Vancouverites don’t realize foreign money owns some of the best real estate
Damian Inwood
Province
Sotheby’s Ross McCredie brings celebrities’ representatives to preview Private Residences being built at the Hotel Georgia. – SAM LEUNG – THE PROVINCE
U.S. mega-stars such as Jennifer Lopez, Shaquille O’Neal and Barbra Streisand will have their property scouts in town next month checking out a new luxury condo tower planned in downtown Vancouver.
The 155 suites will range in price from about $700,000 for a studio to $6 million for the 6,000-square-foot penthouse at The Private Residences at Hotel Georgia.
“Carlos Justo, who’s one of the top Sotheby’s portfolio managers in Miami — he handles J.Lo, he handles Shaquille O’Neal — he’s coming in,” said Vancouver-based Ross McCredie, CEO of Sotheby’s International Realty Canada.
McCredie said that between 20 and 25 of Sotheby’s top property scouts will fly into Vancouver for a preview of the $400-million Howe Street tower.
Scouts will come from Dubai, Seoul, Miami, Los Angeles, New York, the United Kingdom and Germany.
At 150 metres tall, the 48-storey tower will become the third-tallest building in Vancouver when it is finished in the summer of 2010.
The new tower will be next door to the Hotel Georgia, refurbished for more than $200 million, which aims to reopen as the city’s No. 1 luxury, boutique hotel, in time for the 2010 Olympics.
McCredie said that Vancouver real estate, seen by locals as pricey, is seen as a bargain by the international jet-set, who are keen to make Vancouver their second or third home.
“The local response is ‘My God, that’s expensive,’ but people from elsewhere say, ‘That’s really cheap,'” added McCredie.
The Howe Street tower will also feature a 20,000-square-foot spa and 10 floors of office space.
“A lot of our clients are businessmen and women who are in California, Asia or the U.K. and who are trading in Vancouver now,” he added. “We have a number of clients in Asia who use Vancouver as their centre between New York and Hong Kong.”
The drive-in entrance will be on Howe Street where the parking garage currently stands, with a see-through spa pool above.
“I don’t know if local people realize how much foreign money owns some of the best real estate in town,” added McCredie.
“I was just at a listing presentation for a $25-million home and they had $70-million worth of art.”
Last night, McCredie was making a presentation to the high-level movers and shakers in West Vancouver.
“I think 30 per cent to 40 per cent of buyers will be Lower Mainland people who are going to sell their home in Shaughnessy or West Van and be able to have a large enough home where they can live downtown,” he added.
“Over 50 per cent are going to be international and that would be a combination of the U.K., California, New York, London and Hong Kong.”
On Tuesday, McCredie launched the Four Seasons Private Residences in Toronto.
“I just got off the phone with a guy from Ireland who is looking at the $15-million penthouse at the Four Seasons in Toronto,” he said.
“The bulk of buyers are not celebrities but are fairly wealthy, high-net-worth people who see Canada as a great place to have a second home.” There’s no doubt that Vancouver’s high-end real estate is now drawing serious international attention, says Bruce Langereis, president and CEO of Delta Group, developers of the project.
“The interest, through Sotheby’s International Realty Canada, from an international elite looking for second, even third, homes has been very gratifying,” he said.
Suites will go on sale in September.
© The Vancouver Province 2007