On the international front

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With Olympics, more buyers head to Vancouver

Spurred by foreign buyers, Vancouver has started the year as one of the most active residential real estate markets in the Northern Hemisphere, according to the International Property Journal.

While the 2010 Winter Olympics garnered worldwide attention for the city, many real estate professionals there say international shoppers have long played a major role. The city brings in approximately 40,000 new residents every year, with a large proportion hailing from Asia.

Tsur Somerville, an economist with the University of British Columbia, told the Vancouver Sun that in a study he conducted of the real estate markets of six past Olympic host cities, the winter and summer Games rarely helped housing industries in the long run. "We are not seeing any evidence whatsoever of any consistent Olympic effect in house prices in the aggregate," Somerville said.

Still, Vancouver's strong presence of foreign buyers could help in the long run, Olympics or not. Foreign buyers are required to put down 25 percent on a home, meaning they have fewer equity problems, according to Ursula Morel, a broker based in nearby Whistler, home to several Olympic facilities.

She said the uptick in sales activity obviously owes some of its momentum to the winter Games, but noted there are other factors.

"It's not Olympics-driven, but there is definitely more hype in the air," Morel told the International Property Journal.

Goldman unloads $328 million Shanghai complex amid volatile Chinese market

Hong Kong-based development group Shanghai Forte is set to purchase the Goldman Sachs Group-owned Garden Plaza, a Shanghai residential complex, for $328 million. The plaza, which includes 53 villa-style units and 511 apartments, along with two tennis courts, an outdoor swimming pool and a clubhouse, was purchased by Goldman two years ago for $190 million. ...CONTINUED

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