BURNABY / NEW WESTMINSTER May 1, 2015 Real Estate Weekly
8
REAL ESTATE WEEKLY GO TO REW.CA /NEWS TO READ THESE STORIES AND MUCH MORE REAL ESTATE NEWS AND ADVICE Vancouver Condos a “Better Investment than Gold”: Worldʼ s Top Asset Manager Opinion: Why We Need More Duplexes and Semi-Detached Homes Vancouver House Price Growth Forecast Doubled for 2015: RE/MAX T here’s been much ado recently about Vancouver’s dwindling number of heritage houses. As the wrecking ball takes out one after another of the city’s original homes – often in preparation for townhouse or condominium development – tempers are flaring. But some builders are pursuing a vision that meets both the City of Vancouver’s criteria to preserve our past and its desire to provide increased density. Under the Heritage Retention Program, if the exterior of a qualify- ing heritage home is restored to its original condition, the developer may be granted the right to transform its interior into multiple residences. In most cases, there’s also an increase in the overall FSR (floor space ratio), meaning more buildable square foot- age – space that can take the form of an addition or even a secondary new building. It’s a win-win solution. Since the increased density is virtually invisible from the street, the neighbourhood’s single-family character is retained – few people walking through Mount Pleasant between Main and Cambie realize just how many of the homes that appear to be single-family are, in fact, multi-unit conversions. NOT WITHOUT CHALLENGES However heritage retention is a niche market that’s not for the faint of heart. “It’s difficult to find suitable proper- ties, getting through the permitting process is usually very time consum- ing, and even sourcing materials can be challenging because they must be his- torically accurate,” says Shaun Soon, partner in Chorus Developments. “Plus you never really know what you’re going to find when you start opening up an old building.” Fitting an increased number of homes onto an existing property is yet another complication and typically entails moving the existing house for- ward on its lot. Jerry Rakher, principle of Vandwell Homes, explains. “We’re waiting approval on a project in the West End that will require strip- ping the house to the studs, jacking it up, building a new foundation closer to the street, and moving the entire struc- ture onto its new foundation.” The existing house will be then trans- formed into three separate homes and a brand new fourplex will be added to the back section of the property. INNOVATIVE SOLUTIONS One particularly innovative part of Rakher’s plan is to also build a seven- car, underground parkade that owners access via a straightforward, no-frills vehicle elevator. “You’ll drive your car onto the lift, go down one level, then drive out and into your spot.” Taresh Sachi, owner of Structure Developments, has completed six her- itage retention projects including a 1930s post office/general store that was converted into a duplex. Like Soon and Rakher, he’s passionate about the benefits of heritage retention. “From a developer’s point of view, heritage retention is expensive and time consuming to do, but the reward is watching people get excited by what they see. In a city where you can easily pay half a million dollars for a condo- minium, this is an attractive, cost effec- tive alternative.” SNAPPED UP Clearly, buyers are impressed. At Soon’s recently completed project, The Bromley in Mount Pleasant (pictured), more than 200 people attended the first open house and all three homes were sold within seven days. “We chose to make the existing house into two units rather three so we could make them larger and include a basement,” he says. The third home, a two-level coach house with massive upper deck, was snapped up almost immediately. As Vancouver’s residential construc- tion industry continues searching for creative ways to meet the growing need for housing, heritage retention is one part of the puzzle. A New Approach to Densification Heritage Retention: BURNABY NEW WESTMINSTER FRIDAY, MAY 1, 2015 info@rew.ca • 604-435-7977 Looking to BUY or SELL a home? To assist you in making the best decisions, a professional Realtor can provide the most up to date information on the real estate market, price, financing and comparative properties in your area. Find your EXPERT Real Estate professional right here in REW.ca!
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Since 1978 Real Estate Weekly has been synonymous with outstanding coverage of the Greater Vancouver residential real estate market. Today, published with recycled newsprint from its own high-speed presses in Vancouver, Real Estate Weekly is delivered by British Columbia's largest courier force to over 450,000 homes across the Lower Mainland. A total of 11 separate editions comprise the Real Estate Weekly, each featuring homes for sale, new developments and quality editorial coverage of the housing industry and the communities. Real Estate Weekly, quite simply, lists more homes for sale from more Realtors than any other publication in British Columbia. Real Estate Weekly is the number one source for Lower Mainland residential real estate and the first choice of both homebuyers and Realtors for more than three decades.
Transcript of BURNABY / NEW WESTMINSTER May 1, 2015 Real Estate Weekly
R E A L E S T A T E W E E K L Y
GO TOREW.CA /NEWS
TO READ THESE STORIESAND MUCH MORE REAL ESTATE
NEWS AND ADVICE
Vancouver Condos a “Better Investment than Gold”:
Worldʼs Top Asset Manager
Opinion: Why We Need More Duplexes and
Semi-Detached Homes
Vancouver House Price Growth Forecast Doubled
for 2015: RE/MAX
There’s been much ado recently about Vancouver’s dwindling number of heritage houses. As
the wrecking ball takes out one after another of the city’s original homes – often in preparation for townhouse or condominium development – tempers are fl aring.
But some builders are pursuing a vision that meets both the City of Vancouver’s criteria to preserve our past and its desire to provide increased density.
Under the Heritage Retention Program, if the exterior of a qualify-ing heritage home is restored to its original condition, the developer may be granted the right to transform its interior into multiple residences. In most cases, there’s also an increase in the overall FSR (floor space ratio), meaning more buildable square foot-age – space that can take the form of an addition or even a secondary new building.
It’s a win-win solution. Since the increased density is virtually invisible
from the street, the neighbourhood’s single-family character is retained – few people walking through Mount Pleasant between Main and Cambie realize just how many of the homes that appear to be single-family are, in fact, multi-unit conversions.
NOT WITHOUT CHALLENGESHowever heritage retention is a niche
market that’s not for the faint of heart.“It’s diffi cult to fi nd suitable proper-
ties, getting through the permitting process is usually very time consum-ing, and even sourcing materials can be challenging because they must be his-torically accurate,” says Shaun Soon, partner in Chorus Developments.
“Plus you never really know what you’re going to fi nd when you start opening up an old building.”
Fitting an increased number of homes onto an existing property is yet another complication and typically entails moving the existing house for-ward on its lot. Jerry Rakher, principle of Vandwell Homes, explains.
“We’re waiting approval on a project in the West End that will require strip-ping the house to the studs, jacking it up, building a new foundation closer to the street, and moving the entire struc-ture onto its new foundation.”
The existing house will be then trans-formed into three separate homes and a brand new fourplex will be added to the back section of the property.
INNOVATIVE SOLUTIONSOne particularly innovative part of
Rakher’s plan is to also build a seven-car, underground parkade that owners access via a straightforward, no-frills vehicle elevator. “You’ll drive your car onto the lift, go down one level, then drive out and into your spot.”
Taresh Sachi, owner of Structure Developments, has completed six her-itage retention projects including a 1930s post offi ce/general store that was converted into a duplex. Like Soon and Rakher, he’s passionate about the benefi ts of heritage retention.
“From a developer’s point of view,
heritage retention is expensive and time consuming to do, but the reward is watching people get excited by what they see. In a city where you can easily pay half a million dollars for a condo-minium, this is an attractive, cost eff ec-tive alternative.”
SNAPPED UPClearly, buyers are impressed. At
Soon’s recently completed project, The Bromley in Mount Pleasant (pictured), more than 200 people attended the fi rst open house and all three homes were sold within seven days.
“We chose to make the existing house into two units rather three so we could make them larger and include a basement,” he says. The third home, a two-level coach house with massive upper deck, was snapped up almost immediately.
As Vancouver’s residential construc-tion industry continues searching for creative ways to meet the growing need for housing, heritage retention is one part of the puzzle.
A New Approach to DensificationHeritage Retention:
BURNABY NEW WESTMINSTER FRIDAY, MAY 1, [email protected] • 604-435-7977
Looking to BUY or SELL a home? To assist you in making the best decisions, a professional Realtor can provide the most
up to date information on the real estate market, price, fi nancing and comparative
properties in your area.
Find your EXPERT Real Estate professional right here in REW.ca!
•2 REW.ca » BURNABY / NEW WESTMINSTER » FRIDAY MAY 1, 2015
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REW.ca » BURNABY / NEW WESTMINSTER » FRIDAY MAY 1, 2015 3•
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•4 REW.ca » BURNABY / NEW WESTMINSTER » FRIDAY MAY 1, 2015
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REW.ca » BURNABY / NEW WESTMINSTER » FRIDAY MAY 1, 2015 5•
GRAND OPENINGsaturday, may 2nd | noon
k
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Bishop Place
Hadley Wood
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David Ave.
Lougheed Hwy.
Coast M
eridian R
d.
CoquitlamCentre
_rohbjlrkq^fk
3507 HADLEY WOOD, COQUITLAM
•6 REW.ca » BURNABY / NEW WESTMINSTER » FRIDAY MAY 1, 2015
REW.ca » BURNABY / NEW WESTMINSTER » FRIDAY MAY 1, 2015 7•
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Highland Estates by Morningstar
Highland Estates single-family homes by Morningstar can be described in one word:
luxury. Located in the highly sought after Burke Mountain neighborhood of Coquitlam, Highland Estates is close to urban amenities, shopping, schools, and for those nature lov-ers, close to awesome parks and trails.
Morningstar was the fi rst to pioneer a community on Burke Mountain in 2008 and Highland Estates will mark its 10th commu-nity in what has become a highly desired location to live. By combin-ing a quality build and incredible detail with an outstanding location, Highland Estates provides the pin-nacle of class and convenience and is considered Morningstar’s most exclusive single-family home neigh-borhood yet.
With 4800 square feet of living space to explore and make your own, the homes feature beautiful hardwood fl oors, glass stair rail-ings, dramatic vaulted ceilings, a linear stone faced gas fi replace, granite countertops, stainless steel
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The single-family homes are rede-fi ning luxury with a refi ned interior style and impeccable exteriors with surrounding views and green space.
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Pre-register for a sneak peak at the exclusive neighborhood of Highland Estates by Morningstar prior to the Grand Opening on May 2 at NOON. The sales centre is located at 3507 Hadley Wood in Coquitlam. For more information, visit mstarhomes.com
