The key component of smart homes and home automation is the Internet of Things (IoT). It has allowed us to connect our devices and home appliances with each other with the help of internet. Not only does it connect your smart devices, but everyday home appliances such as lights, doorbells, fans, windows, and clocks can also be controlled by smart technology. All of these devices can connect, communicate, take your commands, and send you information while at the same time perform their key function. To learn about the 5 upgrades that might intrigue you click HERE.
luxury living
Vancouver Rules The World (of Luxury Real Estate)
As the most populous city in British Columbia — and the most densely populated city in all of Canada — Vancouver clearly attracts a lot of people and attention.
And according to the 2015 Prime International Residential Index developed by U.K.-based property consultants Knight Frank, Vancouver ranks #1 in the global real estate market. In 2015, the city’s high-end market was up almost 25% from the previous year. (Actual percentage is 24.5%.)
On the Index, Vancouver’s closest competitor was Sydney, Australia — which grew at a rate of 14.8% in the same time period, nearly 10% less than that of Vancouver.
Vancouver was one of only four North American cities in the top 20 (others including San Francisco at #7, Toronto at #12, and Miami at #14), and one of only eleven North American cities in the top 100. The others included Los Angeles at #22, Boston at #27, The Hamptons at #30, Washington, D.C. at #33, New York City at #39, Aspen at #53, and Chicago at #64.
The main reason for the city’s surge is a lack of supply in the face of increased international demand — while the weakened Canadian dollar is also playing a role.
Interestingly, Vancouver is not considered to be one of the cities that matter most to the world’s wealthy. In fact, Knight Frank notes that it is more reflective of the fact that many ultra-high net worth individuals (UHNWIs) who are educating their children overseas while working and living in multiple locations around the world.
When asked about Vancouver’s luxury real estate market, ILHM expert and Vancouver REALTOR® Alan Skinner noted that it “has been somewhat ‘frantic’ for an extended time, but we are feeling a ‘cooling-off’ approaching where rampant competition made (particularly investors) determined to “win” at all costs.
“Home seekers are being trumped by foreign investors and a levelling off of prices is likely,” Skinner continued. “Profit taking” (sale of residential property investments) may result in further price declines.”
With regard to Vancouver’s appeal, Skinner opined that “desirability, livability and the spectacular natural beauty are clearly the reason demand for residential property is so high.”
Mr. Skinner continued: “Alas, the policies allowing for unrestrained investment prevalent over the past 10 years or so has encouraged not only immigrants, but substantial pure speculation by those intent on investing in a safe, appealing environment.”
But this kind of phenomenon sometimes faces scrutiny and even a desire to control (or even slow down) the explosive growth. Some governments are trying to limit foreign buyers with new property taxes, as the negative effects on overall affordability can be worrisome for the average homebuyer.
Some relevant facts and figures about Vancouver:
And according to the 2015 Prime International Residential Index developed by U.K.-based property consultants Knight Frank, Vancouver ranks #1 in the global real estate market. In 2015, the city’s high-end market was up almost 25% from the previous year. (Actual percentage is 24.5%.)
On the Index, Vancouver’s closest competitor was Sydney, Australia — which grew at a rate of 14.8% in the same time period, nearly 10% less than that of Vancouver.
Vancouver was one of only four North American cities in the top 20 (others including San Francisco at #7, Toronto at #12, and Miami at #14), and one of only eleven North American cities in the top 100. The others included Los Angeles at #22, Boston at #27, The Hamptons at #30, Washington, D.C. at #33, New York City at #39, Aspen at #53, and Chicago at #64.
The main reason for the city’s surge is a lack of supply in the face of increased international demand — while the weakened Canadian dollar is also playing a role.
Interestingly, Vancouver is not considered to be one of the cities that matter most to the world’s wealthy. In fact, Knight Frank notes that it is more reflective of the fact that many ultra-high net worth individuals (UHNWIs) who are educating their children overseas while working and living in multiple locations around the world.
When asked about Vancouver’s luxury real estate market, ILHM expert and Vancouver REALTOR® Alan Skinner noted that it “has been somewhat ‘frantic’ for an extended time, but we are feeling a ‘cooling-off’ approaching where rampant competition made (particularly investors) determined to “win” at all costs.
“Home seekers are being trumped by foreign investors and a levelling off of prices is likely,” Skinner continued. “Profit taking” (sale of residential property investments) may result in further price declines.”
With regard to Vancouver’s appeal, Skinner opined that “desirability, livability and the spectacular natural beauty are clearly the reason demand for residential property is so high.”
Mr. Skinner continued: “Alas, the policies allowing for unrestrained investment prevalent over the past 10 years or so has encouraged not only immigrants, but substantial pure speculation by those intent on investing in a safe, appealing environment.”
But this kind of phenomenon sometimes faces scrutiny and even a desire to control (or even slow down) the explosive growth. Some governments are trying to limit foreign buyers with new property taxes, as the negative effects on overall affordability can be worrisome for the average homebuyer.
Some relevant facts and figures about Vancouver:
- Ranked one of the most livable cities in the world for more than a decade.
- Ranked as having the 4th highest quality of living of any city on Earth.
- 9 years ago, Forbes ranked Vancouver as the 6th most overpriced real estate market in the world and was second-highest in North America after Los Angeles.
- Vancouver has also been ranked among Canada’s most expensive cities in which to live. Sales in February 2016 were 56.3% higher than the 10 year average for the month.
- Forbes has also ranked Vancouver as the tenth cleanest city in the world.
- Vancouver is consistently named as one of the top five worldwide cities for livability and quality of life.
- The Economist Intelligence Unit acknowledged it as the first city to rank among the top-ten of the world’s most liveable cities for five consecutive years.
So while many would surmise that major metropolitan cities like New York, London and Dubai would be leading the pack when it comes to growth in global luxury real estate, it’s interesting to note that #1 — by a wide margin — is beautiful Vancouver!
(Luxury Insights: http://blog.luxuryhomemarketing.com/2016/08/vancouver-rules-the-world-of-luxury-real-estate.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+typepad%2Filhm%2Fluxury_insights+%28Luxury+Insights%29)
Just Listed in Mount Pleasant – Executive Home!
807 26th Avenue NW – $1,575,000
Live in the sought after inner city community of Mount Pleasant- just steps from Confederation Park. Numerous custom features throughout: Hydronic heat system, AC on upper level, walnut hardwood, crown moldings, coffered ceiling in foyer, Hubbardton Forge & Murray Feiss lighting, Global custom blinds, open concept kitchen w/ inviting family room (including fireplace & built-in wall unit) the perfect area for entertaining (as well as a separate formal dining rm), all appliances are superior models, large patio doors leading to your SOUTH facing private yard, deck & lovely landscaped yard, main floor den, practical mudroom, upper level laundry, master bedroom includes a cozy sitting area with a fireplace- step out to your balcony enjoy the park & Nose Hill, fabulous 5pc ensuite/ separate dressing rm , the 2 additional upper bedrooms share Jack+Jill bathroom. You will appreciate the media/rec room,guest suite w/Thermasol steam shower on lower level. Spacious triple garage .This could be your dream home! CLICK HERE to view a virtual tour!
Trendingwatch: High-Fashion with Designer Names
Today’s luxury homes feature dozens of amenities never seen before, or even dreamed of. One of the fastest-growing concepts in the luxury residential market is the “branded property” — a residence associated with luxury brands and high-end designers.
Among the big names working to develop these beautiful properties are Armani, Versace and Bottega Veneta, among others. These designers are each bringing their own unique styles and sensibilities to projects around the world.
Armani’s upcoming projects include the Smart Hero-Central Park Plaza complex in Beijing — the renowned designer will be creating the residential units, shared areas and various amenities, to be completed by the end of 2017 — as well as the Century Spire residential tower in one of the Philippines’ top luxury districts, due to be completed by the end of 2018.
In addition, Versace has begun work on its AYKON Nine Elms project in London (scheduled to be completed in 2020), and is nearly done with projects in Beirut and Jeddah. Bottega Veneta recently started developing its initial residential design work. And Eisenzahn 1 — a major property in Berlin — will feature design work by creative director Tomas Maier and furnishings from the luxury brand’s home collections.
While a famous name on the side of the building is a major selling point, this trend is more about what each designer/fashion brand brings to the actual properties. Homebuyers and investors alike are looking for aesthetics, comfort, amenities and lifestyle when it comes to a luxury residence — and a world-famous designer’s creativity can give a property a decided advantage over other luxury homes.
There are varying levels of brand association per property — some projects and brands are limited to the design of the common spaces and individual units in a building or complex. Others have brand associations incorporated into the amenities and additional features of the property.
But some owners may pay for the privilege of having the brand’s interior design team on the project give them personal consultations to add an even higher level of customization to the residence — or a complete branded design with furniture at an exclusive price.
Overall, these branded residences are often priced 30% to 50% more than unbranded properties. Not that a larger price point deters luxury homebuyers; many of these projects sell out quickly.
This is likely due to one of the basic tenets of the fashion industry — reinvention can revitalize an entire product line. In this case, the reinvention is the concept of residential development, which is now incorporating a new level of branding and design into these projects to attract luxury homebuyers.
Because these branded residences are currently located around the world, they may be some investors’ first experience with an international purchase. This means dealing with a different country’s real estate laws, as well as the unique issues of owning a property halfway around the world. But having a world-famous brand associated with the home can boost an investor’s confidence and provide a sense of security.
While this trend has already taken hold in hospitality — many hotels have established associations with luxury brands — the enjoyment of high-end accommodations, amenities and conversation-starters is taken to a new, longer-lasting level with branded residences.
And while this trend creates substantial opportunities for investors, it’s also an appealing option for home-buyers to have a unique property created by world-class designers.
Sources:
http://www.scmp.com/magazines/style/article/1873767/luxury-brands-are-branching-out-real-estate-collaborating-exclusive
http://www.architecturaldigest.com/story/armani-casa-smart-hero-group-beijing
http://centuryspire.com/century-spire.html
Millennials: The Next Generation of Luxury Spenders
You’ve heard all the complaints about Millennials. Spoiled, lazy, entitled kids who think the world revolves around them.
But stereotypes are just that — stereotypes. And it’s foolish to think that this generation — which will be larger than the huge “Baby Boomers” demographic — is nothing but overindulged, smartphone-addicted brats.
In actuality, there are plenty of hard-working, successful young professionals among Millennials, who are emerging as “the next big market.” Just like every generation, they include ultra-high-net-worth individuals (UHNWIs) whom real estate professionals should work to understand — since they’re your potential clients.
According to MarketWatch.com, a UBS study shows that Millennials have unique spending habits. They usually prefer travel and entertainment over material goods, and they exhibit more brand loyalty than previous generations.
However, the Millennial UHNWIs do appreciate high-end accessories and upscale fashion brands, especially European luxury brands. And probably because they feel optimistic about their personal financial futures, many spend more money on luxury items than consumers over 35.
Because of their large numbers, the Millennials are already affecting the real estate markets. According to a study on LuxuryDaily.com, this generation actually has more UHNWIs among them for two main reasons: inheritances (as with most generations), and early professional successes in the technology industry.
That’s one reason that, on average, Millennial UHNWIs who recently purchased a home spent about $5 million — which was triple the amount of the Baby Boomers, and almost as much as “Generation Xers.”
This Millennial influence is evident in the changing home search requirements. About 33% of UHNWIs want a home gym (this percentage was lower just three years ago), and they also want a “green” or LEED-certified property.
And as for “location, location, location,” Millennials aren’t as limited. Because they can work remotely or their business is location-agnostic, tech-driven cities (Bellevue, WA; Bend, OR; Boulder, CO) are appealing to younger UHNWIs.
Planned Eau Claire twin ultra-luxury condo towers include $13 million penthouse
Development near Peace Bridge includes more than 200 units
Calgary’s latest luxury condo development project in Eau Claire, along the Bow River, will be the best engineered flood and emergency prepared residential building ever designed in Canada, says the Vancouver-based developer of The Concord.
Concord Pacific announced plans for the development on Tuesday, which has more than 200 luxury homes on two towers, including a $13-million penthouse, at 6th Street and 1st Avenue S.W. near the Peace Bridge.
“The Concord will be the first uncompromised answer to luxury single family living in Calgary,” said Peter Webb, senior vice-president of development for Concord Pacific, adding the site is the best in Canada and one of the best in the world. “It’s everything we could imagine. A water feature in summer to a skating rink in winter, five star amenities, Porsche kitchens designed by the world’s oldest kitchen brand, Poggenpohl, and oversized garages. The high level of detail that has gone into every area of this project is unparalleled to any development in Calgary’s history.
“In the world, there isn’t very many places that you really get sites like this. You’re right on the edge of the city. So there’s an urban backdrop to the development. And the riverfront right in front with Prince’s Island and the (Peace) Bridge. These are world-scale landmarks and features that the City of Calgary has managed to develop on their riverfront. So to actually have a property that was right on the edge to take advantage of that natural landscape is really kind of something you only come across once in awhile.”
Webb did not disclose the total cost of the project but confirmed it would be Concord Pacific’s most expensive project per square foot to build.
Concord Pacific is Canada’s largest urban community developer with more than 20,000 residential units built or currently under development in Canada. This is the privately-held company’s first development in Calgary.
The developer said the site was not affected by last summer’s devastating flood but The Concord will voluntarily put in “robust” infrastructure designed by flood mitigation experts, Associated Engineering.
That includes: a building design engineered to withstand an high waters twice as significant as the 2013 flood; a perimeter system which includes special linked piles that surround the foundation and above-grade fortification walls with floodgates for pedestrian access; waterproof foundation with self-sealing capabilities to prevent underground water seepage; stormwater backup prevention management; and uninterruptable emergency backup power for building and suite systems.
Councillor Druh Farrell said The Concord is inspired by one of Canada’s most celebrated architects Arthur Erickson who did the original design.
“This parcel of vacant land with Prince’s Island just next door and a view of our beautiful river and Peace Bridge is one of the finest in the country,” said Farrell. “Eau Claire is one of Calgary’s most beautiful communities and with a bright future. A complete Eau Claire will be true a mixed-use community with retail and services right next to the downtown.”
She said the flood mitigation by the project will set a benchmark for the rest of Calgary.
The Concord will be a two-tower multi-family luxury development with more than 200 luxury homes.
The project is designed by Nick Milkovich, who worked with Erickson for over 40 years. Their iconic projects include the Museum of Glass in Tacoma, Washington, The Erickson Tower in Vancouver and the Creekside Community Centre and Canada House for the Vancouver 2010 Games.
The Concord’s 105-suite West Tower will be 14 storeys and will be completed by the fall of 2017.
Suites range from 1,061 square feet to 6,161 square feet.
Prices start at $1 million to $2 million with the top Estate Penthouse close to $13 million. There will be a limited selection of two-bedroom premium suites starting from the $700,000’s.
“We do have a perception that Calgary is capable of absorbing this kind of product,” said Webb. “I think what we’ve seen in the past is Calgary can be cyclical. But when Calgary goes in real estate, it goes hard. Prices go up. People aggressively buy. It’s kind of that frontier sort of mentality when people feel good about something they move more aggressively on it.
“Our feeling is that in the last market uptick prior to the fall of 2008 when the market changed, the market went very strong, very quickly and prices went up, and up and up . . . We really believe that the Calgary market is poised right now to take off. When any market moves up, it’s the premier product that escalates in value more rapidly than the rest. We believe the market will be moving and people are very quickly going to be attracted to this project.”
Webb said construction is planned to start on Phase I in about a year’s time. He said both phases are built on top of the same parkade.
“So in all likelihood the project will proceed as one all the way through,” he said. “When we market the second phase, I’m not really certain. That will depend on how quickly the first phase is bought up. But they will be just going in an orderly fashion one right after the other.”
Exterior amenities include a central water garden situated between the two buildings which will act as a pond in the summer and a skating rink in the winter; a fire pit lounge, an outdoor kitchen and a seating area surrounding the water garden; and hose and gas bibs for all terraces and balconies (where applicable)
Interior amenities: include the Grand Room featuring a gourmet kitchen, indoor/outdoor dining area and a bar and lounge; a meeting room; a luxury parkade featuring a heated entrance ramp, automated under-carriage and tire carwash bay, automatic car wash and area, a dedicated manual car wash bay and multiple hose bibs to facilitate parkade cleaning; direct elevator access to all Private Residences and Estate Penthouses; oversized garages ranging from double to double plus storage or extra parking; swimming pool, hot tub, sauna and steam room; and state-of-the-art fitness facility, yoga room and golf simulator.
Gary Beres, executive vice-president for commercial real estate firm CBRE in Calgary, has purchased with his wife a 2,000-square-foot, Private Residence unit for an undisclosed amount.
“We needed a larger unit and we love living down here so this is a natural extension of that,” said Beres, who currently lives next-door to The Concord site at the Princeton condo tower. “I know the Concord Pacific people really well. I deal with them in my business and I just know them because I travel back and forth from Toronto and Vancouver and I see what they’re doing in both those two cities.
“It’s phenomenal. They’re truly world-class developers. So a combination of loving the area, wanting to stay in the area and wanting to move into a project that obviously has a lot of quality and a lot of amenities.”
The Concord is the latest condo development in the current housing boom.
It is reminiscent of the condo boom of a few years ago but today’s real estate construction frenzy has one Nearly half of all proposed or under construction developments in the downtown area are for rental use.
Figures supplied to the Herald from the Altus Group Limited indicate there are 2,184 proposed condo units, 2,038 in the pre-construction stage and 1,762 under construction for a total of 5,984 in the combined area of Eau Claire, West End, East Village, Downtown and the Beltline.
Proposed developments include those publicly announced but not having submitted an application for development approval. Pre-construction consists of projects with development approval submissions.
And under construction refers to projects with a building permit in place and site excavation started.
The Concord’s 105-suite West Tower will be 14 storeys and will be completed by the fall of 2017.
Suites range from 1,061 square feet to 6,161 square feet.
Prices start at $1 million to $2 million with the top Estate Penthouse close to $13 million. There will be a limited selection of two-bedroom premium suites starting from the $700,000’s.
“We do have a perception that Calgary is capable of absorbing this kind of product,” said Webb. “I think what we’ve seen in the past is Calgary can be cyclical. But when Calgary goes in real estate, it goes hard. Prices go up. People aggressively buy. It’s kind of that frontier sort of mentality when people feel good about something they move more aggressively on it.
“Our feeling is that in the last market uptick prior to the fall of 2008 when the market changed, the market went very strong, very quickly and prices went up, and up and up . . . We really believe that the Calgary market is poised right now to take off. When any market moves up, it’s the premier product that escalates in value more rapidly than the rest. We believe the market will be moving and people are very quickly going to be attracted to this project.”
Webb said construction is planned to start on Phase I in about a year’s time. He said both phases are built on top of the same parkade.
“So in all likelihood the project will proceed as one all the way through,” he said. “When we market the second phase, I’m not really certain. That will depend on how quickly the first phase is bought up. But they will be just going in an orderly fashion one right after the other.”
Exterior amenities include a central water garden situated between the two buildings which will act as a pond in the summer and a skating rink in the winter; a fire pit lounge, an outdoor kitchen and a seating area surrounding the water garden; and hose and gas bibs for all terraces and balconies (where applicable)
Interior amenities: include the Grand Room featuring a gourmet kitchen, indoor/outdoor dining area and a bar and lounge; a meeting room; a luxury parkade featuring a heated entrance ramp, automated under-carriage and tire carwash bay, automatic car wash and area, a dedicated manual car wash bay and multiple hose bibs to facilitate parkade cleaning; direct elevator access to all Private Residences and Estate Penthouses; oversized garages ranging from double to double plus storage or extra parking; swimming pool, hot tub, sauna and steam room; and state-of-the-art fitness facility, yoga room and golf simulator.
Gary Beres, executive vice-president for commercial real estate firm CBRE in Calgary, has purchased with his wife a 2,000-square-foot, Private Residence unit for an undisclosed amount.
“We needed a larger unit and we love living down here so this is a natural extension of that,” said Beres, who currently lives next-door to The Concord site at the Princeton condo tower. “I know the Concord Pacific people really well. I deal with them in my business and I just know them because I travel back and forth from Toronto and Vancouver and I see what they’re doing in both those two cities.
“It’s phenomenal. They’re truly world-class developers. So a combination of loving the area, wanting to stay in the area and wanting to move into a project that obviously has a lot of quality and a lot of amenities.”
The Concord is the latest condo development in the current housing boom.
It is reminiscent of the condo boom of a few years ago but today’s real estate construction frenzy has one Nearly half of all proposed or under construction developments in the downtown area are for rental use.
Figures supplied to the Herald from the Altus Group Limited indicate there are 2,184 proposed condo units, 2,038 in the pre-construction stage and 1,762 under construction for a total of 5,984 in the combined area of Eau Claire, West End, East Village, Downtown and the Beltline.
Proposed developments include those publicly announced but not having submitted an application for development approval. Pre-construction consists of projects with development approval submissions.
And under construction refers to projects with a building permit in place and site excavation started.
Rendering of The Concord luxury condo development to be built along the Bow River in Calgary’s Eau Claire neighbourhood.
By MARIO TONEGUZZI, Calgary Herald