Location, location, location are said to be the three rules of real estate.
The last available location on Kensington Road east of 14th Street N.W. is slated for development early next year as a high-end condominium project. The four-storey Providence Point development, 1196 Kensington Cres. N.W., will have three floors with two apartments each above street-level condominium retail units, says real estate agent Paul Hassett of Re-Max House of Real Estate.
“It fits the lifestyle in Kensington,” says Hassett. “The coffee shops, the river and so on.”
He calls Kensington a village. “Most people there walk to work and the car stays home during the week.”
Developer Greg Gutek has been doing multi-family buildings for about five years. He calls Providence Point a “boutique” development, unique to his work.
Hassett quotes prices starting at just under $450,000 for second- and third-floor apartments, and just under $530,000 for the two penthouse suites. The penthouses will have 2,100-sq. ft. rooftop decks, each sharing half the roof.
Each apartment will be 1,765 sq. ft. and feature a 500 sq. ft. deck outside. Greenery in planters will provide privacy on the balconies, and more greenery is possible in a solarium inside each unit, he says.
Construction is set to start in January and units should be ready for occupancy next summer. Two units have been sold already, adds Hassett.
Chinook Centre kicked off the Christmas season last week, unveiling a new $600,000 decor scheme.
The theme offers a variety of seasonal attractions for kids including a virtual sleigh ride. Young mall patrons can also watch Santa Claus and his reindeer in the sky through a 12-metre telescope, and send letters to Santa through an interactive mail room. Proceeds from keepsake photos will go to the Alberta Children’s Hospital Foundation.
Eleven months after its acquisition by Sears, the Eatons department store chain is ready for shoppers again. Eatons cut the ribbon Nov. 25 to bring back a Canadian retailing tradition with new concepts. The pioneer department store firm was bought last year by Sears. After a multi-million-dollar rebranding and renovations, Eatons reopened seven department stores across Canada late last month.
Calgary’s store is in the Eatons Centre downtown.
The Eatons catalogue was available in October and the Web catalogue is up. An Eatons news release says in-stock orders placed by Dec. 21 can be picked up by Dec. 24.
One of the country’s largest media companies has added a mortgage market to its online service’s offerings.
Canoe.com, owned by Quebecor, has added links to the Mortgage Centre to its Banking and My Money sections. The service, called Mortgage Auctioneer, allows borrowers to fill out a mortgage application online.
The mortgage goes out to an electronic bidding process, and the Mortgage Centre helps the borrower decide on the best offer.
Trizec Hahn Corp. has finished selling most of its non-core office properties, the company says in a release. After debt repayments, the sales total $180 million US. Properties sold include Scotia Centre in Calgary. The company plans to enhance its U.S. office portfolio and develop its technology centre business.
Trizec Hahn closed at $23.10, down 40 cents Friday (Dec. 1) on the TSE.
Residential rental vacancies are down across the country, according to Canada Mortgage and Housing Corporation (CMHC).
The overall vacancy rate fell to 1.6 per cent in October, down from 2.6 per cent in October, 1999. That’s the lowest rate since 1987. The rates dropped in 22 of 26 major centres.
The lowest rates were in Ottawa at 0.2 per cent, Toronto (0.6 per cent) Kitchener, Ont. (0.7 per cent) and Calgary (1.3 per cent).
The biggest declines in the West were in Victoria, which dropped to 1.8 per cent from 3.6 per cent, and Calgary.
Century 21 has joined the online mortgage movement, using Basis100 for technology and the Mortgage Alliance Co. as mortgage broker.
Home buyers can apply for mortgages from Century 21’s Web site, using an easy-to-follow interface.
Applicants have access to 32 lenders and are notified within 24 hours by e-mail whether they’re approved.
Web Watch:
www.eatons.com
www.canoe.com
www.trizechahn.com
www.century21canada.com
