezuelans. Eighty percent of Doral is Hispanic, and in 2012, a Venezuelan, Luigi Boria, was elected mayor. “Every year, we get more and more Venezuelans,” said Lorenzo Di Stefano, the owner of El Arepazo 2, a Venezuelan restaurant there. This year, with the economy worsening in Venezuela, Mr. Di Stefano said he expected another large wave. But, Mr. Crist’s running mate and Mr. Boria aside, the South American influx has not translated into widespread electoral success. South Americans lag far behind Cuban-Americans in political power, in part because their citizenship rate is lower. Many do not vote or run for office, a reality that Mr. Zapata said must change. “What you see in Miami is a change economically; it’s much more diverse than it used to be,” Mr. Zapata said. “But the Cubans grew economically, and turned it into political power.” That transformation, Mr. Zapata said, will be Miami’s next chapter. http://www.nytimes.com/2014/07/20/us/20miami.html?smid=fb-nytimes&WT.z_sma=US_IOS_20140721&bicmp=AD&bicmlukp=WT.mc_id&bicmst=1388552400000&bicmet=1420088400000&_r=2
  15. http://blogs.montrealgazette.com/2014/03/28/leaving-the-gazette/ Leaving The Gazette March 28, 2014. 6:48 pm • Section: Real Deal I started this blog in 2010 with a story very few of you read about the priciest home for sale in Quebec – that $27 million mega-mansion in Île Bizard. Nearly four years later, I’m writing my final post as The Gazette’s real estate reporter. I am leaving the paper today. Thanks to the many of you over the years who’ve sent me ideas, photos and tips that turned into front page stories. We had a good run. I used this blog to break the story when the famous Schwartz’s Deli went up for sale. Then there was the listing of Brian Mulroney’s Westmount home, zebra print rugs and all. I’ll still be writing occasionally about finance and real estate. Find me on twitter: @RealDealMtl , or send me an email: mtlreporter@yahoo.ca
  16. http://www.montrealgazette.com/business/Realtor+lose+Montreal+listings/9285009/story.html Realtor.ca to lose Montreal listings BY ALLISON LAMPERT, GAZETTE REAL ESTATE REPORTER DECEMBER 13, 2013 7:10 PM Starting Jan. 1, Montreal brokers will only be able to list homes for sale on Centris.ca, a real estate website unique to Quebec. Photograph by: DAVE SIDAWAY , The Gazette MONTREAL — The Canadian Real Estate Association’s popular Realtor.ca website — widely known as the MLS — will no longer list Montreal homes for sale. The Greater Montreal Real Estate Board said Friday its brokers have voted in favour of separating from CREA. Starting Jan. 1, Montreal brokers will only be able to list homes for sale on Centris.ca, a real estate website unique to Quebec. Real estate brokers who favoured separating from CREA won by 66 votes out of 3,826 votes cast. Montreal’s 9,700 brokers will no longer be able to list homes for sale on Realtor.ca — also known as the Multiple Listing Service — or on CREA’s ICX.ca, which features commercial properties. “We were disappointed when we saw the decision,” said CREA spokesperson Pierre Leduc. Leduc could not say how many listings were generated by CREA’s Montreal membership. Quebec’s 17,000 brokers currently generate 80,000 listings on Realtor.ca. Brokers from four real estate boards located in Montreal, Quebec City, Granby and Drummondville have voted to leave CREA, while brokers from the Saguenay and the Laurentians will make a choice on whether to separate next week. The votes follow a lengthy dispute over rising fees for members, duplication of services like the Realtor and Centris websites, along with a brewing turf war over the listing of Quebec homes for a flat fee by out-of-province brokers. The Montreal board has objected to instances of brokers from Ontario — who are not subject to Quebec’s strict professional rules — listing a home in the Belle Province for a flat fee. CREA said it cannot stop its members from Ontario, or other provinces, from listing homes for sale in Quebec. Citing October data, the Montreal board said Centris was the fourth most popular real estate website geared at buying or renting a residential property in Quebec, with Realtor.ca ranked ninth. The most popular site was Kijiji. However, several Montreal brokers told The Gazette they were concerned about the decline in visibility that comes with losing access to Realtor.ca at a time of a softening Montreal real estate market. Leduc said Montreal-area brokers who are unhappy with the “yes vote” can join one of Quebec’s eight boards that are still members of CREA. He said he’s also heard of a “partitionist” movement among brokers who want to set up a separate Montreal real estate board that would remain part of CREA. “CREA will support these endeavours.” alampert@montrealgazette.com Twitter: RealDealMtl
  17. Ça s'est vu avec les autos et la locations d'appartement sur les sites de petites annonces, mais les fraudeurs s'essayent avec la vente de maisons et de condos maintenant. Ils vont jusqu'à monter de faux cabinets d'avocats pour inciter les acheteurs éventuels à leur laisser de grosses sommes d'argent... via CBC Fake real estate ads prey on buyer desire for home deal Police say fraudulent websites targeting potential renters more common than scams to sell homes CBC News Posted: Dec 02, 2013 5:00 AM ET Last Updated: Dec 02, 2013 9:50 AM ET An Ottawa woman says she was shocked to learn the condo she was selling online was also being offered on another website at a deeply discounted price, part of a complicated scam targeting unsuspecting homebuyers. Julie Gutteridge is selling her upscale downtown Ottawa condo for about $260,000, and placed ads with real estate website Grapevine and online classified advertiser Kijiji. She then noticed a nearly identical ad — with the same digital photos she had used on her advertisement — on another real estate website. The one difference: the price. The clone ad listed the condo for $108,000. "I was shocked... because I first heard of it, then I got an email from just a person that had noticed the two listings," said Gutteridge. "They actually used the same description that was on Grapevine. Not only the pictures of my unit, but the same description, address, everything but the unit number ... and of course the contact information," she said. Police investigators have seen a number of fraudulent websites targeting potential home renters, particularly people coming from far-away cities. But for someone to attempt to sell a home that he or she doesn't own is rare and particularly involved. Buyer pressured to close sale quickly "This is fairly elaborate, going to the point of setting up false law firm websites," said Sgt. Mike Noonan with Ottawa police's organized fraud section. "They are duplicating the ad, but drastically reducing the asking price, and that's what seems to jump out at legitimate homebuyers. They see, 'Wow, look at the price of that home and it looks good,'" said Noonan. The key to the confidence game is a reliance on both the desire of a homebuyer to get a good deal, and pressure from the supposed seller to close the deal quickly, says Noonan. CBC Ottawa's Simon Gardner learned this first-hand when he called the number on a duplicate advertisement for a different home — in Orleans, and listed in a duplicate ad for $129,000, or less than half the actual price. Gardner identified himself as "Andrew Gardner" and created a plausible back story after CBC News determined a journalist would be unable to understand how the seller's operation worked if he called and represented himself as such. The man who picked up the phone identified himself as Paul — a name CBC News assumed was fake — and said he couldn't meet Gardner in person because he was in Toronto with clients. He claimed he was selling the home at a discounted price because he was under financial stress and needed money fast, but offered assurances that the home had not been a grow-op. "Actually we do need some money urgently and there is no lien on the house, the house is paid for and it's going really quick. I have a couple of other interested buyers," Paul said. He said in order to close the deal, Gardner would have to deposit $12,000 in a bank account. The man then said his lawyer would contact Gardner with details about the transaction. The man also provided a link to the website of a Toronto law firm specializing in real estate. Law firm not recognized by law society Checks with the Law Society of Ontario reveal the firm doesn't exist, and the phone numbers listed on the website are not active. But nevertheless, Gardner was sent official-looking purchase documents asking him to wire his deposit into a Royal Bank account in Brampton, Ont. The account does exist, but it is unclear whether the account holder is involved or is an unwitting victim in a confidence scam. Noonan said tracking the suspected scammer is difficult, particularly if operating outside Canada. "The internet service providers, we don't seem to be able to track down. Our suspicion is that it's not even originating from within Canada and with a money wire service. Once that money leaves the country, it can be retrieved anywhere in the world," he said. Gardner made repeated efforts to meet with Paul, as well as his lawyer, to try to close the transaction in person, but was met with a series of excuses. After weeks of back-and-forth emails, text messages and phone calls, Gardner identified himself as a reporter and said he was investigating a potential real estate scam. 'How do you sell a house you don't own?' "What scam is that, I don't get you," Paul replied. "Well, let me ask you," said Gardner. "How do you sell a house you don't own?" At that point, the phone went dead, and Gardner received a text a short time later. "Nice try Andrew (Simon) you are a good scam baiter," the text read. "Pls lets drop everything. I am leaving this stupid job. I got forced into this lifestyle." It's not known if anyone has fallen for this kind of fraud, but Gutteridge feels it may already have hurt her chances of selling her place. "They may assume what I have on Grapevine is a scam or [may] not be comfortable moving forward with anything," she said. Noonan said homebuyers should be wary of suspiciously low price homes when the supposed seller never has time to meet. As for home sellers, he said the best you can do is keep an eye on real estate websites to ensure your ad hasn't been duplicated.
  18. Surtout des investisseurs chinois, comme on l'a vu pour le projet Séville.. via The Gazette A foreign attraction to Montreal’s real estate market BY ALLISON LAMPERT, GAZETTE REAL ESTATE REPORTER NOVEMBER 23, 2013 4:55 PM People are seen waiting outside the offices for the Seville condos on St-Catherine St. W. in 2010. Photograph by: Dario Ayala, The Gazette The Seville Condo project has a sign, in English, French and Mandarin, that says “Do you know the person you let in without any fob? Please swipe your fob to show you live here” in the front entrance of the condo building on Ste-Catherine St. W. because of the large number of owners who are recent immigrants from China, or who have bought to rent out as an investment. Photograph by: Dave Sidaway, The Gazette MONTREAL — Down the street from Montreal’s old Forum, in a bustling neighbourhood now dotted with Chinese noodle shops, ethnic grocers and new construction, the sign on the door of the Le Seville condo building asks residents in French, English and Chinese: “Do you know the person you let in?” Since last year’s annual meeting — when some condo owners from China had difficulty following the discussion — the board of directors has been translating important material — such as the sign on the door and the building’s annual budget — into Chinese. “It was clear that the Chinese buyers needed to have access to a language they’d understand, like everyone else in the building,” said condo board president Colin Danby, who learned Mandarin during seven years spent in Taiwan. “Not everything is translated. But as a board, we take that step when it is something important like building security.” Residents estimate that between 20 to 40 per cent of the Seville’s co-owners are either Chinese Canadian, recent immigrants who own neighbouring shops in the area known as Shaughnessy Village, or are foreign investors from China. They bought into the sold-out first phase of the 477-unit Seville in 2010 — when low interest rates and an economy that had emerged relatively well from the 2008 financial crisis drove demand for Montreal condos to near-record highs. While the vast majority of foreign real estate buyers in Canada have focused on Toronto and Vancouver, investors from China, Middle East and Europe also helped fuel Montreal’s condo boom, which peaked in 2012. In 2011, Montreal had the second highest number of permits and starts for new condos of any city in North America. Toronto was in first place. “More inventory, more investors,” said Alexandre Sieber, senior managing director of Quebec operations for real-estate services firm CBRE Ltd. “As you build inventory, you are diversifying the investor base.” Some firms estimate that up to 20 per cent of Montreal condos bought as rental properties — or to be flipped for a profit — were purchased by foreign buyers searching for inexpensive prices in a comparatively stable market. Foreign investors have also bought small multi-unit buildings for use as student rentals and are showing interest in large properties, including vast tracts of land in the Laurentians, brokers say. Just like Vancouver, or Toronto, there is no hard data for the number of foreign real-estate investors in Montreal. But two foreign buyers, along with half-a-dozen commercial and residential real estate brokers, told The Gazette that sales to foreigners and landed-immigrants in areas like Westmount and LaSalle are on the upswing. And Asian and Middle Eastern money is behind at least two new large sites downtown that are being promoted for residential development. “We’re certainly seeing an increase in foreign buyers, especially from China,” said Robert MacDougall, senior vice-president for investment sales and special projects at the commercial real estate services firm Jones Lang LaSalle. MacDougall said about 10 to 20 per cent of his offers on properties now come from foreign investors, mostly Asians. In addition to the foreigners who’ve long been purchasing condos for their adult children attending McGill and Concordia universities, people who have recently arrived from Asia are also buying homes in Westmount to be close to their kids’ private schools, brokers say. Sotheby’s International Realty Canada estimated recently that half of the luxury properties sold in Montreal this year were purchased by foreigners. “Two or three years ago, I had the odd buyer show up from China. That was kind of a novelty,” recalled Brian Dutch, a broker with Re/Max DuCartier, who specializes in the Westmount market. “Then all of a sudden, there was another Chinese broker calling for an appointment. And then there’s another. “From it being the odd one, there are now at least two inquiries on a weekly basis.” While foreign buyers are appreciated by the real estate industry because they purchase properties in a relatively soft housing market, investors from Asia and the Middle East have been blamed for driving up home prices in Vancouver. Economists have warned that foreign buyers also create a more volatile market driven by yields, rather than by fundamentals like having a place to live. In Montreal, there have been a few instances of buyers from other countries failing to show up at the notary’s office, after signing contracts — and leaving hefty deposits — to purchase homes. But Montreal brokers have yet to see widespread bidding wars with Asian or Middle Eastern buyers willing to pay above-market prices. “I have seen those kinds of news stories from Toronto and Vancouver (about inflated prices), but my clients are more cautious,” said Jason Yu, a broker with the Brossard-based agency Esta Agence, whose commercial and residential buyers are mostly recent immigrants from China. Yu, who’s worked with Dutch on multiple sales to Chinese buyers in Westmount, said several of his clients are wealthy Asian families moving to Montreal as part of the Quebec Immigrant Investor Program. A decade ago, Yu and his family came to Canada from China as immigrant investors under a program that requires applicants with a net worth of at least $1.6 million to make an $800,000 interest-free loan to the government for five years. The Quebec program — which mirrors a federal one that’s now frozen and does not accept new applicants — remains hotly debated, amid criticism that 90 per cent of the mostly Asian arrivals promptly move elsewhere in Canada, while their $800,000 stays in la Belle Province. Quebec’s quota for 2013-2014 is 1,750 immigrant investors. Despite the large number who leave, Yu says that he also sees immigrants who choose to stay in Montreal. In the last few months, three of his Chinese clients purchased homes in Westmount, while a fourth is looking to buy downtown condos as an investment. She said the family moved to Montreal largely for her daughter’s education. One immigrant from Shanghai described how her family moved to Westmount a few years ago through the Quebec investor program. Her husband is working in China right now while she raises their daughter and takes French classes in Quebec. “We made the decision very quickly, based largely on what a friend from China who lived in Montreal told us,” said the woman, who spoke to The Gazette on condition that her name wouldn’t be published. “We didn’t even know about Bill 101.” The language law hasn’t affected the family, since her daughter is enrolled at a non-subsidized English girls’ school, where she is learning both official languages. She said she’s constantly meeting new recent immigrants from China. Last week, the woman received a call from Dutch, who had been her real estate broker when she bought her home. Dutch invited her to meet a newcomer from Shanghai who had an accepted offer on a house in the area. Dutch also invited the newcomer’s neighbour, a recent arrival from Beijing. “I called my client to come over because I wanted as much for her and for them to get to know each other,” Dutch said. “Everyone was busy on their iPhones, sharing contact information and yacking away in Mandarin. It was fun. “It’s something we haven’t seen before.” Also new is the tendency of immigrant investors — even ones who leave Quebec — to purchase properties in Montreal. “Will they stay? History says they won’t, but they are making investments here,” said Eric Goodman, owner of Century 21 Vision in Notre-Dame-de-Grâce. He described one new condo project in LaSalle, where 80 per cent of the units were sold to Chinese buyers, including recent immigrants, or investors who are still in China. “They are buying them as investments and they are buying them for family members who may come in the future,” said Goodman. “They are always looking for places to put their money. They feel it is safe to build here, even if they’re not going to make as much of a return as in Toronto.” Goodman’s agency also sold the land to the developers behind the YUL mixed condo and townhouse project on René Lévesque Blvd. near Lucien L’Allier Rd. The YUL project, backed by Chinese investors, is being marketed to foreign as well as local buyers. Adjacent to YUL, land on René Lévesque Blvd. next to Guy St. has been purchased by investors from Qatar who intend to launch their Babylon residential development this spring. The downtown area has proven attractive to investors because of the large pool of student tenants, and the limited construction of new rental buildings to replace the city’s aging stock. Indeed, investors — who make up an estimated 40 per cent of owners at Seville — generated such demand for the project that people were lining up at 10 a.m., a day before the sales office opened in 2010. Colin Danby, now condo board president for the Seville’s phase 1, arrived at 3 p.m. He was No. 58 in line, he recalled. The crowd was so large that by 8 p.m., developer Groupe Prével decided to give out tickets to buyers. And just like the hockey scalpers outside the old Forum in the 1970s, “authorized” Seville buyers were said to be hawking condo tickets on the street for $5,000 each. alampert@montrealgazette.com Twitter: RealDealMtl © Copyright © The Montreal Gazette
  19. Canadian Investor Bets on a Montreal Revival Cadillac Fairview Wants to Expand City's Business Center to the South By DAVID GEORGE-COSH Nov. 5, 2013 6:11 p.m. ET For more than two decades, Montreal was one of the sleepiest office markets in Canada, seeing no new private development as cities such as Toronto and energy-rich Calgary added millions of square feet of new space. Now, as Canadian investors step up real-estate investment throughout the world, a company owned by one of Canada's largest pension funds is looking to shake things up. Cadillac Fairview Corp., a unit of Ontario Teachers' Pension Plan, wants to expand the city's business center to the south with a planned 1.9 billion Canadian dollars ($1.82 billion) development next to the Bell Centre, where the National Hockey League's Montreal Canadiens play. The company earlier this year broke ground on the first building on the 9.2 acre site, named the Deloitte Tower after the professional-services firm that it lured from Montreal's traditional downtown. Owners of office buildings in Montreal's core dismiss the competitive threat, citing the lack of retail and transportation in the Deloitte Tower area. "I don't think that people who went to that location will be happy," says Bill Tresham, president of global investments at Ivanhoé Cambridge Inc., which owns the Place Ville Marie office complex that Deloitte is vacating. But Cadillac Fairview executives say businesses will be attracted to the tower's modern workspaces, energy efficiency and the civic square and skating rink in the complex modeled on New York's Rockefeller Center. "That's where we feel the growth is," says Sal Iacono, Cadillac's senior vice president for development in Eastern Canada. Developers in other cities have had mixed results when they have tried to build new business districts to compete with traditional downtowns. London's Canary Wharf development was forced to seek bankruptcy protection in its early years, although it eventually turned into a success. The Fan Pier project in Boston finally has gained traction after years of delay. The Cadillac Fairview development is partly a sign that Montreal has absorbed a glut of space that has hung over its office market for years. Its third-quarter vacancy rate for top-quality space downtown was 5.4%, compared with 9.4% in the third quarter of 2010, according to Cushman & Wakefield Inc. But the project also is a sign of the increasing appetite that Canadian investors have for real-estate risk as the world slowly recovers from the downturn. Canadian investors are on track to purchase at least US$15.6 billion of commercial real estate world-wide in 2013, up from US$14.5 billion in 2012, and a postcrash record, according to Real Capital Analytics Much of the interest is coming from Canadian pension funds, which have more of an appetite for risk than U.S. and European institutions because Canadian property wasn't hurt as badly by the downturn, experts say. The Canada Pension Plan Investment Board, the country's largest pension fund, allocated 11.1% of its assets to real estate, for a total of C$20.9 billion, in the first quarter of fiscal 2014. That is up from 10.7% in the first quarter of fiscal 2013, for a total of C$17.7 billion. Ontario Teachers' Pension Plan has been aggressive in several other sectors as it tries to shore up its funding deficit amid stubbornly low interest rates. The fund last month acquired Busy Bees Nursery Group, the largest child-care provider in the United Kingdom, for an undisclosed sum, while contributing US$500 million to Hudson's Bay Co.'s purchase of Saks Fifth Avenue for US$2.9 billion in July. Over the past year, Teachers' also has made investments in Australian telecom companies, oil assets in Saskatchewan and a supplier of outdoor sports-storage systems. Cadillac Fairview's real-estate portfolio increased to C$16.9 billion at the end of 2012, the last period for which data is available, up from C$15 billion in 2011. Montreal has a population of 1.65 million and its business sector, which relies heavily on aerospace, information technology, pharmaceuticals and tourism, remained relatively healthy during the downturn. The last commercial office buildings in its modern office district were completed by private developers in 1992. Nearly 20% of the city's office inventory was built before 1960, more than in other large Canadian cities, according to Cushman & Wakefield. Other pension funds also are making new investments in Montreal's office market, though they are focusing on core properties. Ivanhoé Cambridge, an arm of Quebec-based pension fund Caisse de dépot et placement du Québec, spent more than C$400 million in August to acquire full control of the Place Ville Marie office complex, and is planning a C$100 million upgrade. Cadillac Fairview began assembling land for its project in 2009 when it acquired Windsor Station, a historic hub that dates to the 19th century. The area is southwest of Old Montreal, the historic section of the city near the St. Lawrence River. But the area has been unappealing to most office-building developers because it lacks many stores, restaurants or other amenities. "No one was interested in developing," Mr. Iacono says. The company has been planning a development including retail, office and residential space since then, but many were skeptical that businesses could be convinced to move outside of the city's traditional business center. That skepticism was damped when Deloitte announced plans to move. Then this year, the Alcan unit of mining giant Rio Tinto said it would move its headquarters to the top eight floors of the 500,000 square-foot tower, increasing its occupancy to 70%. Cadillac Fairview also has started building a 555-unit condo on the site. Eventually, the entire complex will include an additional 4 million square feet of office, retail and residential space as well as public areas. Deloitte executives say the new building—slated to open in 2015—was appealing because of its energy efficiency and green features such as stalls for charging electric cars. "This building is a catalyst for a whole energy for that part of the city," says Sheila Botting, national leader of real estate for Deloitte in Canada.
  20. BOCOM SEA TURTLE INDEX The Bank of Communications Sea Turtle Index provides a unique tool to compare university cities at once as education and investment locations, looking at: - Educational returns: Quality and reputation of education vs value for money - Real estate returns: Openness, potential returns and risk with regard to real estate investments - Financial returns: Openness, growth prospects and risk with regard to financial investments - Work experience: Work and pay prospects for overseas graduates - Social experience: Quality of the social and cultural experience on offer OVERALL WORLD RANKING: 1. MONTRÉAL 2. LONDON 3. HONG KONG 4. TORONTO 5. CAMBRIDGE 6. OXFORD 7. BOSTON 8. SYDNEY 9. ZURICH 10 NEW YORK Source
  21. Shows you where the money is going these days. Great looking skyscraper! Article on FP: http://business.financialpost.com/2013/07/04/telus-to-build-400-million-tower-in-calgarys-downtown/?__lsa=e9e9-144b
  22. http://blog.buzzbuzzhome.com/2013/02/montreal-condo-market-optimism.html While the age-old rivalry between Toronto and Montreal has pitted the cities’ hockey teams and arts scenes against each other, there’s another set of bragging rights up for grabs. Which metropolis has the better condo market? Toronto may have mind-boggling number of new units coming on the market, but Montreal is no slouch when it comes to construction crane sightings. We previously reported on the flurry on new builds in Quebec’s largest city and now there are new numbers to make the case for the Montreal boom. Despite concerns about the market overheating, Property Biz Canada pinpointed some optimistic stats coming out of the Quebec Apartment Investment Conference: About 7,726 condo units will be delivered by 2016 in the downtown area, which includes Old Montreal, Griffintown and the Lachine Canal. Of those units, 64 per cent (or 4,658 suites) have already been sold or reserved, leaving 2,568 units left to be sold in the next four years (or 642 a year). According to Debbie Lafave, senior vice president of Baker Real Estate, investors make up 50 per cent of buyers of downtown Montreal condos, compared to the higher percentages suggested for Toronto. Some developers suggested that rental apartment buildings likely aren’t being built since rents in Montreal are too low and construction and land costs are too high to justify their construction. And condos are the most affordable means of entry-point into the Montreal market for first-time buyers. With a condo boom in Canada’s two largest cities, we can’t help but wonder: which city will see the steadiest gains and sales in the future?
  23. Statoil Fuel & Retail sells its Schweigaardsgate 16 property in Oslo 13 February 2013 – Statoil Fuel & Retail, a wholly-owned subsidiary of Alimentation Couche-Tard Inc. (Couche-Tard), sells its property at Schweigaardsgate 16, Oslo, Norway, together with the company’s planned European headquarters, to Entra Eiendom AS. Responsibility for building the headquarters is transferred to Entra Eiendom as part of the agreement. Statoil Fuel & Retail signs a long-term lease of the premises. “We are pleased with the agreement,” says Sonja Horn, project owner, Statoil Fuel & Retail. “Entra Eiendom is a solid, professional real estate developer who will add value both to the project and the local community. We look forward to moving into a modern, environmentally-friendly and flexible building, tailored to our needs.” Statoil Fuel & Retail’s strategy is to create value through real estate asset management. It is not strategically important for the company to own its planned European headquarters and the sale releases capital to be reinvested in the company’s core business. Statoil Fuel & Retail was acquired by Canadian company Couche-Tard before the summer of 2012. The company’s European headquarters will continue to be in Oslo and the new office building at Schweigaardsgate 16 will be shared with the company’s Norwegian business unit. The project to build the planned eight-storey building has the ambition to achieve “excellent” status according to the BREEAM classification system. To maintain the best possible sunlight conditions for Teaterplassen, the neighbouring square, some of the originally-designed volume has been redistributed, making the building appear to step down towards the square. The quality of the square will be improved when the building is finished. It will become about 25 percent larger than it is today and a new passage through the building will connect Teaterplassen with the adjacent Stasjonsalmenningen. Statoil Fuel & Retail has received the required building and demolition permits from the Norwegian Planning and Building Services (Plan- og bygningsetaten). Demolition of the existing building on the property begins this week. The company plans to move into its new headquarters in the first half of 2015. Statoil Fuel & Retail sells its Schweigaardsgate 16 property in Oslo
  24. World's 10 most loved cities - CNNGO 8. Montreal, Canada Montreal is a frontrunner in at least one “World’s Most Livable Cities” list, was named “Canada’s Cultural Capital” by Monocle Magazine and has recently been granted UNESCO “City of Design” status. Stuffy acknowledgements aside, what makes Canada’s original “sin city” such a draw not just for style mavens, 18-year-olds without fake ID and New Englanders seeking a quick, cheap Europe-ish fix, but for 7.5 million annual tourists of all stripes is the city’s certifiably festive attitude -- the kind that assures visitors they’re going to have more fun, stay up later and cure hangovers with tastier 4 a.m. poutine and smoked meat sandwiches here than wherever they’ve come from. Summer draws the biggest crowds to Montreal with its lineup of legendary festivals and street fairs, including its International Jazz Festival (June 28-July 7) and Just for Laughs (July 12-29), featuring one of the world’s largest congregations of comics. The real test: even when it’s 800 below zero in February, people still really dig this city. La list: 10. Barcelona, Spain 9. Cape Town, South Africa 8. Montreal, Canada 7. New York City, United States 6. Paris, France 5. Petra, Jordan 4. San Francisco, United States 3. Santiago, Chile 2. Shanghai, China 1. Tokyo, Japan http://www.cnngo.com/explorations/life/10-most-loved-cities-068149?page=0,1
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