Suites

Many years ago when travelling in Egypt, I was staying in the home of a devout Coptic Christian in Luxor. My travel companion was a woman, a completely platonic friend. When the Coptic gentleman had to go on a journey, he kindly let us stay alone in his home, but he was quite concerned, surprisingly, not for any of his possessions but that we might defile the place by an illicit sexual act.  Of course we assured him of our chaste relationship and he left trusting us.

At the time his attitude seemed quaint, but all these years later it now makes much more sense to me. In our modern hectic life, there is so little understanding of energy, and the reactions the various forces have on our lives.

I recalled that time in Luxor yesterday when I had the unfortunate duty of serving a breach notice to a tenant. Tanja Milosevic, our senior Property Manager, and I met with the tenant to warn her that an outbreak of disorderly conduct in the suite by her new husband’s friends was cause for termination.

On behalf of our clients, we do not tolerate any infractions or unreasonable conduct. We believe, however, that everyone deserves a warning before termination of the tenancy so I personally went to the suite to talk with the woman. It was an embarrassing and unfortunate moment for us all. While we talked the TV blared on in the background and her cell phone rang several times.

We didn’t talk only of regulations. I reminded her that her home was really her sanctuary and her place of refuge. I felt she understood, even though I must have sounded as old fashioned to her as the generous Copt in Luxor had sounded to me, years ago.

Remembering Luxor

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I was just doing some research for a client and I noted that there are currently 35 listings actually active already in this new building on MLS!

It appears the much vaunted and waited for Shangri La building is suffering along with the rest of the market.

It will be about 75% rental from what I understand.

The only sale on MLS was a 26th floor (that is a few floors below the view kicking in) one bedroom of 595sq ft which had been listed at $458k but sold the last week of November 2008 for $410k or $689psf.

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This week at Downtown Suites the outcome of all viewers for each suite are as follows:
In the $1000-$1500 per month price range: 15 people
In the $1600-$2000 per month price range: 17 people
In the $2100-$3000 per month price range: 8 people
In the $3100+ price range: We have listings in this price range but we have yet to show them because the units have not been closed.

There are many people who are still on the hunt for the perfect suite for rent in Vancouver, and they have a lot more options out there now. One of the other reasons that our viewing numbers are down is that it is getting close to the holidays. From the turn out for each viewing it is evident that most people do not want to move during the holiday and the new year.

Update on our suites in H&H and the Shangri La

H&H

As far as rentals go, we have had a few of our H&H suites rented. This is a wonderful brand new building with high end finishings and top of the line appliances. All the suites have a generous amount of space for you to cook in, hang your clothing, and have a bubble bath.

On top of all that, there is a common area roof top garden is very peaceful and serene when you get up there. We still have a few suites available and they are definitely ones that people should add on their list of places to view.

Shangri La

The Shangri La is another building that has been getting a lot of buzz. The suite has amazing views of the city with an open layout and wonderful details in the kitchen and bathroom.

The hotel is due to complete in mid January with all the amenities including the spa up and running in the new year. Located just right next door is the Burberry retail store that showcases some of the most well made and classic pieces. The new Urban Fare is already extremely busy with people either enjoying a bite, sipping on a cuppa joe, or picking up some gourmet ingredients.

This is a great address to live and people should definitely make an appointment to view it today.

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Vancouver is given a big boost in today’s New York Times, in the Great Homes, Lifestyles and Destinations section, outlining many of the reasons why investors and second-home buyers worldwide choose to invest in Vancouver real estate.

The article:

Preening for the Olympics, Vancouver Is Building Up

By DAVE CALDWELL Published: December 4, 2008

EVEN when it rains hard in Vancouver, British Columbia, the host city for the next Olympic Games, big yellow backhoes at construction sites near Coal Harbour.…(view full article here)

Those involved in local real estate estimate that about 20 percent of those second-home buyers will be Americans. “We’re really livable, which is why America likes us,” said Bob Rennie, whose company, Rennie Marketing Systems, promotes several developments in Vancouver.

Click the link to view the stunning slide show “Building Vancouver’s Olympic Future” from today’s New York Times. It shows through spectacular photography the beauties of the city of Vancouver.

At Downtown Suites, we manage the properties of many non-resident investors who own in Vancouver.

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I agree with this recent Vancouver Sun article (Real Estate Sales Grind to Standstill by Derrick Penner) that there is always something fundamentally wrong when prices become too high for the local consumer to afford.  This is nothing new in our boom and bust cycle of real estate in Vancouver. I have seen it all before!

The writing has been on the wall for several years.  I was amazed at the continued growth over the last few years… way beyond what we could sustain locally.  I also agree that if you buy thinking long term and view real estate as a place to live rather than a chip on the monopoly board you are not going to lose.  Before we reach the nadir of the market is when all the prime properties will get snapped up.

Contrary to the stats of other agents,  at Downtown Suites we have sold several properties now for our clients looking to cherry pick good opportunities.

I agree the market averages will decline into the second quarter but the “dogs” will be the ones driving the average prices down further.  There is always a market for blue chip properties and they always ultimately appreciate in value as the market rebounds.

My advice would be to keep your powder dry and get in touch with a good agent who specializes in the area you are interested in purchasing and be ready to make your move when you see something you like.

Don’t run scared of the real estate market, we’re not…we’re doing more sales now than before…with over 30 years experience we’ve seen it all before! Call or email your local success story: www.downtownsuites.com.

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I had been working with my clients for several days and viewing many different buildings in the downtown and Coal Harbour area until we finally found the perfect investment property for them. The best deal in Coal Harbour!

This studio suite in the Coal Harbour area  was clean and tidy, and perfect for their investment needs. It came complete with  a great tenant who has resided in the suite for the last five years and wished to stay. It was a win- win situation for all involved! The sellers were happy to have an offer on the table and I was able to negotiate a great price for my clients and the tenant was happy to stay in her home.

My clients were thrilled with their purchase, it was the perfect “turn key” investment property. Downtown Suites will now proceed to take over the professional management of the suite for our clients.

Their are many great investment opportunities  a this time in the Downtown and Coal Harbour areas. If you are interested in purchasing an investment property or would like information in regards to our Real Estate and Property Management services. Please do not hesitate to contact me directly.

Victoria Farrell
Downtown Suites Ltd

www.downtownsuites.com
victoria@downtownsuites.com

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This week at Downtown Suites two of our remaining studio suites and a wonderful 1 bedroom were rented. Other rental updates for this week are as follows:

1 Bedroom

In the range of $1000-$1500 per month we had 102 inquiries. All of the suites in this price range have been rented, except one which will not last long.

1-2 Bedrooms

In the $1600-$2500 per month range we had 19 Inquiries. The suites in this price are still available and are worth coming  to view. Each has its own special features, and have great layouts.

2-3 Bedrooms

In the luxury $2600+ range we saw 53 inquiries. We do have a lot of interest and will be holding showings soon for some new suites that have just come on our listing. We find there is still a market for the high end luxury suites.

For more information on these and other available suites, check our current listings.

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DOWNTOWN SUITES NEW RENTAL LISTINGS THIS WEEK

We are pleased to offer five brand new suites for rental at H&H, centrally located in the heart of Yaletown.

Espresso Colour Cabinetry with top of the line appliances.

Rich Cherry Cabinetry Finish

Beautifully appointed kitchens with classic cabinetry are only a few of the features of the new suites at H&H.

We’re also happy to be listing this suite with truly amazing unobstructed views on Beach Crescent

The View!

More views!

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