CBI Group to Host Arizona Real Estate Investment Seminar in Vancouver

CBI Group, an Alberta based real estate investment company, will be hosting a real estate investment seminar in Vancouver to educate the public about real estate investments in the Arizona; an area experiencing some of the lowest real estate prices in recent history. The seminar will focus on their Arizona Acquisition Fund; an opportunity allowing individual investors to participate in the bulk purchase of homes in the Phoenix area.

"Last week we bought a house that was nearly $300,000 at the peak and closed it for $87,000. We're seeing distressed sales such as this on a daily basis. And because we are paying cash, closing quickly and, in some cases, negotiating directly with banks, we are able to purchase homes at lower prices than individual investors can." said Jarrett Zielinski, VP of Acquisitions at CBI Group who is managing the purchase of the 175 homes the group is acquiring for the Arizona Acquisition Fund. "Individual investors may not understand the amount of due diligence and logistical hassles that are imminent when making a cross-border real estate purchase. Our seminar will show investors exactly how they can participate in the tremendous profit potential without the challenge of finding their own way in a foreign real estate market."

Vancouver housing slump evident with cancellation of $500M Ritz-Cartlon project

VANCOUVER, B.C. — The cancellation of a $500-million luxury hotel and condominium project in downtown Vancouver is the latest in a string of troubled developments in Canada's most expensive real estate market which experts say is in a serious slump.

"Vancouver's market is already crashing, it's no longer a question," said Brian Ripley, CEO of consulting group Oakes Ripley & Associates Inc.

Ripley believes Vancouver will be one of the hardest hit in the current reversal of housing prices across Canada because its prices ran up the most and is now the least affordable city in the country.

The credit crunch and economic downturn are wreaking havoc in Vancouver's real estate market where sales are on a steep slide and prices are falling.

Bad timing exacts a heavy price

VANCOUVER -- The online classifieds for Vancouver real estate reveal the signs of a looming crisis in the city's once-thriving condo market.

There is ad upon ad placed by presale condo owners who are desperately trying to unload their purchases, with some even willing to walk away from their deposits.

An ad by a realtor announces that developer Onni Development is offering a 40-per-cent discount on homes.

"Most of these homes have already been sold, but the purchasers were unable to complete on them," says the ad.

City of Vancouver buys out original Oly Village bankroller

Vancouver is moving ahead with plans to shore up the financial footings for the new downtown Olympic Village condo development.

The city, putting another $253 million (U.S.) of its credit on the line, has bought out Fortress Investment Group's original stake in the troubled real-estate development that will house half of the 2010 Winter Olympics athletes. (The other half will be housed at a more modest Whistler Olympic Village.)

Fortress, a troubled U.S. hedge fund, originally offered principle financing for the project, on the city's Southeast False Creek waterfront. The buyout will essentially allow the city, which has secured $400 million in a credit line from the Bank of Montreal, to refinance the debt and ensure the project is complete on schedule by November.

This week the Canadian Real Estate Association predicted that home sales nationally will tumble by 16.9 per cent in 2009 compared with 2008

Vancouver real estate agent Kye Grace was pleased with the turnout for an open house he recently hosted in a Gastown loft. He just didn't get as much sleep as he had hoped.

The unit in a converted glass factory had remained on the market for longer than a year, so when Mr. Grace took over the listing, he decided to try a new tactic.

He brainstormed with a friend and came up with the idea of a marathon 72-hour open house, in which he let house hunters tour the $999,950 loft space in person and on-line.

With houses and condominium units languishing in many of North America's real estate markets, agents are searching for all sorts of creative new ways to reach prospective buyers and generate attention. Mr. Grace's three-day open house garnered the publicity he was looking for and a third showing for one prospective purchaser this weekend.

Greater Vancouver real estate sales near 30-year low

The number of homes sold in Greater Vancouver in January 2009 was the lowest for that month since the early 1980s.

According to a media release from the Real Estate Board of Greater Vancouver, sales of detached, attached, and apartment properties together declined 58.1 percent compared to January 2008.

The release states that compared to January 2008, sales of detached properties have declined 54.4 percent, sales of attached properties have dropped 65.7 percent, and apartment property sales are down 58 percent.

The Sunshine Coast saw the greatest drop in benchmark price for a detached property; South Delta experienced the greatest drop for an attached property; and West Vancouver saw the greatest decline in benchmark prices for apartments.

Fibre Sensys leases 31,372 square feet in Hillsboro

America’s Best Contacts and Eyeglasses leased 3,525 square feet at 9301 N.E. Fifth St., Vancouver. Andrew Usher of Urban Works Real Estate represented the tenant; Melissa Darm of CB Richard Ellis represented the lessor, Pine Tree SAU Hazel Dell LLC.

Fibre Sensys, which manufactures intruder detection equipment for information technology systems, leased 31,372 square feet at Suntech Corporate Park, 2925 N.W. Alockek Drive, Hillsboro.