| VERTICAL
UPDATE
High-Rise News & Updates
for Las Vegas
| Beijing—Olympic
Gold |
by: Brenda Calvin,
The Calvin Group, LLC
|
On 8-08-08, the Games of
the XXIX Olympiad commence in China’s capital city,
Beijing. My guess is that it is not by coincidence that the
games begin on this day. Lillian Too, one of the foremost
authorities on Feng Shui states, “This edition of the
Games is particularly significant to China of course, mainly
because of the once-in-a-lifetime coming together of eight,
the number universally acknowledged as the most auspicious
of all.” This is the perfect time to debut China’s
new face on a global scale.
How exciting the Olympics
are! I don’t know about you, but for those 16 days,
I am either glued to the television in the evenings or recording
special events. I adore the personal stories of how the athletes
have overcome challenges and celebrated triumphs on the path
to becoming a competitor in the Olympics. The athlete’s
journey is a personal one; certainly one must have a fair
amount of athletic ability, but also excessive amounts of
personal commitment. There are grueling practice schedules,
injuries, and competitors always raising the bar for speed
or level of difficulty.
As competition has intensified,
science has gotten involved; there are experiments done to
determine optimum energy outputs. I have heard stories of
athletes training at high altitude to accelerate blood oxygen
levels, using unusual food combining, and monitoring liquid
intake to maximize muscle efficiency. Just about the time
that an athlete has everything in precise synchronization,
they must relocate for the competition.
Of course, sleep/rest and
muscle recovery are also an integral part of preparedness.
Where do the athletes sleep during the Games? The athletes
will reside in the athlete’s village—in this case,
the Beijing Olympic Village. China is certainly known for
high-density living; in fact, China is currently one of the
emerging markets for accelerated high-rise growth, both residential
and commercial. In Beijing, the newly built athlete’s
village is comprised of 42 mid- and high-rise buildings and
will accommodate up to 17,000 athletes and officials. The
163-acre “neighborhood” also contains a restaurant
for up to 6,000 people, a clinic, a library, swimming pools,
tennis and basketball courts, jogging tracks, shopping areas
and coffee shops. After the Olympics, the Paralympics will
begin and the village will be used for these athletes as well.
After the Paralympics,
the buildings will be refurbished, enhanced and converted
to individual homes. The homes are built for maximum energy
efficiency, using largely solar power. The three-bedroom floor
plans are approximately 1,820 square feet and the four-bedroom
floor plans are approximately 2,600 square feet. The homes
will range between $500,000 and $1,000,000 and are expected
to be ready for the new homeowners by late 2009.
According to a Wall Street
Journal article regarding the Olympics, property values in
Beijing have been rising for the last several years in anticipation
of the Olympics. “The Chinese capital has given itself
an urban facelift that includes skyscrapers and sports stadiums,
a new third terminal at Beijing’s international airport,
and a more expansive subway system—ingredients for a
modern metropolis,” says J.R. Wu.
 But
it is not just the Olympics that are fueling the fire. Much
like the United States, people are migrating from rural areas
to cities, looking for better jobs and a higher standard of
living. Also, Beijing—being the capital of China with
a population of more than 17 million people—attracts
many foreign companies that want a presence in Asia. However,
there are some governmental measures in place to keep things
in check. For example, the Chinese government restricts foreign
persons from purchasing Real Estate, except in the case of
the property being used as a primary residence.
In the Wall Street Journal
article, Ben Christenson, head of research in Beijing at property
agent Jones Lang LaSalle, states, “The average sale
price now in Beijing’s high-end residential market is
estimated at 24,010 yuan ($3,500) per square meter compared
to 15,838 yuan at the end of 2006.” However, the supply
of available inventory is about to dramatically increase.
“The new supply in Beijing’s high-end residential
and retail markets will roughly triple—or more—this
year from last year,” he says. Christenson says that
prices in the high-end residential market should start to
stabilize by year’s end as investors evaluate their
property investments more thoroughly. The bottom for prices
in this market segment could be around 20,000 yuan per square
meter,” he says.
In fact, many high-rise
developers are quite bullish on Beijing, predicting Olympic
Gold for the city. After all, the city has a new ambiance
as a result of hosting the Olympics. There are now a plethora
of iconic buildings and stadiums designed by such world renowned
architects as Sir Norman Foster and Rem Koolhaas. What’s
more is that the buildings were built with an eye to the future
and most with leading-edge energy efficiency. What a herculean
effort for China to create all of this on schedule, in coordination
with the International Olympic Committee, and with television
cameras monitoring their every move. I would guess that for
those who call Beijing home, they possess a new sense of pride
in seeing their home displayed so elegantly on the world stage.
Twelve years ago, I attended
the Summer Olympics, when they were held in Atlanta. What
an extraordinary experience to walk among people from so many
countries, and regardless of the language barrier, a smile
was the only exchange necessary to communicate. So, it seems
that the tradition goes on. On 8-08-08 at 8:08 p.m., in Beijing,
the opening ceremony begins. Those who attend will walk among
people from a myriad of nations and understand the true meaning
of the official slogan of the Games of the XXIX Olympiad:
One World, One Dream.
Until next time, here’s
wishing you “elevated” sales!
Purchase
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Brenda
Calvin is the Broker of The Calvin Group, LLC, and has
a 20-year successful track record of selling high-rise
and mid-rise condominiums in multiple states. The Calvin
Group is a boutique brokerage specializing the innovative
sales, marketing and developer consulting of residential
high-rise properties. To contact Brenda, you may phone
(702) 939-5638 or e-mail Brenda@TheCalvinGroup.com.
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Our
thanks to Stephen
Leon for bringing this amazing group of
photographs (circa 1930's)to our attention. We suggest
that you use the icon on the viewer that allows you
to see the images on full screen to get the true impact
of these powerful photographs by Charles
C. Ebbets. |
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