ReportWire

Tag: Vacation Home

  • No motive revealed in killing of prominent California farmer’s estranged wife in Arizona

    [ad_1]

    Investigators declined to reveal the suspected motive in the shooting death of a prominent California farmer’s estranged wife in eastern Arizona, but they said the couple’s prolonged divorce case arose in nearly all interviews with family and friends.Michael Abatti, 63, was arrested last week in El Centro, California, in the shooting death of Kerri Ann Abatti, 59, at her family’s vacation home in Pinetop, Arizona, where she moved after splitting with her husband.Investigators, who discussed the case at a news conference Monday, say Michael Abatti traveled from El Centro to Pinetop on Nov. 20, carried out the killing and returned to California early the next morning. They declined to say what occurred at the Pinetop house in the last days of Kerri Abatti’s life.“Different theories will come up,” Navajo County Sheriff David Clouse said of the motive. “The only thing that’s glaring that I think everybody already knows is there’s a divorce in place and they weren’t able to come to a resolution. But I can’t speak exactly to what the motive would be.”Owen Roth, one of Michael Abatti’s attorneys, said his client surrendered to law enforcement, agreed to be extradited to Arizona and remains innocent under the law. “Our client is in his mid-60s and has significant health issues, and we continue to worry about his well-being,” Roth said. “We ask the public to respect his privacy and constitutional rights and reiterate that this case will be decided based on the evidence by a jury.” An autopsy report released Monday said Kerri Abatti’s cause of death was a gunshot wound to the head.The report said she was found unconscious on the floor near her kitchen by her nephew, who told investigators he heard a loud sound before finding her. When investigators searched the home they found a “circular defect” on a window and determined “a gunshot likely originated from the yard outside the home,” the autopsy report said.The Associated Press left a message for the Navajo County Sheriff’s Office for further explanation. The medical examiner’s office in Coconino County, which conducted the autopsy, directed questions about the report to a Navajo County official, and the AP also left a message for the official. A descendant of early Latter-day Saints settlers who helped found Pinetop in the 1880s, Kerri had filed for divorce, with proceedings pending in California at the time of her death.Authorities searched his home in far Southern California on Dec. 2 as part of the investigation into his wife’s death.Michael Abatti comes from a long line of farmers in the crop-rich Imperial Valley, which is the biggest user of Colorado River water and known for growing leafy greens, melons and forage crops. His grandfather, an Italian immigrant, was among the region’s early settlers and his father helped start the Imperial Valley Vegetable Growers Association.Michael Abatti served on the board of the powerful Imperial Irrigation District from 2006 to 2010.The Abattis, who married in 1992 and had three children, were sparring over finances. Kerri told the court the couple had lived an affluent lifestyle during more than three decades of marriage. They owned property in three states, vacationed internationally and sent their children to private school.Kerri initially received $5,000 monthly temporary spousal support. She later sought an increase, citing struggles to maintain her standard of living as well as keep up the Arizona property. She also asked for an additional $100,000 in attorney’s fees, court filings showed.Michael Abatti eventually agreed to raise support to $6,400 monthly, despite having countered in a court filing that poor farming years had reduced his income. He blamed market shifts favoring Ukrainian crops, rising shipping costs and harsh weather.See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter | Find us on YouTube here and subscribe to our channel

    HOLBROOK, Ariz. —

    Investigators declined to reveal the suspected motive in the shooting death of a prominent California farmer’s estranged wife in eastern Arizona, but they said the couple’s prolonged divorce case arose in nearly all interviews with family and friends.

    Michael Abatti, 63, was arrested last week in El Centro, California, in the shooting death of Kerri Ann Abatti, 59, at her family’s vacation home in Pinetop, Arizona, where she moved after splitting with her husband.

    Investigators, who discussed the case at a news conference Monday, say Michael Abatti traveled from El Centro to Pinetop on Nov. 20, carried out the killing and returned to California early the next morning. They declined to say what occurred at the Pinetop house in the last days of Kerri Abatti’s life.

    “Different theories will come up,” Navajo County Sheriff David Clouse said of the motive. “The only thing that’s glaring that I think everybody already knows is there’s a divorce in place and they weren’t able to come to a resolution. But I can’t speak exactly to what the motive would be.”

    Owen Roth, one of Michael Abatti’s attorneys, said his client surrendered to law enforcement, agreed to be extradited to Arizona and remains innocent under the law. “Our client is in his mid-60s and has significant health issues, and we continue to worry about his well-being,” Roth said. “We ask the public to respect his privacy and constitutional rights and reiterate that this case will be decided based on the evidence by a jury.” An autopsy report released Monday said Kerri Abatti’s cause of death was a gunshot wound to the head.

    The report said she was found unconscious on the floor near her kitchen by her nephew, who told investigators he heard a loud sound before finding her. When investigators searched the home they found a “circular defect” on a window and determined “a gunshot likely originated from the yard outside the home,” the autopsy report said.

    The Associated Press left a message for the Navajo County Sheriff’s Office for further explanation. The medical examiner’s office in Coconino County, which conducted the autopsy, directed questions about the report to a Navajo County official, and the AP also left a message for the official. A descendant of early Latter-day Saints settlers who helped found Pinetop in the 1880s, Kerri had filed for divorce, with proceedings pending in California at the time of her death.

    Authorities searched his home in far Southern California on Dec. 2 as part of the investigation into his wife’s death.

    Michael Abatti comes from a long line of farmers in the crop-rich Imperial Valley, which is the biggest user of Colorado River water and known for growing leafy greens, melons and forage crops. His grandfather, an Italian immigrant, was among the region’s early settlers and his father helped start the Imperial Valley Vegetable Growers Association.

    Michael Abatti served on the board of the powerful Imperial Irrigation District from 2006 to 2010.

    The Abattis, who married in 1992 and had three children, were sparring over finances. Kerri told the court the couple had lived an affluent lifestyle during more than three decades of marriage. They owned property in three states, vacationed internationally and sent their children to private school.

    Kerri initially received $5,000 monthly temporary spousal support. She later sought an increase, citing struggles to maintain her standard of living as well as keep up the Arizona property. She also asked for an additional $100,000 in attorney’s fees, court filings showed.

    Michael Abatti eventually agreed to raise support to $6,400 monthly, despite having countered in a court filing that poor farming years had reduced his income. He blamed market shifts favoring Ukrainian crops, rising shipping costs and harsh weather.

    See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter | Find us on YouTube here and subscribe to our channel

    [ad_2]

    Source link

  • Federal Reserve to announce interest rate cut amid economic slowdown, pressure from President Trump

    [ad_1]

    Federal Reserve to announce interest rate cut amid economic slowdown, pressure from President Trump

    The Federal Reserve is set to announce an interest rate cut this week in response to a slowing economy, making clear it is not surrendering to President Donald Trump’s demands.

    Updated: 7:42 AM PDT Sep 14, 2025

    Editorial Standards ⓘ

    The Federal Reserve is expected to announce a long-awaited interest rate cut this week, responding to a slowing economy as opposed to yielding to President Donald Trump’s demands. Recent data shows hiring is slowing and unemployment is ticking up, which would normally call for an interest rate cut. Lower interest rates make borrowing money for things like cars and credit cards cheaper. At the same time, inflation remains stubbornly high, which is usually solved by keeping interest rates where they are and leaving costly prices up.With a big decision facing the Fed, added pressure from President Trump isn’t helping. Experts say his repeated calls for the Fed to lower interest rates are damaging the agency’s independence and credibility, spooking investors and the market. “If the Fed is politicized and they’re acting based upon political pressures rather than accurate economic data, that’s going to send messages throughout the economy that maybe what they’re doing isn’t really good for the economy, and maybe it doesn’t come from a solid place of evidence,” political analyst Todd Belt said. “It will introduce even more uncertainty in the economy, and uncertainty is the enemy of business planning.”President Trump’s tariffs have also injected lots of uncertainty in the market, and economists say that, in turn, will further drive up inflation.In a further escalation involving the president and the Fed, last week, a federal judge blocked Trump’s unprecedented attempt to fire Federal Reserve Governor Lisa Cook, alleging mortgage fraud. Now, the administration is appealing and is pushing the courts for an emergency ruling before the Fed’s big interest rate decision this week. But a big twist could undermine the administration’s case, as the Associated Press reports that Cook previously referred to the property in question as a “vacation home,” which would contradict the White House’s accusations of fraud.Watch the latest on the Federal Reserve:

    WASHINGTON —

    The Federal Reserve is expected to announce a long-awaited interest rate cut this week, responding to a slowing economy as opposed to yielding to President Donald Trump’s demands.

    Recent data shows hiring is slowing and unemployment is ticking up, which would normally call for an interest rate cut. Lower interest rates make borrowing money for things like cars and credit cards cheaper.

    At the same time, inflation remains stubbornly high, which is usually solved by keeping interest rates where they are and leaving costly prices up.

    With a big decision facing the Fed, added pressure from President Trump isn’t helping. Experts say his repeated calls for the Fed to lower interest rates are damaging the agency’s independence and credibility, spooking investors and the market.

    “If the Fed is politicized and they’re acting based upon political pressures rather than accurate economic data, that’s going to send messages throughout the economy that maybe what they’re doing isn’t really good for the economy, and maybe it doesn’t come from a solid place of evidence,” political analyst Todd Belt said. “It will introduce even more uncertainty in the economy, and uncertainty is the enemy of business planning.”

    President Trump’s tariffs have also injected lots of uncertainty in the market, and economists say that, in turn, will further drive up inflation.

    In a further escalation involving the president and the Fed, last week, a federal judge blocked Trump’s unprecedented attempt to fire Federal Reserve Governor Lisa Cook, alleging mortgage fraud.

    Now, the administration is appealing and is pushing the courts for an emergency ruling before the Fed’s big interest rate decision this week. But a big twist could undermine the administration’s case, as the Associated Press reports that Cook previously referred to the property in question as a “vacation home,” which would contradict the White House’s accusations of fraud.

    Watch the latest on the Federal Reserve:

    [ad_2]

    Source link

  • Yes, a cottage is an investment property—here’s how to minimize capital gains tax – MoneySense

    Yes, a cottage is an investment property—here’s how to minimize capital gains tax – MoneySense

    [ad_1]

    Should you keep renting a cottage or buy one?

    You don’t need me to explain the personal perks of having a vacation home or a cottage. But to many people, a cottage is also an investment. There are costs and hopefully returns, especially if you decide to rent it out. If you hope to buy, find out what you need to pay beyond the listing price and how you might finance the purchase.

    Read: Is a vacation home a good investment?

    Is there a capital gains tax exemption for a cottage?

    Sorry to be the bearer of bad news, but there isn’t. There was once a lifetime capital gains exemption of $100,000, but that no longer exists. It only applied in Canada from 1984 to 1994. There are other ways to minimize taxes on the sale of a cottage, though. What about selling to a family member: Can you avoid taxes that way? It depends on a few factors, such as the relationship, if the second property can be claimed as a principal residence, and more.

    Read: Can I sell my cottage tax-free?

    Read: Selling a cottage to a family member: What that means for capital gains

    Do you pay tax when inheriting a cottage?

    The short answer: It depends on your relationship to the person who owns it. Are you an extended family member? Their adult child? Or are you their spouse? Find out how inheriting a cottage can affect taxes for a spouse with children and the steps to take to minimize what’s owed. 

    Read: Inheriting cottage and the capital gains implications

    How to reduce taxes on the sale of a cottage

    This next article goes through the multiple factors that can influence how you plan for capital gains on family-owned cottages, including: 

    [ad_2]

    Lisa Hannam

    Source link

  • Adding names to a cottage deed could result in big tax bills

    Adding names to a cottage deed could result in big tax bills

    [ad_1]

    You mention that the cottage deed is in your name only right now. That suggests that it was either in your name all along or that the cottage was owned jointly with your husband with right of survivorship. I suspect it was held jointly with right of survivorship, meaning that it was transferred directly to you on your husband’s death. That means that it passed outside of his will regardless of his wishes contained therein.

    Ask a Planner: Leave your question for Jason Heath »

    Are there capital gains on inheriting a cottage?

    Sometimes the ownership structure of an asset trumps a will, and this may be a case of that, Jill. When an asset passes to a surviving spouse on death, by default, it is transferred at its adjusted cost base for tax purposes, meaning no capital gains tax is payable at that time. The executor can elect to have some or all of the capital gain taxed on the final tax return of the deceased, if it’s advantageous to do so, but let’s assume this didn’t happen. This means that all the accumulated capital gains have been passed along to you and this is important as it relates to the next steps you take with the cottage.

    Do you have to share an inherited cottage?

    You may not have a legal obligation to include your three stepchildren in the ownership of the cottage, Jill, since the cottage passed outside the will due to joint ownership. If you are in doubt, you should seek legal advice. It sounds like there is at the very least a moral obligation to include your stepchildren in the ownership, but it will result in a gift to your husband’s children—and therefore has tax implications.

    Beneficiary of taxes

    Because the accumulated capital gains have all been passed along to you, if you gift three-quarters of the cottage to them, you will personally have a capital gains tax liability in the year of transfer. Some people think they can skirt the capital gains tax by making the gift for $1 or for a value equal to the cost, but that’s not the case in Canada. The transfer in ownership needs to happen at the fair market value, meaning the appraisal you suggested may be relevant, Jill. An appraisal is not mandatory when determining the fair market value for a transfer but may be advisable.

    Assuming you have sufficient resources to pay the capital gains tax, you may not be worried. But the capital gains tax bill could be a big one if you’ve owned the cottage for a long time.

    Keep in mind there are options. You could treat the cottage as your principal residence, with the transfer to your stepchildren, therefore being tax-free. But this would expose your house in the city to capital gains tax on the sale of it or upon your own death.

    You need to weigh the pros and cons of paying tax today versus deferring it to determine, if this is advantageous to use the principal residence exemption for the cottage. You may also be limited in doing so if you had a previous principal residence that you sold during the time you have owned the cottage and you treated it as your principal residence, with no capital gains tax payable. This would negate the years you owned the cottage and claimed another principal residence exemption.

    [ad_2]

    Jason Heath, CFP

    Source link

  • Is a vacation home a good investment? – MoneySense

    Is a vacation home a good investment? – MoneySense

    [ad_1]

    Sometimes, emotions are the motivation for buying a vacation property. I like to evaluate a property purchase from a financial point of view as well—and here’s how. 

    The costs of buying a vacation property

    Say, a property’s purchase price is $500,000. Whether you use cash, a mortgage/home equity line of credit, or a combination of the two, there are other costs to consider.

    If you purchase with cash that you could otherwise invest for a 4.5% return (to use a conservative assumption), there is an opportunity cost of not investing that money or leaving it invested. If you borrow money, there may be an interest cost of 4.5%. So, to keep it simple, we will assume an opportunity cost or financing cost of 4.5%. 

    Property taxes, utilities, insurance, condo fees, and maintenance could easily add another 2% to 4% per year in costs. Those costs could be even higher for an older cottage or for a property with amenities and high fees, but we will assume 3% per year for discussion purposes.

    So far, our costs are up to 7.5% per year on a $500,000 property, which works out to $37,500 per year for our notional vacation property. 

    You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*You will be leaving MoneySense. Just close the tab to return.

    Expected returns on vacation properties

    What about the financial return from owning the property? Canadian real estate prices have risen by about 6.3% per year for the 10 years, ending Dec. 31, 2023. Over the past 30 years, the increase is about 5.1%. Some cities have seen much higher growth rates, and others much lower. Prices have also cooled off significantly in the past couple of years. (Check out MoneySense’s guide on where to buy real estate in Canada.)

    Over the long run, in the U.S., real estate prices have risen just slightly more than inflation. In fact, since 1890, U.S. real estate has increased by less than 0.6% per year above the rate of inflation. Given the Bank of Canada’s 2% inflation target, despite a recent spike in the cost of living, I would argue a more reasonable long-term growth rate for real estate is 2% to 3%.

    So, we will assume the value of our notional $500,000 property grows at 3% per year; in the first year, that would be $15,000. That means the net cost in year one of owning the property is 7.5% (or $37,500) minus 3% (or $15,000), totalling 4.5% (or $22,500).

    Buying versus renting a vacation home 

    If you are contemplating a $500,000 vacation property purchase, and you think my assumptions are reasonable, you need to ask yourself: Are you going to get $22,500 worth of use out of the property? Could you rent a comparable property for less than $22,500 per year, for the time you plan to use it? If you could, a vacation property purchase may not be the best financial choice.

    [ad_2]

    Jason Heath, CFP

    Source link

  • How much is capital gains tax in Canada?—and other questions answered – MoneySense

    How much is capital gains tax in Canada?—and other questions answered – MoneySense

    [ad_1]

    If you are going to sell next year, it is worth paying $833 of tax a year earlier? Think of it like debt. Imagine you can buy a refrigerator and you can pay $2,500 today or you can pay $3,333 in a year. Paying in a year costs you 33.33% more. That is a pretty high financing charge. 

    What about paying that $3,333 in five years? That would be like paying 5.9% interest. Not bad, right? But, because you are paying the so-called “interest” with after-tax dollars, I would say you want a lower interest rate than 5.9% to make it worth it. In other words, if your investments are only earning 5% to 6% per year pre-tax (less after tax), it may not be worth it to effectively pay 5.9% more annually. 

    For most investors earning a reasonable, mid-single-digit return, you might need to hold an asset for closer to 10 years to end up coming out ahead. 

    I am not suggesting you sell everything you expect to sell in the next 10 years before June 25. The budget proposals could be changed before enacted. A new government could change the rules again. You may have personal circumstances that make things different for you. 

    The point here is that if someone is very likely to sell an asset in the next few years that will be subject to the higher inclusion rate, there may be an advantage to doing so before June 25. And, that would generally apply to corporations. For individuals, only assets that would lead to more than $250,000 of tax in a single year.

    Ask MoneySense

    My wife and I own a cottage that will eventually be passed on to our children and at that point it will be a deemed disposition. My question is: Can the capital gain of, say, $600,000 be split up between both of us, each getting $250,000 at 50% and the remaining $100,000 at 67%?

    –Ian

    Can you split capital gains between spouses in Canada?

    When you die, you have a deemed disposition of assets. That would include a cottage. Although a cottage can qualify for the principal residence exemption, I will assume, Ian, you have a home where you live for which you would instead claim this exemption. 

    You can leave a cottage to your spouse and have it pass to them at its adjusted cost base without triggering tax. But you have the option of having the transfer value at any price between the cost base and the fair market value. If anyone other than your spouse inherits, there is capital gains tax payable. 

    This creates an interesting situation with these new changes. If a taxpayer dies and leaves a cottage to their spouse with a capital gain of more than $250,000, there may be situations where you want to declare a partial capital gain on the first death. If the surviving spouse is older, this may be more worth considering. If they are younger, it can be a tougher decision to make to prepay tax that could otherwise be paid many years in the future. 

    [ad_2]

    Jason Heath, CFP

    Source link

  • Where to Buy Real Estate in Canada 2024: Neighbourhood data – MoneySense

    Where to Buy Real Estate in Canada 2024: Neighbourhood data – MoneySense

    [ad_1]

    For more information on real estate trends and the top neighbourhoods in each region, as well as insights on the top-ranked regions nationally, return to the national page or select a region from the drop down menu.

    Halifax Regional Municipality, N.S.

    Toronto, Ont.

    Peel Region, Ont.

    York Region, Ont.

    Durham Region, Ont.

    Halton Region, Ont.

    Edmonton, Alta.

    Calgary, Alta.

    Vancouver, B.C.

    North Shore, B.C.

    North Vancouver and West Vancouver

    Tri-Cities, B.C.

    Coquitlam, Port Coquitlam and Port Moody

    Burnaby, New Westminster and Richmond, B.C.

    Pitt Meadows and Maple Ridge, B.C.




    About Zoocasa

    Zoocasa is an award-winning consumer real estate search portal. It uses data and technology to deliver an intelligent, end-to-end real estate experience.

    [ad_2]

    Zoocasa

    Source link

  • Best places to buy real estate in Vancouver – MoneySense

    Best places to buy real estate in Vancouver – MoneySense

    [ad_1]

    Best places to buy real estate in Vancouver

    In the table below, you’ll find the best Vancouver neighbourhoods for real estate purchases. To view all the data, slide the columns right or left using your fingers or mouse. You can download the data to your device in Excel, CSV and PDF formats.

    Source: Zoocasa

    Top three neighbourhoods in Vancouver

    The steep price tag of homes in Point Grey is justified by their extravagant features. Sprawling mansions grace expansive properties that seamlessly blend into meticulously maintained streets. In spite of a 2023 benchmark home price of $2,532,842, Point Grey has seen steady price growth in recent years. In many Vancouver neighbourhoods, the benchmark home price stalled or fell over the last year, but Point Grey’s benchmark price was 6% higher than in 2022. It was 24% higher than in 2020 and 14% higher than in 2018, earning Point Grey a value score of 3.9. 

    Point Grey’s housing stock is mainly luxury houses, and many of Vancouver’s premier amenities are nestled within or near this opulent community. Everything is conveniently within reach, from top-tier schools like Queen Mary Elementary, Lord Byng Secondary, Jules Quesnel Elementary and West Point Grey Academy to exceptional recreational facilities like Jericho Tennis Club, Royal Vancouver Yacht Club and Brock House. While Point Grey may seem like an exclusive gated community reserved for the elite, a mix of residents calls this neighbourhood home, including working professionals, business owners, faculty members of the University of British Columbia, artists, university students and young families. One drawback of Point Grey is its accessibility score of 1.9, which is the third-lowest in Vancouver.

    View Point Grey real estate listings on Zoocasa.

    One of the more expensive areas of the city, Dunbar is located near the University of British Columbia campus. It’s home to a mix of high-income people and older residents who bought in years ago. That’s why you’ll find everything from enormous mansions to small bungalows in this neighbourhood. And it’s why Dunbar had a 2023 benchmark home price of $3,044,625. However, home prices aren’t increasing as fast as those in other Vancouver neighbourhoods. The benchmark price remained unchanged last year, and it was 12% higher than in 2020 and just 7% higher than in 2018. As a result, Dunbar has a value score of 1.8. Its neighbourhood economics score of 5.0 helped propel it to the number two spot on our list.

    Residents in this area love the local golf course and their easy access to the forested trails of Pacific Spirit Regional Park. Indeed, the area has a lot of parks—as well as riding stables nearby. While there are several great public schools in Dunbar, the area is known for its private schools, including Crofton House and St. George’s. Dunbar has a family feel, with many baseball diamonds and soccer fields for extracurricular activities. It’s no surprise that it has Vancouver’s highest concentration of households with children (at 51%). Because the housing stock is mostly single-family homes, Dunbar is not as accessible as other areas of the city, but it still has a decent accessibility score of 2.9 out of 5. 

    View Dunbar real estate listings on Zoocasa.

    Killarney is perched on East Vancouver’s south-facing slope, offering a scenic view of the Fraser River. Housing costs in this area are relatively more reasonable compared to downtown, offering home buyers a balance between affordability and proximity to the city centre. But having seen significant price growth in recent years, homes here are also a great investment. Killarney’s 2023 benchmark home price was $1,677,192, which was 1% higher than in 2022, 30% higher than in 2020, and 27% higher than in 2018. That works out to a value score of 4.4.

    As one of the newer neighbourhoods in Vancouver, Killarney radiates a stronger connection to nature and a distinct lack of congestion. However, it falls short in terms of accessibility, earning a neighbourhood accessibility score of only 0.7. Known for its tranquility, Killarney features small shopping plazas and residential cul-de-sacs. With four public schools, including the notable Killarney Secondary—the largest secondary school in Vancouver—the neighbourhood has a large number of households with children (47%).

    View Killarney real estate listings on Zoocasa.

    In 2013, Vancouver home prices followed a trajectory similar to those in other markets; the benchmark price continuously climbed until it reached a peak of $1,210,700 in July, and then it gradually declined, finishing the year at $1,168,700. Despite higher borrowing costs last year, the Vancouver real estate market still experienced price growth, with the benchmark price rising by about 5% from January to December. Most of this price growth occurred in the first half of the year, driven by an exceptionally limited supply of homes. 

    Demand for the more affordable home types stalled, while the luxury market saw less of a slowdown. “The price of luxury homes went up quite a bit last year,” says Geoff Pershick, a local eXp real estate agent. (Zoocasa, the author of this study, is wholly owned by eXp World Holdings.) “More homes sold for more money than expected, and it speaks to the influx of capital that is coming to the area.” 

    High interest rates deterred many sellers from listing last year and prompted many buyers, including cash buyers, to postpone their purchases. But better conditions are already emerging for 2024. 

    “The global wealth shift is ushering in an increasingly diverse group of buyers to Vancouver,” says Pershick. “Last year’s uncertainties might have slowed down [real estate] activity, but with interest rates finding their footing and a sense of stability returning, I’m expecting a resurgence of cash buyers.”

    Return to menu.

    You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*You will be leaving MoneySense. Just close the tab to return.

    What’s next for real estate in Vancouver?

    The number of Vancouver home sales was up about 6% month-over-month in January, and up about 45% month-over-month in February, according to Greater Vancouver Realtors. If this momentum continues, the Vancouver real estate market is poised to have a stronger year in 2024 than in 2023.

    “As interest rates decline, we’re going to see a surge in buyers alongside a decrease in sellers within the Vancouver market,” says Pershick. “This imbalance will drive property prices up and shape a competitive landscape for potential home buyers.” 

    Though buyer sentiment is improving from 2023, the supply of Vancouver homes has remained scarce since last year, pushing the market further into seller’s territory. “Greater Vancouver is consistently grappling with supply challenges, and I don’t think that will change in 2024,” says Pershick.

    [ad_2]

    Zoocasa

    Source link

  • Best places to buy real estate in Metro Vancouver – MoneySense

    Best places to buy real estate in Metro Vancouver – MoneySense

    [ad_1]

    Between December and January, the benchmark home prices in Port Coquitlam and Coquitlam increased by about 3% and 2%, respectively. In Port Moody, the benchmark home price dipped by about 1%, but home prices will likely climb as the spring market kicks off.

    Return to menu.

    You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*You will be leaving MoneySense. Just close the tab to return.

    Burnaby, New Westminster and Richmond, B.C. 

    The city of Vancouver is bordered by Richmond to the south, and by Burnaby and New Westminster to the east. Burnaby and Richmond are B.C.’s third- and fourth-largest cities, respectively, each with a population above 200,000.

    Best places to buy real estate in Burnaby, New Westminster and Richmond 

    In the table below, you’ll find the top neighbourhoods for real estate purchases in Burnaby, New Westminster and Richmond. To view all the data, slide the columns right or left using your fingers or mouse. You can download the data to your device in Excel, CSV and PDF formats.

    Source: Zoocasa

    Top three neighbourhoods in Burnaby, New Westminster and Richmond

    Situated in Richmond, Hamilton is just north of Annacis Island and the Annacis Channel, and west of Queensborough. Hamilton’s 2023 benchmark home price was $947,750 as a result of a consistent and stable increase in property values. The benchmark was 3% higher than in 2022, 37% higher than in 2020, and 22% higher than in 2018. This trend contributes to Hamilton’s impressive value score of 4.6.

    Hamilton is a distinctive neighbourhood with a blend of residential properties, predominantly single-family homes, alongside businesses and recreational facilities. It offers various amenities such as the Hamilton Community Centre, Hamilton Highway Off-Leash Dog Park, and the Bridges Marina. The neighbourhood boasts several parks, including the well-kept and popular Hamilton Community Park. Locals appreciate the trails that lead to the waterfront, a popular spot for dogs to take a swim. Hamilton has the highest percentage of households with children (57%) in this part of Metro Vancouver, by a significant margin. Families can send their kids to Hamilton Elementary School, the Choice School for Gifted Children, or Queen Elizabeth Elementary School. However, Hamilton has the third-worst accessibility score among the three cities, at 0.3.

    View Hamilton real estate listings on Zoocasa.

    In the southwest corner of Richmond lies the historic community of Steveston, where the powerful Fraser River meets the Pacific Ocean. Steveston is bordered by Williams Road to the north, the Fraser River to the south, No 2 Road to the east, and the Strait of Georgia to the west. The neighbourhood’s 2023 benchmark home price was $1,529,183, considerably higher than those of surrounding neighbourhoods. Home prices in Steveston Village have been on a slight upward trajectory. The benchmark home price was 1% lower than in 2022, but 28% higher than in 2020 and 17% higher than in 2018. As a result, Steveston has a modest value score of 2.0. However, it has by far the highest neighbourhood economics score in the region (5.0), which helped push it to the top. 

    So, what brings buyers to this neighbourhood? Following the closure of the fish canneries, significant residential development has transformed the area, with the emergence of new luxurious condominiums and townhomes reshaping the landscape. Residents benefit from outstanding local dining options, unique boutiques, a picturesque boardwalk that is popular among both tourists and locals, beach access, parks, playgrounds and biking trails—all enhancing Steveston’s charm. While primarily residential, Steveston has several parks near schools like Diefenbaker and James McKinney Elementary, along with the expansive Manoah Steves Neighbourhood School Park, which features four sports fields, three ball diamonds and a playground. The neighbourhood has one of the highest concentrations of households with children (49%).

    View Steveston Village real estate listings on Zoocasa.

    Nestled in North Burnaby, the Brentwood Park neighbourhood has traditionally offered a balanced mix of affordable single-family detached homes and condominiums. With The Amazing Brentwood housing spectacular developments, Brentwood Park is poised to become one of the largest urban destinations in North America. In 2023, the neighbourhood’s benchmark home price stood at $881,425. Home prices in Brentwood Park haven’t risen as rapidly as those in other neighbourhoods on our list. The 2023 benchmark price was 1% lower than in 2022, 18% higher than in 2020, and 11% higher than in 2018. This translates to a value score of 3.2. But Brentwood Park has one of the highest neighbourhood economics scores, 3.1, in this part of Metro Vancouver, behind only Steveston. 

    The neighbourhood boasts stunning views of Burnaby Mountain and the North Shore Mountains. Beecher Park offers forested areas, a sports field, a children’s playground and Beecher Creek, a local salmon spawning habitat connecting to Still Creek. Eileen Dailly Leisure Pool & Fitness Centre is well known for its swimming pool, children’s water play area, sauna and steam room, weight room, and more. The area is also home to the McGill Branch of the Burnaby Public Library. Public schools in Brentwood include Brentwood Park Elementary, for kindergarten to grade seven, and Alpha Secondary School, which offers an advanced placement program allowing students to take college-level courses while still in high school.

    View Brentwood Park real estate listings on Zoocasa.

    What happened in the real estate markets of Burnaby, New Westminster and Richmond?

    Real estate activity was stable in all three cities last year, and there was much less fervour compared to previous years. Home prices experienced modest price growth from January to December 2023, though this was due more to tight competition than increased demand. 

    Burnaby East experienced the most price growth, with the benchmark price rising about 7% from January to December. But the area is also the most expensive, with a December benchmark price of $1,157,400. New Westminster had the most affordable homes, with a benchmark home price of $815,600 in December, up about 4% from the beginning of the year. In Richmond, the benchmark home price rose from $1,109,200 in January to $1,153,400 in December—an increase of about 4%. 

    “Interest rates played a pivotal role in shaping affordability [in these areas], and there was a noticeable withdrawal from the market among potential buyers,” says Pershick. For the three cities combined, total home sales across all property types in 2023 came in below 2022 levels.

    What’s next for real estate in Burnaby, New Westminster and Richmond?

    Between December 2023 and February 2024, benchmark home prices in all three cities inched upward, suggesting a stronger start to the year than in 2023. Of the three, Richmond’s benchmark price increased the most, rising about 2% to $1,173,100 in February. Burnaby South has also experienced a decent increase, with the benchmark price rising by about 2% to $1,113,500 over the same period. 

    As of February, year-to-date sales for detached properties in Burnaby and Richmond are up compared to 2023. However, it’s Burnaby condo apartments that have gotten the most attention, with year-to-date sales up by about 19%. 

    [ad_2]

    Zoocasa

    Source link

  • Best places to buy real estate in the Greater Toronto Area – MoneySense

    Best places to buy real estate in the Greater Toronto Area – MoneySense

    [ad_1]

    Top three neighbourhoods in York Region

    Nestled in Markham, Vinegar Hill is encompassed by Highway 7 to the north, Highway 407 to the south, and streets situated just west and east of Main Street South, with the Rouge River serving as its natural border. The neighbourhood is a sought-after residential destination known for its picturesque settings and historical charm. In 2023, its benchmark home price was $1,126,400—which was 44% higher than in 2022, 72% higher than in 2020, and 40% higher than in 2018.

    The community’s name is thought to have connections to either a cider mill located on the east side of the river valley or barrel makers who filled their barrels with vinegar to assess their straightness as they rolled down Markham Road. Slightly more than half (53%) of households in the area have children. Despite its desirability, Vinegar Hill has a relatively low accessibility score of 1.8—which is still higher than the other two top neighbourhoods in York.

    View Vinegar Hill real estate listings on Zoocasa.

    Located in the northeast part of King Township, Pottageville stands out for its distinctive topography and environmental importance. It’s situated atop the elevated ridges of the Oak Ridges Moraine and within the Ontario Greenbelt corridor, and it features an abundance of ranch-style bungalows and older homes. Coming in second among our top three neighbourhoods in York, Pottageville had a benchmark home price of $1,657,917 in 2023, and a value score of 3.3. The benchmark price was 55% higher than in 2022, 27% higher than in 2020, and 113% higher than in 2018. With above-average levels of household income, education and home ownership, Pottageville has a perfect neighbourhood economics score. 

    It also has an above-average number of families with children, representing 56% of households. With easy access to the Greenbelt Route, a province-wide bike trail, it’s the perfect area for bikers. Pottageville may only have a general store, a gas station and a few small businesses, but there’s ample recreational space centred around Pottageville Community Park, which features a playground, a baseball diamond, tennis courts and soccer fields. There’s a train station a 10-minute drive away, making it easy to commute to Toronto, but the neighbourhood still only has an accessibility score of 0.4.

    View Pottageville real estate listings on Zoocasa.

    Concord benefits from excellent commuter highway access, with both Highway 407 and Highway 7 passing through. In 2023, Concord’s benchmark home price was $742,158, which was 2% lower than in 2022, but 9% higher than in 2020 and 54% higher than in 2018. The area has the second-highest value score (3.6) of our top three York neighbourhoods, and it does well on neighbourhood economics as well, scoring 4.6. 

    Concord residents often spend their time enjoying recreational and leisure activities. One popular destination is Vaughan Mills shopping centre, with its many retail stores, entertainment options and family-friendly attractions. Locals can also explore Concord’s natural beauty while visiting Boyd Conservation Area or Black Creek Pioneer Village. Many families live in modest brick detached homes and townhomes with single-car garages, which are popular in the area.

    View Concord real estate listings on Zoocasa.

    What happened in the York Region real estate market?

    In 2023, York Region’s home prices fell less than those in other regions of the GTA. In January, the benchmark home price was $1,285,583, and by December, it had dropped 0.4% to $1,281,020. But with mortgage rates as high as they were last year, the market was never able to gain much momentum. 

    “Last year, as banks tightened their borrowing criteria, we saw a decrease in sales while average prices remained relatively flat or decreased just a little,” says Kirby Chan, a local eXp real estate agent. “It was tough,” he says, because even though prices came down a bit, interest rates were so high that mortgage affordability suffered.

    Buyer uncertainty played a big role in slowing down home sales, as many people were hesitant to enter the market amid the anticipation of rising interest rates. The number of home sales in York stayed above 1,000 during the spring and summer, but trickled off in July. In December, there were only 612 sales.

    What’s next for real estate in York Region?

    January started off with a boost in home sales, suggesting the market is rebounding. Home sales were up about 27% from December and about 42% from January 2023.

    “Buyers are coming out now into the market, and there’s a positive outlook on how the market is going to look this year,” says Chan. “But if buyers wait until interest rates come down, then prices will go up and their buying power will go down.” 

    York Region buyers could face more competition than last year, as would-be Toronto buyers are attracted by the area’s comparable affordability. “With the city of Toronto increasing property taxes soon, I think there’s a good possibility this will drive more buyers into York Region and areas like Markham, Richmond Hill and Vaughan,” says Chan. 

    Assuming mortgage rates go down and buyer confidence returns, Chan expects this year to be a strong one for York Region real estate. “Sales-wise and price-wise, I think we’re going to have a record year in 2024. Last year, the government raised interest rates to cool everything down, and so there were fewer sales. That means there’s a lot of buyers out there waiting, and this pent-up demand is going to push prices even higher.”

    Return to menu.

    [ad_2]

    Zoocasa

    Source link

  • Best places to buy real estate in Halifax in 2024 – MoneySense

    Best places to buy real estate in Halifax in 2024 – MoneySense

    [ad_1]

    Best places to buy real estate in Halifax

    In the table below, you’ll find the top Halifax neighbourhoods for real estate purchases. To view all the data, slide the columns right or left using your fingers or mouse. You can download the data to your device in Excel, CSV and PDF formats.

    Source: Zoocasa

    Top three neighbourhoods in Halifax

    For the second consecutive year, Cole Harbour is the top place to buy a home in HRM. Located east of Dartmouth, Cole Harbour is named after a local harbour. It has easy access to Highway 107 and Highway 111, making it an attractive location. Cole Harbour’s 2023 benchmark home price was $505,774, and that’s the result of consistent price growth in recent years. The benchmark price was 13% higher than in 2022, 66% higher than in 2020, and 69% higher than in 2018, giving Cole Harbour a value score of 4.0. It also has a neighbourhood economics score of 4.3, the third-highest in HRM. 

    The area has several schools—a convenience for the above-average 47% of households with kids. Residents love the area’s beaches and trails, including the Salt Marsh Trail and Rainbow Haven Beach Provincial Park. Cole Harbour is also a popular tourist destination: the quaint Cole Harbour Heritage Farm Museum and Fisherman’s Cove are two must-see stops. However, with the neighbourhood’s accessibility score of 0.6, you’ll likely need a car to get around.

    View Cole Harbour real estate listings on Zoocasa.

    Situated on the Eastern Shore of HRM near the Shearwater Canadian Air Force base, Woodside-Eastern Passage is a popular destination for military families due to its mid-sized community feel. Boasting a dozen eateries, convenient access to Halifax through the Woodside Ferry, the main Nova Scotia Community College campus and abundant character, this emerging neighbourhood proves to be a smart investment and a delightful place to live. Woodside-Eastern Passage’s benchmark home price was $432,486 in 2023, which was 18% higher than in 2022, 64% higher than in 2020, and 97% higher than in 2018. It’s the only neighbourhood in HRM with a perfect value score of 5.0. 

    The area features multiple recent subdivisions that provide a variety of housing options, including semi-detached and detached homes. There are many elementary, junior high and high schools that cater to the 45% of households with children. Like most places in HRM, you’ll likely need a car to live here, though.

    View Woodside-Eastern Passage real estate listings on Zoocasa.

    Located a mere 10 minutes from the airport and 30 minutes from downtown Halifax, the Waverly-Fall River-Beaver Bank area is renowned for its scenic landscape, featuring numerous lakes, expansive open spaces and generously sized lots. It also has the most expensive homes of the top three neighbourhoods on our list, with a 2023 benchmark price of $666,815. That was 8% higher than in 2022, 62% higher than in 2020, and 83% higher than in 2018. Notably, Waverly-Fall River-Beaver Bank has the second-highest economics score on our HRM neighbourhoods list.

    All homes in this area use septic systems; some rely on wells for water, while others are connected to city water. Residential lots are spacious and feature a range of traditional-style homes. Many residences boast lake access, and some even enjoy a lakefront setting. The neighbourhood has many sought-after schools. While the area may have limited amenities, it boasts a well-established canoe and kayak club, multiple daycare facilities, a post office and a convenience store. Living in Waverly-Fall River-Beaver Bank may necessitate owning a car, given its accessibility score of 0.1.

    View Waverly-Fall River-Beaver Bank real estate listings on Zoocasa.

    Unlike the ups and downs of 2022, Halifax real estate prices did not sharply increase or decrease in 2023. The benchmark price consistently rose from January through the end of the spring market and reached a late peak of $530,900 in August. Following this, home prices softened before experiencing a modest rise in December, settling at a benchmark price of $511,600. 

    “In the first quarter of 2023, prices and sales were up, but then the market really slowed down after the spring,” says local eXp real estate agent Richard Payne. (Zoocasa, the author of this study, is wholly owned by eXp World Holdings.) “Properties were lingering on the market longer, and we didn’t see multiple offers on a home anymore. By the second half of the year, buyers had shifted to a more cautious stance, preferring to wait on the fence to see how conditions would evolve.”

    As interest rates rose in the summer, buyers experienced some frustration, which morphed into confusion about what to expect from the market, says Payne. “Once buyers got confused, they didn’t feel confident to make any decisions, and this contributed to the slowdown in market activity.” 

    The uncertainty also influenced buyers’ budgets. “A lack of affordable options, especially in the $400,000 to $600,000 range, pushed many buyers to look out of the core and into more of the suburbs,” says Payne. “Homes in that range were getting more attention as interest rates rose.”

    Return to menu.

    You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*You will be leaving MoneySense. Just close the tab to return.

    What’s next for real estate in Halifax?

    The benchmark home price in Halifax has increased by a little more than 1% since December, reaching $518,500 in January. With demand expected to rebound, price growth will likely continue, though that will depend on the mortgage rate outlook. 

    Payne expects the opposite of 2023 to unfold in 2024—with a quiet start to the real estate market, followed by an active second half. “In the beginning of 2023, activity was fairly up, and then as interest rate hikes were announced, it put the brakes on momentum,” he says. “This year, I anticipate a surge in activity in the second half of the year as buyers catch on to falling interest rates and rush back into the market.”

    Buyers who were sitting on the sidelines last year may be better positioned to join the market in 2024. An influx in buyer activity might also encourage more sellers to list their homes, leading to a much-needed bump in the number of homes on the market. 

    [ad_2]

    Zoocasa

    Source link

  • Second mortgages in Canada: What are the rules? – MoneySense

    Second mortgages in Canada: What are the rules? – MoneySense

    [ad_1]

    • How you intend to use the property—i.e., for personal use (such as a second home or cottage) or as a rental or investment property. 
    • Whether or not the property will be owner-occupied—i.e., whether you will be living in the property (alone or with a tenant) or renting out all the units in the building. 

    If the second property is for personal use, such as a vacation property or cottage, you will likely have to meet the same down payment requirements as with your first home. For example, a second home purchased for $800,000 requires a down payment of 5% on the first $500,000, plus 10% on the portion above $500,000. 

    Rentals that are owner-occupied—maybe a home in which the owner lives on the main floor, and a tenant lives in the basement suite—generally are subject to the same rules, says Elan Weintraub, co-founder and mortgage broker with mortgageoutlet.ca. 

    However, if the property will not be occupied by the owner, meaning the entire property will be rented out, Weintraub says you should have a down payment of at least 20%, no matter the price of the home. He adds that certain lenders have different requirements.

    Lenders take the question of owner occupancy seriously, so always be honest about your plans, advises Weintraub. “If you say you will live in the property, then that’s the expectation, and depending on your lender and the mortgage type, you could be in default if you do not live there.” 

    Should you get a mortgage on a second property?

    Managing two mortgages is a big financial commitment, so it’s important to plan ahead and consider seeking expert advice if you’re unsure if you can afford it. 

    Weintraub says there are several key factors to consider before deciding to take on a second property mortgage. These include:

    • Your financial situation: Do you have extra savings in case, say, the roof collapses, the tenant stops paying rent, and so on? Buying a second property could be risky if you’re using your entire savings to make the purchase, leaving no room for unexpected expenses.
    • The time commitment: A second property (especially a cottage and/or rental property) could require a lot of maintenance and attention. Do you have the time to care for the property yourself, or extra money to pay for those services? If not, owning additional real estate may not be something you have time for. 
    • Your income stability: How secure is your job or your business? Are you certain you will have the income needed in the future to continue making payments on two mortgages? If you’re unsure about your ability to make payments in the future, you may not have the financial means of owning multiple properties.
    • Your time horizon: If you’re planning to sell the property in a few years, you may not recoup the costs of your initial investment. There are many upfront costs to account for when buying and selling real estate, including land transfer taxes, realtor fees and legal fees. 

    Second mortgage rates in Canada: What to expect

    Whether you go with the same lender or a different one for your second mortgage, the interest rate will likely be higher than for your first mortgage. That’s because your second mortgage takes second priority: If you foreclose on the home, the debt owed to your first lender must be repaid first. Therefore, your second mortgage provider takes on a greater risk and is compensated for this risk by charging you a higher mortgage rate.  

    Keep in mind that you’ll also have to pay the same administrative costs as with your first mortgage, including things like appraisal and legal fees. Furthermore, Weintraub emphasizes that cash flow should be another consideration. “You would need a strong income to acquire a second property, as you would have significant debt—a mortgage on your primary and secondary residence. A few years ago, rates were 1% to 3%, so it was much easier to borrow money. Today, the mortgage stress test essentially requires the mortgage to be tested at 8% or higher.”

    You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*You will be leaving MoneySense. Just close the tab to return.

    Is a second mortgage worth it?

    Getting a mortgage on a second property can help you purchase the perfect cottage hideaway, support your adult children’s housing needs, or become a landlord for the first time. However, second property mortgages aren’t for everyone. Before committing to a second property, understand your financial position and consider speaking to a financial advisor or mortgage broker. 

    [ad_2]

    Sandra MacGregor

    Source link

  • Family legacy: How to pass along the family cottage—and 3 things to avoid – MoneySense

    Family legacy: How to pass along the family cottage—and 3 things to avoid – MoneySense

    [ad_1]

    There’s no one-size-fits-all solution. “Planning has a lot of moving pieces, and it’s very important to get it right, and it’s very easy to get wrong,” says Peter Lillico, partner at Lillico Bazuk Galloway Halka Law firm in Peterborough, Ont. He is also a speaker at the Cottage Life shows. “Every family is unique, every cottage is unique, and every cottage succession is unique.” Here, he breaks down the common misconceptions Canadians have about estate planning around the family cottage.

    You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*You will be leaving MoneySense. Just close the tab to return.

    Myths around cottage succession 

    Identifying any potential issues is the first step in navigating how to transition the family cottage effectively. Let’s look at some common misconceptions and the solutions that work.

    1. Assuming everybody will get along

    Many parents assume that their children and other family members will agree on how to use and maintain the cottage. This is a mistake because it overlooks the potential for conflicts and differing expectations.

    For example, take a family with two adult children, one living in Alberta and the other in Ontario. The one who lives close to the cottage in Ontario may use the property quite often. However, if the expenses are split 50/50 between both, this can lead to arguments. Lillico says: “There are cottage sharing agreements that can, and should, be worked out beforehand.” Parents (and/or their adult children, frankly) can create agreements that outline rules around care and expenses, and whether they should be shared equally or allocated in proportion to usage, or whatever the family wants. 

    A cottage sharing agreement is a binding document that passes the ownership and control from one generation to the next. It doesn’t just include estate planning details, but also future rules around the cottage. It contains structured instructions for financial responsibilities, sharing usage concerns, division of ongoing labour and maintenance, and even dispute resolution. Lillico explains a real estate lawyer can help with the cottage sharing agreement, as well as “a worksheet that helps [parents] to consider how well suited the kids are for cottage ownership.” 

    2. Underestimating capital gains tax

    Some Canadian cottage owners may believe that succession of the property will leave their children with a valuable asset, but many underestimate the costs of capital gains tax and unforeseen maintenance expenses.

    As real estate prices increased over the years, the family cottage may have risen in value significantly, especially if it was purchased decades ago. This leaves owners facing capital gains tax when they sell the property. Capital gains tax is levied on the profit of the cottage, which is considered a capital asset. 

    Capital gains and losses are calculated based on the difference between the selling price and the original purchase price, adjusted for certain eligible expenses like renovations and improvements. (So, keep those receipts to lower the gain!) 

    A loss can be used to reduce owed taxes on a personal income tax return. A gain, however, is taxed, but not all of it. The taxable portion of a gain is divided in half, and that amount is added to the individual’s overall income and taxed according to their income tax bracket.

    [ad_2]

    Debbie Stanley

    Source link

  • Elite Alliance Creates New Co-Ownership Residence Club in St. John, USVI

    Elite Alliance Creates New Co-Ownership Residence Club in St. John, USVI

    [ad_1]

    Elite Alliance Introduces Island Sky Residence Club St. John, Featuring 10 Waterfront Residences with Magnificent Views Overlooking Turner Bay

    Press Release
    –

    Aug 18, 2022


    ROCHESTER, N.Y., August 18, 2022 (Newswire.com)
    –
    Elite Alliance® the leader in luxury fractional real estate consulting and sales, vacation home exchange, resort hospitality management, and vacation rental, has partnered with Island Sky Investments in Austin, Texas, to create Island Sky Residence Club St. John in the United States Virgin Islands (USVI), a private co-ownership luxury vacation property on a waterfront hillside overlooking Turner Bay. The property will offer 10 boutique one- and two-bedroom residences, each with a spectacular view of the Caribbean Sea.

    McGuire Digital is managing all marketing efforts for the project, Elite Alliance Real Estate will lead the sales efforts, and Elite Alliance Hospitality will oversee the long-term management of the property. Owners receive a 1/10th ownership interest in either a one- or two-bedroom residence and a minimum of three weeks of designated use each calendar year. Owners also receive a two-year premium membership into Elite Alliance Exchange, with immediate access to 120+ worldwide destinations. Owners can immediately begin enjoying luxury vacations without having to wait for their vacation property to be completed. 

    “The co-ownership model we introduced with Island Sky Residence Club St. John provides all the benefits of owning a luxury vacation property of the highest quality for a fraction of the price you would pay for owning an entire single-family vacation residence,” said Rob Goodyear, President of Elite Alliance. “Owners can reside in beautiful St. John without the tiresome and expensive responsibilities of owning a vacation home on their own. It’s a beautiful way to live.”

    Construction is set to begin with five two-bedroom residences and five one-bedroom residences, all of which will be elegantly designed in a modern coastal style with a touch of West Indies tradition. In addition to the luxury accommodations of each residence, the property will feature a stunning westward-facing rooftop pool and an open lounge area. The rooftop will provide sweeping panoramic views of the bay over to St. Thomas and the surrounding islands. The property is located less than five minutes by car to Wharfside in Cruz Bay, providing easy access to the island’s main area where most shopping, passenger ferry docks, bars, and restaurants reside.

    Principal and developer of Island Sky Residence Club St. John, Jason Caraway, has been traveling to St. John for over 20 years. “Both the property and design have been under careful watch, and I am thrilled to begin the construction phase. I chose Elite Alliance to sell and manage the property because of their integrity and track record of over 30 years of experience, expertise, and success in the fractional sales space and luxury resort developments,” says Jason. “Coupled with their ability to manage a large portfolio of luxury properties, I’m confident they will ensure long-term value and success for the property and together we can provide owners with the luxury vacation home in St. John they’ve always dreamed about.”

    For more information on Elite Alliance Real Estate, Hospitality and Exchange services, please visit www.elitealliance.com, or contact Rob Goodyear at rgoodyear@elitealliance.com or 214.393.2842. For more information on Island Sky Residence Club St. John, please visit www.islandskystjohn.com. 

    About Elite Alliance

    Thirty years ago, the founder of Elite Alliance® created the world’s first residence club at top-rated Deer Valley Resort in Park City, Utah. This innovative, fractional ownership model, which increased market size and profitability for developers, became the fastest growing segment of the vacation home market. As Elite Alliance’s portfolio of luxury residence clubs expanded, they introduced the Elite Alliance Exchange program to allow owners to enjoy other coveted destinations at nominal expense. Elite Alliance quickly earned a reputation for first-class customer service in facilitating and coordinating exchange vacations. As a result, Elite Alliance Hospitality was created to provide robust hospitality and rental management services for residence clubs, hotels and resorts that improve operational performance and client satisfaction.

    Today, Elite Alliance continues to set the standard for excellence in vacation exchange, hospitality management and fractional real estate consulting, always guided by a commitment to integrity and innovation.

    About Island Sky Residence Club St. John

    Island Sky Residence Club St. John is a private co-ownership luxury vacation property located in the US Virgin Islands. The property is comprised of 10 one- and two-bedroom residences, each beautifully and thoughtfully designed in coastal chic providing magnificent views overlooking Turner Bay. The rooftop features a swimming pool and open lounge area with sweeping panoramic views of the bay over to St. Thomas and the surrounding islands. Imagine live music in the tropical breeze with poolside cocktails while staring out at a fiery red sun as it fades away into the Caribbean Sea. This property will be one of the best locations on the island to take in these magnificent views, and with its “top of the world” feel, Island Sky Residence Club St. John will be regarded as one of the more exclusive residences in the Virgin Islands. The planning, permitting, and zoning have all been approved and construction is scheduled to begin soon.

    About Island Sky Investments

    Island Sky Investments, a private equity firm based in Austin, Texas, provides a variety of investment opportunities and has a distinct affinity for luxury coastal resort-style real estate in both the United States and foreign tropical destinations. Founder and CEO, Jason Caraway, has over 20 years of experience in real estate development, finance, and start-ups. Island Sky Residence Club St. John is the first of several upcoming luxury developments Island Sky has planned. 

    ###

    Source: Elite Alliance, LLC

    [ad_2]

    Source link

  • Whitemarsh Cove in Orlando Joins Elite Alliance Family

    Whitemarsh Cove in Orlando Joins Elite Alliance Family

    [ad_1]

    Club Members Enjoy Reunion Resort Amenities and Elite Alliance Exchange Membership

    Press Release
    –

    Dec 2, 2021


    ROCHESTER, N.Y., December 2, 2021 (Newswire.com)
    –
    Elite Alliance®, the leader in luxury fractional real estate consulting and sales, vacation home exchange, resort hospitality management, and vacation rental, announced Whitemarsh Cove, a Kingwood Residence Club in Orlando, Florida, as its newest partnership. The new private residence club rewards members with nine-bedroom luxury vacation homes, an astounding variety of golf, recreational and social privileges at internationally acclaimed Reunion Resort, and opportunity for financial returns. Members also receive access to other prestigious residence clubs and luxurious, professionally managed vacation homes at more than 120 of the world’s most coveted destinations.

    Elite Alliance Real Estate was chosen to structure a residence club that offers an optimal combination of personal vacation home enjoyment and potential rental income – without the worries, responsibilities, and financial burdens of absentee ownership. Members can enjoy vacation time with family and friends, send unaccompanied guests with full club privileges, and make designated time available for income. Rental marketing, reservations, payment collection, and concierge services are seamlessly managed by hospitality professionals for peace of mind.

    “In addition, we are excited to introduce members to an expanding family of prestigious properties in premier domestic and international destinations through our exchange program,” said Rob Goodyear, President of Elite Alliance. He adds, “Through an Elite Alliance Exchange membership, members have access to a variety of vacations and traveling benefits even before their vacation home is completed.”

    Whitemarsh Cove offers large, modern villas with a bright, open floor plan, fully equipped kitchen, game room, home theater, Disney-themed kid’s rooms, master suites, and private swimming pool. Each nine-bedroom, nine-bathroom home lies within a gated, secured enclave at Reunion’s 2,300+ acres of pedestrian-friendly terrain. The residence club is a convenient base camp for families to explore Orlando’s biggest attractions such as Walt Disney World theme parks. Guests can also relish in world-class amenities without ever having to leave the property.

    Included with Whitemarsh Cove membership is access to Reunion Resort. Reunion offers three award-winning golf courses – the Palmer Course, Watson Course, and Nicklaus Course – water park, variety of swimming pools, including a rooftop pool with indoor-outdoor lounge, Clubhouse, and exquisite dining venues. Activities such as tennis, pickleball, miniature golf, and bocce ball, as well as bicycle rentals, playgrounds, and state-of-the-art fitness center, provide the perfect blend of high-end amenities, relaxation, and family fun.

    In addition, the residence club concierge will have the members’ favorite foods and beverages placed in their kitchens prior to arrival, schedule airport transportation, reserve tee times, purchase theme park tickets, make dinner reservations, and arrange daily housekeeping services if desired. The attentive club staff is dedicated to making every visit a worry-free vacation.

    About Elite Alliance

    Thirty years ago, Elite Alliance® Founder Steve Dering, created the world’s first residence club at top-rated Deer Valley Resort in Park City, Utah. This innovative, fractional ownership model, which increased accessibility for buyers and market size for developers, became the fastest-growing segment of the vacation home market. As Elite Alliance’s portfolio of luxury residence clubs expanded, it introduced Elite Alliance Exchange, a program that allows owners to explore other coveted destinations at nominal expense. Elite Alliance Exchange quickly earned a reputation for first-class customer service in facilitating and coordinating exchange vacations. As a result, Elite Alliance Hospitality was created to provide robust hospitality and rental management services for residence clubs, hotels, and resorts that improve operational performance and client satisfaction.

    Today, Elite Alliance continues to set the standard for excellence in fractional real estate consulting, vacation exchange, and hospitality management – always guided by a commitment to integrity and innovation.

    For more information on Elite Alliance Real Estate, Hospitality and Exchange services, please visit www.elitealliance.com, or contact Rob Goodyear at rgoodyear@elitealliance.com or 214.393.2842.

    About Whitemarsh Cove Residence Club

    Whitemarsh Cove Residence Club rewards members with the enjoyment of luxurious new homes, an astounding variety of golf, recreational and social privileges, and an exceptional opportunity for attractive financial returns. The Whitemarsh homes are ideally located at acclaimed Reunion Resort, a meticulously planned golf community in the heart of America’s most exciting family destination. Residence club ownership allows busy families to enjoy quality time together without the worries, responsibilities, and financial burdens of absentee ownership. Members can participate in the dynamic rental option that can minimize or completely offset the ongoing expenses associated with a luxury vacation home. The appeal and value are further enhanced by incorporating a Reunion Club membership into the residence club membership. It’s a sensible, flexible, and carefree way to enjoy the personal and financial rewards of a vacation home.

    Whitemarsh Cove will reward visitors with the ultimate resort lifestyle and exceed expectations.

    For more information on Whitemarsh Cove Residence Club, please visit www.whitemarshcove.com.

    ###

    Source: Elite Alliance LLC

    [ad_2]

    Source link