We Got the Bid!
By Eugen Klein,
B.Comm(UREC), CRES, ARM®, RI(BC), FRI
Real Estate Broker
Yes, we were all listening to CKNW in our office Wednesday morning, in time to hear the jubilant shout of the crowd gathered at GM place when it was announced that Vancouver/Whistler will be hosting the 2010 Winter Olympic Games! Although it was a much closer race than many anticipated, the end result justified all our expectations.
In the residential and commercial real estate arena, you could not ask for better news. A major provincial undertaking of this nature has a dynamic effect on the real estate market, which will last well beyond the final closing ceremony in 2010. We only need to look to the continuing revitalization of false creek and Yaletown that can be traced back 17 years to Expo ‘86!
How have past Olympic host cities prospered from their games? A review done shortly after the Sydney Olympics in 2000 projected that the $6.5 billion dollars spent on the games should be recouped by 2014, the majority of the money going to New South Wales, the state in which the games were held. We also know that there have been some notable Olympic economic disasters (Montreal, 1976), and tremendous successes (Los Angeles, 1984). The most recent Olympic games, the 2002 Salt Lake City Winter Olympics, are currently projected to have a shortfall of $168 million.
It is often difficult to trace with accuracy all the sources and destinations of revenue. What is important to recognize is the tremendous advantages that can grow out of improvements to existing infrastructure, revitalization of depressed neighbourhoods, construction of world class sporting and convention facilities, and exposure of our city to the world.
As is always the case, the wisdom and planning of those in power will have a dramatic effect on success. Look for new investment opportunities along improved transit corridors and where redevelopment increases property values and density.
Editorial
According to the Chinese calendar this year is the “year of the sheep”. Symbolizing prosperity and comfort, the sheep encourages us to be introspective and make peace with ourselves – and spend more time with those who our dearest: our family. You will feel more sentimental and compassionate… and for all the Scotsmen, there will be a strange aversion to haggis…
I have had quite a few inquiries recently from people who are thinking of selling their real estate investments and moving into a rental apartment or commercial space, to take advantage of a seller’s market. While low interest rates, rapid development and announcements like the coming of the Olympics are making it possible for people to profit on their capital investment, I caution that there must always be a good exit strategy. Renting only out-paces buying in the short term, so unless you are in a situation that requires you to move in the near future or on a frequent basis, owning is a better financial decision.
Eugen L. Klein
B.Comm (UREC), CRES, ARM®, R.I.(B.C.), FRI
[email protected]
Tel. 604.818.5888
Tel. 1.800.818.8599
Market Update – Vancouver:
Prosperitas (Latin for “success” or “good fortune”), is our team focus. To help bring our clients “prosperitas”, we like to keep an eye on how our city is prospering. The following facts and statistics come from BC Stats and Stats Canada. Results compare the end of 2002 against the end of 2001.
• residential home sales climbed to 34,909 from 28,176. Sales have increased by 78% over the past four years.
• Average price of a home rose to $301,473 from $284,806
• Unemployment decreased to 7.6% from 8.4%
• 53,500 new business licenses were granted, compared to 40,100 the previous year.
• New construction has added 1.03 million sq. ft. of office space downtown and another 209,000 sq. ft. along the Broadway Corridor.
Useful Links
We can’t always find out everything about everything, but thanks to the internet we can find out a lot about most things… here are a few sites that we have found quite useful and informative:
Olympic bid information:
www.gov.bc.ca
Statistical Information:
www.statcan.ca
BC Encyclopedia:
www.knowbc.com
BC Bids Online:
www.bcbid.gov.bc.ca
Powerful Search Engine:
www.copernic.com
Properties:
1. 46 ACRE BLAINE DEVELOPMENT:
Between I-5 & Pacific Hwy; truck stop, manufacturing, duty free potential; $4.50 to $6.50 / sq.ft. Border proximity 10 parcels, all serviced.
2. OPTICAL MANUFACTURING & RETAIL:
Four retail outlets (Kitsilano, Vancouver, North Shore, Burnaby), manufacturing plant (Burnaby). 20 years of established success.
3. EXCLUSIVE RESORT
Near Revelstoke, BC. Newly built, year round activities: canoeing, heli-skiing, sno-mobiling.
4. FAESSLER VINYARDS
On beautiful Serpentine River near Cloverdale, BC. Permit application pending for Winery License.
5. RAFTER LY RANCH
7 km frontage on Bulkley River near Smithers BC. 4000 acres, prime cattle ranching. Secluded, easily accessible.
6. TRAFFIC CONTROL COMPANY
Extremely lucrative business. Major contracts in place with city, municipalities, and blue chip companies. 34 years in operation.
7. DOWNTOWN STRATA OFFICE Howe Street, Vancouver. Directly across the street from B.C. Supreme Court. Perfect for independent professional.
8. MIXED COMMERCIAL
Langley: two level, commercial lease space downstairs and residential space upstairs. Currently fully leased / owner occupied.
9. 48 UNIT STACKED TOWNHOUSE SITE
Zoned, plans approved for construction of 40+ town homes. Owner flexible as sale, joint venture and/or staggered payout.
10. COMING SOON Waterfront hotel site on Vancouver Island. Exceptionally beautiful site. Zoned, ready to build within building scheme.
11. TOWING COMPANY
Serving all major southern BC highways from Merritt location.13 years growth; 13 trucks; Major contracts; Awesome cash flow!
12. NIGHT CLUB – COUNTRY STYLE
Very popular and lucrative night club with corporate style management. Open option to purchase building as well. Cap 23+%
13. NIGHT CLUB – FRASER VALLEY
Established club with loyal clientele. Minutes from downtown Surrey. Excellent lease 5,000 sq.ft. currently undergoing full renovations.
14. COMMERCIAL INVESTMENT
Kingsway corridor, Burnaby. Fully leased, long term client; cap rate 8.1% Recently renovated. Corner location near Metrotown.
15. DENNY’S FRANCHISE
Greater Vancouver – rarely for sale. Successful franchise in major shopping mall. Profitable, projected traffic flows increase.
16. AUTO REPAIR, DETAIL & SALES
Located on the North Shore. Building purchase option. Exceptional reputation for quality of service in wealthy neighbourhood.
17. BED & BREAKFAST
Near Steveston in Richmond. Beautifully appointed and easy to run, especially busy in summer. Ideal for retirement couple.
18. ENGLISH TRAINING COLLEGE
Central Location in downtown Vancouver. $800,000 in annual revenue in only third year of operation; ~35% Cap.
19. PRIME YALETOWN LEASE
2000 sq.ft. prime corner retail space, heart of Yaletown, a trendy high income district. High pedestiran traffic; accessibility and exposure.
20. YALETOWN BASEMENT STORAGE
8000 sq.ft. basement storage area (can be subdivided into 2000 sq.ft. parcels). Ideal for local retailers to save $$ off retail area.
COMING SOON
50 Room Hotel – $3,500,000. – in B.C. interior, Visible from major highways.
COMING SOON
Investment property, North Vancouver – $2,500,000 – Near Lonsdale Quay.
COMING SOON
Shopping mall for redevelopment into mixed commercial/residential tower, 14 storeys. Upper floors will have exceptional view of Vancouver Island & Puget Sound
COMING SOON
Large steel manufacturing facility with100 employees. Estimated time to market 3 months. $5,000,000.
WANTED
Land for residential or commercial development $1,000,000+ Lower Mainland
WANTED
Commercial investment, $1,000,000 to $5,000,000; industrial, strip mall.
WANTED
Buyer for distress sale of mobile home park with redevelopment potential.
This communication is not intended to induce a breach of already listed properties or businesses. All information must be verified by the purchaser. Images are representative only.
Testimonials
“Never before we have seen the commitment for doing a good job in selling a property like in your case.”
Daniel Schneider, Credit Suisse Banking, Switzerland
“Having met you has helped me regain my faith in the real estate sales system. Thank you for the special effort. …”
Barrie Wamboldt, President
International H.O.M.E. Reserve Inc.
“Respect, dedication, dependability, passion and commitment to his causes, particularly in the areas of self-improvement and the service of his friendships, his family, his clients, his scholastic and business associates.”
Chris Stringer, President
ActionView
“Eugen is very well qualified …Eugen is a conscientious hard working member of our profession and I have every confidence in [him]”
John R. D’Eathe, LLB., R.I.(B.C.),
Chairman Penreal Capital Management
“I have known Eugen Klein for approximately fifteen years. I am impressed by his commitment to life and all its opportunities and challenges. By my experience he is hard working, honest, intelligent, sincere and courteous.”
John Windsor, R.I.(B.C.), F.R.I.C.S., President
North American Property Corporation
Community:
My ‘Community’ section is dedicated to the extraordinary people who have contributed to my life with exceptional service. I would like to share my good fortune of knowing them with you. Please feel free to convey my recommendation.
ENGLAND PAINTING
Mr. Andrew Rabek
Vancouver (604) 377-0763
GRAPHIC DESIGNER
Mr. William Jones
North Vancouver (604) 984-2057
EVENT COORDINATOR
Ms. Malinda Poe
Vancouver (604) 738-2286
KAL-TIRE
Mr. Paul Ouellet
North Vancouver (604) 985-4221
MAGIC TOUCH AUTO CENTRE
Mr. Reza Akhavan
West Vancouver (604) 922-6666
PURPLE ONION CABARET
Mr. Ken Svazas
Vancouver (604) 602-9442
VANCITY CAPITAL
Mr. Axel Christiansen
Vancouver (604) 877-6582
VANCITY CREDIT UNION
Mr. Joe Chan
Vancouver (604) 877-8296
CHARTERED ACCOUNTANT
Mr. Grant Gilmour
Langley (604) 888-4200
MEGA ASSISTANCE
Mr. Alain Blancard
Vancouver (604) 669-7582
BARFLY
Mr. Jesse Bannister
New Westminster (604) 519-0333
SIGNS ILLUMINATED
Mr. Dale Hammond
Vancouver (604) 930-8414
EVERGREEN PRINTING
Mr. Shaf Malek
Vancouver (604) 734-3774
NATIONAL HOME REVIEWS
Mr. Dean Kazoleas
Vancouver (604) 681-2108
The Team
Eugen L. Klein
B.Comm (UREC), CRES, ARM®, R.I.(B.C.), FRI
Broker
email: [email protected]
Cell: 604.818.5888
Toll Free: 1.800.818.8599
Direct: 604.691.6622
Fax: 604.691.6688
Dina Jabsheh
B.Comm (GMT)
Business Development
Unlicensed Assistant
email: [email protected]
Direct: 604.691.6610
Fax: 604.691.6688
Michael Mustard
B.Sc(Hons)
Information Systems Manager
Unlicensed Assistant
email: [email protected]
Direct: 604.691.6660
Fax: 604.691.6688
Please do not hesitate to call me at 604.818.5888; it is my pleasure to serve your real estate needs. Please visit us on the world wide web at www.eugen-klein.com
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