Property deals in Vancouver hit Olympic proportions during the Games

Visitors from around the world know value when they see it. The million dollar suites may not go to local buyers but visitors snap them up

VANCOUVER, B.C. - While most 2010 fans were happy with stuffed Olympic mascots and other Games trinkets, some visitors to Vancouver were snapping up more exclusive deals.

A Vancouver-based developer says while athletes were competing for gold, it struck gold of its own - selling seven luxury suites in two upscale apartment buildings in the city.

Aspac Developments says buyers, specifically in town for the Olympics, couldn't resist the suites, including a penthouse within spitting distance of the International Broadcast Centre on the shores of Coal Harbour.

Aspac says the penthouse, alone, sold for $22.3 million, while all seven suites fetched a total of $46.76 million.

A spokesman for the group marketing the developments says a stretch of unseasonably warm, sunny weather helped seal the deals, which were closed within the 17 day span of the Games.

George Wong believes the international flair and excitement that flourished during the Olympics made Vancouver extremely attractive.

From The Canadian Press, March 1, 2010 - 3:39 p.m. 

If you are looking to Buy or to Sell real estate in Vancouver area, give me a call. My consultations are FREE. The benefits to You, may be worth a lot of money.
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We may not have a lot of snow around and we already have early spring blooms. we are nevertheless excited about being host to the Winter Olympic games.

There is plenty of snow in whistler and it should be a great event.

I am sure, that we are very sorry to hear of the unfortunate accident in which Nodar Kumaritashvili of Georgia Republic died in a luge training accident.
We pray for him and his family.

Vancouver everchanging face welcomes worls visitors to these, OUR;

VANCOUVER 2010 OLYMPIC GAMES

Enjoy and come back soon!

If you are looking to Buy or to Sell real estate in Vancouver area, give me a call. My consultations are FREE. The benefits to You, may be worth a lot of money.
Call Jeff Stark at 604-506-8481 or email me at jeff@jeffreystark.net

The Globe and Mail September 1, 2009

The worst is likely over, say the heads of four of Canada's largest real estate brokerages. Canadian commercial real estate now faces 12 to 18 months of slowly climbing back to normal activity.

And when recovery finally kicks into full gear the pace of activity - buying and selling, leasing and even construction - will likely be fast-paced, they add.

This recession, the four agree, has not been as devastating for the industry nor as transformative as those at the start of this decade and in the early 1990s. The difference, they say, is that we entered last fall's global meltdown without an oversupply of commercial, industrial and retail space.

As a result, even though the industry is smack in the middle of the trough that precedes the upswing, vacancy rates are relatively low and the downward pressure on rents is minimal. That means recovery will be launched from a stable platform and the first months - or years - will be not wasted on playing catch-up.

Here is what they have to say:

If you are looking to Buy or to Sell real estate in Vancouver area, give me a call. My consultations are FREE. The benefits to You, may be worth a lot of money.
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Sunday Province

August 16th, 2009

Dear Condo Smarts: What do you do when you have an owner that is always costing your strata money? At our annual general meeting in June, we almost elected a great council. The exception was an owner who caused so much trouble that when she was nominated and elected (because we didn't have more than seven nominated), the five remaining council members immediately resigned. The last lawsuit she caused left us $20,000 poorer because she refused an alteration to the interior of a unit for a special needs person. Help.

- Jenny, Abbotsford

Dear Jenny: If you apply the Standard Bylaws and Section 50 of the Act, you will discover two distinct provisions that will help you . The first is that in the Standard Bylaws, there is only a requirement for your strata to have a minimum of three and a maximum of seven council members. It is not mandatory to elect seven. Many strata corporations feel obliged to accept everyone just because they are nominated. This is not true unless your bylaws specifically require that all seven positions must be filled.

Section 50 of the Act is the second part. At general meetings, matters are decided by a majority vote, unless a higher vote is required for a 3/4 vote or unanimous resolution in the Act or regulations.

So the strata corporation by majority votes, then decides who is elected to council. Whether you do this by secret ballot or by show of hands, the result is that those persons who are elected by a majority of the votes cast for or against the resolution will determine who is elected to council.

There is no provision in the Act or the bylaws for acclamation by nomination. It still requires a majority vote of the owners to elect those nominated.

A word of caution: Many strata corporations have adopted different governance bylaws that address elections, nominating committees and voting thresholds for council election or removal, so double-check your bylaws first. It is also helpful for strata corporations to adopt bylaws that address voting eligibility. If the strata corporation is entitled to file a lien against a strata lot, a nominee is not eligible to be elected to council or to continue to sit on council with the proper bylaw amendments.

Lastly, before you elect someone to council, make sure they are eligible. I did a title search on the unit of this council member and discovered she is not on title. She is the spouse of an owner and, because the strata have no bylaws permitting the spouse of an owner to be elected, she is ineligible to be on council. The strata could have saved a lot of time and trouble just by asking her ownership status.

By: Tony Gioventu is executive director of the Condominium Home Owners' Association.

If you are looking to Buy or to Sell real estate in Vancouver area, give me a call. My consultations are FREE. The benefits to You, may be worth a lot of money.
Call Jeff Stark at 604-506-8481 or email me at jeff@jeffreystark.net