Archive for July, 2010

B.C. bucks downward building-permits trend

Wednesday, July 7th, 2010

Province

The value of building permits fell by a much-larger-than expected 10.8 per cent in May from April, slipping to $6 billion, Statistics Canada reported Tuesday.

Analysts polled by Bloomberg had called for a two-per-cent month-over-month drop.

The federal agency blamed decreases in both the residential and non-residential sectors for the decline.

Statistics Canada said the value of residential permits fell 5.3 per cent to $3.7 billion as a result of a decline in the single-family component, while the value of non-residential permits fell 18.3 per cent to $2.3 billion.

The industrial component however rose 47.1 per cent to $644 million, the fifth-consecutive monthly increase.

“If there is hope for house prices in Canada, it lies in curtailing supply,” Scotia Capital economist Derek Holt said. “That’s where any room for optimism lies in an otherwise bleak report that displayed widespread losses in value and volume terms within both the nonresidential and residential categories.

“It’s important to keep in mind the trend that has been in place, however, in that the volume of housing permits granted is still up 30 per cent from year-ago levels, and is focused upon single homes (up 46 per cent) versus multiples (up 18 per cent).”

The decline in May follows two previous monthly increases, Statistics Canada said. Decreases were experienced in seven of 10 provinces, rising only in B.C., Saskatchewan and P.E.I.

At the metropolitan level, the total value of permits fell in 18 of the 34 census metropolitan areas.

Edmonton, Calgary and Windsor, Ont., experienced the biggest declines, while Vancouver, Montreal and St. Catharines-Niagara, Ont., were the top advancers.

© Copyright (c) The Province

Metro housing market holds steady in June, survey reports

Tuesday, July 6th, 2010

Vancouver sales down, Fraser Valley sales up

Brian Morton
Sun

Metro Vancouver’s housing market experienced steady activity in June despite sales that were 30 per cent lower than the same time last year, according to the Real Estate Board of Greater Vancouver (REBGV).

In the Fraser Valley, activity was stronger with June sales up 23 per cent from May and just eight per cent lower than June 2009.

“This is what we’d expect for this time of year,” REBGV president Jake Moldowan said in an interview. “I’d call it a stable summer market.”

Moldowan said that activity in June marked a “healthy balance” between the near-record setting pace of June 2009 and the much slower sales activity in June 2008 during the recession.

According to data released Monday, residential sales in Metro Vancouver totalled 2,972 in June, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, the second highest selling June on record.

Compared to June 2008, last month’s sales also represented a 22.6-per-cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales were also 5.8 per cent lower than May’s sales totals, according to the survey.

“If you look at the last seven or eight years, the average year is 36,000 to 40,000 sales,” Moldowan said. “June sales are 2,972, so we’re right within that realm.”

He said the number of new listings coming on the market is not as dramatic as over the last three months, “and demand remains at a healthy level for this traditionally quieter time of year.”

New listings for detached, attached and apartment properties totalled 5,544 in June 2010 for Metro Vancouver, a 3.2-per-cent increase compared to June 2009 when 5,372 new units were listed, and a 21-percent decline compared to May 2010 when 7,014 properties were added to the MLS.

Over the last 12 months, the overall benchmark price for all residential properties in Metro Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009, the survey said.

Moldowan said hot spots in June included Richmond and the west side of Vancouver and that the strong number of listings bodes well for buyers.

Moldowan also said some developers are starting to absorb the harmonized sales tax (HST) to entice buyers.

Tsur Somerville, director, centre for urban economics and real estate, Sauder School of Business, the University of B.C., said in an interview that the Metro Vancouver numbers show sales are significantly down from the boom years of 2003 to 2007.

“These sales look a lot like sales in 2001 and 2002 for June,” he said. “They’re really down from the boom years, [which were] last year and the run-up we had between 2003 and 2007.”

Somerville also said that fewer listings in June reflects a change in market conditions.

Meanwhile, sales on the Fraser Valley Real Estate Board’s Multiple Listing Service increased by 23 per cent in one month going from 1,477 sales in May to 1,815 in June. However, June’s numbers were down eight per cent compared to the 1,982 sales during the same month last year.

Board president Deanna Horn said it’s not unusual for June sales to outperform May in the Fraser Valley, but that a 23-per-cent increase in one month is significant.

She said the sharp increase could be due to three factors: mortgage rates edging down, the HST coming into effect July 1, and a large inventory of homes for buyers to select from.

“Although we’re seeing a decrease in the number of new properties coming on stream, June buyers have only had this volume of homes to choose from two other times in our history, in 1995 and 2008.”

The total active inventory in the Fraser Valley at month’s end was 11,110 — 19 per cent more than June 2009. The board also received nine per cent fewer new listings in June compared to May, which Horn said will help stabilize the market.

In June, the benchmark price for Fraser Valley detached homes was $518,355, a 9.9-percent increase compared to $471,788 in June 2009, the survey said.

For townhouses, the price increased nine per cent over the same period to $328,080 and 6.6 per cent to $246,351 for apartments.

© Copyright (c) The Vancouver Sun

First-time buyers in B.C. more likely to buy a condo than a house

Tuesday, July 6th, 2010

And they do their financial homework

Fiona Anderson
Sun

First-time homebuyers in British Columbia are opting for condominiums, not houses, unlike their counterparts in much of the rest of the country, according to a report by TD Canada Trust.

Thirty-seven per cent of British Columbians who had either bought a home in the past two years or planned to buy in the next two years said they had bought or intended to buy a condo, while there were only 21 per cent of respondents across the country who had bought or were looking at condos.

In B.C. 36 per cent of respondents had bought or hoped to buy a detached home, while across the country 58 per cent expected their first home to be a detached house.

“In B.C. it’s all about lifestyle and affordability,” said Barry Rathburn, manager of mobile mortgage specialists with TD Canada Trust on Vancouver Island.

People who want a condo often want to be near work or have a water view, or other amenities that might not come with a house, Rathburn said. And the price of houses in places like Vancouver -where the benchmark price for a detached home in June was close to $800,000 -puts buying a house out of reach for many families.

Rathburn believes, however, that outside the major urban centres more homebuyers would be looking for houses. In Nanaimo, for example, first-time homebuyers are buying an equal mix of town houses and condos, and some are buying small houses, he said.

But no matter where you are buying, a condo “is a fabulous first home,” Rathburn said. “You get in at a reasonable cost, it’s close to rent and you have ownership.”

And then, after owning a condo and building up equity, buyers can think of their dream home, he said.

A lot of buyers make the mistake of wanting their first home to be their dream home, Rathburn said.

But saving up enough money for a down payment could take years. Even saving for five years -which 26 per cent of first-time homebuyers in B.C. said they did or plan to do -would mean saving about $30,000 every year for a decent down payment on a $500,000 or $600,000 house.

“How many people can save $30,000 a year?” Rathburn asks.

Rathburn also thinks it’s a bad idea to spend too much time saving to increase the down payment. Provided you have enough for a down payment, you should get into a home as soon as possible, he said.

Because while you’re saving, the value of homes is going up and interest rates are going up, Rathburn said.

“And you’re trying to save faster than those things are going up.”

So it turns into a game of catch-up, he said.

Some good news from the survey: British Columbians do their financial research, with 94 per cent learning about mortgage options before signing on the dotted line and 93 per cent getting pre-approved. But B.C. homebuyers are also the most concerned about being able to afford their homes if interest rates rise, with 70 per cent citing that as a worry, compared to 59 per cent nationally.

That worry may come from the fact that many buyers in recent years have opted for variable-rate mortgages which move with the Bank of Canada’s overnight rate, Rathburn said. But that’s not to say a variable mortgage, compared to a fixed-rate mortgage, isn’t the way to go. It depends totally on the preferences of the buyer, he said.

The online survey received 1,000 responses, 131 of them from B.C.

© Copyright (c) The Vancouver Sun

Metro Vancouver housing market steady: real estate board survey

Monday, July 5th, 2010

BRIAN MORTON
Sun

According to data released Monday, residential sales in Metro Vancouver totalled 2,972 in June, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, the highest selling June on record. Photograph by: Glenn Baglo, Vancouver Sun files

VANCOUVER — Metro Vancouver’s housing market experienced steady activity to start the summer season although sales were 30 per cent lower than the same time last year, according to the Real Estate Board of Greater Vancouver (REBGV).

“Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,” REBGV president Jake Moldowan said in a statement.

According to data released Monday, residential sales in Metro Vancouver totalled 2,972 in June, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, the highest selling June on record.

Compared to June 2008, last month’s sales also represent a 22.6-per-cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales represent a 5.8-per-cent decline compared to May’s sales totals, according to the survey.

“We didn’t experience any record-breaking activity in June, but we did see a stable summer market,” Moldowan said. “The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.”

New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2-per-cent increase compared to June 2009 when 5,372 new units were listed, and a 21-per-cent decline compared to May 2010 when 7,014 properties were added to the MLS.

Over the last 12 months, the overall benchmark price for all residential properties in Greater Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009, the survey said.

© Copyright (c) The Vancouver Sun

HIGHLAND VISTAS, PHASE 2

Sunday, July 4th, 2010

Nestled against the mountains, the homes come in three styles

Province

The show home at Highland Vistas, a new-home development by Epic Homes. The second phase is comprised of 45 single-family residences. Photograph by: Wayne Leidenfrost, PNG, The Province

This is the bottom of the stairs, with small enclave, looking towards the living room. Photograph by: Wayne Leidenfrost, PNG, The Province

The show home at Highland Vistas demonstrates the possibilities, inside and out. Kitchens will have granite counters and stainless steel appliances. Outside, every home will have a private garden. The detached residences will be spacious, ranging to more than 3,200 square feet. Photograph by: Wayne Leidenfrost, PNG, The Province

Photograph by: Wayne Leidenfrost, PNG, The Province

Photograph by: Wayne Leidenfrost, PNG, The Province

Photograph by: Wayne Leidenfrost, PNG, The Province

THE FACTS

HIGHLAND VISTAS, PHASE 2

WHAT: 45 single-family homes WHERE: 10795 Beecham Place, Maple Ridge

DEVELOPER: Epic Homes SIZE: 2,808-3,244 sq. ft.; 3 bedrooms; 3 bedrooms + flex space; 4 bedrooms; full unfinished basements PRICE: From $459,980

OPEN: Sales centre: 10795 Beecham Place

HOURS: Noon -6 p.m., daily

At Highland Vistas, a new neighbourhood of single-family homes in Maple Ridge, the details range from the decorative to the practical.

Among the decorative: a niche in the great room for showcasing a piece of art. Among the practical: a large kitchen pantry and a good-sized mud room/laundry room between the kitchen and the entrance to the garage.

“We try to keep it simple,” says Ryan Connolly, general manager of developer Epic Homes. “Show home finishes are all standard.”

Highland Vistas homes — there are 45 in the second phase of the project — are available in three designs. The Alouette design offers 3,000 square feet of living space with three bedrooms, plus an upstairs space that can be used as a playroom, media room or enclosed to make a fourth bedroom. The Thornvale is comprised of 3,200 square feet, with three bedrooms plus flex space, while The Dunlop has 2,700 square feet with three bedrooms. All three are detached two-storey single-family homes with a two-car garage and a full basement with access to the outside.

Every kitchen has granite counters, walnut-stained wood cabinets and stainless steel appliances. The only major option is a fully finished basement; standard basements have drywall, insulation, electrical wiring and roughed-in plumbing.

Outside, every home has a private garden, which comes fully landscaped with turf and shrubs in front, and graded with topsoil and grass seed in back, although fencing is up to the owners.

Adjacent to Highland Vistas is protected green space with a creek, while a horse and hiking trail has been completed and is already in use by area residents. Alouette Lake and Golden Ears Provincial Park are nearby.

Nestled against the mountains, the surroundings have attracted a number of North Vancouver residents, says Connolly. Most buyers, however, are from Maple Ridge, although that is changing to the Tri Cities and, since the opening of the Golden Ears Bridge, to Surrey and Langley.

Though Connolly is seeing some empty nesters, most buyers are young families upgrading to a bigger home. Neighbourhood schools include Albion elementary school, Samuel Robertson Technical secondary school, and Meadowridge private school.

Downtown Maple Ridge, a 10-minute drive away, has a thriving cultural scene with numerous local festivals and an arts centre, The Act, which offers arts programs and live theatre and has an art gallery.

Facilities at the town’s leisure centre include a weight training room, racquetball and squash courts, and numerous swimming pools. Most of the shopping facilities are also in downtown Maple Ridge, from standard chain stores to boutique shopping along the pretty, treed main street.

© Copyright (c) The Province

What’s seen as a nuisance in a strata?

Sunday, July 4th, 2010

We all agree late-night parties are a pain, but consensus can be an issue with other concerns

Tony Gioventu
Province

Dear Condo Smarts: Our strata corporation is constantly dealing with complaints about noise, smoking, barbecue smoke and odours. All of these fall under the bylaw in the strata act that deals with items that are a nuisance. Smoking is the most obvious problem we frequently have to address. Our strata is an older building, so ventilation, indoor air quality and the passage of air and odours from unit to unit is a common occurrence. If we took all these items seriously, everyone in our strata would likely be in violation of the bylaws every month. We know some people are more sensitive, but with such an older building and living in a collective, there has to be some reasonable level of nuisance that everyone has to deal with. Where do we draw the line? Are there court cases or definitions that give us a better understanding?

Dvora and John North Vancouver

Dear Dvora and John: A number of terms used in the Strata Property Act and Standard Bylaws require the strata council to make an interpretation that is both reasonable and comparable to the circumstances of each community.

For example, there is a provision in the act where an owner may apply to the council for a hardship exemption from rental bylaws. Hardship itself is not defined and only the council may decide. The council could look to other definitions or examples, but ultimately it acts as the hearing body to gather information to make the decision. The duty to make the decision regarding a hardship exemption, bylaw enforcement, fines, penalties or special accommodations to the bylaws, cannot be delegated.

Nuisance can be interpreted quite broadly. Here are some of the interpretations the courts have issued in establishing a nuisance.

At common law, a “nuisance” is a condition on a property or use of a property that interferes with a neighbour’s ability to enjoy their property. For example, an industrial plant that otherwise operates lawfully may cause a nuisance if smoke or noise invades the right of enjoyment of neighbours to an unreasonable degree.

Elaine McCormack, a Vancouver lawyer whose expertise is in strata law, says: “The law of nuisance attempts to reconcile competing uses of land. It endeavours to balance the rights of one occupier of land to use his or her property for lawful purposes with another occupier’s right to the quiet use and enjoyment of his or her land. The court can intervene when the interference with the other’s use or enjoyment of land is unreasonable.”

If you look at the Standard Bylaws, these terms are almost identical. “Use of property … unreasonably interferes with the rights of other person to use and enjoy the common property, common assets or another strata lot.”

In a 1990 Supreme Court case in B.C. of Popoff v. Krafczky, the court approved the objective test as follows: “In every case, it is not whether the individual plaintiff suffers what he (or she) regards as substantial discomfort or inconvenience, but whether the average man (or woman) who resides in that locality would take the same view of the matter. The law of nuisance does not guarantee for any man (or woman) a higher immunity from discomfort or inconvenience than that which prevails generally in the locality in which he lives.”

Every strata council must decide what’s reasonable, balanced and is reasonable use and enjoyment of property without interruption.

Some nuisances we all understand: a loud party or vacuuming at 3 a.m., a dog barking all day, cigarette or barbecue smoke, cooking odours, exercise machines or hot tubs running at night causing disruptive vibrations or noise.

Many complaints relate to building designs or age. Older wood-frame buildings with hardwood floors may have no sound suppression, so even a pet or person walking across the floor may be an irritant.

The remedy may be notice of complaint and eventual bylaw enforcement. But where building designs or systems contribute to the nuisance, the corporation may have to assess other remedies first within its operations and bylaws to reduce the impact on owners.

In some instances, strata corporations have upgraded ventilation systems to deal with smoke or odour, adopted bylaws requiring area carpets in high traffic areas, and even in some cases amending bylaws that limit or restrict activities to make the lifestyle more reasonable for the occupants.

Tony Gioventu is executive-director of the Condominium Home Owners’ Association. E-mail: [email protected].

© Copyright (c) The Province

Vancouver hotels’ ‘green’ program takes toll on housekeeping staff

Sunday, July 4th, 2010

When guests skip on daily service or clean towels, staff get fewer shifts and work harder

Cheryl Chan
Province

The Bayshore hotel in Vancouver has a ‘green’ initiative that invites guests to go without daily housekeeping in return for vouchers or loyalty points. Photograph by: Jon Murray, PNG, The Province

When Brigida Ruiz opened the door to a “green” hotel room that hadn’t been cleaned for several days, she says her heart sank at the sight of the dusty, stained carpet.

“Can you imagine how a room gets after one week without cleaning service?” says Ruiz, who has worked as a hotel-room attendant for 18 years at the Sheraton Centre Toronto.

“It’s dirty, filthy. Really stinky.”

Ruiz says it took her longer to clean the room and she used more electricity, more water and more cleaning products than she normally would — hardly a save-the-planet exercise, she argues.

But that’s exactly what the U.S.-based Starwood Hotels chain is touting with its “Make a Green Choice” program, which invites guests to “conserve natural resources” by declining daily housekeeping in return for 500 loyalty points or $5 in food and beverage vouchers a day.

The green initiative, rolled out last summer in 140 Starwood hotels across North America — including at least five properties in Metro Vancouver — has hotel workers and their union seeing red.

They say the program is a bogus green plan that does nothing for the environment. But it does result in reduced shifts and more work for housekeeping staff, says Michelle Travis of Unite Here Local 40.

The union represents about 8,000 hospitality workers in B.C., including Starwood’s Westin Bayshore in Coal Harbour and the Sheraton Vancouver Airport in Richmond.

“This has been a real problem for housekeepers for the hotels,” says Travis.

“It’s just a cost-cutting measure on the part of the hotel employer.”

The Westin Bayshore defended the “Make a Green Choice” program in a statement emailed to The Province.

The program helps “hotels save energy and reduce water and chemical use” and has saved more than 31 million litres of water, 38,000 kilowatts of electricity and 42,000 litres of chemicals across the Starwood chain in its first six months, the statement said.

An estimated 4.5 to five per cent of guests at the Bayshore avail themselves of the program, compared to eight per cent companywide, says hotel spokesman Mitchell Fawcett.

The Bayshore was unable to say exactly how much water and electricity it has saved, Fawcett says.

“Since it’s been such a short time, we’re still assembling property statistics and don’t have a full tally we can share at this point,” he says.

One room attendant at the Bayshore, who asked that her identity not be published for fear of repercussions in the workplace, says she doesn’t see how the program — dubbed the “fake green-card program” by critics — is environmentally friendly.

“It doesn’t save the environment. But it’s bad for us, because we are losing hours and there’s more work,” she told The Province.

If 45 rooms opt out of housekeeping in a day, three staff members lose their shifts, says the 18-year employee.

But by the time workers finally clean a “green” room, the rooms are messier, the garbage stinkier and the towels are “like a mountain,” she says.

They also take longer to clean, forcing workers to rush the job in order to meet their daily quota, she says.

Sometimes, guests who turn down housekeeping still ask workers to bring them coffee, clear their garbage or make their beds, she adds.

And while guests are officially allowed a maximum of three straight days before their rooms are cleaned, in practice, Ruiz says, guests at her Toronto hotel sometimes do not have their rooms cleaned for longer periods of time.

Other hotels that have implemented the program include the Westin Grand, the Sheraton Vancouver Wall Centre and the Westin Wall Centre in Richmond.

Two other Starwood properties — the Four Points by Sheraton in Richmond and the Sheraton in Guildford — do not offer the opt-out.

Hospitality-industry experts say the program has environmental benefits, but agree there is no doubt the move also saves the hotel money.

“They won’t need as many housekeeping staff, and that’s a serious cost,” says Heather Ranson of the University of Victoria.

Rachel Dodds, associate professor of hospitality at Ryerson University in Toronto, says hotel guests are usually hedonistic creatures who overuse resources when checked in to a hotel, even if they lead a more environmentally conscious lifestyle at home.

“You go on holiday and that entire collective [approach] goes out the window,” says Dodds.

She says the hotel should be commended for trying to reduce its environmental footprint — especially since hotels, just behind hospitals, are the most wasteful and consumptive buildings — but agrees there is a social impact that’s not being considered by the program.

Ranson believes the opt-out is the latest example of an industry trend that’s seen airlines cut down on meals and amenities offered to customers in exchange for lower costs.

But she is skeptical about how popular the program will be at the Bayshore, whose clientele might not be easily swayed to give up perks.

“There will be a fair bit of resistance from their luxury guests who might not be brought off by coupons and points,” she says.

A further problem? The program confuses guests who really want to make a difference, says Unite Here’s Travis.

“Guests don’t realize this particular program has a negligible impact on the environment but a detrimental impact on housekeepers,” she says.

Adds Ruiz: “If we are talking about saving the environment, then let’s do it the right way.”

Meanwhile, Travis says the issue will likely be discussed at ongoing contract negotiations between the union and the Greater Vancouver Hotel Employers Association, which represents the Bayshore, as well as the Four Seasons, the Hyatt Regency Vancouver and the Renaissance Vancouver Harbourside.

© Copyright (c) The Province

Why a good contract may not be the right contract

Saturday, July 3rd, 2010

As objections to the standard property-management agreement demonstrate, fair is an eye-of-the-beholder conclusion

Suzanne Morphet
Sun

Recently I wrote about StrataWatch, a website that monitors companies which manage strata properties. The founder of StrataWatch, Bob Harper, automatically treats membership in the Strata Property Agents of B.C. as reason to lower his rating of a company.

He operates that way because two property-owner organizations think its members should not use the contract prepared by the Strata Property Agents of B.C. for its members.

The contract does not represent the best interests of property owners, the Vancouver Island Strata Owners Association and the Strata Home Owners Association of B.C. say.

Harvey Williams of the island association says the contract allows property-management companies to pool accounts for all properties they manage, making the monitoring of property-manager expenditures by strata corporations and councils difficult.

Kevin Thom, the executive director of the Strata Property Agents of B.C., says the Real Estate Council allows a brokerage to have a pooled trust account.

“This is often done to facilitate being more ‘green’ and only sending of one cheque to BC Hydro for, say, 200 clients,” he says.

Furthermore, Thom thinks the council’s annual audit of each brokerage, or their spot audits, would catch any money that goes “missing.”

Another objection Williams has to the SPABC contract is its “nickel and diming” content.

For example, the contract allows management companies to charge strata corporations and councils $95 per hour if a meeting lasts longer than two hours; to charge $300 for an annual review of the corporation’s trust accounts; and to charge $25 per month per box to store a corporation’s records.

Thom says management companies are required by the Real Estate Council to spell out every possible service fee, and says: “I believe it is in the clients’/consumers’ interest to know what they may be charged for.”

One more complaint Williams and others have with the SPABC contract is that it protects the management company from all “claims, damages, costs and liabilities” unless there’s gross negligence or deliberate misconduct on the part of the agent.

The Vancouver writer who blogs about strata living at Strata 101 doesn’t think that’s fair. She writes: “Property-management contracts essentially protect property management from everything….so much so, you have to wonder what service they do that a core group of owners couldn’t do just as easily themselves without the cost!!!”

On this point, both sides actually agree. Kevin Thom says it’s “absolutely true” owners can manage a common property themselves. There’s no law saying a corporation or council must hire a management company.

There’s also no law saying you have to agree to the SPABC contract if you do hire a manager.

© Copyright (c) The Vancouver Sun

First-time purchasers pursued at Quattro 3 in Whalley

Saturday, July 3rd, 2010

Proximity to Simon Fraser’s Surrey campus, affordable entry-level suites all part of the developer’s plan to attract young buyers

Mary Frances Hill
Sun

In the Quattro kitchens, marble will top counters and porcelain tile the floors. Ceramic tile will face the backsplashes and wood-grain laminate, the cabinet doors. PNG

Developer Charan Sethi’s journey to the Quattro 3 sales centre was long and detour plagued. A September 2008 fire destroyed the Quattro 1 building and damaged the Quattro 2 building. PNG

Dianne Watts, was on hand when Sethi declared he would rebuild. PNG

QUATTRO 3

Project location: Surrey

Project size: 164 residences

Residence size: 425 sq. ft. — 998 sq. ft.

Prices: $149,900 — $399,900

Developer: Charan Sethi

Architect: Patrick Cotter Architect Inc.

Interior design: Portico Design Group

Sales centre: 114– 10768 Whalley Blvd.

Hours: noon — 5 p.m., Sat — Thur

Telephone: 604-581-8000

E-mail: [email protected]

Web: www.quattroliving.com

Occupancy: November 2011

It was on Sept. 30, 2008 when a huge fire destroyed one of developer Charan Sethi’s two buildings at his Quattro development in the Surrey neighbourhood of Whalley, just two months before purchasers or their tenants were set to move in.

“That was probably the worst experience of my life,” Sethi recalls. “We saw so much good work destroyed in a couple of hours.”

But what a difference two years makes. Just 10 months after the fire, the Quattro 2 building was rebuilt, along with some damaged areas of Quattro 1, and relieved homeowners moved in.

It was a major setback, but not one that would prompt Sethi to abandon his plan to build what he sees as the community at the centre of Surrey’s rejuvenation of North Whalley.

The next step toward that goal is Quattro 3, a third complex comprised of 164 homes — studios, one-and two-bedroom suites and live/work lofts — that are priced to attract the growing number of younger people in the area.

The site for Quattro 3, part of a development plan that calls for the eventual inclusion of a fourth Quattro residential building, is two blocks from the Gateway SkyTrain station and four blocks from Surrey’s Simon Fraser University campus. An as-yet-to-be-constructed new Surrey City Hall and regional public library will be a few blocks away.

The development plans are all part of the strategy to create the new Surrey city centre, championed by Surrey city council under Mayor Dianne Watts.

The plans also include expanding the SFU campus, enlarging Surrey Memorial Hospital, and the building of a new RCMP headquarters and hotel-convention centre complex.

In 2006, Sethi’s development company, the Tien Sher Group of companies, purchased 12 acres of land surrounding the planned areas. In retrospect, it looks like a particularly savvy real-estate move, considering the city’s plans. But he says he always had confidence in the area and in Whalley’s potential.

At first, many in the real estate world thought he was nuts, he says.

“Everybody told me I was a fool, and asking me why was I buying in such a bad area. But it’s been my lifelong dream to develop this area, and every time I think about it, I get goosebumps.

“You don’t get many chances to buy a large piece of land that you could build a community around it.”

During the real-estate boom in 2007, Quattro’s first two buildings sold swiftly — in a mere four hours. Back then, Quattro’s smallest suite, priced at $139,900, added fuel to the already-sizzling local market.

And then came the dive.

“The market was different, and the world has since taken a major shift,” says Dan Thomson of Mac Marketing Solutions, the sales and marketing team behind Quattro.

“We have now a good product in a decent market, but it’s nowhere near what it was.”

Thomson sees Quattro’s edge as being in a neighbourhood with a bright future as a city centre. “When you look at the values here long term, you’re looking at five-or 10-year investment plan.”

Sethi says he didn’t change much from the original two Quattro buildings when he designed Quattro 3, but he had to take a hard look at the economy, and what many people entering the marketplace could pay for their homes.

He knew the development would be attractive to young people looking forward to settling within walking distance to the SFU campus.

Sethi and Mac Marketing are hoping the studios will appeal to longtime renters hoping to get a foot in the door in the real estate market, the ones, says Sethi, who think: “‘If I’m a first-time buyer, I don’t really need an 800-or 900-square-foot home.”

At just over 400 square feet, Quattro’s smallest homes will appeal to the entry-level buyer because they include stacked washer-dryer units and the same finishings as the larger units, including granite countertops, wood-grain laminate cabinets and mosaic accent bathroom tiles.

The two-bedroom suites are fitted with one bathroom. The seven two-storey, two-bedroom live/work lofts, at just under 1,000 square feet, the seven two-storey, two-bedroom live/ work lofts also include a half-bath, or powder-room on the main floor.

All suites come with granite countertops, stainless steel kitchen counter/ breakfast bar, wood-grain laminate cabinets, carpeted bedrooms, storage lockers, oversized double-glazed windows and rainscreen technology.

Surrey‘s ambitious redevelopment plan, which also includes a new library, civic plaza, performing arts centre, and the revitalization of nearby King George Highway, will cost the city $500 million and take between five and 10 years to complete.

However, Thomson says Quattro’s marketing credo — “Bringing Yaletown to Surrey” — refers to the amenities and conveniences already in place in the Quattro neighbourhood. The city’s ambitious development plan “will just bring more of those services to your door.”

© Copyright (c) The Vancouver Sun

Cactus Club wins bid to open at Vancouver’s new convention centre

Friday, July 2nd, 2010

High-profile 500-seat location to feature two patios with ‘spectacular views’

Mia Stainsby
Sun

Cactus Club president Richard Jaffray promises a ‘unique nemu.’

To Richard Jaffray, being a restaurateur is a lot like big-wave surfing.

And the avid surfer -who is president of Cactus Club Restaurants, with 20 restaurants in the chain -has just landed another big wave.

Jaffray has won a primo bid to open a restaurant in Vancouver’s new Convention Centre West complex, just west of the Olympic cauldron, in an existing stand-alone building.

“It’s definitely a stunning location,” Jaffray said. “There’ll be spectacular views from the two patios facing south and west. It’s a high-profile location for us and we’re very excited to have this.”

He was approached to compete for the lease on the building, which is 8,900 square feet on the ground level. There will be 300 seats inside and another 200 on the patios.

High-profile chef Rob Feenie will add it to the list of Cactus Club restaurants he oversees. The menu will be similar to others, but will be tweaked to serve the downtown, tourist and Convention Centre market.

“It will have a somewhat unique menu,” Jaffray said.

There are other commercial spaces that will be part of the development around the Convention Centre, he said. “Right now, there’s construction, but people will be able to walk all around the centre through to Gastown.”

Jaffray said it’s too early to talk about a budget, but he’s hired architect Mark Ostry to design interior and exterior elements.

“Right now, it’s about how to make the space work and make sure the energy works well and flows from both customer and employee perspectives. It’s gotta be comfortable. We’ll do the spatial planning then think about finishes and features.”

The building has a green roof and the whole complex is built to the highest level of sustainability, he said. “It’ll require some extra expertise.”

Jaffray said he’s confident about the aggressive expansion.

“I believe in Vancouver for the long term. The more I travel, the more I realize what a gem of a city we have. The world discovered that during the Olympics. I’m confident the economy, certainly for the city and for the province, too, is going to do well. This is a great city to do business in, even in challenging economic times.”

The Convention Centre restaurant is expected to open later this year. The chain’s 22nd location will open on English Bay beach next May.

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