Vancouver Real Estate Forum ‘0 8 Vancouver Real Estate Forum ‘0 8 Resort & Luxury Real Estate Trends Resort & Luxury Real Estate Trends Peter Dupuis Peter Dupuis
Resort & Luxury Defined • A “Resort” is a place or destination where • A “Resort” is a place or destination where owners and guests go to relax, recreate or owners and guests go to relax, recreate or engage in sport and leisure engage in sport and leisure • “Resort Real Estate” is defined by zoning, • “Resort Real Estate” is defined by zoning, service level, amenitization, rental revenue service level, amenitization, rental revenue potential, demand as a destination potential, demand as a destination • A “Luxury” is a good or service that is an • A “Luxury” is a good or service that is an indulgence rather than a necessity indulgence rather than a necessity • “Luxury Real Estate” is defined by design, • “Luxury Real Estate” is defined by design, quality of finishing, superior location, brand quality of finishing, superior location, brand and/or FF&E and/or FF&E
Com m on Developer Challenges • Lack of clear vision • Lack of clear vision • Poorly defined and misaligned product • Poorly defined and misaligned product offering offering • Development strategy does not match • Development strategy does not match market strategy market strategy • Undercapitalized • Undercapitalized • Delays in Approvals or Entitlement Risk • Delays in Approvals or Entitlement Risk • Poor Marketing & Sales Execution • Poor Marketing & Sales Execution
Resort & Luxury Real Estate Trends • Large Sustainable, highly-Amenitized • Large Sustainable, highly-Amenitized Communities ( docksidegreen.com ) Communities ( docksidegreen.com ) • Experience as key “Amenity” ( mayacama.com ) • Experience as key “Amenity” ( mayacama.com ) • Access to “wellness and medical” facilities • Access to “wellness and medical” facilities ( canyonranchmiamibeach.com ) ( canyonranchmiamibeach.com ) • Branded or cross branded ( trumpwaikikihotel.com ) • Branded or cross branded ( trumpwaikikihotel.com ) • “Community” to expand social networks • “Community” to expand social networks ( discoverylandco.com ) ( discoverylandco.com ) • Privacy and highly-personalized service • Privacy and highly-personalized service ( amanresorts.com ) ( amanresorts.com ) • Resort-style Urban / Suburban Projects • Resort-style Urban / Suburban Projects ( citycenter.com) ( citycenter.com)
Resort & Luxury Real Estate Opportunity: BC • Ready Access to “Super Natural BC” through • Ready Access to “Super Natural BC” through international access, master planning, product mix and international access, master planning, product mix and experience programming (suncadia.com) experience programming (suncadia.com) • “Safe Adventure” experience programming • “Safe Adventure” experience programming ( orient-express,com ) ( orient-express,com ) • Real Estate Programming to foster community and “kid • Real Estate Programming to foster community and “kid interaction” ( verandabeach.com ) interaction” ( verandabeach.com ) • Qualities of AAA site: international access, 4 hour drive • Qualities of AAA site: international access, 4 hour drive to major population, 2 seasons+, favorable weather to major population, 2 seasons+, favorable weather conditions, opportunity for “nature” as an amenity, multi- conditions, opportunity for “nature” as an amenity, multi- phase with multi-product offering phase with multi-product offering
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