Our Lady of Paris, the literal translation for Notre-Dame de
Paris, has received an outpouring of public sympathy following a devastating
fire last week.
Having seen Notre-Dame in person I can tell you it’s something
The full cost of the fire is still being tallied but I’m not
sure you can put a price on something that is nearly irreplaceable.
There are times when it is not wise to invest in commercial
many potential investors don’t take the plunge out of fear of the unknown and years later regret it.
Let’s look at some examples of when you’d be advised not to
Last week, Saskatchewan’s
Minister of Finance Donna Harpauer released her second budget, which projects a
$34.4-million surplus for 2019.
Thinking selfishly, I wondered:
how does this budget impact commercial real estate sale investment in our
I purchased my second single family home in 1979. It was located at the end of a quiet cul-de-sac in a good neighborhood.
The downside was it backed onto a retail strip mall. That wasn’t a concern for me however because everything within that retail corridor was one storey.
Within a year of owning the home, it was announced that a five-storey office building would be constructed overlooking my rear yard.
I immediately sold the property.
Even though the project was public knowledge, I believed it would be easier to sell before it could be seen that the windows in that towering structure would have a full view of my yard.
From that early, first hand experience I can relate to
homeowners that are suddenly faced with a project that significantly impacts
the value of their home.
The Regina Leader-Post published an article in 2008 with Stu
Rathwell, a franchise partner in the new Regina’s Chili’s Grill and & Bar.
Stu shared that his Saskatoon location would be open by that
His optimism about the Chili’s brand was hopeful; if things
took off as he was hoping, he predicted people could expect to see several more
open across the province.
Fast forward to 2019.
If you happened upon Saskatoon’s Preston Crossing the last
week of February, you may have caught sight of Stu’s dream deflating right before
Entrepreneurs Louis and Shaol Pozez could not anticipate 63 years ago that the demise of their discount shoe business would be taken down by a network of computers
This isn’t a story from the rejected piles of Terminator franchise spinoffs; this is a reality.
The Pozez’ conception that grew into Payless ShoeSource brick and mortar stores across the U.S. and Canada are officially shuttering.
Their disregard for advancing online sales, in addition to highly leveraged assets, proved fatal.
I thought twice about writing this post!
Does it risk raising the question with the city
administrators: are our Saskatoon and Regina commercial property taxes too low?
Or… does it showcase just one more of the many benefits of
setting up shop in one of our two major Saskatchewan cities?
In an earlier post I referenced the
Canadian Property Tax Rate Benchmark Report released by Altus Group, and
supporting partner REALPAC with a focus on the commercial to residential tax
ratio. Continue Reading
The rules are the rules,
whether we like them or not.
Nowhere is this truer
than as it applies to municipal zoning.
I find clients can
easily get discouraged in property searches when they discover where their business
is, and is not welcome, as determined by the local zoning bylaw.
If you’d have asked me a few years ago about the long-term fate of the independent commercial real estate broker, I would have honestly expressed some uncertainty (you may be thinking, “but Barry, you are an independent commercial real estate broker… that means you would have been questioning your own survival!).
Most of that
uncertainty arose from questioning the independent broker’s ability to keep
pace with potential investment required in metadata.
at the current differences between a national and an independent regional
commercial real estate broker.
I promised you that I’d hold myself accountable in
this Jan 2018 post and report back to you.
So, how did I do? At that time, I predicted a decline in the overall Saskatoon Industrial vacancy rate from 7.7 per cent to 6.2 per cent.
That was after a significant 2 per cent decline in the previous 12-month period.