Next up in my blog interview series is Chris Tsakumis the Vice President and Director of EPTA Properties. Epta Properties is a family owned and operated firm based out of Richmond B.C. with assets throughout the Lower Mainland. www.eptaproperties.com
Q. How did you get into the real estate business?
A. As opposed to getting into the business as a personal pursuit, I have been fortunate to be raised in a real estate family. My father, a former restaurateur, first started in real estate by building the restaurants that he and his brothers ran throughout BC. He would learn that his true passion lay with acquiring and developing property and he followed his passion earnestly. That same passion was something that was instilled in all of our family and I knew from a very young age that my calling would lead me to the real estate industry at some point.
Q. What are your thoughts about the 2007 real estate market?
A. Although there has been much talk about a pending “bubble†in the local market, I feel strongly that the market will continue to stay strong. I think it’s fair to say however, that the days of “paper flipping†in the residential sector may be behind us for now. I believe the market will continue to creep upwards as we head towards the Olympics in 2010. As for the commercial sector, the strong economic conditions in the province and even the country will continue to drive investment into the region. In particular, port related commercial activity will increase the need for more value-added industrial facilities giving a further boost to an already hot commercial/industrial market.
Q. What do you think the real estate market will be like in 2012? (2 years after the Olympics)
A. I think that after Vancouver and the Lower Mainland is seen on a global stage, that many people will see the benefit of Pacific Northwest living and as a place to do business. As Asian trade has become of great importance to this region, it will be critical to capitalize on all of that great exposure the Olympics affords the host city. I think the market will benefit greatly in the years after the Olympics, but it will be up to the local industry to determine where that legacy goes and how we shape that future. As a desirable “Gateway†city, it’s fair to say that the market will continue to go upwards but you’ll learn quick that in real estate, nothing is for sure.
Q. The Environment and Energy Efficiency seem to be a big topics these days, is Epta doing anything unique in these areas? (ie. using rainwater within a building, etc)
A. LEEDS is really a hot topic in real-estate these days. No matter what seminar you attend, or conference you go to, LEEDS is always discussed in some capacity. Fortunately, we have a great research facility here at BCIT that is currently exploring new opportunities in Green roof technology, energy efficiency etc. Our company is currently researching the feasibility of green roof technology for an exciting industrial development we have on the horizon. Moreover, it continues to be important for use to build our projects near key transportation infrastructure similar to Keystone and Origin which are a stones throw away from the West Coast Express station in Pitt Meadows.
Q. What is your favorite source of real estate news? why?
A. The local community papers are great for grassroots news about local community real estate. Association conferences (NAIOP, BOMA, VBOT etc.) are always great sources for more general trend analysis.
Q. Do you read any real estate blogs? if so, who? why?
A. Only the Ubertor blog. Quite honestly because it’s the only one you hear about!
Q. Any new projects coming up that we should know about?
A. We are currently developing two exciting new residential condo projects in Pitt Meadows that we are genuinely excited about. The Keystone and Origin will be great additions to the Pitt Meadows area. This is one of the lower mainlands hottest growth areas and we are committed to the community there. We also are in the design phase of a variety of other projects throughout the lower mainland that will be coming online in 2008.
Q. What was your favorite project you worked on? why?
A. Nothing specific sticks out. I love working on every project we have. I take a lot of ownership and pride in our projects.
Q. What area within BC do you think is the next “hot” area? why?
A. The Fraser Valley in my opinion is a key area. As affordability of housing continues to be a concern, more and more of the younger population will be looking at the Fraser Valley for the purchase of their first home and will likely remain a resident of that community once they have established themselves there.
More Interviews:
Blog Interview: Colin Bosa, President of Bosa Properties Ltd.
Blog Interview: John Scott, Chief Executive Officer of the Scott Construction Group