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  #1861  
Old Posted Nov 25, 2013, 3:52 PM
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To bad to here Canadinns @ HSC is struggling only 7 months after opening. I believe it was a 1st in Canada to integrate a Hospital with a Hotel. Lot's of interest from across the country from other cities wanting to try the same concept.

The rooms are not cheap, 150.00+ a nite,(yes, tax funded for out of province guests).
Location unfortunately is not the best, for any other use other than visitors to the hospital.

How low is the vacancy rate and the 2 bistros/restaurants fairing? Starbucks must be doing some good business.

It may take some time for guests/visitors to take to the entire concept, cheaper rates in the future and thier will always be some stigma about the area if people are famililiar with this part of town. Hope it works out in the future.
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  #1862  
Old Posted Nov 25, 2013, 7:00 PM
cllew cllew is offline
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Wasn't Canad@HSC also at one point to be marketed to the Virology Lab group as a place for visiting researchers to stay as well? May not be the best place to walk to and from if that was in their plans. If there was a shuttle it may work out.
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  #1863  
Old Posted Nov 25, 2013, 7:30 PM
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Originally Posted by cllew View Post
Wasn't Canad@HSC also at one point to be marketed to the Virology Lab group as a place for visiting researchers to stay as well? May not be the best place to walk to and from if that was in their plans. If there was a shuttle it may work out.
Yes, the plan was to market the hotel to out of town visitors/families of those staying at the HSC for treatment, foremost. But secondly to researchers and staff such as those visiting or working at the (NML), a portion of it being located at the Level 4 containment facility on Arlington St.(co worker an employee). But also the multitude of researchers and visitors working at the HSC, it's such a massive complex dealing in many different medical fields.

As you know the whole complex, is linked underground, goes on for ever, you wouldn't have to step outside all day. The Containment facility is several blocks away, so shuttle possibly. But It's a federal lab so I have no idea what arrangements they would have for researchers/visitors.(thier a spooky facility from the casual conversations I've had with workers..imo)

I think the whole concept will work, in time.
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  #1864  
Old Posted Nov 26, 2013, 1:58 AM
blueandgoldguy blueandgoldguy is offline
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Originally Posted by Riverman View Post
Heard this week that the Canadinns at HSC is losing a lot of money.
Wonder what the problem is? You think they would have done their research to determine there was a demand for hotel space before proceeding with the project?

Wonder if rates are too high or if service isn't very good?
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  #1865  
Old Posted Nov 26, 2013, 2:38 AM
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I was surprised to see an obituary in today's Free Press for Bill Thiessen, a realtor and well-known downtown advocate. If you've shopped for or sold a downtown condo, there's a decent chance that you crossed paths with him. I dealt with him a couple of times, and he was a real gentleman.

http://passages.winnipegfreepress.co...st_name%7CASC/
What a shame, a great champion for the urban cause.

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  #1866  
Old Posted Nov 26, 2013, 2:40 AM
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vikings now got a building in simcity 4

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  #1867  
Old Posted Nov 28, 2013, 3:32 PM
steveosnyder steveosnyder is offline
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Does anyone here know about assessment? For some unimportant reason I was looking at the property value map on the City of Winnipeg website and noticed something strange -- 681 and 691 Corydon. 681 is Saffron's restaurant and next door at 691 is the new place, Teo's and Mano A Mano. If they are both restaurants, and they both have approximately the same floor area, etc. why would Teo's/Mano A Mano have an assessed value about 17% higher when it is actually half the land area?

This just doesn't make sense to me... Saffron's takes up valuable (or presumably valuable) land on a highly valued strip, but this isn't reflected in the value of the property. The Teo's lot is about 6,900 square feet, Saffron's lot is 10,000, but Teo's is $728k and Saffron's is $624k

Am I the only person that is confused by this?
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  #1868  
Old Posted Nov 28, 2013, 3:53 PM
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^ the assessment of properties by the City is always estimated until such time as a property is put on the market and then purchased.

At that point, the assessed value should change to what the purchase price of the property was.

In this case, Saffron's has been there forever, so the assessed value is just an estimated increase year to year. And if the restaurant beside them is new, that would mean the assessed value is based on a recent purchase price.

Saffron's assessed value would be much higher if they ever decided to put that gold-mine up on the market.
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  #1869  
Old Posted Nov 28, 2013, 4:07 PM
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Winnipeg Free Press - PRINT EDITION
Breaking down the Bauhaus
Artist revisits high modernism in detailed miniatures and large-scale paintings
By: Steven Leyden Cochrane
Posted: 11/28/2013 1:00 AM



Though it's easy to overlook, the influence of Bauhaus design is evident in everything from apartment blocks and public sculpture to sans-serif typefaces and flat-pack furniture. Operating in Germany between the wars, the school championed a unified, modernist esthetic, favouring clean lines and stark functionality, one motivated equally by practicality and idealism.
Beyond architecture and design, the school sought to erase boundaries among disciplines, inviting distinguished visual artists such as Piet Mondrian, Wassily Kandinsky and Paul Klee to serve as lecturers. In Re: Build Them, his exhibition at the University of Winnipeg's Gallery 1C03, Ian August draws examples of Bauhaus and Bauhaus-inspired architecture back into the realm of fine art, investigating how the structures and the ideas behind them have held up over time.

http://www.winnipegfreepress.com/art...233724501.html
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  #1870  
Old Posted Nov 28, 2013, 4:10 PM
steveosnyder steveosnyder is offline
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Originally Posted by drew View Post
^ the assessment of properties by the City is always estimated until such time as a property is put on the market and then purchased.

At that point, the assessed value should change to what the purchase price of the property was.

In this case, Saffron's has been there forever, so the assessed value is just an estimated increase year to year. And if the restaurant beside them is new, that would mean the assessed value is based on a recent purchase price.

Saffron's assessed value would be much higher if they ever decided to put that gold-mine up on the market.
Even back for the 2012 assessment (which would have been done in 2011) the next property over was more -- and this was a time when it was still the Red Cactus/that pizza joint. Also, I don't think the property changed hands, just the people who leased the property. The owner is still the owner.
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  #1871  
Old Posted Nov 28, 2013, 4:30 PM
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Originally Posted by Riverman View Post
Heard this week that the Canadinns at HSC is losing a lot of money.
I think this is a case of room costs being too high. People needing a place to stay as a loved one is in hospital are often on an unplanned trip and looking for the cheapest place possible. In the past I know CanadInns has charged a premium for their hotels, specifically the Grand Forks property. Also, I know that a number of the flood evacuated First Nations have been housed at CanadInns properties which might be hurting the brands overall reputation.
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  #1872  
Old Posted Nov 28, 2013, 4:32 PM
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Originally Posted by steveosnyder View Post
Even back for the 2012 assessment (which would have been done in 2011) the next property over was more -- and this was a time when it was still the Red Cactus/that pizza joint. Also, I don't think the property changed hands, just the people who leased the property. The owner is still the owner.
But Saffron's has never changed as long as I can remember, so the assessed value is going back probably 20 or 30 years.

Even if the neighboring property changed hands just once or twice in that time, that would explain why the City has the two assessed so differently.
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  #1873  
Old Posted Nov 28, 2013, 4:58 PM
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Originally Posted by CoryB View Post
I think this is a case of room costs being too high. People needing a place to stay as a loved one is in hospital are often on an unplanned trip and looking for the cheapest place possible. In the past I know CanadInns has charged a premium for their hotels, specifically the Grand Forks property. Also, I know that a number of the flood evacuated First Nations have been housed at CanadInns properties which might be hurting the brands overall reputation.
I'm sure the model works for them, but I don't get how CanadInns fills their hotels at the rates they charge. They essentially sell a Holiday Inn Express product at Westin prices.

For example, looking at hotels.com for a random 4-day period in February, the top 10 most expensive hotels in town are:

1. Delta $174
2. Fairmont $173
3. Inn at the Forks $171
4. CanadInns HSC $169
5. CanadInns Polo Park $161

6. Fort Garry Hotel $159
7. Fairfield Inn $155
8. CanadInns Express $145
9. Sandman $144
10. Hilton Suites $130

Unless there is some compelling reason that you need to stay at one of the CanadInns properties, why on earth would anyone pay that kind of money considering there are better and cheaper alternatives?
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  #1874  
Old Posted Nov 28, 2013, 5:57 PM
alittle1 alittle1 is offline
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Originally Posted by steveosnyder View Post
Even back for the 2012 assessment (which would have been done in 2011) the next property over was more -- and this was a time when it was still the Red Cactus/that pizza joint. Also, I don't think the property changed hands, just the people who leased the property. The owner is still the owner.
On commercial properties, each year the City sends out Assessment information documents that show the profit and loss statement that he Owner reports. If tennants have changed and/or lease payment have gone up this reflects in the Income Statement on the property, therefore tax assessment will increase. If the property is Owner Occupied the owner can specify whatever amount he wants as the lease and or rental value the first time only. The City will then rank the lease or rental value on similar properties of like size minus the operating costs to arrive a net income value, this will become your New base rent.

However, the Owner then has the opportunity to reject the new assessed value based on different criteria the City didn't take into consideration. After a re-assessment is established, the Owner usually won't be bothered for 3 - 5 years, or unless there is a major expansion or renovation that involves building permits. If that happens, the whole process will start again until a NEW re-assessment is established on the property.

A few years ago I remarked on a property located at 53 Kingston Row that was a 2768 sq. ft home assessed at $120,000. while the surrounding properties that were lesser or similar in style/condition as the subject property were assessed at $325,000 to 524,000. The house was owned by Allan Richard Golden. You go figure that one out!
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  #1875  
Old Posted Nov 28, 2013, 6:25 PM
steveosnyder steveosnyder is offline
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Originally Posted by alittle1 View Post
On commercial properties, each year the City sends out Assessment information documents that show the profit and loss statement that he Owner reports. If tennants have changed and/or lease payment have gone up this reflects in the Income Statement on the property, therefore tax assessment will increase. If the property is Owner Occupied the owner can specify whatever amount he wants as the lease and or rental value the first time only. The City will then rank the lease or rental value on similar properties of like size minus the operating costs to arrive a net income value, this will become your New base rent.

However, the Owner then has the opportunity to reject the new assessed value based on different criteria the City didn't take into consideration. After a re-assessment is established, the Owner usually won't be bothered for 3 - 5 years, or unless there is a major expansion or renovation that involves building permits. If that happens, the whole process will start again until a NEW re-assessment is established on the property.

A few years ago I remarked on a property located at 53 Kingston Row that was a 2768 sq. ft home assessed at $120,000. while the surrounding properties that were lesser or similar in style/condition as the subject property were assessed at $325,000 to 524,000. The house was owned by Allan Richard Golden. You go figure that one out!
Then how does assessment work on surface parking lots? Is it a "lease" to the parking management company (PMC)? So the revenue generated by the PMC isn't in the profit/loss statement for the actual property owner?
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  #1876  
Old Posted Nov 28, 2013, 8:01 PM
alittle1 alittle1 is offline
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Originally Posted by steveosnyder View Post
Then how does assessment work on surface parking lots? Is it a "lease" to the parking management company (PMC)? So the revenue generated by the PMC isn't in the profit/loss statement for the actual property owner?
If they use the Income approach to assess property values, it will be Revenue minus Expenses equals Net Income times a property type Factor equals Value. http://www.investopedia.com/terms/i/income-approach.asp

Or, they will use Comparative Property Analysis.

Last edited by alittle1; Nov 28, 2013 at 8:07 PM. Reason: link
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  #1877  
Old Posted Nov 29, 2013, 6:26 PM
steveosnyder steveosnyder is offline
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Originally Posted by Riverman View Post
Fill your boots.

If you gain equity in anything it is an investment whether it be a stock, property or a classic car. If you buy and sell homes to make money they are an investment. If you buy that same home and sit on it, it is still an investment. My home has appreciated by almost $250K since I bought it. That's not an investment?

From the dictionary:

'the investing of money or capital in order to gain profitable returns, as interest, income, or appreciation in value.'
Perhaps I should have said that a home isn't a smart investment... I guess it is, by definition, an investment.

First, you don't take into account the other costs of home ownership (the ones a renter wouldn't pay); home insurance, property tax, interest. Second, to liquidate your "asset" you have to sell the home or take out a line of credit. In one case you no longer have a place to live, in the other you have to pay interest. Third, it is unsustainable for home prices to out-pace wages, so you will (in the long run, the buy and hold method of living in your home) only keep pace with inflation/wages in the area.
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  #1878  
Old Posted Nov 29, 2013, 6:34 PM
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  #1879  
Old Posted Nov 29, 2013, 6:40 PM
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All costs of running the property - taxes, insurance, mortgage costs - are passed on the the renter. Landlords are not in the rental business for the renter.

Wise people buy a large home to accommodate a family and downsize later in life. A large chunk of the asset is returned to the homeowner, tax free. That sounds like a good investment to me.

If you consider home ownership to be a bad investment, how bad an investment is renting?
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  #1880  
Old Posted Nov 29, 2013, 6:55 PM
steveosnyder steveosnyder is offline
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I call buying a home and renting a cost of living. Both have their positives and negitives, but in my opinion ownership has more negitives than renting.
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