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Found 76 results

  1. Nom: Altoria Hauteur: 35 étages/120 mètres Coût du projet: 100 000 000,00$ Promoteur: Kevric Architecte: DCYSA Emplacement: Côte du Beaver Hall/Viger Ouest Début de construction: 2011 Fin de construction: 2013 (bureaux) et 2014 (condos) En date de septembre 2013, selon le rapport suivant : http://www.cbre.ca/AssetLibrary/MontrealOfficeDevelopment_Sep2013.pdf Class: A Size: 234,476 SF Floors: 10 Available Space: 136,098 SF % Leased: 41.9% Average Floor: 23,000 SF Completion: 1Q 2014 Status: Under Construction LEED Status: Registered LEED Gold Developer: Kevric Real Estate Corporation http://www.kevric.ca Owner: Kevric Real Estate Corporation Underground Connection: Yes Tenant: AIMIA (98,378 SF)
  2. 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: [email protected]
  3. 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.
  4. 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?
  5. 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
  6. Very shot report on Toronto real estate market and high rises. It's really quite incredible. http://www.theglobeandmail.com/globe-investor/investment-ideas/features/at-the-bell/torontos-moving-on-up-and-up/article2343503/
  7. Mort Zuckerman Who: Real estate developer Mortimer B. Zuckerman is the chairman of Boston Properties, one of the largest real estate developers in the United States, and the owner of U.S. News & World Report and the New York Daily News. Backstory: The son of a Montreal tobacco and candy wholesaler who passed away when Zuckerman was 17, the future real estate mogul headed off to college at McGill at age 16, then moved to the U.S. in the late '50s to attend business school at Wharton and law school at Harvard. After briefly enrolling in a PhD program, he turned to real estate, taking a job at a Boston-based development firm called Cabot, Cabot & Forbes at a starting salary $8,750. Zuckerman soon became one of the firm's young stars; he proved himself to be a pretty brash operator a few years later when he struck out on his own and teamed up with Ed Linde to form Boston Properties: Zuckerman immediately filed suit against his former employer over his ownership interest in a property he developed and ended up collecting a $5 million, which he used to make some of his first real estate deals. In the early '70s, Zuckerman and Linde began developing office buildings on the outskirts of Boston; they later moved into Boston proper and expanded to other cities during the '80s. By the middle part of the decade, Boston Properties had assembled 50 properties in its portfolio, 10 million square feet of real estate in Washington, Boston, New York, and San Francisco. It was during the company's growth spurt that Zuckerman started making his first investments in media, acquiring a small local newspaper chain in New England in the mid-'70s, The Atlantic in 1980, and U.S. News & World Report four years later. He purchased the Daily News in 1992. Of note: Zuckerman continues to serve as chairman of Boston Properties, and today the publicly-traded real-estate investment trust controls more than 100 commercial properties across the country. In New York, Boston Property's portfolio includes 599 Lexington (where Zuckerman's own 18th floor office is located) and 7 Times Square, which was built in 2004. But while there's little question Zuckerman has been enormously successful in the real estate game, his media track record is mixed. The Daily News squeezes out a small profit, but its battle with the Post has been bloody and painful, and U.S. News has been losing money for years and never managed to close the gap with larger rivals like Time and Newsweek. Zuckerman did extraordinarily well with his purchase of Fast Company—he unloaded it at the height of the dotcom boom for $350 million—but other media forays haven't panned out. In 2003, Zuckerman put in a bid for New York, ultimately losing out to Bruce Wasserstein; his investment in Radar lost him a good sum of money; and more recently, his effort to purchase Newsday never came to fruition when Cablevision's Jim Dolan snagged it instead. Keeping score: Zuckerman is worth $2.8 billion according to Forbes. On the job: Zuckerman isn't the sort of developer who spends his days on construction sites wearing a hard hat. Owning media outlets generates the sort of political and social currency that gives him entrée to the Washington political establishment and lands him an occasional seat on Sunday morning political talk shows. And he actively exercises his political influence as the "editor-in-chief" of U.S. News and owner of the News. While he isn't exactly sitting at his desk proofreading copy, he has a hand in the editorial direction of the magazine, which, most recently, he's used to take a series of (often cheap) shots at President Obama. Grudge: With the Daily News and the Post at each other's throats, Zuckerman has been a bitter rival of Rupert Murdoch for years. The Daily News questions the Post's circulation numbers. The Post chides "the Daily Snooze" for every misspelling and factual error. The News refers to Page Six as "Page Fix." The Post questions the methodology used to generate U.S. News's college rankings. And on and on. (The one thing they don't do is go after each other personally. Several years ago, PR guru Howard Rubenstein negotiated a pact between the two moguls to keep their private lives out of their respective papers.) He also isn't a fan of Bernie Madoff. After the Ponzi schemer was busted in 2009, Zuckerman revealed his personal foundation lost $25 million that had been entrusted to Madoff. Pet causes: Zuckerman gives to a variety of medical causes and Jewish charitable groups. In 2006, he announced his largest gift yet when he handed a $100 million check to Memorial Sloan-Kettering. His connection to the institution is personal: His daughter, Abigail, suffered from a childhood cancer that was treated at MSK. Personal: A notorious bachelor—the Washington Post once described him as having "dated more women than Italy has had governments"—Zuckerman's been connected to Nora Ephron, Gloria Steinem, Arianna Huffington, Diane von Furstenberg, Patricia Duff, and Marisa Berenson. In 1996, he tied the knot with art curator Marla Prather. (Justice Stephen Breyer officiated.) In 1997, they had a daughter, Abigail, before separating in 2000 and divorcing in 2001. In December of 2008, Zuckerman had a second daughter named Renee Esther. The identity of the mother, though, was not announced. It's believed the child was conceived via a surrogate. Habitat: Zuckerman resides in a triplex penthouse apartment at 950 Fifth Avenue decorated with paintings by Picasso, Rothko, and Matisse and sculptures by Frank Stella. (His neighbor back in the day was disgraced Tyco CEO Dennis Kozlowski.) Zuckerman also has a four-acre spread on Lily Pond Lane in East Hampton and a home in Aspen. Zuckerman has a helicopter to ferry him to the Hamptons. For longer trips, he relies on a $60 million, 18-seat Gulfstream G550 or a $35 million Falcon 900 that seats 14 people. True story: A film director pal, Irwin Winkler, cast him in the 1999 film, At First Sight. The role? Billionaire mogul Zuckerman played a homeless man. -------------------------------------------------------------------------------- Vital Stats Full Name: Mortimer Benjamin Zuckerman Date of Birth: 06/04/1937 Place of Birth: High School: Undergrad: McGill University Graduate: McGill University Law School, Wharton, Harvard Law School Residence(s): Upper East Side, Aspen, CO East Hampton, NY Filed Under: Business, Media, Real Estate http://gawker.com/5646808/
  8. Best deals in real estate by Don Sutton, MoneySense Wednesday, June 16, 2010 It’s a crazy time for real estate in Canada. Prices are sky-high, people are feeling pressured into selling into a hot market and buyers fear purchasing an overpriced home only to see the bubble burst. But MoneySense magazine has come to the rescue and crunched the numbers to identify the best real estate deals in the best cities. Using hard data on 35 major housing markets, the magazine has awarded a letter grade based on how reasonable the house prices are, whether home prices are likely to rise and how prosperous the local economy is. Surprisingly, none of the winning cities are Canada’s largest, but instead reflect medium-sized cities with affordable house prices that have the ability to grow strongly with local economic conditions. The best deals in real estate in Canada are to be found in Moncton and Regina, both of whom received an A-, while Fredericton, St. John’s, Ottawa, Gatineau, Winnipeg, Guelph and Saint John all received a B+. The criteria for the study was strict and comprehensive. MoneySense compared average rents to average home prices, which gives a great indicator of how valuable a home is. Next it compared local wages as to average home prices to see how long it would take for a family to purchase a home. The magazine also evaluated how quickly homes sold and prices increased over the years. Last, the economic environment of the city was also analyzed. The magazine looked at how fast a community grew, what the unemployment rate was and what kind of discretionary income the citizens had. This method avoided identifying cheap real estate in communities where prices were unlikely to increase due to a poor local economy or widespread unemployment. The analysis gives a comprehensive overview of where to get the best real estate deals in Canada. The study is also useful for identifying which real estate markets to avoid. For example, Abbotsford and Montreal both only rated Cs. MoneySense’s study also identified overpriced markets. For instance, Kelowna, B.C., scored well in the category of growth potential and has a great local economy. But the average house price makes it hard for the typical family to buy into the market. With this aspect in mind, Kelowna rated a D+ in the value category and a C+ overall. Windsor, Ont., where house prices are among the best values in Canada, is in the opposite situation. It rated an A for affordability, but since the city is slowly recovering from deep layoffs in the car industry, it only rates a C in the momentum category and a C+ for local economy, giving it a B+ overall. In concrete terms, what the best cities for real estate like Regina and Moncton have going for them is big-city growth and opportunities without big-city prices. While the affordability and growth value of a home are not always the prime reasons to buy in a particular location, knowing that your home is a sound investment in an economically vibrant city offers great peace of mind. Top 5 cities: 1. Moncton A- 2. Regina A- 3. Fredericton B+ 4. St. John's B+ 5. Ottawa B+ http://ca.finance.yahoo.com/personal-finance/article/moneysense/1662/best-deals-in-real-estate
  9. Les projects Altoria et Waldorf Astoria Hotel sont mentionne dans cette article,que j'ai trouver tres interessante. MONTREAL – On the gutted eighth storey of the Ritz-Carlton Hotel, Andrew Torriani walks across white marble floors turned grey from dust. But despite the renovations under way, Torriani, president and CEO of the historic Ritz-Carlton Montreal, can imagine the hardwood floors, glass walls and marble finishes to come. After being delayed a year, and suffering $30 million in extra costs, he says, the Ritz's über-luxury residence and 130-room hotel project - when complete - will stand above the city's array of existing high-end condominiums. "It's the details - details you wouldn't have believed existed," Torriani said while touting the benefits of Ritz ownership to a reporter this week. The Ritz's 46-unit residence - to open about winter 2011 - follows the injection of nearly 280 other high-end condo units into the city since 2007. Plus, Monit Investments insists its plans for a $200-million downtown Waldorf Astoria Hotel & Residence, with 100 condos and 225 hotel rooms, will go ahead near the corner of Sherbrooke and Guy Sts. These condos, which can cost millions of dollars per apartment, are developers' response to a robust market, aging demographics and rock-bottom interest rates that have incited buyers to upgrade their homes. Some hail the trend as a boon for Montreal as it lures the elite back to the city. Former SNC-Lavalin Group Inc. CEO Guy Saint-Pierre bought one downtown, while Bombardier Inc. Chairman Laurent Beaudoin was considering a condo at the posh Sir George Simpson. But several real estate agents, brokers and developers interviewed by The Gazette question how many luxury condos Montreal can sustain above the key $500 a square foot price point. "We really believe there is a limit in Montreal to the sale of condos over $500,000," said Richard Hylands, president of Kevric Real Estate Corp. which is building the more modest 115-condo Altoria project near Old Montreal. "Basically we're offering a very good product. We're not selling indoor golf or an indoor theatre. The people we are selling to want quality but not high condo fees." Real estate observers say the proof is in the for-sale signs. Despite offering striking views, private terrasses and hotel-style amenities, half of the 10 penthouses at Le Roc Fleuri on Drummond St. are empty - even though most of the 140-unit building is sold out. Meanwhile, five of the 31 condos at the Sir George Simpson building are for sale. Since late 2008, the Ritz project has sold 17 of its 46 units. "I think there is an over-supply of high-end condos in Montreal," said Pierre Laliberté, a specialist in condos with the real estate consulting firm Altus Group Ltd. "When you try to sell a condo for $1 million for more, there aren't a lot of buyers." Veteran real estate agent, JJ Jacobs, president of JJ Jacobs Realty Inc., agreed: "The $1,000 a square foot market is a high market for Montreal," she said. "There have been some very big sales, but it's only so deep. "Personally I don't know how many more the city can hold." Condo prices haven't dropped, however, because Montreal developers tend to have deep enough pockets to absorb the cost of the empty units, Laliberté said. Recently, Montreal's high-end condo market has exploded with a handful of new buildings going up between 2006 and last year. Many were bought by aging empty nesters eager to exchange their houses for the convenience of a condo. "There's going to be a portion of those buyers who are going to enjoy the downtown and they have the resources to do it," said Alan Marcovitz, president and chairman of the Westcliff Group of Companies, which built the sold-out Beaux arts condominiums on Sherbrooke St. Even during a time of economic crisis, Montreal's resilient real estate market coupled with low interest rates, also motivated third and fourth time buyers to upgrade, Marcovitz said. And with the economy improving, demand hasn't dwindled despite plans to slowly raise interest rates, he said. "Your typical buyer is in a significantly better position today than a year ago." But most developers agree that few buyers of ultra high-end condos worry about interest rates. "The challenge is finding the right buyers," said Daniel Lalonde, sales and marketing director for Le Roc Fleuri. "We have a limited pool." In Montreal, wealthy buyers have a wide choice of homes - either condos or houses. "They (high-end condos) sell, but you must really satisfy the buyers and this is a very discriminating clientèle," said Normand Lépine, vice-president of Groupe Lépine, which built Sir George Simpson, among other high-end buildings. "The developer shouldn't under-estimate the amount of effort required. You must really have the right project." Among the basics, high-end condo buildings feature a 24-hour doorman, indoor pool, and spa or massage room. Residents of the Ritz, the Crystal de la Montagne, and the Roc Fleuri's penthouses, have the added option of ordering in room service, getting their dry cleaning delivered, or even having a light bulb changed. The Ritz project - which will cost up to $150 million including key indirect expenses - offers residents a private concierge. It also has a back-up power system able to run the building at virtually full capacity in the event of a electricity failure, said Torriani, whose Monaco Luxury Hotel Management Co. is a risk-sharing partner in the Ritz project. But sales at the Ritz - which closed as a hotel in 2008 - started slowly as the recession discouraged prospective customers. Both the Roc Fleuri and the Ritz have attracted a significant number of foreigners - and these buyers feared for their stock portfolios and the future of Montreal's real estate market. "They postponed their plans," said the Roc Fleuri's Lalonde. "It reduced the amount of visits I got from out of town buyers." Faced with the recession and unexpected construction problems - workers discovered asbestos deep within the Ritz's walls - Torriani decided to revamp his plans on a more grandiose scale. To boost sales he brought in Liza Kaufman, a star real estate agent and managing director of Sotheby's International Realty Québec. While 2009 started off slowly, Kaufman said business at the Ritz has picked up. "If the building was already constructed I would have sold out yesterday," she said. Kaufman, who has sold countless multi-million dollar homes said Montreal is more attractive to foreign buyers than locals realize. "I think the market is evolving," she said. "We have to understand that our city has a lot to offer." Torriani said he isn't worried about a lack of local buyers with the financial means to live at the Ritz, which has an 8,000 square foot penthouse listed for $12 million. Indeed, Torriani left his job as Air Canada's director of human resources, to run the Ritz, where he once worked summer jobs as a dishwasher and waiter. His family, including veteran hotelier Marco Torriani, has a vast stake in the project's success. Before leaving the Ritz's construction site this week, Torriani passes by a swathe of blue and cream brocade wallpaper and wood panelling outside the 98-year-old hotel's former boardroom. The room, along with the hotel's façade will be preserved - vestiges of the Ritz's opening in 1912, when the city was booming and its status as "the Paris of North America" wasn't yet a cliché. Torriani insists that today's economic climate - including the success of the Cirque du Soleil and "Quebec Inc." companies - is equally ripe for the Ritz's reopening, both as a high-end hotel and as a residence. "I think we've seen a resurgence in the last five years or so," he said. "Montreal has a lot more wealthy people than you would expect." [email protected] thegazette.canwest.com Join Allison Lampert at our blog Inc. Ink for a tour of the Roc Fleuri's most expensive condo and see what $9.5 million will buy. http://www.montrealgazette.com/story_print.html?id=2759239&sponsor=
  10. (Courtesy of The Real Estalker) :eek: True this is nothing compared to the Desmarais estate in the middle of no where of Quebec.
  11. Vacancy rates keep rising in third quarter for Canada's commercial real estate sector, report shows (CP) – 44 minutes ago TORONTO — The amount of empty office space across Canada continued to rise in the third quarter due to higher unemployment in white-collar industries and excess inventory in some cities, a new report shows. Vacancy rates for commercial real estate are expected to keep rising "well into 2010" as the country works through the impact of the recent recession, CB Richard Ellis Ltd. said in report released Monday. Vacancy rates rose for the third straight quarter to an average of 9.4 per cent, up from 6.3 per cent for the same time last year, said the real estate services firm. "Limited new job creation in Canada's 'white-collar' industries and the addition of new inventory in two of Canada's three largest office markets are cited as reasons for the increase," according to the National Office and Industrial Trends Third Quarter Report. Commercial vacancy rates rose most noticeably Calgary, Toronto and Vancouver, the report shows. Calgary's third quarter vacancy rate jumped to 13.1 per cent, from 4.7 per cent last year, due to the impacts of a slowdown in the oil and gas industry. "The city's oil and gas industry and commercial market remained inexorably linked, as players both large and small continue to recognize that even Calgary has not been immune to the country's new economic reality," the report states. In Toronto, the commercial vacancy rate rose to 9.1 per cent from 6.6 per cent last year. The vacancy rate in downtown Toronto is expected to climb further in the coming quarter as space becomes available in newly constructed office towers. In Vancouver, vacancy rates climbed to 8.9 per cent from 5.4 per cent for the same time last year. The report said Vancouver is one of the more stable markets in the country thanks to limited new development. Montreal's vacancy rate rose to 10.3 per cent from 8.3 per cent last year, while Halifax's rose to 10.2 per cent from 8.4 per cent. Vacancy rates also rose in the country's smaller office markets, specifically in suburban areas, but at a lesser rate, the report shows. It said cities with government office space also saw more stability in their commercial real estate markets. Ottawa had the lowest overall third quarter vacancy rate in the country of 5.8 per cent compared to five per cent for the same time last year, while Winnipeg's rate came in at 7.5 per cent up from 4.8 per cent last year. The overall vacancy rate in the Waterloo Region, home to such technology firms as Research in Motion (TSX:RIM), edged up slightly to 6.7 per cent from 6.4 per cent last year. The report predicts vacancy rates to keep rising in the fourth quarter and into 2010, "as Canada continues to grind its way out of the recession."
  12. By Sarah Mulholland April 23 (Bloomberg) -- Loan extensions will likely be insufficient to prevent a wave of commercial real-estate defaults as borrowers struggle to refinance debt amid tighter lending standards and plummeting property values, according to Deutsche Bank AG analysts. As much as $1 trillion in commercial mortgages maturing during the next decade will be unable to secure financing without significant cash injections from property owners, according to the Deutsche analysts. At least two-thirds, or $410 billion, of commercial mortgages bundled and sold as bonds coming due between 2009 and 2018 will need additional cash infusions to refinance, the analysts led by Richard Parkus in New York said in a report yesterday. Many commercial real-estate borrowers will be unwilling or unable to put additional equity into the properties, and will have to negotiate to extend the loan or walk away from the property, the analysts said. The volume of potentially troubled loans and declining real-estate values will make loan extensions harder to obtain. “The scale of this issue is virtually unprecedented in commercial real estate, and its impact is likely to dominate the industry for the better part of a decade,” the analysts said. Many dismiss the seriousness of the problem by assuming lenders will agree to extend maturities, according to the report. That approach might work if the amount of loans that failed to refinance was relatively small, but the percentage is likely to be 60 to 70 percent, the analysts said. The overhang of distressed real estate will hinder price appreciation, making lenders less likely to extend mortgages with the expectation that the value of the property will rise enough to qualify for refinancing, the analysts said. Loans made in 2007 when prices peaked and underwriting standards bottomed will face the biggest hurdles to refinancing. Roughly 80 percent of commercial mortgages packaged into bonds in 2007 wouldn’t qualify for refinancing, according to Deutsche data.
  13. du NationalPost Nobody is selling real estate and few are buying it, so how do you value it? The question dominated a panelist discussion that included the leaders of some of the largest real estate companies in the world. The consensus at the 14th annual North American Real Estate Equities conference, put on by CIBC World Markets, is the Canadian market will see little activity in 2009. Pinned down on what Toronto's Scotia Plaza might fetch in today's market, Andrea Stephen, executive vice-president of Cadillac Fairview Corp., said she couldn't answer. "It is difficult because there is a small pool of buyers," said Ms. Stephen who passed the question on to Tom Farley, chief executive of Brookfield Properties Corp. which is now building the Bay-Adelaide Centre, the first new office tower in Toronto's financial core in 15 years. Mr. Farley noted only three major assets have traded in the past seven years, the last being the TD Canada Trust Tower in Toronto. That was sold at $723/square foot, he said. Ms. Stephen said that figure might be "little rich" in today's market, but said it's hard to establish a real price. When Cadillac, which is owned by the Ontario Teachers Pension Plan Board, bought the Toronto-Dominion Bank's office tower assets the price was about $300 a square foot but that was eight years ago. There is no real pressure on any of the major owners of Canada's office towers to sell, so the type of fire sales that have been seen in the United States are less likely. "You have eight entities that control 90% [of the major towers]. It's ourselves and seven pension funds," said Mr. Farley. "We can weather the storm." Not everyone on the panel was as confident about the Canadian market. David Henry, president of retail landlord Kimco Realty Corp. which is based in the United States but has some holdings in Canada, said rental rates are "falling of the cliff." He did note the company's Canadian portfolio is holding up better than its U.S. holdings. He said there will be merger opportunities as prices continue to fall. Mr. Henry, said capitalization rates have been rising with alarming speed. The cap rate is the expected rate of return on a property, the higher the cap rate the less a property is worth. "We saw cap rates go from 6 to 8.5 in the United States. It may not go as high [in Canada] but it could go to 8," he said, referring to the retail sector. Dori Segal, the chief executive of First Capital Realty Corp., said he still hasn't seen the buying opportunities. "There is not a single grocery anchored shopping centre for sale in Toronto, Montreal, Vancouver, Calgary or even Victoria for that matter," said Mr. Segal.
  14. Investir à Québec Les Affaires, 00:00 Canadian Real Estate Il n'y a pas que Céline et Sir Paul qui aiment Québec. Le magazine Canadian Real Estate aussi. Car Québec est un bon endroit pour placer son argent dans la brique, nous apprend ce magazine spécialisé. Mieux : ce serait, après Ottawa, le deuxième endroit au Canada pour l'investissement immobilier. Canadian Real Estate a publié la liste des 10 marchés immobiliers les plus prometteurs. Cette liste est fondée sur les performances actuelles du marché, les infrastructures et les projets de développement. La Vieille Capitale est la seule ville québécoise à figurer au palmarès. Décidément, tout réussit à la ville de Québec ces temps-ci.
  15. Can Richard Baker reinvent The Bay? MARINA STRAUSS From Monday's Globe and Mail NEW YORK — Richard Baker, the new owner of retailer Hudson's Bay Co.,mingled with the New York fashion elite as the lights dimmed for designer Peter Som's recent show, offering opinions and taking a close look at the latest in skirts and dresses. It's a stark contrast to previous HBC owner Jerry Zucker, who HBC insiders had a hard time picturing with fashionistas in New York. But Mr. Baker, who made his name in real estate, knows it is time for a new approach at the struggling retailer. “As an entrepreneur I'm not necessarily fixated on how things were done in the past,” says Mr. Baker. “We function and we think much more like a specialty retailer rather than a department store retailer. A specialty retailer is much more nimble and willing to adjust to the environment than department stores, historically. Department stores, frankly, haven't changed a whole lot in 100 years.” His Purchase, N.Y.-based equity firm, NRDC Equity Partners, has snapped up a string of dusty retailers, among them HBC's underperforming Bay and Zellers. The Bay operates in the department store sector which is on the wane, squeezed for years by specialty and discount chains. Zellers struggles in a low-priced arena dominated by behemoth Wal-Mart Canada Corp. The need for a makeover is clear: The Bay's sales per square foot are estimated at merely $142, and Zellers', $149 – a fraction of the estimated $480 at Wal-Mart Canada. At Lord & Taylor, which also lags some of its key U.S. rivals in productivity, Mr. Baker has had some success in its efforts to return to its high end Americana roots. But the 47-store chain is feeling the pinch of tight-fisted consumers and, late last month, he unveiled a shakeup at the top ranks of his firm's $8-billion (U.S.) a year retail businesses to try to shave costs. Still, he is pouring money into the chains in other ways, quickly distinguishing himself from Mr. Zucker, who died last spring. While the former owner had named himself CEO despite his lack of merchandising experience, the new owner has handpicked a team of seasoned merchants at the senior levels of his retailers. And while Mr. Zucker shunned publicity and focused on more mundane, although critical, matters, such as technology to track customer demand, Mr. Baker enjoys the limelight. Now he is betting on the fragile fashion sector as an engine of growth. Last fall he set up Creative Design Studios (CDS) to develop designer lines for Lord & Taylor, now, HBC and, eventually, retailers around the world. Mr. Baker is “looking at every one of the properties with a different viewpoint,” says Walter Loeb, a former member of HBC's board of directors and a consultant at Loeb Associates in New York. “He has new ideas. He doesn't want to keep Hudson's Bay in its present form.” Nevertheless, “this team has taken over a not particularly healthy business,” says Marvin Traub, a former executive at Bloomingdale's who runs consultancy Marvin Traub Associates in New York. “They know and understand the challenges. It will take some time to fix them.” What Mr. Baker looks for in retailers is faded brands that have the potential to be revived. Early this year, NRDC acquired Fortunoff, an insolvent jewellery and home décor chain. The synergies among NRDC's various retailers are tremendous, says Gilbert Harrison, chairman of New York investment bank Financo Inc., which advises Mr. Baker. So is the value of the real estate. At HBC, it is estimated to be worth $1.2-billion, according to industry insiders. That's just a little more than the equivalent purchase price of the retailer itself. Lord & Taylor's real estate was valued at $1.7-billion (U.S.) when Mr. Baker acquired the company in 2006 – about $500-million more than he bought it for. “Initially I thought, good luck,” says Mr. Gilbert. “He's bought this in one of the most difficult retail environments that we've seen for 20 or 30 years. … “But he's protected his downside because the basic real estate values of Lord & Taylor and, now Hudson's Bay, certainly help prevent tragedy.” Mr. Baker likes to tell the story of buying Lord & Taylor for its real estate, and then on the way to signing the deal noticed how well the stores were performing. Like most other U.S. retailers, Lord & Taylor has seen business slow down recently. But its transformation to appeal to the well heeled had begun even before Mr. Baker arrived. It had dropped an array of tired brands, such as Tommy Hilfiger and Nautica, and picked up trendier labels, among them Coach and Tracy Reese. Mr. Baker encouraged the strategy of expanding and upgrading higher margin designer handbags and footwear. Ditto for denim wear and funky styles in the women's “contemporary” section under hot labels such as Free People and Diesel. “My job is to understand that we need to get the best brands in the store.” But he also saw the opportunity to bolster margins by stocking affordable lines in the form of CDS brands, with a focus now on Black Brown 1826 men's wear line. “I thought there was a void in the market for exactly the kind of clothes that my friends and I wear, at a right price. Why should we pay $150 for a dress shirt?” he asks, holding up one for $69. Now Mr. Baker wants to borrow a leaf from the Lord & Taylor playbook for HBC. He wants to introduce better quality products with higher margins, and plans to add his design studio merchandise to the stores early next year. Besides the details, he sees a whole new concept for the big Bay department stores. It would entail shrinking the Bay, possibly introducing Lord & Taylor within the stores, and adding Zellers in the basement and Fortunoff jewellery departments upstairs, with office space at the top. Lord & Taylor would serve to fill a gap in the retail landscape between the Bay and carriage trade Holt Renfrew, he says. For discounter Zellers, he seems to take inspiration from Target Corp., the fashionable U.S. discounter, by putting more focus on branded apparel. But he's not averse to selling parts of the business, or real estate, if the right offer came along either. “We're always available to sell things at the right price, or buy things at the right price.”
  16. Condos, costs squeeze Vancouver office space DAVID EBNER From Monday's Globe and Mail June 29, 2008 at 10:33 PM EDT VANCOUVER — The numbers, at first glance, couldn't look better for a commercial real estate developer. On the small peninsula that constitutes downtown Vancouver, there's barely any available office space. The 2.6-per-cent vacancy rate ranks as the lowest of any city core in North America. And rents are soaring, with the cost of prime office space jumping 25 per cent in just one year to more than $34 per square foot. Yet hardly any new commercial space is being built. Just 130,000 square feet is under construction in downtown Vancouver, which would add less than 1 per cent to what exists. It's a fraction of what's happening elsewhere: Calgary's downtown is expanding by 5.6 million square feet, or 17 per cent, and Toronto is growing by 3.8 million square feet, or 5 per cent. Construction costs have risen far faster than rents, driven by a Western Canadian construction boom that has made labour scarce and expensive, and the climbing cost of materials such as steel. Vancouver developers say they just can't make the numbers add up for new projects. In Calgary, for example, the energy boom allows developers to charge $45 a square foot, a third more than they can get in the Vancouver market. “It takes a lot of nerve to build today,” said Don Vassos, a senior vice-president at real estate services firm CB Richard Ellis Ltd. who opened the company's Vancouver office 24 years ago. Since then, the downtown has gone through a transformation that helped produce the current shortage of commercial space. It's a trend the city now hopes to reverse. In the 1980s and 1990s, planners and politicians set about creating the Vancouver that currently exists, one consistently on best-places-to-live lists. Under the rubric of “living first,” the city heavily promoted residential development downtown, pushing the population on the peninsula to 90,000, more than double the 40,000 or so in the mid-1980s. But the dozens of residential condominiums have begun to squeeze the commercial core. Four years ago, alarm bells started going off for planners when Duke Energy sold the landmark Westcoast Transmission building for a condo conversion. That provoked the city to impose a temporary halt on such changes in the central business district. With developers predicting that Vancouver will run out of space to build new commercial buildings in the next 20 years, city council is poised to encourage construction of more office space. In July, it will consider a series of proposals from planners that include an expanded central business district, tighter rules on condo conversions and proposals to allow taller towers with more density. Until things change, however, businesses will continue to feel the squeeze. Part of the problem, developers say, is that condos are far more profitable than commercial space because residential buyers are willing to pay large premiums for benefits such as views of the ocean and mountains. And unlike Calgary and Toronto, where large corporations drive demand for many storeys of commercial space, the typical Vancouver tenant is more likely to be a law firm or upstart technology company requiring far less space. Developers have to sign on many more tenants to make a project work instead of landing one big name. Some Vancouver developers say the city has to take measures to encourage new commercial buildings that go beyond the proposals city planners have put together. “They need to address costs,” said Tony Astles, executive vice-president for B.C. at Bentall Real Estate. “And they need to address the length of time it takes to go through the whole process, from zoning to approvals. “It's a clogged-up system. Right now, it's very difficult to rationalize a high-rise office tower in downtown Vancouver. The costs of construction have risen so fast that rents – even though they're at their all-time high – haven't kept up.” http://www.reportonbusiness.com/servlet/story/RTGAM.20080629.wrdowntown30/BNStory/Business/home
  17. Montreal house prices hold steady The Gazette Monday, October 06, 2008 Montreal's real-estate market remained steady during the third quarter, with average house prices experiencing single-digit gains, according to a House Price Survey report released yesterday by Royal LePage Real Estate Services. A decline in unit sales was recorded, however. While activity levels have rescinded since last year, average listing periods have actually shortened by a few days, compared to the same period 12 months prior. Of the 10 Montreal markets examined, the average price of a detached bungalow increased by 4.8 percent to $236,045, a standard two-storey home appreciated by 0.5 per cent to $336,381 and a standard condominium rose by 4.4 per cent to $204,336, year-over-year. "House prices in Montreal are inching upwards, despite an increase in listing inventory and the fact that there are slightly fewer unit sales," said Gino Romanese, senior vice-president of Royal LePage Real Estate Services Ltd. "When looking at Montreal's current housing market, we need to realize that 2007 shattered records," he added. "It's unrealistic to believe that that pace can be kept up for very long." © The Gazette 2008 http://www.canada.com/montrealgazette/news/business/story.html?id=952e9c04-7da1-4b47-8865-fd882d7d860b
  18. Pendant que la banque belge Fortis passe sous le contrôle de la Française BNP Paribas, l'Allemagne conclut une entente sur une augmentation de l'aide à la grande banque Hypo Real Estate. Pour en lire plus...
  19. November 14, 2008 by Deyanira Bautista Filed under Montreal Market Report According to the Greater Montréal Real Estate Board’s MLS® system, there were 36,955 transactions from last year until now. 4% less sales compared to last year. In terms of property prices in the Metropolitan Area of Montréal, the median prices of single-family homes and plexes increased by 6% compared to the same period last year, condominium prices increased by 3%. Compared to the first 10 months of 2007, condo sales grew by 5% in the Montréal Metropolitan Area. On the other hand, sales of single-family homes decreased by 7%, and plex sales decreased by 5%. “The median price of a single-family home grew last month by 4 per cent, increasing from $220,000 in October 2007 to $228,000 in October 2008. The plex market retained a stable median price at $329,250, while that of condominiums fell slightly by 1 per cent. This decrease can be explained by the minor decline in median prices of condominiums on the Island of Montréal, the largest condominium market. October’s resale market continues to favour sellers, despite a 9 per cent increase in the number of active listings in the MLS® system.” Source: Montreal Real Estate Board http://montrealrealestateblog.com/
  20. H&R REIT hits a roadblock with The Bow LORI MCLEOD November 14, 2008 When H&R Real Estate Investment Trust signed on as the owner and developer of EnCana Corp.'s new head office in Calgary last year, the deal marked a milestone. At the peak of the real estate boom in February, 2007, the handshake between the natural gas producer and the real estate developer set in motion the creation of a unique, crescent-shaped skyscraper which is set to become the tallest office tower west of Toronto. At the time it was announced the project known as The Bow, became a symbol of Calgary's coming of age as a Canadian financial powerhouse in the midst of the commodities boom. Almost two years later, times have changed and the development that was to become H&R's crown jewel has hit a funding wall. "At present there are no financing arrangements in place on any of the REIT's development projects, and the current difficult economic conditions have impacted H&R's financing strategy," the trust said late yesterday in a release of its third-quarter financial results. The trust said it is considering selling assets, including The Bow, to address its funding challenges. So far, attempts to find an investor for the project have failed and are unlikely to succeed until H&R moves further along with its financing and construction efforts, said Neil Downey, analyst at RBC Dominion Securities Inc. H&R's biggest problem has been the seizure of the credit markets, which happened swiftly, unexpectedly, and before it secured a construction loan for The Bow, said Dennis Mitchell, portfolio manager at Sentry Select Capital. Labour and materials costs are rising, and the cost of the project has risen from $1.1-billion to $1.4-billion. Adding to the pain is the downturn in the financial and commodities markets, which is sending office vacancy rates up and real estate values down. While the large scale of The Bow was a bit concerning, in "heady" times it was an exciting project, Mr. Mitchell said. "In February of 2007 you were essentially in the peak of the market. You were talking about [real estate firm] Equity Office Properties being purchased in a bidding war. You had people talking about a wall of capital coming into the markets. It was a pretty heady time," said Mr. Mitchell, whose firm recently sold nearly all of the 55 million H&R shares it owned. His view in February, 2007, was that H&R would be able to sell a 50-per-cent stake in the project at a gain in about six months. As the project proceeds, over budget and in need of $1.1-billion in funding, H&R is facing some tough choices, Mr. Downey said. While it was not mentioned as an option by H&R, Mr. Downey has raised the possibility of a distribution cut of up to 50 per cent, starting in 2009 and continuing until the project is completed in 2011, he said. "This would be a Draconian move by REIT standards," he added. However, it would provide H&R with an additional $300-million in capital, which should be enough to make up the financial shortfall if it can secure a $500-million construction loan, he said.
  21. Christie's Great Estate croit que le marché de la revente d'habitations redémarre dès ce mois-ci à Montréal, malgré la morosité et la tempête économique. Pour en lire plus...
  22. Downturn Ends Building Boom in New York Charles Blaichman, at an unfinished tower at West 14th Street, is struggling to finance three proposed hotels by the High Line. NYtimes By CHRISTINE HAUGHNEY Published: January 07, 2009 Nearly $5 billion in development projects in New York City have been delayed or canceled because of the economic crisis, an extraordinary body blow to an industry that last year provided 130,000 unionized jobs, according to numbers tracked by a local trade group. The setbacks for development — perhaps the single greatest economic force in the city over the last two decades — are likely to mean, in the words of one researcher, that the landscape of New York will be virtually unchanged for two years. “There’s no way to finance a project,” said the researcher, Stephen R. Blank of the Urban Land Institute, a nonprofit group. Charles Blaichman is not about to argue with that assessment. Looking south from the eighth floor of a half-finished office tower on 14th Street on a recent day, Mr. Blaichman pointed to buildings he had developed in the meatpacking district. But when he turned north to the blocks along the High Line, once among the most sought-after areas for development, he surveyed a landscape of frustration: the planned sites of three luxury hotels, all stalled by recession. Several indicators show that developers nationwide have also been affected by the tighter lending markets. The growth rate for construction and land development loans shrunk drastically this year — to 0.08 percent through September, compared with 11.3 percent for all of 2007 and 25.7 percent in 2006, according to data tracked by the Federal Deposit Insurance Corporation. And developers who have loans are missing payments. The percentage of loans in default nationwide jumped to 7.3 percent through September 2008, compared with 1 percent in 2007, according to data tracked by Reis Inc., a New York-based real estate research company. New York’s development world is rife with such stories as developers who have been busy for years are killing projects or scrambling to avoid default because of the credit crunch. Mr. Blaichman, who has built two dozen projects in the past 20 years, is struggling to borrow money: $370 million for the three hotels, which include a venture with Jay-Z, the hip-hop mogul. A year ago, it would have seemed a reasonable amount for Mr. Blaichman. Not now. “Even the banks who want to give us money can’t,” he said. The long-term impact is potentially immense, experts said. Construction generated more than $30 billion in economic activity in New York last year, said Louis J. Coletti, the chief executive of the Building Trades Employers’ Association. The $5 billion in canceled or delayed projects tracked by Mr. Coletti’s association include all types of construction: luxury high-rise buildings, office renovations for major banks and new hospital wings. Mr. Coletti’s association, which represents 27 contractor groups, is talking to the trade unions about accepting wage cuts or freezes. So far there is no deal. Not surprisingly, unemployment in the construction industry is soaring: in October, it was up by more than 50 percent from the same period last year, labor statistics show. Experience does not seem to matter. Over the past 15 years, Josh Guberman, 48, developed 28 condo buildings in Brooklyn and Manhattan, many of them purchased by well-paid bankers. He is cutting back to one project in 2009. Donald Capoccia, 53, who has built roughly 4,500 condos and moderate-income housing units in all five boroughs, took the day after Thanksgiving off, for the first time in 20 years, because business was so slow. He is shifting his attention to projects like housing for the elderly on Staten Island, which the government seems willing to finance. Some of their better known and even wealthier counterparts are facing the same problems. In August, Deutsche Bank started foreclosure proceedings against William S. Macklowe over his planned project at the former Drake Hotel on Park Avenue. Kent M. Swig, Mr. Macklowe’s brother-in-law, recently shut down the sales office for a condo tower planned for 25 Broad Street after his lender, Lehman Brothers, declared bankruptcy in September. Several commercial and residential brokers said they were spending nearly half their days advising developers who are trying to find new uses for sites they fear will not be profitable. “That rug has been pulled out from under their feet,” said David Johnson, a real estate broker with Eastern Consolidated who was involved with selling the site for the proposed hotel to Mr. Blaichman, Jay-Z and their business partners for $66 million, which included the property and adjoining air rights. Mr. Johnson said that because many banks are not lending, the only option for many developers is to take on debt from less traditional lenders like foreign investors or private equity firms that charge interest rates as high as 20 percent. That doesn’t mean that all construction in New York will grind to a halt immediately. Mr. Guberman is moving forward with one condo tower at 87th Street and Broadway that awaits approval for a loan; he expects it will attract buyers even in a slowing economy. Mr. Capoccia is trying to finish selling units at a Downtown Brooklyn condominium project, and is slowly moving ahead on applying for permits for an East Village project. Mr. Blaichman, 54, is keeping busy with four buildings financed before the slowdown. He has found fashion and advertising firms to rent space in his tower at 450 West 14th Street and buyers for two downtown condo buildings. He recently rented a Lower East Side building to the School of Visual Arts as a dorm. Mr. Blaichman had success in Greenwich Village and the meatpacking district, where he developed the private club SoHo House, the restaurant Spice Market and the Theory store. He had similar hopes for the area along the High Line, where he bought properties last year when they were fetching record prices. An art collector, he considered the area destined for growth because of its many galleries and its proximity to the park being built on elevated railroad tracks that have given the area its name. The park, which extends 1.45 miles from Gansevoort Street to 34th Street, is expected to be completed in the spring. Other developers have shown that buyers will pay high prices to be in the area. Condo projects designed by well-known architects like Jean Nouvel and Annabelle Selldorf have been eagerly anticipated. In recent months, buyers have paid $2 million for a two-bedroom unit and $3 million for a three-bedroom at Ms. Selldorf’s project, according to Streeteasy.com, a real estate Web site. “It’s one of the greatest stretches of undeveloped areas,” Mr. Blaichman said. “I still think it’s going to take off.” In August 2007, Mr. Blaichman bought the site and air rights of a former Time Warner Cable warehouse. He thought the neighborhood needed its first full-service five-star hotel, in contrast to the many boutique hotels sprouting up downtown. So with his partners, Jay-Z and Abram and Scott Shnay, he envisioned a hotel with a pool, gym, spa and multiple restaurants under a brand called J Hotels. But since his mortgage brokers started shopping in late summer for roughly $200 million in financing, they have only one serious prospect for a lender. For now, he is seeking an extension on the mortgage — monthly payments are to begin in the coming months — and trying to rent the warehouse. (He currently has no income from the property.) It is perhaps small comfort that his fellow developers are having as many problems getting loans. Shaya Boymelgreen had banks “pull back” recently on financing for a 107-unit rental tower the developer is building at 500 West 23rd Street, according to Sara Mirski, managing director of development for Boymelgreen Developers. The half-finished project looked abandoned on two recent visits, but Ms. Mirski said that construction will continue. Banks have “invited” the developer to reapply for a loan next year and have offered interim bridge loans for up to $30 million. Mr. Blaichman cuts a more mellow figure than many other developers do. He avoids the real estate social scene, tries to turn his cellphone off after 6 p.m. and plays folk guitar in his spare time. For now, Mr. Blaichman seems stoic about his plight. At a diner, he polished off a Swiss-cheese omelet and calmly noted that he had no near-term way to pay off his debts. He exercises several times a week and tells his three children to curb their shopping even as he regularly presses his mortgage bankers for answers. “I sleep pretty well,” Mr. Blaichman said. “There’s nothing you can do in the middle of the night that will help your projects.” But even when the lending market improves — in months, or years — restarting large-scale projects will not be a quick process. A freeze in development, in fact, could continue well after the recession ends. Mr. Blank of the Urban Land Institute said he has taken to giving the following advice to real estate executives: “We told them to take up golf.” Correction: An article on Saturday about the end of the building boom in New York City referred incorrectly to the family relationship between the developers William S. Macklowe, whose planned project at the former Drake Hotel is in foreclosure, and Kent M. Swig, who shut down the sales office for a condominium tower on Broad Street after his lender, Lehman Brothers, declared bankruptcy. Mr. Swig is Mr. Macklowe’s brother-in-law, not his son-in-law.
  23. Does anyone know what the status is on the construction that was being done in the Olympic Stadium tower? http://www.busac.com/index.php?lang=an&sect=3&offset=0&region=5&id=5733552 Judging by the 3D tour http://www.busac.com/previz/on the Busac Real Estate site, it looks like they are planning to remove some of the concrete panels on the side of the tower and replace them with more windows. Thus creating 20 floors of office space. The floor spaces in the tour were built with very high ceilings and windows that were much to high. I wonder if and how many floors they might be adding to fill up these large rooms. If anyone has anymore info on this project or pictures of construction of any part of the Olympic Complex I would be very interested. All Pictures are from Busac Real Estate www.Busac.com
  24. Quelques 'snippets' du dernier 'Canadian Real Estate' (Mar/Apr 2008) "When we first opened for sales in 2004, the general consensus was that we were crazy to be asking for $1,000 a square foot. Yet, we were very successful. We proved that the Toronto market was viable and other great brands have followed our success. We've now sold over $300 million worth of real estate and are averaging over $1,500 a square foot - a relative bargain compared to New York prices." "Toronto is a world-class city and it's only going up. It's getting better all the time. With Vancouver, Toronto and to a lesser degree, Montréal, the world is beginning to take notice of the value of Canadian real estate." "Several years ago we identified Canada as being a very viable and lucrative marketplace and one that we wanted a piece of." "According to sales figures for Trump Toronto, 35% of buyers are from Canada, 30% are from the UK and 20% are from the US." "We're not actively planning any additional Canadian projects right now. The Toronto property has been our main focus in Canada to date. Its success will hopefully drive interest in markets like Montreal or Vancouver. Right now, we're focused on Toronto, but certainly look forward to future projects throughout the country." P.S. Trump ne fait que preter son nom au Trump Toronto (pour $1mil et un pourcentage des ventes).