A record-breaking real estate markets in Great Vancouver


Greater Vancouver real estate record broken with new $42M private sale

Amy Judd
other

A new Greater Vancouver real estate record has been broken with a new private sale recently.

Sotheby’s International Realty Canada said the sale of the Belmont Estate is now the region’s highest single-family residential sale on a single lot.

A listing for the property says the sale price was $58,000,000.

B.C. Assessment shows a sale for the home occurred on July 9. It was a cash sale for $42,000,000.

“Belmont Estate represents an iconic piece of Vancouver history,” Christa Frosch, listing agent with Sotheby’s International Realty Canada said in a release. “From the moment it was listed, it attracted steady local and global buyer enquiries, a reflection of the property’s pedigree, as well as enduring, underlying consumer confidence in Vancouver real estate.

“Ultimately, this bespoke estate was purchased by Canadian buyers. It is truly one of the most exceptional residential offerings, not only in Vancouver but in all of Canada and beyond.”

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The house on Belmont Avenue is situated on 1.28 acres and is 21,977 square feet in size.

It has five bedrooms, 12 bathrooms, an elevator, indoor pool and sauna, six-car garage and a private entrance in the in-law’s suite.The three-level garden is inspired by the gardens of The Palace of Versaillein Paris, according to Sotheby’s, and includes Indigenous, mature sequoia trees, golden spruce, maples and a hobby orchard. 

The view from the Belmont Estate. Sotheby’s International Realty Canada

A look at the decoration inside the Belmont Estate in Vancouver. Sotheby’s International Realty

Canada 

A look at the staircase inside the Belmont Estate. Sotheby’s International Realty Canada

The view from the Belmont Estate in Vancouver’s Point Grey neighbourhood. Sotheby’s International Realty Canada

 

© 2021 Global News, a division of Corus Entertainment Inc.



Belmont mansion sold for the highest price ever in the region for a single family detached


Vancouver real estate: Mansion sold for $42M, well below the asking price but still a record high

Kendra Mangione
other

 VANCOUVER — A Vancouver mansion sold this month for what realtors described as a record-breaking price was purchased well below what its owners were asking.

Representatives of Sotheby’s International Realty said last week the mansion known as the Belmont Estate sold for what was the highest price ever in the region for a single-family detached home on a single lot.

But the company refused to provide any details of the sale to CTV News, citing the privacy of both seller and buyer.

Sotheby’s would only say that it sold for more than the previous record of $31.1 million, and a public listing showed the asking price of $58 million. This was down from when then-owners Joseph and Rosalie Segal tried to sell the home for $63 million several years earlier.

Sotheby’s would not say whether the home sold at, above or below listing, nor would the company say whether it was for sale under the same owners.

According to documents through BC Assessment, the mansion was sold on July 9 – a cash sale for $42 million.

Documents show that, prior to this sale, it had been bought for about $7.1 million in 2009, suggesting the owners who previously tried to sell the mansion at $63 million in 2017 were the same as the owners who accepted the much lower $42 million this month.

The five-bedroom, 12-bathroom estate was also listed in 2020 for $58 million, but the listing was pulled down. Records suggest it did not sell at that time.

Sotheby’s Christa Frosch would not provide many details on the buyer or buyer of the 21,977-square-foot home except to say that they are Canadian.

Records show the home was purchased by a company incorporated earlier this year under the name 1307876 B.C. Ltd. The company’s director is Peter Chung, a doctor who is CEO of Primacorp Ventures.

That company describes Chung as an “entrepreneur, philanthropist, and diplomat…with businesses in education, real estate, health care and social enterprise.”

Frosch did not answer questions from CTV News about how long it typically takes to sell a house in this price category, saying only that it involves finding the right buyer, and that sometimes that means a house stays on the market longer than something more affordable to the general public.

The estate in Vancouver’s Point Grey neighbourhood is 20 years old, according to the listing, and took more than five years to build.

Among its features are a stone waterfall, elevator, wine cellar, ocean and mountain views, indoor pool, library and six parking spaces.

See more photos and read more about the estate at 4743 Belmont Ave. in last week’s coverage.

 

 

© 2021  All rights reserved.



Strata complex has 28 surveillance camera and 30 fob access point for purposes


Condo surveillance went too far, says privacy watchdog

Jeremy Hainsworth
Western Investor

Hidden cameras, tracking key fobs, sharing private video data on strata owners and guests represent excessive use of surveillance, report says

 Yaletown strata complex has 28 surveillance cameras and 30 fob access points. |File photo

Hidden cameras, tracking key fobs, sharing private video data on strata owners and guests represent excessive use of surveillance, report says

B.C.’s privacy commissioner has told a Vancouver strata corporation to stop using security surveillance system data for purposes other than which it was collected.

And, the strata was told, some data collected through its door key fob system was inappropriate.

“I find the degree of intrusiveness is high since the cameras run 24 hours a day, 7 days a week, wrote Lisa Siew, an Office of the Information and Privacy Commissioner adjudicator, in a June 29 decision. “The continuous collection of this information can have personal and social effects on individuals while they are under surveillance.”

Siew approved collection and use of personal information for enforcement of garbage disposal bylaws, for prevention and investigation of property damage in the parkade area and to create and update a key-fob inventory.

Apart from those points, Siew told the strata to stop collecting and using personal information through its video surveillance system, to stop collecting and using personal information through its key fob monitoring system and recommended the strata provide owners and residents with a complete list of all the video camera locations.

A resident complained the Yaletown strata had violated the Personal Information Protection Act (PIPA) by inappropriately collecting, using and disclosing personal information obtained through the systems. 

The complainant also alleged the strata was not adequately protecting the personal information.

The complainant alleged the strata “recklessly released the personal information including contact information and signatures of all lot owners without consent when including the list of people who attended an AGM.”

In response, the strata accused the resident of capturing the personal information of other individuals without consent by providing a photo of a computer screen allegedly showed “FOB use in real time.”

Siew stressed PIPA doesn’t explicitly prohibit the use of video surveillance by strata corporations, but because of their “arbitrary invasiveness,” such systems should only be used after less privacy-intrusive measures have failed to address a serious problem.

First, Siew said providing evidence to the commissioner of the issue under discussion was appropriate.

The strata corporation consists of 176 strata lots, including townhouses, divided between two complexes. The surveillance camera and key fob systems were updated in 2015. There are 28 cameras inside and outside and 30 fob access points.

The strata had investigated the resident for a rule violation. During that investigation, video surveillance footage of the complainant and his guests was allegedly shared with others.

He further alleged strata council members and others were viewing video surveillance footage of individuals in the hot tub.

He said he was actively monitored in real time and that the strata wanted to use cameras to monitor traffic in the garage and to catch people discarding cigarette butts.

“The organization appears to be collecting personal information from cameras hidden throughout the interior and exterior of the building and it uses personal information for undisclosed reasons,” the decision said.  

Further, it said, the strata introduced a rule to deny elevator access, and thus unit access, to residents who violated the strata’s rules and bylaws. 

The complainant explained the rule is implemented by “using the key-fob database information to deny access to the elevators by deactivating people’s key fob.”

Siew found the fob system collected personal information “clearly about identifiable individuals” and stored it in a database.

“It would clearly be a simple matter for the organization to use video surveillance footage, the concierge’s observations or eyewitness accounts to determine the identity of the person using a key fob at a specific location, date and time,” Siew wrote.

Further, she said, any visitors to the strata complex such as guests of owners or residents, couriers, delivery drivers or tradespeople will be affected by the organization’s collection of personal information.

And, she said, while some of the notification signs in the building about surveillance were sufficient, she said the strata bylaw about data collection was insufficient.

 

© 2021 Western Investor



Strata complex has 28 surveillance camera and 30 fob access point for purposes


Condo surveillance went too far, says privacy watchdog

Jeremy Hainsworth
Western Investor

Hidden cameras, tracking key fobs, sharing private video data on strata owners and guests represent excessive use of surveillance, report says

 Yaletown strata complex has 28 surveillance cameras and 30 fob access points. |File photo

Hidden cameras, tracking key fobs, sharing private video data on strata owners and guests represent excessive use of surveillance, report says

B.C.’s privacy commissioner has told a Vancouver strata corporation to stop using security surveillance system data for purposes other than which it was collected.

And, the strata was told, some data collected through its door key fob system was inappropriate.

“I find the degree of intrusiveness is high since the cameras run 24 hours a day, 7 days a week, wrote Lisa Siew, an Office of the Information and Privacy Commissioner adjudicator, in a June 29 decision. “The continuous collection of this information can have personal and social effects on individuals while they are under surveillance.”

Siew approved collection and use of personal information for enforcement of garbage disposal bylaws, for prevention and investigation of property damage in the parkade area and to create and update a key-fob inventory.

Apart from those points, Siew told the strata to stop collecting and using personal information through its video surveillance system, to stop collecting and using personal information through its key fob monitoring system and recommended the strata provide owners and residents with a complete list of all the video camera locations.

A resident complained the Yaletown strata had violated the Personal Information Protection Act (PIPA) by inappropriately collecting, using and disclosing personal information obtained through the systems. 

The complainant also alleged the strata was not adequately protecting the personal information.

The complainant alleged the strata “recklessly released the personal information including contact information and signatures of all lot owners without consent when including the list of people who attended an AGM.”

In response, the strata accused the resident of capturing the personal information of other individuals without consent by providing a photo of a computer screen allegedly showed “FOB use in real time.”

Siew stressed PIPA doesn’t explicitly prohibit the use of video surveillance by strata corporations, but because of their “arbitrary invasiveness,” such systems should only be used after less privacy-intrusive measures have failed to address a serious problem.

First, Siew said providing evidence to the commissioner of the issue under discussion was appropriate.

The strata corporation consists of 176 strata lots, including townhouses, divided between two complexes. The surveillance camera and key fob systems were updated in 2015. There are 28 cameras inside and outside and 30 fob access points.

The strata had investigated the resident for a rule violation. During that investigation, video surveillance footage of the complainant and his guests was allegedly shared with others.

He further alleged strata council members and others were viewing video surveillance footage of individuals in the hot tub.

He said he was actively monitored in real time and that the strata wanted to use cameras to monitor traffic in the garage and to catch people discarding cigarette butts.

“The organization appears to be collecting personal information from cameras hidden throughout the interior and exterior of the building and it uses personal information for undisclosed reasons,” the decision said.  

Further, it said, the strata introduced a rule to deny elevator access, and thus unit access, to residents who violated the strata’s rules and bylaws. 

The complainant explained the rule is implemented by “using the key-fob database information to deny access to the elevators by deactivating people’s key fob.”

Siew found the fob system collected personal information “clearly about identifiable individuals” and stored it in a database.

“It would clearly be a simple matter for the organization to use video surveillance footage, the concierge’s observations or eyewitness accounts to determine the identity of the person using a key fob at a specific location, date and time,” Siew wrote.

Further, she said, any visitors to the strata complex such as guests of owners or residents, couriers, delivery drivers or tradespeople will be affected by the organization’s collection of personal information.

And, she said, while some of the notification signs in the building about surveillance were sufficient, she said the strata bylaw about data collection was insufficient.

 

© 2021 Western Investor



Figuring out major deficiencies to fix amidst rising costs in the real estate market


New Westminster strata windup and sale finds solution in a bumpy market

Joanne Lee-Young
The Vancouver Sun

Just as strata owners at Kinnaird Place decided to sell their building because they couldn’t afford to take on major repairs, the market cooled, developers disappeared, the building’s land value slumped and a burst water main flooded units.

Former unit owner Mario Mameli stands outside Kinnaird Place at 65 First St. in New Westminster. Photo by Mike Bell /PNG

Kinnaird Place, an older residential building near New Westminster‘s downtown with 61 units recently sold for $22.7 million. The years-long saga leading to its strata winding up and sale of its building should be noted by anyone in units with major deficiencies to fix amidst rising costs and a volatile real estate market.

“That was a roller-coaster,” said Crystal Hunt, who bought her unit in 2015. “Things fluctuated so much, up and down, up and down.”

About a third of the owners were, like Hunt, first-time homebuyers with young families, getting into a rising market. Another third were owners who had been there for decades, dating back to when the building was built in 1984, with many on low and fixed incomes. The last group were renters, with the bulk paying grand-fathered, more affordable rates.

“There weren’t many who wanted to sell,” said Hunt, citing the building’s prime location in between the Pattullo and Alex Fraser bridges, with views of Mount Baker and overlooking the Fraser River, near downtown New Westminster, a park and transit.

But around 2016, it became apparent that the building needed some significant repairs and upgrades in the millions of dollars. The calculations were starting in the steep ballpark of a special levy of $80,000 for each unit, said Hunt.

“Is it reasonable to ask a 75-year-old woman (in this building) to cough up a hundred grand for a special levy?” said Gianmario Mameli, another owner, who bought his unit in 2016.

“Often, it’s a developer coming to the building,” said Hunt. “Ours was the other way around. We were trying to get ahead of things.”

“The strata council realized, ‘We can’t get the money we need to do the minimal work. How are we going to get more money?’” said Matt Nugent, a real estate broker with Macdonald Commercial.

So the strata engaged Nugent and three other brokers at Macdonald in August 2017 to find a buyer.

But, in March 2018, the B.C. government announced a new speculation and vacancy tax and an increase in its foreign buyers tax just as Ottawa’s new stress test was making it harder to get mortgages. All this threw a quick chill on the market.

“In the first quarter of 2018, (presale condo) sales were amazing,” said Nugent. “And then, in the second quarter, sales just dropped completely.”

Two developers with contracts signed to buy the building abruptly dropped out of their deals.

Then, in March 2019, as developers evaporated and the building’s land value was slumping, a nearby city water main burst.

“I had a bunch of people knock on my door: ‘You know, water is pouring in,” said Mameli. “I go downstairs and there’s a foot of water. I’m in my house coat, trying to help people get their stuff out.”

Residents in about 14 units had to move out for months because of the damage. A few tried to list their units for sale on their own, “and get out faster,” said Mameli, but a group of owners also appealed to city council and staff for help, explaining their bind.

In the end, the city presented an agreement that facilitated Merchant House Capital, a Victoria-based asset management group, being interested in buying the property through the process of the strata ending. It made provisions for renters to continue with Merchant, and for owners to stay if they wish to rent for a period of time after a sale.

In return, Merchant got some nuanced concessions from the city for its future development plans, exempting it from having to exclusively build rental in perpetuity on the prime site, according to CEO David Fullbrook.

“The strata was going to be caught in this limbo for several years,” said New Westminster mayor Jonathan Cote. “The city saw an opportunity to keep the affordable rental housing going as opposed to have the building be vacant or torn down until it can be re-developed.”

The only thing left to get through was seeing the process through the pandemic lockdown, starting in March 2020. At first, the strata couldn’t meet in person to vote on dissolving. It took until September for the Kinnaird Place strata to become the first-ever strata to wind up online. More than the needed 80 per cent of owners agreed and, eventually, all came on board. At the end of March, the sale completed. jlee-young@postmedia.com

Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday by subscribing to our Sunrise newsletter here.

© 2021 Vancouver Sun



Industrial building sells for $2.3 Million located at Langley, B.C.


Langley 5,040-square-foot industrial building sells for $2.3 million

Frontline Real Estate Services Inc.
Western Investor

The freestanding building, in the Aldergrove area, is zoned light-industrial and includes renovated office space

Frontline Real Estate Services Inc., Surrey, B.C., for Western Investor

Property type: Industrial building

Location: 3063 275A Street, Langley, B.C.

Property size: 5,040 square feet

Land size: 8,304 square feet

Zoning: MI-A (light industrial)

Sale price: $2.3 million

Date of sale: June 16, 2021

Brokerage: Frontline Real Estate Services Inc., Surrey, B.C.

Brokers: Todd Bohn and Brendan Hobbs

 

© 2021 Western Investor