Toronto Debt Crisis and Condo Bubble

Scarey headlines topped the newspapers this year, The Montreal Gazelle adds a year end reflective; That there was never any reality for all the bubble and housing price level concerns that dominated through out the year.

It lays the commentary directly attributable to one person.

..that Canada could be headed into the same kind of disastrous real-estate bubble and meltdown that we saw right across the border.

And a superficial look is just what this issue got. There was never a solid basis for the scary speculation, but it just kept bubbling up. Serious Canadian media, including Toronto's Globe and Mail, made housing-bubble headlines into a staple. Below the headline, there was usually an acknowledgment that there was no evidence of anything more than a hot market, but the scary headlines didn't stop.

Even big American newspapers that usually give Canada about as much coverage as Iceland became interested. The Wall Street Journal ran a front-page story in February under the headline Housing Rebound in Canada Spurs Talk of a New Bubble.

Where was the talk coming from? The most prominently quoted source wasn't an economist or a real-estate expert; it was Garth Turner, a former politician who had been promoting a book predicting a housing collapse.

http://www.montrealgazette.com/business/solid+basis+scary+speculation/4039586/story.html

I have been reporting a single fact, yes prices are increasing, so are insurance, food, clothes, movies and gasoline prices, yes everything, the term is Inflation. IMHO prices have increased a few percentage points above the rate of inflation for the last 40 years. Inventory levels for homes has been steadily decreasing in an ever expanding (GTA) city. Month over month stats show we will again be in a Seller's Market in the spring of 2011. There is no bubble if there is no excess inventory supply.

Banks talk about debt levels of families being at an average of 150K with a mortgage rate of 2%. This means the [HELOC] home equity line of credit most parents use to fund their vehicle purchase and their children's education average 600 per month plus what ever debt repayment plan they select. They also talk about the fact that one third of Canadian home Owners are debt free. CAAMP Canadian Assoc'n of Accredited Mortgage Professionals

Seniors will continue to "nest egg" their only primary asset that has a return on investment of approximately 4 - 5% annually. Liquidation of these assets into cash would create a taxable income stream with interest of less than 1.5% annually. Dipping into the principal amount of their nest egg every month for rent would erode their investment. My conclusion is that seniors are worse off by selling out. Garth's recommendations to invest the money into stocks and mutual funds places the principal at risk is [his] subjective opinion. These are mine; You need a place to live. Why pay rent when you can leverage your downpayment and pay a similar monthly amount and gain equity tax free.

Monthly statistics are published by the Toronto Real Estate Board and their market watch; I crunch these numbers further for the west end to provide you with an absorption rate of homes for sale or conversely the number of months available supply. With the reducing inventory throughout 2010 we will be back in a Seller's market as soon as we start after the New Year.

What are your thoughts? Where will our market go in 2011? Immigration to Toronto and the Golden Horseshoe continues; for jobs, education, security, political and religious freedoms and the right to raise your family in a safe environment. Our employment rate exceeds 90%.

..but don't sell books, I sell places where you can live.

Lemme Splain you .... Older Condo Developments

Buying Preconstruction is commiting to a goal and a dream. New Condominiums are selling Imagination and Hope. Developers Selling Sizzle, Builders selling the new lifestyle where you will enjoy the multi purpose recreation facilities, affluent portico and vestibules, guests will be wowed and greeted in the lobbies, interact with your new neighbours that all share your lifestyle and vision of affluence on the roof top lounge.

These spectacular presentations are made at sales centers with furnished and staged suites, scale size models, draperies and lavish upgrades; showing you what might be; VIP openings with celebrities, wine and cheese soirees with music. They may have interactive video that permits you to stroll through the building in a virtually rendered tour, they have design centers ready for you to select and match your trims items, you leave giddy with the options presented in CD - DVD format, floor plans, renderings, colour and material swatches.

You can drive the neighbourhood and examine the community that you will be living in and how far things are from where you will be living in three or four years time.

[Lets add a few details, every crane you see is a condo building site that has achieved ecomomic viability to build, each unit has ordered has 15 - 20% downpayment, with a contractual closing date. After you own it, you can rent or sell or live]

After the building has been sold out; Who speaks for the complex?

Who monitors the negative press? Who posts on the bulletin boards that have negative comments from a very few people [relative to the purchasing population] regarding the developer, builders or complex. Who answers the complaints or has a voice in the final trim colours of the hallway broadloom and paint combinations. When units appear for resale post closing does the Condominium Management Board provide updated information about the complex, recreational facilities, floor plans, amenities?

No. And maybe a few of the older building boards should take a very close look at this very issue.

There are many buildings that immediately spring to mind with large three bedroom suites, no sizzle, security guard at the front desk, indoor pool and an underground garage repair. This buildings maintenence fees are high compared to other buildings but not when compared on a per square foot basis when looking at actual suites. Lemme explain.

Let us imagine a brand new 780 square foot suite at Square One or Humber Bay Shore with all sorts of yummy guest suites, party room, theater, exercise equipment, salt water pool, whirlpool and amenities. Sounds wonderful but it needs to be looked after. The proposed maintenance fee is just that Proposed. It will change after the first annual budget, once the NEW condominium board has been installed and taken possession of the building. Let us assume that the monthly fee is $450. When compared with the 1,400 square foot unit with $1,100 in maintenance fees it is not so absurd. There are a number of buildings like this that are of similar value to purchase almost double the size unit inside but alas the maintenance fee is also multiplied.

But who is marketing the building; maintaining its online panache, catering to their pool of owners to add value? Who is responsible to inform the public that this build has no crime, stable population, rent-ability, responsibility in management and prudent financial stewardship. Who promotes the community led Euchre Wednesdays, Cloverdale Mall Mondays for shopping excursions or the publication of internal newsletters?

One Condo Board has taken this by storm and has even submitted [itself] for Condominium of the year http://www.palaceplace.org/UploadedFiles/Palace%20Place%20Article.pdf This page > http://www.palaceplace.org/index.cfm?ID=644 includes a link to the article in the CCI about Palace Place winning this quarter's competition for 'Condo of the Year".

The Condominium Community was profiled in one of my previous blogs available here.

Once the building has been registered, New Board of Directors installed, a number of different committees need to be formed within the Board itself; they should be directed to deal with issues like Seniors Living, Quality of Life, Building Presentation and perception. Maybe a committee to plan Winter exterior decorations is timely. Has there been a meet and greet your new neighbours event in your building?

I organized this very event in my condo and was delighted with the response and participation.

Your condo board should be conscious of image and maintaining a web presence post move in and occupancy. It will help maintain and support your buildings value. What would you like to see from your condo board?

Add your comments.

This note was left for me by a resident at Palace Place ended with ... BTW, I don't know of any other real estate [agent] in the GTA that has made such extensive use of technology to market their services. If you have occasion to list a suite in Palace Place, I will be glad to do what I can to help. You would be a good benchmark for other agents marketing Palace Place.

Thank you for the note of approval.

Larry the Landlord; Hides the Grow Op and Sells

Ontario Realtors favour grow-op registry bill

The Ontario Real Estate Association is welcoming a private member’s bill before Queen’s Park that calls for the creation of a grow-op registry – a move Realtors say will protect homebuyers.

“Grow-ops are major problem for homebuyers in the province and we have been urging the Ontario government to establish a registry to protect consumers for almost 10 years,” the association’s President Dorothy Mason said in a news release published Nov. 25.

While Realtors are required by law to disclose if a home has been used as a marijuana-grow operation or drug laboratory, they are hindered by the lack of central registry.

Many times these homes receive cosmetic renovations to “disguise the fact they were marijuana-grow operations and consumers unknowingly purchase these homes,” the release states.

Drug manufacturing can cause physical damage to homes, such as mould and chemical contamination, while structural and electrical wiring alterations made to run a drug operation are potential fire hazards.

Having these problems can lead to a loss of insurance and “exorbitantly high remediation costs,” the associations says.

Progressive Conservative MPP Lisa MacLeod’s private member’s bill, or Bill 139: the Clandestine Drug Operation Prevention Act, 2010, would complement a law passed in 2006 that requires all Ontario Realtors to disclose if a home has been used for drug operations or face an administrative fine and the possible loss of their license.

The law is administered by the Real Estate Council of Ontario.

"..... the only safeguard in place to inform consumers if their soon-to-be new homes were formerly used as grow-ops is nothing more than the well-trained eyes of their Realtor and/or home inspector.

In many cases, however, former grow-op homes are given a series of cosmetic fixes that disguise the fact they were once used as a grow-op. Canadian Real Estate Magazine"

http://www.canadianrealestatemagazine.ca/news/75739/details.aspx

David Pylyp So you are a buyer and you want to score on a fixer upper. You need to know before you buy to estimate the cost of repair or remediation required to render a home suitable to RE habitate. [Toronto real estate] What if the previous owner repainted and masked all the defects? How will you know?

First you need to obtain air particulate mass report with clear conclusive evidence that mold does not exist in the house (has already been removed BEFORE ESA) or no other agency will enetr to inspect. Mold remediation based on what is in the house may require suits and masks. (workplace safety issues)

Requiring an ESA inspection by Hydro may get your power turned back on but you have not dealt with outstanding fines, paying all hydro bills up to date.

Purchasing and financing a POST grow op is at 50% of land value regardless of existing structure. Insurance is difficult to obtain.

No matter how well you have fixed the house, you must delare the past events keep the receipts and prove the remediation and reinspections were all completed. This stigma will continue for the next owner. For ever and ever.

By what percentage does that diminish value?

Do houses with Urea formaldehyde still have stigma?

What are your thoughts?

Digital Marketing for Homes west Toronto

If you have been searching the MLS for photos of houses and their interiors, you know that the limit of 9 photos is a disappointment and can not truly reflect the character and charm of your home.

For this reason alone; having a digital photographic slideshow of your property with potentially 40 or 50 photos [displayed seasonally if you wish to show off that pool, landscaping and yard] on google for your address, and fully searchable, will provide the most Buyer Views.

Seriously, isn't that really my job? To present your property in a positive fashion and expose you to multiple streams of advertising that are a photo slideshow display as well as Video Tours and highlights. With effective digital marketing our number of days for sale [on market] will be shorter, yielding you additional shoppers and ultimately better offers. Digital Marketing, Photo Slideshows, Video Tours, Marketing Materials and Brochures, Cost of Closing and monthly payment schedules, so your buyers can select the best property. For Buyers Its a one stop shopping experience where I look after all your details. We are interviewing now for what we expect to be a robust and exciting Spring Market in 2011. We only have a few weeks left to prepare

So... When you are ready, I would love to sell your home. Call me at 647 218 2414

David Pylyp is Professional and Persistent in Getting things done Search On ..Google Quick List for[Buyers] or [Sellers]

Transit City and Rob Ford

Received this today, What do you think?

Good Afternoon,

I would like to reassure you that your concerns are being taken seriously. By being an active part of the democratic process, you are allowing me to gain perspective on public opinion and suggestions.

It is my hope that the Transit City brand will be replaced with a brand that takes a broader transportation perspective. The plan isn't being killed, but much of the work will be refocused underground.

The first transit priority is to build a subway on Sheppard Avenue and replace the Scarborough RT. These routes were first priority in the Transit City plan, I would like them open before the Pan-Am Games in 2015. The second transit priority is the Eglinton line. This route was second priority in Transit City plan. I would like this line open, as currently scheduled, by 2020.

I have asked the TTC to investigate and present options for a new plan to achieve these goals. Once this plan is established, I will be able to answer more specific questions with regards to cost and changes.

The previous Transit City plan was not approved as one plan by Council, individual lines were voted on. As your Mayor, I look forward to bringing the new plans forward to my council colleagues.

Sincerely,

Rob Ford

Mayor of Toronto

I believe that Toronto City council under previous administration did vote for parts of Transit City. I Know that further delay just makes for additional expense and gridlock.

Both are expensive. What do you think?

Growing Toronto Housing Bubble

Yes, coming to a City Near you! The overheated housing market is causing a housing bubble and the impending fall of real estate values because of housing affordability.

No matter how many times this headline is repeated it does not become the truth. No matter the sources that post on this topic the inherent facts within the Toronto real estate market continue to defy the media pundits calling for it's demise.

I have three simple answers; inflation, immigration and consumer confidence.

Here are my sources of rebuttal;

Canada’s residential housing sector is landing safely after a wild ride over the past three years, Toronto-Dominion Bank said in a report on Thursday.

Looking ahead, the economics unit of Canada's No. 2 bank said it expects improved home sales and a higher average price next year, largely because housing affordability will likely be extended as uncertainty lingers about the global economy. http://www.bnn.ca/News/2010/12/9/Housing-prices-to-rise-TD.aspx

The media and some analysts remain glued to the idea that the Canadian housing market is a bubble ready to implode à la the U.S., Ireland, Britain, and Spain, where prices have dropped 22% on average. The latest concerns were fanned by an article in The Economist that suggests the Canadian market is 24% overvalued based on a comparison of prices and rent. Rent captures the stream of income derived from housing, and thus, in theory, is an appropriate valuation metric. However, in practice, it is important to note that statistical agencies often have difficulty measuring effective rents. Moreover, the downward trend in interest rates in the past three decades would normally favour ownership over renting and, hence, encourage a higher price-to-rent ratio today than in the past (Chart 1). Perhaps for these reasons, of the 20 countries reviewed by The Economist, the median overvaluation was 20%, and only four countries were overvalued by less than 10%, casting some doubt on the appropriateness of this metric. http://www.bmonesbittburns.com/economics/focus/recent/101105doc.pdf

So let us turn our attention to Toronto Real Estate;

Although this is a bit slower than last year, these are very strong numbers. The number of homes for sale has dropped dramatically and we’re down to only 15,K units right now. In the GTA as a whole, we currently have less than 2 ½ month’s supply of homes for sale. This is still considered a “Seller’s Market”.

http://eleganthomesinwesttoronto.blogspot.com/2010/12/toronto-is-place-to-be.html

Prices are rising 2-3 % ahead of inflation, net migration within Canada and new immigration to Canada will bring us approximately 60,000 new households and there is confidence in the continued growth and security of living in Toronto. [Canada]

I believe that 2011 will be a year modest growth and continued stability with Toronto real estate prices. I am more concerned about hydro rates, insurance and gas prices increasing my costs of ownership and conducting business.

What are your thoughts?

RE/MAX outlook for 2011 Positive and Promising

Residential values expected to climb further in 2011 as housing sales stabilize in most major centres, says RE/MAX

Mississauga, ON (December 7, 2010) - Although improved economic fundamentals will have a positive impact on Canadian housing markets moving forward, the forecast for residential real estate sales remains static in most major centres in 2011, according to the RE/MAX Housing Market Outlook Report released today by RE/MAX.

"In terms of resale housing activity, what many are talking about as the new normal is actually a return to the traditional real estate cycle ," says Michael Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic Canada. "The past decade was truly unprecedented-never before have we experienced a run up that was as strong or lasted as long. As we have digressed from the typical pattern, people have forgotten what the usual healthy cycle looks like, but all the hallmarks are there. Ample inventory levels, steady demand, and moderate growth, both in terms of sales and prices, will characterize the market in 2011. While the pace may appear lackluster in comparison to what we've grown accustomed to, it underscores the principles of real estate 101: The market is cyclical. All boats rise and fall with the tide."

» DOWNLOAD COMPLETE PRESS RELEASE

» DOWNLOAD COMPLETE REPORT

Toronto is the Place to Be

In November 2010 there were 6,510 sales for the month.

Although this is a bit slower than last year, these are very strong numbers. The number of homes for sale has dropped dramatically and we’re down to only 15,K units right now. In the GTA as a whole, we currently have less than 2 ½ month’s supply of homes for sale. This is still considered a “Seller’s Market”.

The West end as a whole? 5,883 listings with 2,342 selling. In the millionaires Row of housing in Etobicoke there were 196 available with 94 selling. Bare in mind that the higher the price, the fewer the customers. In W06 Humber Bay Shore That’s Marina Del Ray though Palace Pier along the Lake Shore Marine Parade Dr., There were only 120 new listings with 84 sales.. Imagine.. Only 84 sold.

The question I get asked most often, “What do you think will happen next year?” In Canada and in Toronto specifically, yes, we still have a very sound economy. We are not experiencing the melt down they are in the U.S. If someone were to be looking for a safe place to invest in real estate, Toronto would come right at the top of the list. I believe our real estate market will remain very stable in 2011.

It will be a great year for anyone to get into home ownership or make that move “up” or “down” as their lifestyles may require. There are many shoppers out there. Rates continue to be low. Our employment rate is at 7.6% effective today... Whats holding you back? My job is to fill your families housing needs. What do you Need? You have questions I have answers Lets talk. 647 218 2414

When will we admit we are a world class city?

The proliferation of condo's and especially upscale multilevel penthouse apartments cater to a select crowd of successful but discreet clientelle. We are Canadians.

We know we have made it but we don't want to show it. Hazelton Lanes and Yorkville, continue to be the place to been seen, from business Shakers and Movers to tres Celeb's just in for the Tiff.

But would you like the best condo in the city of Toronto? 11,000 square feet of opulance; designed and appointed exactly as you see fit, Your designer providing the final touches or I can recommend a few designers with impeccable portfolio's. 12 foot ceiling combined with floor to ceiling panoramic views. Penthouse and Lower Penthouse selections.

Some will talk about Price Ceilings and topping $1,000 per square foot, in a penthouse market where the ultimate is only one in Toronto. What should the value be?

There are several Central Park Condo buildings along the park, they are: 1 Central Park West, 15 Central Park West, 25 Central Park West, 25 Columbus Circle (TimeWarner Center), 60 Columbus Circle (Mandarin Oriental Residences), 160 Central Park South (Essex House), 1 Central Park South, 923 Fifth Avenue and 995 Fifth Avenue (condop).

In order to have a Central Park view condo, the condo building does not neccessary to be right next to Central Park. The condo building can be few blocks away from the Park, as long as the unit is on the high floor and there are lower buildings around it, the condo unit can have an unobstructed view of Central Park. (here is a picture of myself in a condo "Millenium Tower" building that is few blocks away from Central Park.)

In todays market, Central Park Condos with direct Central park views is priced range $3,200 to $4,500 per square foot upwards. This is just an approximation of the price range, each Central Park condos is also priced based on its building, condition, exposure and other factors.

http://activerain.com/blogsview/1999896/central-park-condos-upper-west-side-manhattan-new-york

Take a video tour of the views of this 11,000 square foot condominium unit, the tallest in Toronto. http://www.collegeparkcondos.com/phvrtour/75thFloor.html

So lets ask a question; what value should the largest penthouse in Toronto, that is located in the heart of downtown Toronto, on Bay Street, with unobstructed views from the 75th floor of Aura condo's be valued at? Can we conclude the same NYC, Manhattan and Central Park prices apply? SO.. 11,370 square feet, Private elevator, 24 hour concierge, lavish finishes and the prestige of having the only unit, the singular penthouse, tallest, most opulent location would be?

Computer Technology permits me to send you a CD with an interactive Virtual Tour that permits a walk through of the unit; Great for a personal flow and walk test through of your penthouse.

11,000 square feet at $3500 per square foot would be ? So this is a value added purchase at $17,500,000 reflecting a value pst of approximately $1,500.

The View would be of every sunset and sunrise overlooking Lake Ontario and the Toronto Islands and almost the Niagara Peninsula. Sorry.. You cannot see Central Park from here, no matter how you turn your head.

Send an email or a text 647 218 2414 and the shopping team can accommodate your inquiries.

david@davidpylyp.com

I look forward to hearing from you.

Simply Not Knowing; Is not an excuse

A very wise person recently said "Sometimes we don't know what we don't know"

My Duties include; the correct pricing of your home based on local conditions, competition and trends in the market, making you aware of sales histories and trending that effect your property values, assisting you in the presentation of the property, [we may need a stager or a decorator or a dumpster], the video and slideshow for your property, preparation of a full hard stock colour brochure, preparation of all online marketing materials to draw potential buyers to your home, the promotion and logical defense of your property values. Of course there is the negotiation and then transaction management.

We will need to deal with the timely fulfillment of all conditions that you made in your Agreement of Purchase and Sale. We attend at all inspections, verify your financing and insurance requirements, double check all payout commitments, attend with your solicitor.

Unlike Miss Bening; I do not do floors, dishes, counters, make beds, vacuum or general housekeeping.

Although some may think that I have been granted with Super Powers and memory of past sales events, I am very focused save for conducting real estate or internet social marketing to get your property featured. With humour, stories and integrity we will answer all your concerns until you are ready to proceed.

When you are ready I would love to sell your home.

Community Profile - Palace Place

Palace Place on the north shore of Lake Ontario and the mouth of the Humber River [Humber Bay Shore] has become a world wide instantly recognizable landmark. What's special about Palace Place? Looking at the photo's you quickly realise the land space [footprint] that the Palace occupies. While the density along the Lake Shore and Marine Parade Dr., seems congested and close, the two original land mark towers dominate the skyline.

All this is within 15 minutes of downtown Toronto and the financial hub; Bay Street.

The waterfront features the Martin Goodman Trail which allows for walking, jogging, cycling and inline skating along a 22km path that leads through scenic parkland as well as the 300 kilometer Lake Ontario greenway Waterfront trail. Marinas, yacht clubs and boating opportunities are located within walking distance as well as waterfront dining.

Photo array with spectacular views and activities on the waterfront of Humber Bay Shore; Click here

There are 504 suites in Palace Place ranging in size from 800 to 2800 square feet. Those who may be considering Palace Place as their future home, or real estate agents representing potential purchasers will find the information in this section of our website helpful.

(1) Plans for suites from the 2nd to the 44th floors

(2) Plans for our penthouse suites on the 44th and 45th floors

(4) Building Footprint Floors 2 to 28

(5) Building Footprint Floors 29 to 44

(6) Building Footprint Penthouse Floors 45 and 46

If you are curious about the last 12 months sales please click here; provide your email and the report will be emailed to your instantly. Click Here for Palace Place Info Page

If you would like to live in this exclusive gated condominium community please give me a call, Of course, when you are ready, I would be pleased to sell your home.

Open House Indignation or Etiquette

Had an open house at Kipling and Bloor this past weekend; the winds are a bit cooler, the leaves have blown off their trees, we have already been visited by frost. It’s the last few weeks with weather warm enough to hang the outside lights. I like Open Houses. It gives me a chance to meet the people in the enclave and those that want the neighbourhood. This house was vacant and staged. Asking $1.2 MM

[He] wanders in alone just as I open up, dressed in a shirt without a jacket or coat, takes the feature sheet offered. “Live in the neighbourhood?” I ask, and he meekly remarks “No, I’m not from around here”. He quickly makes his way upstairs to the second level.

When shopping and people follow me; When asked “Can I help you?” Shoppers usually respond with the standard “I’m just looking.” So.. I left him alone… initially.

[He] was upstairs for an abnormal length of time without the shuffling of feet between rooms on the second floor. The wide oak plank flooring on the second was a gleaming satin finish, no runners installed. Had I missed his departure? Had he slipped past? As I went upstairs, the bathroom door at the end of the hall was closed. The light could be seen under the door.

I inquire…. Is there toilet paper in that bathroom?

I waited… and there it was … a sheepish response…. “NO, I should have looked first.”

There it was. An Open House Violator. I had him trapped.

But, there were other people that started to enter the house and I needed the bathroom to show off the property, not trap an unsuspecting tourist. I found a box of Kleenex in a drawer and made my way upstairs. I casually remarked “I hope you didn’t lock the door” opening the door enough to place the needed supplies on the counter and backed away.

When he came downstairs I was busy with other people. We made eye contact, he nodded and made his escape. He didn’t do anything wrong; just should have asked first. What if there was no water or supplies?

Now, I understood the concept of trap and release.

If you have an Open House Story of your own, feel free to add it to the comments section below. Sometimes we just need to laugh out loud together.

If you need a contact in Toronto, that keeps wet naps handy in the car, give me ring!

Buying at 50% off Downtown Prices?

What is Buyer Representation?

You are a beautiful row attached townhouse with a stone front, vertical concrete steps and pillars to adore your exterior and support a second storey portico. You have impressive hardwood floors; hardwood staircase with wrought iron pickets and solid oak hand rails. You have a finished upper level as a master bedroom retreat complete with Juliette balcony replete with railing to seek the morning rays of sunshine that adorn the Toronto Skyline.

You are two years old and facing a potential building site for additional townhouses, that currently is a demolished building site strewn with construction rubble and fenced to avoid additional dumping. The potential upside is enormous; they downside risk equally colossal.

The owner's purchased this wonderful freehold townhouse and adorned it with ceramics, upgraded lighting, slate and backlit lime stone back splash to enhance their lifestyle and entertaining, To impress their guests and visitors.

Well,

I did not decide to sell, You decided to sell and place yourself on the open market.

It is not my fault that the market does not appreciate your upgrade selections and enhancements to the same dollar for dollar investment that you paid. It is not a loss on a property when the March sale (Spring Values are in anticipation of Values where Fall [November] Values are historic) prices are not achieved in the fall as the market is slightly softer seasonally. [factually about 1.5 – 2% deviation]

You could have waited and hoped that prices would rise in the spring of 2011.

My job is to represent my Purchaser. My function is to inform educate and obtain the best terms and pricing in favour of my client. My client is under a Buyers Agency. I am sorry that you were angry at my tactics. I am sorry that you felt you were taken advantage of….

But to say you lost money…..

Let’s be clear. Having a Happy Real estate transaction is great! Having a buyer Score on a property is the best! That is called Buyer Representation. We looked at all the available properties and made a selection based on days outstanding, [days on market] variance to initial asking price, number of price reductions, examined last sold data, trended values to 2007 with annual appreciation and calculated deviation from last sale based on market timing. I think my client is pleased.

Next, my client will be placing their place for sale. Now, I am here to defend their value and use my negotiating skill and the same clear imperical data to obtain the most for them. Informed Clients are empowered to act decisively with confidence not emotionally.

The Perfect Condo Toronto Waterfront

For an amazing opportunity to live on the waterfront close to downtown Toronto and Bloor West Village, hurry to Pemberton Group’s Park Lake community.

Make your move to this ideal location between High Park and Lake Ontario, only steps from the Queensway streetcar. The completed 18- and 19-storey towers at Park Lake are ready and waiting with a great selection of move-in ready suites — including the final few Lakeview Suites that make water views part of your everyday life. Being able to tour completed suites take the guesswork out of your buying decision!

Another huge advantage of visiting Park Lake is being able to tour the completed amenities in this popular condominium. The two elegant towers that comprise this community are connected by a landscaped podium with a beautiful outdoor barbecue area for alfresco dining. Fitness enthusiasts will appreciate having an equipped exercise room available with state-of-the-art machines. An aerobics/yoga studio enhances the fitness area for those into cardio, stretching and meditating.

When it comes to entertaining on a grand scale in spectacular surroundings, residents of Park Lake can reserve the party room and dining room complete with a caterer’s kitchen. There’s also a cards and billiards room for quieter pursuits. In addition, residents are enjoying 24-hour concierge service provided from the stunning lobby.

Purchasers are particularly impressed with the quality of Pemberton’s finishes. The suites surround owners in practicality and luxury. Among these coveted features and finishes are upgraded GE stainless steel appliances; granite kitchen countertop; ceramic backsplash; kitchen valance lighting; marble or granite bathroom countertop with under-mount basin; keyless entry into building and suite for added security; pre-finished wood flooring for living/dining area and den; 40 oz. carpet in bedroom(s); granite, porcelain tile or pre-finished wood flooring for kitchen & foyer; and individual hydro meters.

You can tour the designer-decorated model that showcases Pemberton’s quality standard finishes to see for yourself just how much value is built in to these fabulous suites.

Park Lake is perfect for everyone from first-time buyers to professional couples, and empty nesters seeking waterfront living, minutes to downtown. The TTC bus to Keele Station is at your doorstep, and the area is rich with amenities.

Nearby, Bloor West Village is home to more than 400 distinct shops, fashion stores, popular restaurants and modern services in a European village setting, and is the scene of year-round activity.

And of course, Lake Ontario is only minutes away, making this the ideal location for water-lovers of all ages. Park Lake offers the best of all worlds, with convenient access to modern amenities as well as nature at its finest. Prestigious High Park, Toronto’s largest public park, is just north of the community.

At Park Lake, the remaining suites range in size from 955 to 1,145 sq. ft. and are priced from the low-$400,000s. Buy with only five per cent down, and move in immediately!

With over 50 years of experience in creating successful residential and commercial developments, Pemberton Group has earned a reputation for building outstanding condominium communities. Discover the Pemberton Difference, which includes distinctive architecture, the innovative use of space to maximize every square foot, remarkable finishes, fine craftsmanship, and incredible recreational facilities — all topped off with exemplary after-sales service.

David Pylyp; Yes it is! Video Pictures and our first Social Event has already occurred with our Meet and Greet Your Neighbours Pictures available on Facebook. This building has a strong and vocal community that has embraced creating relationships. Prices compared to units downtown or closer to Bathurst or Strachan indicate that we are an exceptional value. You decide for yourself.

If you would like to live here drop me an email and I'll add you to the list. Once the building is registered there are bound to be a few units. This will occur in a few short months. Looking at units in Downtown Toronto that have a "Peek a Boo View" of the water desirable makes watching the paired White Swans in High Park and the Autumn colours an absolute delight.

Condominiums first step to homeownership

Condominiums first step to homeownership in most major centres, says RE/MAX

Given serious escalation in detached housing values, condominium apartments and towns have now emerged as the first step to homeownership, says RE/MAX Ontario-Atlantic Canada.

Affordability has fuelled buying activity across the board, according to the 2010 RE/MAX Condominium Report, highlighting trends and developments in eight Ontario markets and one in Nova Scotia. Condominiums now represent one in every three homes sold in the Greater Toronto Area; close to one in every four homes sold in Ottawa and Hamilton-Burlington; and almost one in every five homes sold in London, Kitchener-Waterloo, and Collingwood. The trend has translated into a solid upswing in unit sales activity, with 78 per cent of markets posting an increase in year-to-date sales (January – September 2010 vs. 2009)—with percentage gains outperforming overall residential sales in most
markets examined.

“As one of few affordable housing options available to first-time buyers, the concept is poised for dramatic growth in years to come,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “The lifestyle has also gained a foothold with younger, hipper audiences, as the definition of homeownership evolves with the changing demographic. Dreams of the small home with a white picket fence are being replaced by the funky loft apartment in close proximity to shops, restaurants, and entertainment.”

Other factors that support an escalation in condominium sales include an expanding population base, especially in areas like Barrie which saw a 21 per cent increase in the 2006 census. Immigration and inmigration will also play a role, with at least half of new immigrants settling in Ontario – and more specifically, the Golden Horseshoe. Urban renewal and intensification also add to the mix, drawing younger purchasers to the downtown core of major urban centres.

While the greatest activity continues to occur in the lower price points-under $200,000 in areas like Ottawa, Barrie, and London and under $300,000 in Toronto and Collingwood—luxury product is also attracting more affluent empty-nesters and retirees to the maintenance-free lifestyle. Condominium sales in the GTA over the $1,000,000 price point have seen a 49 per cent increase year-over-year, while condos priced in excess of $450,000 in Ottawa have seen sales jump 72 per cent compared to the same period in 2009.

Investors are also an active part of the equation, spurring demand for entry-level resale product in college and university towns like London, Kitchener-Waterloo, and Barrie—in the hopes of cashing in on student housing. New construction in major centres has also experienced an increase in investment activity—with the vast majority of units in Toronto’s downtown core purchased by Asian and Middle Eastern investors as a long-term hold.

"Unlike 1989, when a flood of new condominium listings wreaked havoc on the market, these purchasers are in for the long haul," says Polzler. "Leverage is not a factor, with most paying cash for their units. If they can’t sell their apartments, they’re more than prepared to rent them out." http://www.remax-oa.com/media-newsroom/article/62/

David Pylyp So what conclusions can we grab from this article? What nugget is there? Single women are forming their own market group. Young professionals are realizing the concept of equity and need to start their nest egg.

I think the conclusion that is missing is that our educated workforce with strong earning dollars is not interested in Co Habitating Co Ownership of properties in the city core the way my parents bought with 3 families. The marketing and privacy, health clubs and social networks make condo's a very viable and highly attractive residence for young urban professionals.

The desire for a back yard is brought about with a young family, nut not they have equity and a princely sum for a down payment on the next purchase.

Flat fee Commissions and al a Carte Services

CREA ratification of Competition Consent Agreement

Despite all the media hoopla associated with Sunday's vote by CREA members to ratify the Competition Consent Agreement, it will be business as usual for real estate professionals across the country.

The public will continue to access listings on the MLS system or Realtor.ca, but any posts to the system remain firmly in the hands of local realtors. Under the terms of the new, 10-year agreement, CREA and the Boards cannot prevent or discriminate against 'mere postings' and members who offer 'mere postings.' CREA does not believe that such rules exist today-but if they do-they must be repealed or Boards will lose their license to operate under the MLS trademark.

So all in all, it's business as usual. Sure, consumers have more choices, but then again, they always have. Discount brokers have been around for years. There is a reason why the MLS system is responsible for 90 per cent of resale housing transactions in the country. Canadians rely on the full-service approach provided by the country's 100,000 real estate professionals. Regardless of alternatives, most people require the services of an experienced agent to sell their home.

All we need to do is look south of the border-where the process is similar-for confirmation of that fact. According to the National Post, "the U.S. Department of Justice negotiated an anti-trust settlement with the National Association of Realtors allowing internet brokers and other agents offering discounted commissions to access the MLS in 2008. Two years later, traditional full-service brokers still control between 70 and 80 per cent of the U.S. housing market, and the average commission has increased to 5.3 per cent of the sale price from five per cent in 2008."

In fact, NAR statistics provided by the National Post show 80 per cent of sellers use a full-service broker, managing most of a transaction from listing to closing. Another nine per cent choose limited services that include discount brokerage and 11 per cent opt for the bare minimum of just listing on MLS.

There's a story to be told here. Consumers place value on the services we provide as realtors and that's not about to change. Why? We have the knowledge and expertise to generate results. Few are willing to take chances with their most valuable asset. As Canada's leading real estate organization, we will continue to do what we do best-assisting buyers and sellers with the biggest financial decision of their lifetime.

Take a moment to look at our new marketing campaign on the critical role of a RE/MAX agent. It is easily found on www.FitToSell.ca. This timely campaign demonstrates the value of using a professional RE/MAX agent. It should help offset some of the negative press, until things settle.

As I said, business as usual.

Sincerely,

Michael Polzler
Executive Vice President, Regional Director
RE/MAX Ontario-Atlantic Canada Inc.

So what will you do by yourself? FINTRAC / PIPEDA Fulfillment of conditions or create contracts between private sellers that have no hope to close.

Add your comments. Can I charge extra for attending at your closing and inspections?

Flat Fee Commissions; The Race for the Bottom

Consumers are absolutely entitled to the Lowest possible prices for everything that they use. Who has this slogan? " The Lowest Price is the Law" Why not Free?

If a consumer had the choice to pay $4.00 or $8.00 for the same item what would they select? If you were shopping for bed linens and you found the 400 thread count sheets at Winner's or a boutique location at Hazelton Lanes in Yorkville would your selection be any different? So every store in Hazelton Lanes should close!

But... real estate services are not packages that can be delivered off the self. The niche marketing developed by For Sale By Owner sites and the Property Guys have resorted to calling REALTORS robbers to garner your attention. They have the most to lose in this war on rhetoric. FSBO sites will be decimated by agents offering FLAT fee commissions. [why post on a website seen by hundreds when you can post on a website MLS.ca seen by hundreds of thousands daily.]

It sounds wonderful that Buyers can contract for services directly from Real Estate Agents. It is simple. Well Not really, Banks will not pay commissions in addition to a Purchase Contract. So although you have bought a house you cannot add the appraisal, survey, hydro meter, hook ups, development charges and real estate fee to the contract, they are expenses of the sale.

There is no commission at all....

"Quite a lot of agents are going to offer fees for service. If the vendor is listing for a fee, why can't the buyer's agent do the same? Then there's no commission to deal with at all," Mr. Andrew said. "Everybody engaging the services of a real estate agent would have to be on a contract."

The other major ramification of the agreement could be a gradually squeezing of for-sale-by-owner (FSBO) sites, which could find themselves competing more and more as discount models on the MLS. That was one of the fears of National FSBO Network, whose vice-president of operations, Stephen Skelly, had argued in a letter to the Competition Tribunal that if agents list property on the MLS for a one-time fee and provide no additional service, his members would not be able to compete.

http://www.montrealgazette.com/business/fp/money/CREA+nothing+deal+lawyer+says/3691706/story.html

Read more: http://www.montrealgazette.com/business/fp/money/CREA+nothing+deal+lawyer+says/3691706/story.html#ixzz12pBOYXKk

There was the nugget; If agents list on the MLS and offer no other [additional] services. No Pricing, Presentation, Marketing, Negotiation or Transaction Management?

So if there is a mortgage or debt against the property and the owner has bills to pay... The agent has offered you CASH back post closing; where does that come from?

It all sounds great, but Real Estate is a service that some people need and some people don't. If you drive, you hate filling up. You hate gas prices, Great. Don't fill up. Don't Drive.

But if you do need to sell, you do need the services of a professional realtor, to explain your options, ensure that you understand your choices, make your decisions and complete those promises that you made contractually to the other party. We will need to book, organize and record showings, inspections, appraisals. Confirm financing. Deal with your lawyer to confirm they have received your documentation and have completed their obligations to search title, check for municipal work orders, purchase title insurance and verify taxes. Hand over the survey of the property, not a photocopy of a fax of a copy you received. You need and want my Errors and Omissions Insurance.

Your word to your bank that you have registered your mortgage properly and that the bank has a proper 1st Mortgage is not enough, they want your lawyer to sign off, with photo ID's and Passports? Why? Fraud is rampant in our electronic fast paced lifestyle.

Everything in life may be found for less from someone, But I am able to answer my own phone before the third ring, and will visit you after 9 PM if need be.

Where is IT better than Bloor West Village?

When is one location superior to another; Ok ok we are firmly in the Bloor West Village Toronto neighbourhood and comparing Beresford to Armadale or is Colbeck a superior location. Is it OK to pay this much money for Runnymede?

What about the side of the street to the west of Jane; Where does it become Old Mill? Past the bridge? On the South Side it is called Brule Gardens, the street and neighbourhood is referred to as Riverside Dr., as riverside follows the top and bank south from Baby Point to Lake Ontario at Ellis Avenue.

So a ravine lot backing on the south Kingsway, that is the top of bank called Mossom Road is a superior location. There is a listing there at 13 Mossom Road that is a renovation. An updated wiring, heating, lighting, flooring, kitchen, granite, bathrooms OH and a ravine lot.

Photo Array Stream

This is offered at $885.0

I am watching with dismay as buyers are paying $ 900k plus for non ravine lots on lesser streets. How can you boycott a ravine lot in Brule Gardens?

If you would like view this property, Hurry Give me a call at 647 218 2414

Ladies Car Care Clinic in Etobicoke

I will guarantee even Less!

While everyone with a real estate license and a pulse wants to promise you more;

I want to guarantee you less.

I will provide less drama in your life that you have ever had selling a property.

We will never argue because you have the last word.

We will have less showings because your property will be priced closer to the market value for a quick sale.

We will achieve the highest possible sales dollar.

Less showings at the right price mean more qualified buyers.

Less disappointed Shoppers as they will have seen your house on YouTube and Slideshows

You will have less discount from the asking price to the selling price.

Less time wasted because of miss-communication.

Less time spent on fabricated stories of in completions.

Less time in your life wasted on making beds and cleaning empty rooms.

Less effort corralling the pets and landscaping.

We will have less change with price reductions.

Guaranteed less time for sale.

I promise you less aggravation.

We will spend less time with your lawyer as I will attend the closing with you.

We will waste less time seeking financing as I already have the best relationships established.

For times like this when Less really is MORE

In addition we offer a Satisfaction Guarantee. If you are at all unhappy with your purchase for whatever reason in the next year, we will sell your property for free.

If you are living in Toronto and would like to connect Call me at 647 218 2414 we can have a coffee together or drop me an email at david@davidpylyp.com

Maybe a comment here; http://eleganthomesinwesttoronto.blogspot.com/

Dealing with Buyers Remorse

Do suffer from Buyers Remorse? Sorry for what you bought? Can you get a guarantee?

When Pamela Herring bought her first home she didn’t open a bottle of wine to celebrate.

“I regretted [the purchase] the day after I moved in,” she said. “I had a meltdown and hated my home for a few months.”

Herring found support with her family and friends. “My family and friends helped a great deal. My sister told me I could come visit her any time. My parents told me I could stay with them any time I wanted. Everyone invited me over for dinner a lot, knowing how miserable I was. My friends were supportive and told me of their own home buying woes. I didn’t spend much time there if I could help it. I told myself I could always rent it out and move in with my parents again if it got too bad. My dad supported this.”

And in the end, sometimes the situation improves.

Herring said, “I still have relapses. It’s been a year and I like it much better now. I tell myself I can find a roommate if I get too lonely or if I’m mad about the house itself, I tell myself I can renovate or find another in a few years. It’s all negotiating with myself, but the feelings come and go now. It’s getting better … or I’m getting used to it.” http://www.yourhome.ca/homes/realestate/article/868816--when-buyer-s-remorse-extends-to-your-home

So what do you do? I have a simple solution. Although we do a market evaluation to ensure value, I also provide a Satisfaction Guarantee. If you are unhappy with what you have purchased I will sell it for free and help you select something else that may be more suitable.

Very often we buy from a plan, then decide that its too big or too small or faces the sunset daily; Maybe the transit and commuting just takes too long, or maybe its too far to work or simply your circumstances have changed. In any of these events it would be wonderful to have a solution standing by....

Give me a call at 647 218 2414

Linking Boomers Events Toronto

Toronto This Week Week of October 11th – 17th

Welcome to the LinkingBoomers.com weekly newsletter - helping people 50+ connect to the community through events, volunteering, classifieds and meeting other people. Events Mon Oct 11 - HarbourKIDS: Harvest (Free Grandparent Outing) Tues Oct 12 - Isabella Rossellini on Voyage in Italy (TIFF Event $15-$18) Wed Oct 13 - Priscilla Queen of the Desert, the Musical ($35-$130) Thurs Oct 14 - Researching the News Online @ Toronto Reference Library (Free) Fri Oct 15 - Canada's Walk of Fame Festival (Various Prices) Sat Oct 16 - Singsation Saturday - Come out and sing Bach's St. John Passion ($10) Sun Oct 17 - 5K Your Way ($10-$45) View other Events at LinkingBoomers.com Volunteer Relay For Life Committee Posting, Canadian Cancer Society, Part Time Customer Services Volunteer, Canadian Cancer Society, Part Time Courtesy Volunteer, St. Joseph's Health Centre, Part Time Administrative Assistants, Osteoporosis Canada, Part Time View all Volunteer Opportunities at LinkingBoomers.com Other News at LinkingBoomers.com § Classifieds – We have updated this section to include Jobs to make it easier for people to find them! § We’re now on Twitter. We are ‘Tweeting’ a few times a day to keep you connected to the latest events, volunteer postings, or interesting articles. § If you already have a Facebook account, click “like it” on the LinkingBoomers.com Facebook page to stay connected and give us feedback on how we’re doing! People Looking to connect with others 50+ in Toronto for friendship, dating, travelling, or to do activities with? Use our easy-to-use system and create a profile in the People section today! Forward to a Friend! We would really appreciate your help spreading the word about this free and easy-to-use community web site for anyone 50+. Simply forward this email. Thank you!