Tuesday, September 9, 2008
A New Listing!
For any of you who may indeed be contemplating the purchase of a newer townhome in the Greater Toronto Area, here is a newer listing that may well be of interest. The property in question is a " Free-hold " townhome, with a small condominium component (in the way of both the shared laneway leading to the parking spots and some of the shared walk-ways contained within the site). The property is just over 1400 sq. feet, and includes 2 bedrooms and a den. The original Buyers have opened up both the 2nd bedroom (to make it usable as a Den and/or media room) and the Master bedroom, which gives this townhouse a much bigger and more luxurient feel then some of it's immediate neighbors. Given that interior space is always a pertinent issue in these kinds of properties -- opening up the unit has made a world of difference to both the feeling of space within the property, and it's resultant flexibility in terms of potential use.
The property also includes one parking spot, a large front porch, and an even larger roof-top terrace. Gas, water and electricity are also available on the terrace, to enable owners to make the most of these outdoor areas.
As for location, this property is located within the small and thriving community of " Corktown. " Corktown in turn is located on the lower east side of the City and/or just north of " the Distillery District " proper. As the address suggests, the property does have a Queen St. East address -- but is nevertheless tucked into a small East facing court-yard over-looking a number of trees contained within some of the neighboring yards. In consequence, the property feels both quiet and nicely secluded within it's small little courtyard, while also being connected to the excitement and vitality of Queen St. East.
Should any of you have any further questions about the above noted property, please feel free to contact me directly at either thoeher@trebnet.com and/or (416) 879-1076 (my cell).
Monday, August 25, 2008
What's Going on " Down Below? "
Never mind that -- this is a " family oriented " condominium related BLOG, which means you're not going to get any of that -- here (sorry about that).
The issue I'm referring to visa vie this purposefully compelling title, is another one of those " un-spoken " and/or un-talked about issues implicit to the purchase of a new and/or as yet to be built Condominium: ie./ The issue of what the Builder / Developer potentially intends to do with the real estate located on the main and/or ground level of the condominium. Sometimes this area is dedicated to Lobby space, to bicycle storage and/or a mail-box room. Where there is a concierge, this area may also include some provisions (such as a counter and/or desk etc....) for same.
Alternatively -- some Developers incorporate ground floor residential units on the first floor, although such units (if included) are usually discounted to reflect some of the less than desirable aspects associated with this circumstance. ie./ Ground floor units are usually perceived as less secure (especially by women), and in consequence need to be discounted to encourage potential purchasers. Moreover, ground floor units often have less than ideal views and/or vantage points (in terms of both elevation and exposure) which also compromises their value relative to other more desirable units (ie./ anything above ground level). In other words, you're usually only likely to see ground floor residential units sold within Developments where there is something about the grounds and/or ground level area that helps to mitigate against most of these draw-backs (ie./ where there might be gardens and/or a court-yard associated with the Development etc....).
As a result -- what you have in most cases (especially those cases where the Condominium is being developed in a highly Urban area and/or on a major street / etc...) is a ground level area with a number of units dedicated as " Commercial Space. " In such cases, the Developer / Builder retains the right (privalege) to sell and/or lease these units to whomever he likes, pending certain loosely defined criteria. ie./ Usually the condominium documents will suggest that such units will be leased and/or sold to service related interests which will hopefully be of benefit to the Condominium owners (ie./ things such as Dry Cleaners, small variety stores and/or video rental outlets etc....). That said, many of these Commercial arrangements are often amongst the last to be consummated, and consequently aren't usually known about (by the initial residential purchasers) until well after they've made their own buying decisions.
What all of this means to an initial Buyer then -- is that there is some risk (however small) that the kinds of Commercial properties and/or interests that will eventually inhabit the lower floor(s) of a condominium property aren't always known about until well after the initial Buyers have taken possession. In most cases this isn't problemmatic, as long as the Condominium Developer in question remains conscientious about the kinds of Commercial tenants and/or Owners they allow into the property, but if and where this goes awry -- the consequences can be both problmemmatic and/or consequential. ie./ I know of one Developer / Builder for example who apparently made initial arrangements with the Municipal government here in Toronto to allow for a needle exchange site and methodone clinic to occupy a property within one of their buildings. Needless to say -- they never made this information available to their residential Buyers, and just sort of sprung it on them once the project was finished. Apparently, one of the concessions they made to secure the property right up front was to agree to this contingency -- which they didn't however feel obliged to share with Buyers prior to registration. Needless to say, a great many of the Buyers were upset by this, as the relative value or their units (not to mention their related quaility of life) was indeed effected by this arrangement.
Hence -- make sure to check your' Condominium Documents carefully (within your' 10 day rescission period) / grill your' Developer - Builder ahead of time / and if and when necessary -- include a condition within your' initial offer which protects you from this kind of under-handed / duplicitous behaviour. As I've stated in previous Blog up-dates, one of the critical things to consider when contemplating the purchase of a new Condominium property is the nature and reputation of the Developer(s) under consideration. It is my experience over the last 10 years or so, that the better Developers don't engage in this kind of duplicitous chicanery, where-as some of the middle tier Developers and/or their lesser-lites, can and sometimes do resort to this kind of behavior. What you don't know can indeed hurt you, and given that buying a newer Condominium is indeed like being a silent partner with a vastly complex business proposition (the construction of a large scale building), the more you know and/or can find out up front -- the better off you're likely to be. Moreover, if and when you can't know up-front what might be in store down the road, it may well be worth creating contingencies (and/or conditions / clauses etc...) within your' initial offer that can at least balance the equation somewhat. Caveat Emptor is not only a refrain for duplicitous Sellers to hide behind -- it can and ought to be a shield against some of the very real and possible issues that may lurk in the weeds just outside of the Condominium buying experience. That said -- it can only become a shield if in fact you use it. Hence -- it really ought to be one of the components of your' condominium buying arsenal, right along with your' skeptical good nature, your' critical business sense, and of course you're check-book.
The issue I'm referring to visa vie this purposefully compelling title, is another one of those " un-spoken " and/or un-talked about issues implicit to the purchase of a new and/or as yet to be built Condominium: ie./ The issue of what the Builder / Developer potentially intends to do with the real estate located on the main and/or ground level of the condominium. Sometimes this area is dedicated to Lobby space, to bicycle storage and/or a mail-box room. Where there is a concierge, this area may also include some provisions (such as a counter and/or desk etc....) for same.
Alternatively -- some Developers incorporate ground floor residential units on the first floor, although such units (if included) are usually discounted to reflect some of the less than desirable aspects associated with this circumstance. ie./ Ground floor units are usually perceived as less secure (especially by women), and in consequence need to be discounted to encourage potential purchasers. Moreover, ground floor units often have less than ideal views and/or vantage points (in terms of both elevation and exposure) which also compromises their value relative to other more desirable units (ie./ anything above ground level). In other words, you're usually only likely to see ground floor residential units sold within Developments where there is something about the grounds and/or ground level area that helps to mitigate against most of these draw-backs (ie./ where there might be gardens and/or a court-yard associated with the Development etc....).
As a result -- what you have in most cases (especially those cases where the Condominium is being developed in a highly Urban area and/or on a major street / etc...) is a ground level area with a number of units dedicated as " Commercial Space. " In such cases, the Developer / Builder retains the right (privalege) to sell and/or lease these units to whomever he likes, pending certain loosely defined criteria. ie./ Usually the condominium documents will suggest that such units will be leased and/or sold to service related interests which will hopefully be of benefit to the Condominium owners (ie./ things such as Dry Cleaners, small variety stores and/or video rental outlets etc....). That said, many of these Commercial arrangements are often amongst the last to be consummated, and consequently aren't usually known about (by the initial residential purchasers) until well after they've made their own buying decisions.
What all of this means to an initial Buyer then -- is that there is some risk (however small) that the kinds of Commercial properties and/or interests that will eventually inhabit the lower floor(s) of a condominium property aren't always known about until well after the initial Buyers have taken possession. In most cases this isn't problemmatic, as long as the Condominium Developer in question remains conscientious about the kinds of Commercial tenants and/or Owners they allow into the property, but if and where this goes awry -- the consequences can be both problmemmatic and/or consequential. ie./ I know of one Developer / Builder for example who apparently made initial arrangements with the Municipal government here in Toronto to allow for a needle exchange site and methodone clinic to occupy a property within one of their buildings. Needless to say -- they never made this information available to their residential Buyers, and just sort of sprung it on them once the project was finished. Apparently, one of the concessions they made to secure the property right up front was to agree to this contingency -- which they didn't however feel obliged to share with Buyers prior to registration. Needless to say, a great many of the Buyers were upset by this, as the relative value or their units (not to mention their related quaility of life) was indeed effected by this arrangement.
Hence -- make sure to check your' Condominium Documents carefully (within your' 10 day rescission period) / grill your' Developer - Builder ahead of time / and if and when necessary -- include a condition within your' initial offer which protects you from this kind of under-handed / duplicitous behaviour. As I've stated in previous Blog up-dates, one of the critical things to consider when contemplating the purchase of a new Condominium property is the nature and reputation of the Developer(s) under consideration. It is my experience over the last 10 years or so, that the better Developers don't engage in this kind of duplicitous chicanery, where-as some of the middle tier Developers and/or their lesser-lites, can and sometimes do resort to this kind of behavior. What you don't know can indeed hurt you, and given that buying a newer Condominium is indeed like being a silent partner with a vastly complex business proposition (the construction of a large scale building), the more you know and/or can find out up front -- the better off you're likely to be. Moreover, if and when you can't know up-front what might be in store down the road, it may well be worth creating contingencies (and/or conditions / clauses etc...) within your' initial offer that can at least balance the equation somewhat. Caveat Emptor is not only a refrain for duplicitous Sellers to hide behind -- it can and ought to be a shield against some of the very real and possible issues that may lurk in the weeds just outside of the Condominium buying experience. That said -- it can only become a shield if in fact you use it. Hence -- it really ought to be one of the components of your' condominium buying arsenal, right along with your' skeptical good nature, your' critical business sense, and of course you're check-book.
Monday, August 18, 2008
References -- that might be helpful.
Given that it's 100 degrees out there -- and I too want to get out and enjoy the last of the Summers' rays, I figured I'd offer you a number of reference options, which will hopefully expand your' capacity to ellicit some pertinent information (about construction / architecture and condominiums etc...) for yourself.
First amongst these is a programme which appears every saturday at 5:30 pm on PBS (and/or channel 18 -- if you live in the Toronto area). This old house is one of the original progenitors of the current spate of " home renovation " programs, and as such has a compelling educational aspect to it which should prove beneficial to viewers irrespective of the kind of property purchase (and/or renovation) they might be contemplating. A lot of the topics they deal with tend to be about things like structural issues, plumbing and heating up-grades and architectural styling(s) etc.... but they also deal with interior design issues, the cost benefits of certain up-grades and exterior and/or land-scapping concerns. All in all -- the show is quietly informative, informal in nature and very (very) addictive and/or habit forming (even if you don't own a hammer). They've been around for over 20 years -- and hence also publish a magazine, but the show is definitely the more appealing and compelling format in which to experience the " THIS OLD HOUSE " phenomenon.
For anyone more interested in things related to architecture, interior design, and the vast variety of condominium and/or home alternative(s) out there, two magazine's I'd highly recommend would include both Dwell Magazine (out of San Francisco) and AZURE magazine which is published right here in Toronto. Both deal with a wide array of topics via their monthly periodicals -- and hence there is almost always something of interest to the general reader. Both magazines also tend to cover a lot of what's new / interesting and/or theoretically significant in the world of Green Developments (especially as they relate to construction etc....) which again makes them significant to anyone potentially contemplating the purchase of a newer condominium. DWELL tends to venture internationally for a lot of their stories and features, where-as AZURE magazine is probably a little more domestic or Canadian in flavor -- but outside of this minor nuance, both magazines are great places to read about a lot of what is pertinent in the design, building and architectural communities.
For something a little more specific -- both in terms of subject material and bias, another magazine I'd highly recommend is " Canadian Architect magazine. " Although this periodical often times tends to be a little overly (and/or overtly) specific to the Architectural community per se, they do an Awards edition every year (in December / January) which highlights all that is best in the Canadian Archtitectural scene over the past year. As a lot of the projects which get reviewed (and awarded with praise) include newer condominium and/or housing options -- this edition should be must reading for anyone who takes their purchase of a NEWER property seriously. Despite the obvious and specific nature of this magazine, the writing and content of the articles is such that anyone (including myself) can easily comprehend same. Hence -- don't be intimidated by the nature and/or cost of the magazine, especially when and if you're hunting for the above noted (yearly) edition.
And now -- while the Sun is still high in the Sky and the Rays are still easy to attain, I'm afraid I have to go out and make myself available to all that free vitamin " D " laden radiation. Like my Broker keeps telling me, it's all about the TAN.
Oh Yah! Just in case you'd like to check out some of the attendent websites re: any of the above you can find same at,
1) This Old House -- www.ThisOldHouse.com
2) Dwell Magazine -- www.dwell.com
3) Azure Magazine -- www.azuremagazine.com, and
4) Canadian Architect Magazine -- www.cdnarchitect.com
" Shante' "
First amongst these is a programme which appears every saturday at 5:30 pm on PBS (and/or channel 18 -- if you live in the Toronto area). This old house is one of the original progenitors of the current spate of " home renovation " programs, and as such has a compelling educational aspect to it which should prove beneficial to viewers irrespective of the kind of property purchase (and/or renovation) they might be contemplating. A lot of the topics they deal with tend to be about things like structural issues, plumbing and heating up-grades and architectural styling(s) etc.... but they also deal with interior design issues, the cost benefits of certain up-grades and exterior and/or land-scapping concerns. All in all -- the show is quietly informative, informal in nature and very (very) addictive and/or habit forming (even if you don't own a hammer). They've been around for over 20 years -- and hence also publish a magazine, but the show is definitely the more appealing and compelling format in which to experience the " THIS OLD HOUSE " phenomenon.
For anyone more interested in things related to architecture, interior design, and the vast variety of condominium and/or home alternative(s) out there, two magazine's I'd highly recommend would include both Dwell Magazine (out of San Francisco) and AZURE magazine which is published right here in Toronto. Both deal with a wide array of topics via their monthly periodicals -- and hence there is almost always something of interest to the general reader. Both magazines also tend to cover a lot of what's new / interesting and/or theoretically significant in the world of Green Developments (especially as they relate to construction etc....) which again makes them significant to anyone potentially contemplating the purchase of a newer condominium. DWELL tends to venture internationally for a lot of their stories and features, where-as AZURE magazine is probably a little more domestic or Canadian in flavor -- but outside of this minor nuance, both magazines are great places to read about a lot of what is pertinent in the design, building and architectural communities.
For something a little more specific -- both in terms of subject material and bias, another magazine I'd highly recommend is " Canadian Architect magazine. " Although this periodical often times tends to be a little overly (and/or overtly) specific to the Architectural community per se, they do an Awards edition every year (in December / January) which highlights all that is best in the Canadian Archtitectural scene over the past year. As a lot of the projects which get reviewed (and awarded with praise) include newer condominium and/or housing options -- this edition should be must reading for anyone who takes their purchase of a NEWER property seriously. Despite the obvious and specific nature of this magazine, the writing and content of the articles is such that anyone (including myself) can easily comprehend same. Hence -- don't be intimidated by the nature and/or cost of the magazine, especially when and if you're hunting for the above noted (yearly) edition.
And now -- while the Sun is still high in the Sky and the Rays are still easy to attain, I'm afraid I have to go out and make myself available to all that free vitamin " D " laden radiation. Like my Broker keeps telling me, it's all about the TAN.
Oh Yah! Just in case you'd like to check out some of the attendent websites re: any of the above you can find same at,
1) This Old House -- www.ThisOldHouse.com
2) Dwell Magazine -- www.dwell.com
3) Azure Magazine -- www.azuremagazine.com, and
4) Canadian Architect Magazine -- www.cdnarchitect.com
" Shante' "
Monday, August 11, 2008
The Beauty of the Ten Day Rescission Period!
One of the absolute best things about buying a NEW condominium has to be the Ten Day Rescission period that accompanies any offer to purchase from a New Home (condominium) Developer. As mandated by LAW, this 10 day rescission period basically suggests that any new Buyer (and/or person making an offer) has 10 days (from the date of signing) in which to re-consider and/or contemplate his purchase. *** Given a recent up-date in the condominium legislation in Ontario, this time period winds up being somewhat longer then 10 days -- as the rescission period now starts once the Developer signs off on (and/or agrees to) the Offer per se. As this process normally takes 3 to 4 days (or there-abouts) -- your 10 Day rescission period is often somewhat longer than 10 days.
If it helps to clarify things -- this rescission period exists primarily because any purchase of a Condominium in Ontario by implication suggests certain rules / regulations and obligations etc.... emanating out of the communal structure and/or organization of a condominium (ie./ Rules & Regulations etc.... a condominium owner will have to abide by). The idea of the 10 day rescission period is to provide a Buyer with enough time to contemplate these rules and regulations before committing (in earnest) to the rules and regulations inclusive to his purchase. Part of this process invariably involves a Buyer having the attendent documents (which outline all of the fore-going) reivewed and over-looked by a Real Estate Lawyer. The idea being -- that once granted this capacity of review and contemplate all of the rules / obligations and potential additional costs associated with the Condominium purchase -- the Buyer will indeed have a much better sense as to what he is in fact agreeing to (both in terms of his unit purchase and the rules and regulations associated with same).
Beyond all of this of course, the law provides some attendent benefits which are also worth mentioning. First of all -- the 10 day rescission period gives a Buyer ample time in which to RE-CONSIDER the voracity of his purchase, and to double-check some of the extraneous factors which might be relevent to his or her purchase. ie./ The 10 day rescission period provides a great opportunity in which to do any " due diligence " the Buyer might wish to engage in, in terms of reviewing locations, doing some attendent research about the Builder / Developer, and/or even getting to know the neighborhood a little more intimately. Better yet, should the Buyer eventually decide against his or her potential purchase, the Buyer can opt out of the transaction simply by conveying his desire to withdraw to the Developer prior to the expiry of the rescission period (ie./ no clever excuses are in fact required to negate the offer).
Given this contingency - and the attendent ease of withdrawing from a transaction, a lot of investor's will in fact initiate transactions (early in the Sales cycle of a new project) merely as a means of removing certain units from availability (where they might otherwise get scooped and/or purchased by other potential Buyers) while they in fact make up their own minds as to whether or not they actually want to buy said unit(s). The amount of this kind of chicanery varies from project to project -- but does constitute a modest amount of the initial activity within any given Development (especially amongst investor's and/or speculator's). Hence -- it is always a good idea to consult with the Sales Staff, to get a better and/or truer sense as to what units may or may not be available at any given time.
The last thing I would say -- is that when and if the market really starts to heat up (which often makes buying a resale condominium a lot more difficult than it ought to be in terms potential multiple offers and the coincidental requirement to " waive all conditions " etc....) buying NEW is perhaps the quickest and fairest way to re-level the playing. Whenever you walk into a new sales site, the price is indeed the price, the laws in effect to protect Buyers stay in EFFECT (and don't have to be waived), and all of the emotion and stress of buying under the gun (or NOW! NOW! NOW!) are in some respect ameliorated (lessened) by the 10 day rescission period. Better yet -- if you were drinking at the time and/or temporarily " lost your mind " etc... (as often happens in the land of RESALE) -- the 10 day rescission period offers you a way to escape from " DODGE " without having to break a whole host of other laws. In a sense then -- the " ten day rescission period " tends to make the whole buying process a whole lot more even handed or fair, which in-turn makes the entire buying process a whole lot less stressful and in consequence a whole lot more manageable.
Hence -- even though it's just a LAW, it does sort of have an aesthetic beauty and/or inherent loveliness to it, which may well be worth considering when and if you have a choice betwixt NEW and/or RESALE. If " Caveat Emptor " means anything (and I'm sure it means something) -- ten days of careful deliberation probably trumps the scanty 10 minutes and/or half an hour of " due diligence " often affored the RESALE client. Yah -- it's probably no where near as exciting as shooting from the hip and/or walking a tight-rope without a net, but then again there's a reason they tie a rope to your' ankles before you get to " Bungee Jump. " Maybe if I had more time, I could figure that one out as well?
If it helps to clarify things -- this rescission period exists primarily because any purchase of a Condominium in Ontario by implication suggests certain rules / regulations and obligations etc.... emanating out of the communal structure and/or organization of a condominium (ie./ Rules & Regulations etc.... a condominium owner will have to abide by). The idea of the 10 day rescission period is to provide a Buyer with enough time to contemplate these rules and regulations before committing (in earnest) to the rules and regulations inclusive to his purchase. Part of this process invariably involves a Buyer having the attendent documents (which outline all of the fore-going) reivewed and over-looked by a Real Estate Lawyer. The idea being -- that once granted this capacity of review and contemplate all of the rules / obligations and potential additional costs associated with the Condominium purchase -- the Buyer will indeed have a much better sense as to what he is in fact agreeing to (both in terms of his unit purchase and the rules and regulations associated with same).
Beyond all of this of course, the law provides some attendent benefits which are also worth mentioning. First of all -- the 10 day rescission period gives a Buyer ample time in which to RE-CONSIDER the voracity of his purchase, and to double-check some of the extraneous factors which might be relevent to his or her purchase. ie./ The 10 day rescission period provides a great opportunity in which to do any " due diligence " the Buyer might wish to engage in, in terms of reviewing locations, doing some attendent research about the Builder / Developer, and/or even getting to know the neighborhood a little more intimately. Better yet, should the Buyer eventually decide against his or her potential purchase, the Buyer can opt out of the transaction simply by conveying his desire to withdraw to the Developer prior to the expiry of the rescission period (ie./ no clever excuses are in fact required to negate the offer).
Given this contingency - and the attendent ease of withdrawing from a transaction, a lot of investor's will in fact initiate transactions (early in the Sales cycle of a new project) merely as a means of removing certain units from availability (where they might otherwise get scooped and/or purchased by other potential Buyers) while they in fact make up their own minds as to whether or not they actually want to buy said unit(s). The amount of this kind of chicanery varies from project to project -- but does constitute a modest amount of the initial activity within any given Development (especially amongst investor's and/or speculator's). Hence -- it is always a good idea to consult with the Sales Staff, to get a better and/or truer sense as to what units may or may not be available at any given time.
The last thing I would say -- is that when and if the market really starts to heat up (which often makes buying a resale condominium a lot more difficult than it ought to be in terms potential multiple offers and the coincidental requirement to " waive all conditions " etc....) buying NEW is perhaps the quickest and fairest way to re-level the playing. Whenever you walk into a new sales site, the price is indeed the price, the laws in effect to protect Buyers stay in EFFECT (and don't have to be waived), and all of the emotion and stress of buying under the gun (or NOW! NOW! NOW!) are in some respect ameliorated (lessened) by the 10 day rescission period. Better yet -- if you were drinking at the time and/or temporarily " lost your mind " etc... (as often happens in the land of RESALE) -- the 10 day rescission period offers you a way to escape from " DODGE " without having to break a whole host of other laws. In a sense then -- the " ten day rescission period " tends to make the whole buying process a whole lot more even handed or fair, which in-turn makes the entire buying process a whole lot less stressful and in consequence a whole lot more manageable.
Hence -- even though it's just a LAW, it does sort of have an aesthetic beauty and/or inherent loveliness to it, which may well be worth considering when and if you have a choice betwixt NEW and/or RESALE. If " Caveat Emptor " means anything (and I'm sure it means something) -- ten days of careful deliberation probably trumps the scanty 10 minutes and/or half an hour of " due diligence " often affored the RESALE client. Yah -- it's probably no where near as exciting as shooting from the hip and/or walking a tight-rope without a net, but then again there's a reason they tie a rope to your' ankles before you get to " Bungee Jump. " Maybe if I had more time, I could figure that one out as well?
Tuesday, August 5, 2008
Can I Get Parking with That?
The reality of our Condominium market here in Toronto is that most of the properties available for sale thru Developers & Builders are of the smaller variety ie./ Often times 70% to 80% of the units within a proposed building project are at or under 800 square feet in size. There are a couple of reasons for this, the first being that this is where the BULK of the market resides (ie./ for the vast majority of potential condo Buyers / especially first time buyers -- pricing and affordability are of critical importance). Secondly, these kinds of units work better as potential investments. Smaller units are easier to afford up-front, their carrying costs are more reasonable (relatively speaking) and they tend to lease for more money (on a price per sq. footage basis) than larger units ie./ where-as a large 2 bedroom unit in downtown Toronto might lease for just over $2,000.00 per month -- a smaller one bedroom may well fetch $1600.00 to $1,700.00 per month. Equally important (from an investment point of view) these smaller units will tend to appreciate better (on a percentage basis) over time. Hence, for these and sundry reasons -- the condominium marketplace in Toronto is skewed towards smaller more reasonably priced units in general.
Another thing worth mentioning at this point is that virtually all new projects have a short-fall of parking spaces in relation to the number of units they're actually building. This ratio varies -- but it too is often around 70% to 80% in relation to the number of units being built. More than anything else, this has to do with the nature of construction in Toronto and the fact that Builders do face constraints in respect to what they can and can't accomodate in terms of under-ground parking spaces. Beyond the mere physical and government inflicted constraints -- parking areas are also one of the more expensive components for a Builder / Developer to construct (which again implies limitations).
As a result of this circumstance, parking spaces in Toronto are not only getting more expensive, they are also getting more difficult to secure. In a lot of cases, Developers won't even sell you a parking space unless you spend a certain (requisite) amount and/or unless you buy a specified size of property (ie./ you won't be permitted to buy parking unless you buy a property over 600 sq. feet and/or at a price point above $350,000.00 etc....).
Although this may well help to justify and/or explain the current circumstance, my advice as a Realtor is that unless you can secure a property (large and/or small) with parking -- one really ought to reconsider the proposition. Moreover, if your budget constraints don't allow for parking (which at this point in time runs around $35,000.00 per space -- on average), my advice would be to alter your' search criteria enough to enable you to factor this element into the equation. In other words, you're definintely going to NEED parking -- so do whatever you have to do, to make sure you can secure same.
If the Developer won't play ball -- WALK. If you're mortage broker won't help you accomodate the extra payment -- WALK. If the Sales people at the site and/or your own Representative (Realtor) try and persuade you to buy without parking -- WALK.
The reality of our marketplace is that everyone drives a car -- which in essence means everyone needs a place to park. If you're ever thinking of re-selling your property (and/or investment), not having parking will probably exclude 90% to 95% of your' potential Buyers. As a resale Agent, I've had clients who hated cars (didn't have one -- would never get one), didn't eat meat and donated to various " Luddite " societies -- who wouldn't let me show them condominium resale properties without parking. And Hey! if you can't trust a pro " Luddite " -- on an issue such as this, you can you trust?
In any event -- even if you don't actually need parking during your' own tenancy and/or ownership of the property, you can always lease it out and put that stipend against your' monthly maintenance fee costs. At least that way -- the parking will be there when and if you go to re-sell.
If none of this matters to you, you should also realize that without parking -- there is virtually no way you'll ever be able to solicit and/or realize multiple offers on your' property (some where down the road) no matter how crazy and/or frenzied the market might get. Hence -- in a very real way, not having parking could cost you as much as 10% to 20% in terms of potential loss(s) upon resale (ie./ the difference between getting 10% more than asking -- as opposed to 10% less than same).
Finally, if you're still not convinced, realize that within the past 10 years or so (in Toronto), condominium prices have probably doubled on average. Parking prices on the other hand have (within that same period of time) gone up by a factor closer to 5 or 6 times what they were at in 1998 / 1999 ie./ I can easily remember parking going for $5,000.00 to $7,000.00 at that time -- as opposed to the average nowadays of closer to $35,000.00 (and closer to $45,000.00 in our harbourfront). Hence, if you really want to make some money in Real Estate -- you probably ought to be buying parking instead of condominiums.
Just so you know -- Ive already asked, and not only are the Developers not amenable, I think it's against condominium laws (by-laws and/or codes) to sell parking to non-owners and/or residents.
Hence -- if like a lot of people you're on the fence re: this whole parking issue, and are contemplating fore-going that crazy $35,000.00 expense, do yourself a favor and at least re-think the issue. It's one thing if it's truly impossible and/or un-fordable, but failing that -- GET THE PARKING! Yah --it'll hurt when you're doing it, but beieve me -- it'll hurt so good when you're re-selling it.
" Zoom, Zoom, Zoom! "
Another thing worth mentioning at this point is that virtually all new projects have a short-fall of parking spaces in relation to the number of units they're actually building. This ratio varies -- but it too is often around 70% to 80% in relation to the number of units being built. More than anything else, this has to do with the nature of construction in Toronto and the fact that Builders do face constraints in respect to what they can and can't accomodate in terms of under-ground parking spaces. Beyond the mere physical and government inflicted constraints -- parking areas are also one of the more expensive components for a Builder / Developer to construct (which again implies limitations).
As a result of this circumstance, parking spaces in Toronto are not only getting more expensive, they are also getting more difficult to secure. In a lot of cases, Developers won't even sell you a parking space unless you spend a certain (requisite) amount and/or unless you buy a specified size of property (ie./ you won't be permitted to buy parking unless you buy a property over 600 sq. feet and/or at a price point above $350,000.00 etc....).
Although this may well help to justify and/or explain the current circumstance, my advice as a Realtor is that unless you can secure a property (large and/or small) with parking -- one really ought to reconsider the proposition. Moreover, if your budget constraints don't allow for parking (which at this point in time runs around $35,000.00 per space -- on average), my advice would be to alter your' search criteria enough to enable you to factor this element into the equation. In other words, you're definintely going to NEED parking -- so do whatever you have to do, to make sure you can secure same.
If the Developer won't play ball -- WALK. If you're mortage broker won't help you accomodate the extra payment -- WALK. If the Sales people at the site and/or your own Representative (Realtor) try and persuade you to buy without parking -- WALK.
The reality of our marketplace is that everyone drives a car -- which in essence means everyone needs a place to park. If you're ever thinking of re-selling your property (and/or investment), not having parking will probably exclude 90% to 95% of your' potential Buyers. As a resale Agent, I've had clients who hated cars (didn't have one -- would never get one), didn't eat meat and donated to various " Luddite " societies -- who wouldn't let me show them condominium resale properties without parking. And Hey! if you can't trust a pro " Luddite " -- on an issue such as this, you can you trust?
In any event -- even if you don't actually need parking during your' own tenancy and/or ownership of the property, you can always lease it out and put that stipend against your' monthly maintenance fee costs. At least that way -- the parking will be there when and if you go to re-sell.
If none of this matters to you, you should also realize that without parking -- there is virtually no way you'll ever be able to solicit and/or realize multiple offers on your' property (some where down the road) no matter how crazy and/or frenzied the market might get. Hence -- in a very real way, not having parking could cost you as much as 10% to 20% in terms of potential loss(s) upon resale (ie./ the difference between getting 10% more than asking -- as opposed to 10% less than same).
Finally, if you're still not convinced, realize that within the past 10 years or so (in Toronto), condominium prices have probably doubled on average. Parking prices on the other hand have (within that same period of time) gone up by a factor closer to 5 or 6 times what they were at in 1998 / 1999 ie./ I can easily remember parking going for $5,000.00 to $7,000.00 at that time -- as opposed to the average nowadays of closer to $35,000.00 (and closer to $45,000.00 in our harbourfront). Hence, if you really want to make some money in Real Estate -- you probably ought to be buying parking instead of condominiums.
Just so you know -- Ive already asked, and not only are the Developers not amenable, I think it's against condominium laws (by-laws and/or codes) to sell parking to non-owners and/or residents.
Hence -- if like a lot of people you're on the fence re: this whole parking issue, and are contemplating fore-going that crazy $35,000.00 expense, do yourself a favor and at least re-think the issue. It's one thing if it's truly impossible and/or un-fordable, but failing that -- GET THE PARKING! Yah --it'll hurt when you're doing it, but beieve me -- it'll hurt so good when you're re-selling it.
" Zoom, Zoom, Zoom! "
Monday, July 28, 2008
Another Book Recommendation!
This weeks Blog entry is dedicated to a woman by the name of Elli who recently commented on a Book recommendation I did a couple of weeks back (re: a book about Toronto Neighborhoods). Based upon that enthusiastic and encouraging commentary, I thought I would offer another recommendation about a couple of books that really ought to be " Required " reading for anyone contemplating the purchase of a Condominium (NEW and/or resale).
The books in question are entitled " The Fundamentals of Building Construction " (Materials and Methods) and " How Buildings Work. " Both books were written by Edward Allen, who is an American writer and educator in the field(s) of Architecture and Construction. The first book is in it's 5th edition (and was published by John Wiley & Sons) while the latter work was recently revised as of 2005. ie./ How Buildings Work is published by Oxford University Press.
The great thing about both of these books is that they tend to explain and describe all of those pertinent issues no-one ever wants to talk about when contemplating the purchase of a NEW Condominium -- " namely how the structure and/or edifice is being built " and whether or not the way it's being built is actually " the right way. "
I came upon these books (especially the first work) when I was relatively new in the business (some 8 or 9 years ago). As I started to really dedicate myself to selling NEWER condominiums in downtown Toronto, it occured to me that (should someone ask) I couldn't really explain the nature and process implicit in building a condominium, nor could I explain and/or warrant good building practices from poor and/or sub-standard construction. Based principally upon my own failings in this regard, I started to search out different resources that would bring me up to speed, and much to my surprise there was little if anything out there to help me educate myself. Needless to say, I was not only relieved, but quite impressed when I eventually came across Mr. Edwards' works -- as he dealt specifically (and in detail) with all the varying issues connected with this type of building construction.
ie./ The first book covers all of the technical details associated with topics such as Building foundations, tie-backs, piers, and anchoring systems etc... It also goes on to discuss issues such as how floors are built (and added upon) / how mechanical elements such as electricity / water and heating (cooling) etc... are brought into a building. Moreover -- it also gives one a rudimentary appreciation for how buildings are enclosed / how windows and/or fenestration is used to mitigate against weather, and what if any issues are related to all of these varying aspects and/or elements of the building process. In essence, then -- this book gives one a fundamental understanding of what's involved in the building process, and why and how some of these issues matter.
The second work is a little less complex and/or sophisticated in it's over-all descriptions about how buildings actually get built, but it is undeniably a great starting place. Although it deals with similar issues and/or concepts, it tends to go into less detail about some of the specifics of the building process, and hence may well be the easier book to both read and comprehend. It also tends to deal less specifically with larger scale projects and/or construction -- which again makes some of the concepts and ideas easier to digest and/or understand.
As to the relative signifigance of all of this -- without some basic knowledge of the building process per se, a potential Buyer is virtually incapable of asking a lot of the serious (more pertinent) questions which really ought to be asked and/or considered prior to deciding which project and/or development might be best for him or her. I don't think this is accidental, as not talking about all of these critical issues definintely keeps the Builder / Developer in something of a controlling position -- and if nothing else keeps the buying process quite simple (if not simplistic) and easily controllable. ie./ If it's only about " life-style " / " granite counter-tops " / " stainless steel appliances " and all of those other things complicit in the MARKETING process, the sales process is indeed much easier to control, much easier to facilitate and as a result much more straight forward. To put it yet another way, most people are forced into a circumstance where-in they have to base one of their most serious buying / investment decisions, on an almost excrutiatingly limited amount of information (which may or may not be pertinent to the final product being purchased). In a very real sense then, not knowing anything about the real " MEAT " of what's involved in construction means people are making some of their most serious buying decisions based solely upon marketing, floor-plans, a modicum of interior features and finishes and price. Without knowing any of the REAL details as to how a building gets built (and how your particular and/or chosen Developer/Builder might be contructing his project) a lot of people are consequently buying condominiums the way some people buy vehicles -- ie./ based solely upon the brochure, the number of drink(s) holders and/or the nature of the seats? Although this is definitely one way to buy a car, without considering the mechanical and/or critical features of the car, you're just as apt to be buying a lemon as a peach. If you've tasted both -- you know one leaves a whole other taste in your' mouth than the other.
To bring this back to the real situation in Toronto, most people might not realize that one of the biggest and currently most successful properties / developments in Toronto, is also the self-same company and/or business entity that was previously embrolied in the " leaky condo " debacle out in Vancouver. That situation, was principally an issue of how the fenestration and/or window systems were designed and installed out there, as opposed to anything you might have picked up upon within the marketing materials originally dispensed. Moreover, the issue out West hasn't as yet been rectified in any meaningful way -- which does in fact mean the original buyers are indeed the one's stuck with both the head-aches and the bills emanating from that mess. Finally, and this should scare anyone with an imagination, there have already been some similar complaints and/or issues with some of the fenestration systems being installed by this self-same Builder / Developer here in Toronto. I don't know, as I haven't myself suffered the kind of pain and anguish involved in the process of seeing one's investment compromised in this way, but I'm quite sure I wouldn't like it. I'm also quite sure, that if all of that information was readily available and/or out in the open, a lot of people here in Toronto may well have purchased elsewhere.
Hence, for anyone who geuniunely wants to go the extra mile, and wants to get better aquainted with some of the issues and/or questions that go into the " REAL " condominium building process, either of the two works cited by Mr. Allen are highly recommended starting points.
Thanks again Elli -- if this posting helps anyone out there (including yourself) you and Mr. Allen will be doing someone a great service.
The books in question are entitled " The Fundamentals of Building Construction " (Materials and Methods) and " How Buildings Work. " Both books were written by Edward Allen, who is an American writer and educator in the field(s) of Architecture and Construction. The first book is in it's 5th edition (and was published by John Wiley & Sons) while the latter work was recently revised as of 2005. ie./ How Buildings Work is published by Oxford University Press.
The great thing about both of these books is that they tend to explain and describe all of those pertinent issues no-one ever wants to talk about when contemplating the purchase of a NEW Condominium -- " namely how the structure and/or edifice is being built " and whether or not the way it's being built is actually " the right way. "
I came upon these books (especially the first work) when I was relatively new in the business (some 8 or 9 years ago). As I started to really dedicate myself to selling NEWER condominiums in downtown Toronto, it occured to me that (should someone ask) I couldn't really explain the nature and process implicit in building a condominium, nor could I explain and/or warrant good building practices from poor and/or sub-standard construction. Based principally upon my own failings in this regard, I started to search out different resources that would bring me up to speed, and much to my surprise there was little if anything out there to help me educate myself. Needless to say, I was not only relieved, but quite impressed when I eventually came across Mr. Edwards' works -- as he dealt specifically (and in detail) with all the varying issues connected with this type of building construction.
ie./ The first book covers all of the technical details associated with topics such as Building foundations, tie-backs, piers, and anchoring systems etc... It also goes on to discuss issues such as how floors are built (and added upon) / how mechanical elements such as electricity / water and heating (cooling) etc... are brought into a building. Moreover -- it also gives one a rudimentary appreciation for how buildings are enclosed / how windows and/or fenestration is used to mitigate against weather, and what if any issues are related to all of these varying aspects and/or elements of the building process. In essence, then -- this book gives one a fundamental understanding of what's involved in the building process, and why and how some of these issues matter.
The second work is a little less complex and/or sophisticated in it's over-all descriptions about how buildings actually get built, but it is undeniably a great starting place. Although it deals with similar issues and/or concepts, it tends to go into less detail about some of the specifics of the building process, and hence may well be the easier book to both read and comprehend. It also tends to deal less specifically with larger scale projects and/or construction -- which again makes some of the concepts and ideas easier to digest and/or understand.
As to the relative signifigance of all of this -- without some basic knowledge of the building process per se, a potential Buyer is virtually incapable of asking a lot of the serious (more pertinent) questions which really ought to be asked and/or considered prior to deciding which project and/or development might be best for him or her. I don't think this is accidental, as not talking about all of these critical issues definintely keeps the Builder / Developer in something of a controlling position -- and if nothing else keeps the buying process quite simple (if not simplistic) and easily controllable. ie./ If it's only about " life-style " / " granite counter-tops " / " stainless steel appliances " and all of those other things complicit in the MARKETING process, the sales process is indeed much easier to control, much easier to facilitate and as a result much more straight forward. To put it yet another way, most people are forced into a circumstance where-in they have to base one of their most serious buying / investment decisions, on an almost excrutiatingly limited amount of information (which may or may not be pertinent to the final product being purchased). In a very real sense then, not knowing anything about the real " MEAT " of what's involved in construction means people are making some of their most serious buying decisions based solely upon marketing, floor-plans, a modicum of interior features and finishes and price. Without knowing any of the REAL details as to how a building gets built (and how your particular and/or chosen Developer/Builder might be contructing his project) a lot of people are consequently buying condominiums the way some people buy vehicles -- ie./ based solely upon the brochure, the number of drink(s) holders and/or the nature of the seats? Although this is definitely one way to buy a car, without considering the mechanical and/or critical features of the car, you're just as apt to be buying a lemon as a peach. If you've tasted both -- you know one leaves a whole other taste in your' mouth than the other.
To bring this back to the real situation in Toronto, most people might not realize that one of the biggest and currently most successful properties / developments in Toronto, is also the self-same company and/or business entity that was previously embrolied in the " leaky condo " debacle out in Vancouver. That situation, was principally an issue of how the fenestration and/or window systems were designed and installed out there, as opposed to anything you might have picked up upon within the marketing materials originally dispensed. Moreover, the issue out West hasn't as yet been rectified in any meaningful way -- which does in fact mean the original buyers are indeed the one's stuck with both the head-aches and the bills emanating from that mess. Finally, and this should scare anyone with an imagination, there have already been some similar complaints and/or issues with some of the fenestration systems being installed by this self-same Builder / Developer here in Toronto. I don't know, as I haven't myself suffered the kind of pain and anguish involved in the process of seeing one's investment compromised in this way, but I'm quite sure I wouldn't like it. I'm also quite sure, that if all of that information was readily available and/or out in the open, a lot of people here in Toronto may well have purchased elsewhere.
Hence, for anyone who geuniunely wants to go the extra mile, and wants to get better aquainted with some of the issues and/or questions that go into the " REAL " condominium building process, either of the two works cited by Mr. Allen are highly recommended starting points.
Thanks again Elli -- if this posting helps anyone out there (including yourself) you and Mr. Allen will be doing someone a great service.
Monday, July 21, 2008
The Importance of TIMING!
If you ask any investment advisor about the keys to investing well and/or how to really make money, somewhere within the context of his or her response you are more than likely going to hear some mention of the issue of " timing. " Buy LOW and Sell HIGH -- is a mantra almost as ubiquitous (in the investment arena) as the Realtors' mantra of LOCATION, LOCATION, LOCATION.
For the purposes of this up-date, we're not going to concern ourselves with the often tricky and complicated issue of how to decipher the market, and how to time transactions in relation to same -- but we will offer a few simple generalizations as to the normal cycles of the Condominium market (and/or Real Estate market), and how best to try and co-ordinate transactions in accordance with same.
Obviously, from a Buying perspective - you're going to want to time your' purchase(s) to coincide with the slowest and/or least active selling times of the year, in order to level the playing field somewhat between yourself and those who might be looking to sell (be they Developers and/or individual property owners'). The best deals I've made over the past 10 years or so (on behalf of Buyers) have almost always occured during the latter part of July and throughout August (up until labour day and/or the first weekend in September). This is perhaps the one time of the year when people sort of tune-out of the Real Estate world in order to enjoy the remainder of the summer (a time often synonomous with vacations) and/or that last vestige of peace and quiet before work begins again in earnest. Although there are generally less resale listings available during this portion of the year, those that are listed are usually serious about selling, and Developers / Builders' in particular may well be highly motivated (trying to avoid a slow sales month and/or muster whatever they can during this traditional down-time). As a result, most resales tend to be a lot more even handed at this time of year, and most Developers / Builders a lot less likely to raise their price(s) etc.... In either case -- the reality is that you are a lot more likely to negotiate favorable terms for your-self as a Buyer during these months, than you are at any other time within the normal calendar year. (note: Although Christmas is often also considered a propitious time for Buyers' -- over the course of my tenure in Real Estate it hasn't provide the same level and consistancy of opportunity as late summer does. This doesn't mean that things can't and/or won't change -- just that the last 10 years or so of my experience suggest otherwise).
For those of you thinking of selling a property on the other hand, The Spring and Fall markets are most definitely the most opportune time(s) to be engaged in this general activity. As is almost always the case, you'll have more Buyers' looking during these two seasons -- which in-turn should enhance your' capacity to potentially create a " multiple offer circumstance " and/or simply stand your ground (price-wise). Moreover, as the increased number of Buyers will in consequence alter the relative relationship between Buyers and Sellers -- it should (and does) often change what might be a more balanced market into something of a " Sellers' " market.
Although none of these circumstances has to occur as outlined heretofore, as long as our market remains relatively healthy and strong, my expectations would be that these general principles should prevail going forward. Hence, dependent upon your' market expectations and/or fore-casts for real estate in the near term, the next couple of months may well prove an ideal time for you to cast your' line into the Condominium marketplace. Should you indeed be a potential Buyer at this point, odds are quite good you will be happy you did.
For the purposes of this up-date, we're not going to concern ourselves with the often tricky and complicated issue of how to decipher the market, and how to time transactions in relation to same -- but we will offer a few simple generalizations as to the normal cycles of the Condominium market (and/or Real Estate market), and how best to try and co-ordinate transactions in accordance with same.
Obviously, from a Buying perspective - you're going to want to time your' purchase(s) to coincide with the slowest and/or least active selling times of the year, in order to level the playing field somewhat between yourself and those who might be looking to sell (be they Developers and/or individual property owners'). The best deals I've made over the past 10 years or so (on behalf of Buyers) have almost always occured during the latter part of July and throughout August (up until labour day and/or the first weekend in September). This is perhaps the one time of the year when people sort of tune-out of the Real Estate world in order to enjoy the remainder of the summer (a time often synonomous with vacations) and/or that last vestige of peace and quiet before work begins again in earnest. Although there are generally less resale listings available during this portion of the year, those that are listed are usually serious about selling, and Developers / Builders' in particular may well be highly motivated (trying to avoid a slow sales month and/or muster whatever they can during this traditional down-time). As a result, most resales tend to be a lot more even handed at this time of year, and most Developers / Builders a lot less likely to raise their price(s) etc.... In either case -- the reality is that you are a lot more likely to negotiate favorable terms for your-self as a Buyer during these months, than you are at any other time within the normal calendar year. (note: Although Christmas is often also considered a propitious time for Buyers' -- over the course of my tenure in Real Estate it hasn't provide the same level and consistancy of opportunity as late summer does. This doesn't mean that things can't and/or won't change -- just that the last 10 years or so of my experience suggest otherwise).
For those of you thinking of selling a property on the other hand, The Spring and Fall markets are most definitely the most opportune time(s) to be engaged in this general activity. As is almost always the case, you'll have more Buyers' looking during these two seasons -- which in-turn should enhance your' capacity to potentially create a " multiple offer circumstance " and/or simply stand your ground (price-wise). Moreover, as the increased number of Buyers will in consequence alter the relative relationship between Buyers and Sellers -- it should (and does) often change what might be a more balanced market into something of a " Sellers' " market.
Although none of these circumstances has to occur as outlined heretofore, as long as our market remains relatively healthy and strong, my expectations would be that these general principles should prevail going forward. Hence, dependent upon your' market expectations and/or fore-casts for real estate in the near term, the next couple of months may well prove an ideal time for you to cast your' line into the Condominium marketplace. Should you indeed be a potential Buyer at this point, odds are quite good you will be happy you did.
Tuesday, July 15, 2008
A Book Recommendation!
As this will hopefully serve as something of an educational and/or information rich BLOG, I thought I would start offering recommendations from time to time about other resources which might be of service to people looking specifically at the Toronto Condominium marketplace (books / websites / magazines etc...).
That said -- the book I wanted to let you know about this week, is a resource I've been using ever since I originally got into Real Estate (as a Sales Agent). The book in question is a great place to start any potential search -- as it provides something of a summary and/or cross section of all of the varying neighborhoods usually encompassed by and/or contained within Toronto proper. (note: when Toronto almagamated recently to include many of the areas outside of Toronto -- and/or within the 905 area codes, the geographical boundaries of Toronto expanded accordingly. The book in question deals more specifically with those areas contained within the previous and/or more traditional boundaries).
The book is entitled " Your Guide to Toronto Neighborhoods " and was written by
David Dunkelman. David was and is (as far as I know) still a Realtor, so the book really caters to exactly those kinds of concerns usually voiced by people looking to move into our City. The book breaks Toronto down into it's constituent part(s) and does encompass areas as far ranging as East York / Etobicoke / North York and Scarborough. Most area descriptions include a brief history of the area (usually the most interesting components of his general outlines) / an Overview -- and varying comments regarding elements such as styles of homes contained within each area, recreational facilities contained within the neighborhood boundaries, schools and transportation etc....
I know a lot of potential condominium Buyers won't be interested in some of these more secondary and/or peripheral issues, but by and large -- the book provides a great way to start thinking about what neighborhoods might be of interest to ones'self, as well as what attractions and/or features are contained within some of the areas you might want to move into. As we always tell our clients -- not only is location paramount (in terms of the potential value a property might garner over time), it's also a principle component of the buying proposition, since not only are you buying a physical and/or tangible property -- you're also buying into the NEIGHBORHOOD that property is contained within. Needless to say, when you're talking LOCATION (location / location / location etc...) -- you're really talking about NEIGHBORHOOD as well, so anything you can do up-front to enhance your odds of making the right decision (for yourself) is probably worth considering..
My copy of " YOUR GUIDE TO TORONTO NEIGHBORHOODS " was published in 1999 by Maple Tree Publising Inc. and printed by the University of Toronto Press Incorporated. The book is available at the regional head-quarters of The Toronto Real Estate Board at 1400 Don Mills Road (in Toronto), and should also be readily available through Chapters / Indigo. If you'd like to contact Maple Tree Publishing directly - you can contact them at 1370 Don mIlls Road (suite # 300) in Toronto -- M3B 3N7.
That said -- the book I wanted to let you know about this week, is a resource I've been using ever since I originally got into Real Estate (as a Sales Agent). The book in question is a great place to start any potential search -- as it provides something of a summary and/or cross section of all of the varying neighborhoods usually encompassed by and/or contained within Toronto proper. (note: when Toronto almagamated recently to include many of the areas outside of Toronto -- and/or within the 905 area codes, the geographical boundaries of Toronto expanded accordingly. The book in question deals more specifically with those areas contained within the previous and/or more traditional boundaries).
The book is entitled " Your Guide to Toronto Neighborhoods " and was written by
David Dunkelman. David was and is (as far as I know) still a Realtor, so the book really caters to exactly those kinds of concerns usually voiced by people looking to move into our City. The book breaks Toronto down into it's constituent part(s) and does encompass areas as far ranging as East York / Etobicoke / North York and Scarborough. Most area descriptions include a brief history of the area (usually the most interesting components of his general outlines) / an Overview -- and varying comments regarding elements such as styles of homes contained within each area, recreational facilities contained within the neighborhood boundaries, schools and transportation etc....
I know a lot of potential condominium Buyers won't be interested in some of these more secondary and/or peripheral issues, but by and large -- the book provides a great way to start thinking about what neighborhoods might be of interest to ones'self, as well as what attractions and/or features are contained within some of the areas you might want to move into. As we always tell our clients -- not only is location paramount (in terms of the potential value a property might garner over time), it's also a principle component of the buying proposition, since not only are you buying a physical and/or tangible property -- you're also buying into the NEIGHBORHOOD that property is contained within. Needless to say, when you're talking LOCATION (location / location / location etc...) -- you're really talking about NEIGHBORHOOD as well, so anything you can do up-front to enhance your odds of making the right decision (for yourself) is probably worth considering..
My copy of " YOUR GUIDE TO TORONTO NEIGHBORHOODS " was published in 1999 by Maple Tree Publising Inc. and printed by the University of Toronto Press Incorporated. The book is available at the regional head-quarters of The Toronto Real Estate Board at 1400 Don Mills Road (in Toronto), and should also be readily available through Chapters / Indigo. If you'd like to contact Maple Tree Publishing directly - you can contact them at 1370 Don mIlls Road (suite # 300) in Toronto -- M3B 3N7.
Monday, July 7, 2008
Price Per Square Foot -- An Industry Barometer!
One of the ways we in the industry evaluate the relative value and/or pricing of a condominium in Toronto, is to try and figure out " the price per square foot " of the property under consideration.
On a newer property and/or condominium being sold by a Developer this is usually quite easy, as the unit size is almost always indicated -- and the price per sq. foot for the unit is hence just the declared price divided by the units size. ie./ So if a 675 sq. foot unit is selling for $299,900.00 -- its' price per sq. footage price is actually $444.29 (or roughly $445.00). For newer properties such as the one in this example, parking and locker costs are usually added on (after the fact), so an allowance for these factors doesn't normally have to be taken into account.
Of course, the above noted calculation can only be done when and if the Seller declares the properties square footage, which isn't always declared in the case of a resale. When and if it is declared, one ought to subtract the relative value of both the parking and locker, and then divide the remaining stipend (or what's left of the asking price) by the declared square footage. ie./ On an 800 sq. foot unit listed at $399,900.00 -- with a parking spot valued at approximately $25,000.00 and a locker worth roughly $3,500.00 -- the price per sq. foot for said unit would be more like $464.25 and/or roughly $465.00 per sq. foot.
How is this helpful and/or beneficial to a potential Buyer? First off -- given that this is the language and/or general guideline used by Developers to assess the value of what they're selling -- knowing this figure and/or information at the very least puts you on an even playing field with the Seller when it comes to determining and/or considering the relative value of what is being sold and/or purchased? Moreover, the more you know about the relative value and/or price per sq. foot of properties throughout Toronto, the more you can start to get a handle on any premiums being charged for things such as location(s) / finishes / up-grades and the like. Where and if large discrepancies appear, knowing the price per square foot of the properties in question, should also enhance your' capacity to understand where this discrepancy is coming from.
Finally -- as should go without saying, the only figures (in terms of square footage) which ought to be taken into consideration when making such calculations is the interior " living area " -- as this is the only square footage which actually counts in determining the real value of a property (ie./ outdoor and/or terrace space does of course have an impact -- but as it isn't living space per se, it's value is more as an up-grade and/or feature benefit than as actual living space etc...).
Hence -- next time your' out there, try to ascertain how much the property you're considering is actually selling for on a price per square footage basis, and then make comparisons (where-ever possible) based upon these kinds of calculations. Not that this figure is and/or ought to be the be all and end all -- of your' valuations and/or judgements, but outside of most of the extraneous things one can look at, price per square footage figures at least have the benefit of being a somewhat objective place to start. If the numbers suggest anything irregular and/or out of the norm (which they often do) -- the next step is always trying to account for that discrepancy and/or figuring out where it's coming from. Without this kind of initial guideline and/or barometer -- trying to assess the real relative value of any property you're likely to consider is something akin to licking your' fingers and sticking them up in the wind to try and gage what the weather might do next. If you'd rather keep your' fingers dry and rely upon more tangible guidelines and/or instruments -- the price per sq. footage barometer (carried by most Realtors and Developers) may well be the instrument for you.
On a newer property and/or condominium being sold by a Developer this is usually quite easy, as the unit size is almost always indicated -- and the price per sq. foot for the unit is hence just the declared price divided by the units size. ie./ So if a 675 sq. foot unit is selling for $299,900.00 -- its' price per sq. footage price is actually $444.29 (or roughly $445.00). For newer properties such as the one in this example, parking and locker costs are usually added on (after the fact), so an allowance for these factors doesn't normally have to be taken into account.
Of course, the above noted calculation can only be done when and if the Seller declares the properties square footage, which isn't always declared in the case of a resale. When and if it is declared, one ought to subtract the relative value of both the parking and locker, and then divide the remaining stipend (or what's left of the asking price) by the declared square footage. ie./ On an 800 sq. foot unit listed at $399,900.00 -- with a parking spot valued at approximately $25,000.00 and a locker worth roughly $3,500.00 -- the price per sq. foot for said unit would be more like $464.25 and/or roughly $465.00 per sq. foot.
How is this helpful and/or beneficial to a potential Buyer? First off -- given that this is the language and/or general guideline used by Developers to assess the value of what they're selling -- knowing this figure and/or information at the very least puts you on an even playing field with the Seller when it comes to determining and/or considering the relative value of what is being sold and/or purchased? Moreover, the more you know about the relative value and/or price per sq. foot of properties throughout Toronto, the more you can start to get a handle on any premiums being charged for things such as location(s) / finishes / up-grades and the like. Where and if large discrepancies appear, knowing the price per square foot of the properties in question, should also enhance your' capacity to understand where this discrepancy is coming from.
Finally -- as should go without saying, the only figures (in terms of square footage) which ought to be taken into consideration when making such calculations is the interior " living area " -- as this is the only square footage which actually counts in determining the real value of a property (ie./ outdoor and/or terrace space does of course have an impact -- but as it isn't living space per se, it's value is more as an up-grade and/or feature benefit than as actual living space etc...).
Hence -- next time your' out there, try to ascertain how much the property you're considering is actually selling for on a price per square footage basis, and then make comparisons (where-ever possible) based upon these kinds of calculations. Not that this figure is and/or ought to be the be all and end all -- of your' valuations and/or judgements, but outside of most of the extraneous things one can look at, price per square footage figures at least have the benefit of being a somewhat objective place to start. If the numbers suggest anything irregular and/or out of the norm (which they often do) -- the next step is always trying to account for that discrepancy and/or figuring out where it's coming from. Without this kind of initial guideline and/or barometer -- trying to assess the real relative value of any property you're likely to consider is something akin to licking your' fingers and sticking them up in the wind to try and gage what the weather might do next. If you'd rather keep your' fingers dry and rely upon more tangible guidelines and/or instruments -- the price per sq. footage barometer (carried by most Realtors and Developers) may well be the instrument for you.
Monday, June 23, 2008
First things first -- who is the Developer / Builder ?
Apparently Real Estate is all about Location. If you've heard it once -- you've heard it a thousand times, the most important thing to know about Real Estate is " Location / Location / Location !!! "
As to the second most important thing -- in the world of Condominiums that factor really ought to be " Builder / Builder / Builder, " -- or like Butch Cassidy and the Sundance Kid used to continually ask " Who Are Those Guys? "
Go into any sales office on any given weekend, and the one thing you'll probably notice is that they're all relatively the same. As the actual building of the property doesn't usually start until the property is 65% to 70% SOLD (when the financing usually kicks in), most properties are sold visa vie drawings, model suites and marketing campaigns. In other words, the vast majority of new condominium Buyers out there are forced to buy into an idea and/or concept of what might be -- long before they really know what they'll be getting. Given the recent stregnth of our market, this hasn't been all bad, given that many condominiums have gone up in value by as much as 20% to 25% prior to actual occupancy (ie./ as it often takes 2.5 to 3 years to actually complete some of these condominium projects -- the market has often driven the relative value of these properties up quite substantially during this interim period of time).
Nonetheless, if you take into account that so many of these sales centre's look alike, make similar promises, and require a potential Buyer to make decisions based solely upon diagrams and/or model suites etc... -- is there any real way for a Buyer to differentiate up front (before the property is built) between the really great proposition and the one that may well under-deliver and/or under-perform initial expectations. Of all the factors one could try and take into account, the one that really matters is who the Developer / Builder might be. That said -- given that most sales centre's really don't and/or can't offer very much more than a tertiary and/or superficial description of the players involved in their project, where can a Buyer turn to, to get this vital if not key information? For better or for worse, the only practical source of information is probably a third party such as someone within the Development industry itself and/or someone with the Real Estate profession. Mind you, as many Real Estate practioners' aren't really up to speed on what differentiates the various Developers / Builders from one another -- this third party counsel really ought to be someone who knows and cares about the Condominium arena, and who is consequently well informed about the myriad options out there. Hence, this really ought to be someone who's been in the industry for some time, and consequently has first hand knowledge of most of the projects out there -- and what in consequence differentiates one Developer / Builder from another.
As someone who started his career as a sales representative for numerous Condominium Developers, and has in-turn maintained a close eye on this portion of the market, I can tell you without hesitation that there are in fact HUGE differences between how Developers operate, how Builders' build, and how in-turn their projects turn out. As a general matter of course, I consequently tend to try and steer my clients towards maybe 10 or 12 of the better entities out there, as opposed to having them try and consider everything. Given that there can and often are 100 to 200 projects going on within Toronto at any given time, this (as it implies) suggests that their are really only a small percentage of Developers / Builders -- who are creating the kinds of projects that will genuinely out-perform (no matter what the under-lying market conditions are) / that won't invariably create a project riddled with deficiencies / and that will at least come close to providing the kind of end product initially promised by the sales and/or marketing staff.
If all of this sounds a little daunting and/or frightening (esepcially the part about talking to a Realtor) -- you can always try and talk to someone (anyone) who has previously bought a property built by the self-same Developer / Builder you are currently considering. If in fact the property you're considering isn't the Builders' first foray into the Condominium market - this shouldn't be too hard to accomplish, as most builders will high-light any projects they have built in the past. If on the other hand, you're chosen project is in fact a " first-time " foray into the Development arena, you may well have to do a little more digging before finding the kinds of resources that can and might vouch for some of the participants in question. If you don't and/or won't do your' home-work, I guess it really will be a matter of " Caveat Emptor " and/or Luck -- but for those of you who don't really believe in Luck, and thus are more than willing to be a little leary (especially up-front) a little bit of home-work might well go a long way. Failing that -- you could always call me, and as long as it's a project (Developer / Builder) I have some knowledge of, I'd be happy to provide some third party feedback. Hey -- and if your'
worried about cheating on your' home-work, don't be -- I promise I won't tell anyone!
Thomas Hoeher (416) 879-1076
As to the second most important thing -- in the world of Condominiums that factor really ought to be " Builder / Builder / Builder, " -- or like Butch Cassidy and the Sundance Kid used to continually ask " Who Are Those Guys? "
Go into any sales office on any given weekend, and the one thing you'll probably notice is that they're all relatively the same. As the actual building of the property doesn't usually start until the property is 65% to 70% SOLD (when the financing usually kicks in), most properties are sold visa vie drawings, model suites and marketing campaigns. In other words, the vast majority of new condominium Buyers out there are forced to buy into an idea and/or concept of what might be -- long before they really know what they'll be getting. Given the recent stregnth of our market, this hasn't been all bad, given that many condominiums have gone up in value by as much as 20% to 25% prior to actual occupancy (ie./ as it often takes 2.5 to 3 years to actually complete some of these condominium projects -- the market has often driven the relative value of these properties up quite substantially during this interim period of time).
Nonetheless, if you take into account that so many of these sales centre's look alike, make similar promises, and require a potential Buyer to make decisions based solely upon diagrams and/or model suites etc... -- is there any real way for a Buyer to differentiate up front (before the property is built) between the really great proposition and the one that may well under-deliver and/or under-perform initial expectations. Of all the factors one could try and take into account, the one that really matters is who the Developer / Builder might be. That said -- given that most sales centre's really don't and/or can't offer very much more than a tertiary and/or superficial description of the players involved in their project, where can a Buyer turn to, to get this vital if not key information? For better or for worse, the only practical source of information is probably a third party such as someone within the Development industry itself and/or someone with the Real Estate profession. Mind you, as many Real Estate practioners' aren't really up to speed on what differentiates the various Developers / Builders from one another -- this third party counsel really ought to be someone who knows and cares about the Condominium arena, and who is consequently well informed about the myriad options out there. Hence, this really ought to be someone who's been in the industry for some time, and consequently has first hand knowledge of most of the projects out there -- and what in consequence differentiates one Developer / Builder from another.
As someone who started his career as a sales representative for numerous Condominium Developers, and has in-turn maintained a close eye on this portion of the market, I can tell you without hesitation that there are in fact HUGE differences between how Developers operate, how Builders' build, and how in-turn their projects turn out. As a general matter of course, I consequently tend to try and steer my clients towards maybe 10 or 12 of the better entities out there, as opposed to having them try and consider everything. Given that there can and often are 100 to 200 projects going on within Toronto at any given time, this (as it implies) suggests that their are really only a small percentage of Developers / Builders -- who are creating the kinds of projects that will genuinely out-perform (no matter what the under-lying market conditions are) / that won't invariably create a project riddled with deficiencies / and that will at least come close to providing the kind of end product initially promised by the sales and/or marketing staff.
If all of this sounds a little daunting and/or frightening (esepcially the part about talking to a Realtor) -- you can always try and talk to someone (anyone) who has previously bought a property built by the self-same Developer / Builder you are currently considering. If in fact the property you're considering isn't the Builders' first foray into the Condominium market - this shouldn't be too hard to accomplish, as most builders will high-light any projects they have built in the past. If on the other hand, you're chosen project is in fact a " first-time " foray into the Development arena, you may well have to do a little more digging before finding the kinds of resources that can and might vouch for some of the participants in question. If you don't and/or won't do your' home-work, I guess it really will be a matter of " Caveat Emptor " and/or Luck -- but for those of you who don't really believe in Luck, and thus are more than willing to be a little leary (especially up-front) a little bit of home-work might well go a long way. Failing that -- you could always call me, and as long as it's a project (Developer / Builder) I have some knowledge of, I'd be happy to provide some third party feedback. Hey -- and if your'
worried about cheating on your' home-work, don't be -- I promise I won't tell anyone!
Thomas Hoeher (416) 879-1076
Monday, June 16, 2008
A few words about " Maintenance fee's. "
MAINTENANCE FEE'S -- Here's a subject not too many people like to talk about. Like taxes however, here's also a subject you really ought to pay some attention to prior to buying a condominium (new and/or resale).
Like a lot of things in life, maintenance fee's are and will always remain a necessary evil and/or component of the Condominium proposition. Most often these monthly charges accrue as a function of the following:
1) Property taxes are usually excluded except in the case of Co-ops' and/or Co-ownership properties which are in essence a variant form of the Condominium concept (ie/ people own shares in a property as opposed to owning title to it).
2) Heat
3) Hydro
4) Water
5) C.A.C. (Central Air Conditioning)
6) Building Insurance
7) Cable and/or Television feeds
8) Common Element(s) maintenance and,
9) Parking (associated fee's to maintain parking areas / facilities etc...).
Given that your monthly condominium fee's go to some portion of the above, the first thing one ought to consider when contemplating this portion of a condominiums monthly fee's is what exactly do your Condominium Fee's cover? If they cover the majority of the fore-going, then it may well be ok if the fee is a little higher. If and where they cover only a minimum of the aforementioned costs -- then in all fairness, these fee's ought to be somewhat lower (relatively speaking).
As a Realtor and/or someone who has this discussion with clients all the time, I think the key issue when purchasing new and/or used, is to decide what it is YOU genuinely want out of the condominium life-style, and what is it YOU in turn are prepared to pay for. Do you want and/or need a lot in the way of shared facilities? Do you want and/or need " concierge services? " Are you willing to pay for the maintenance associated with landscaping and/or a parkette? If you can decide up-front and/or before you purchase what it is YOU'RE genuinely looking for -- it becomes much easier to gage these monthly fee's ahead of time -- and hence much easier to live with the reality of these monthly payments when in fact they become pay-able.
As a cautionary warning -- should you be contemplating the purchase of a NEW condominium from a Builder / Developer, keep in mind that the initial budgeted maintenance fee's (usually declared as a small stipend per square foot) are just that, a GUESTIMATE provided by the Builder / Developer to give you a general sense as to what these fee's might be upon completion. As anyone who's ever purchase new will tell you -- these fee's are invariably almost always under-stated and/or under-estimated, and in consequence do rise (and often quite appreciably) within a short period after title transfer and/or registration. ie./ Given that a Builder / Developer has to provide a budget within the condominium documents that attend the purchase of any new property, it is within his or her capacity to manipulate this aspect of the budget any way he or she likes. In other words -- should a Builder / Developer deem it preferable to quote an artificially low figure (to entice sales) it is within their ability to alter the budget to accomodate this misconception. In consequence -- as a general rule, it may well be prudent to be somewhat dubious and/or cautious about any figures which get stated right up front. Given that the Builder / Developer isn't legally accountable for these initial figures, it's probably a good idea not to rely and/or depend upon the voracity (or truthfulness) of these initially stated numbers.
Another thing one probably ought to take into account right up front, are the potential implications of any drammatic rise in maintenance fee's going forward. For example, if you're buying a condominium that's roughly 1,000 sq. feet in size, and the stated maintenance fee is 35 cents / sq. foot, what will happen to the valuation of your' property should these fee's indeed drift upwards. At present you're estimated monthly fee is $350.00 per month / at 50 cents per sq. foot it becomes $500.00 per month / and should it ever reach 75 cents per sq. foot -- you'd be obligated to pay $750.00 per month. As you can see -- what doesn't sound like a lot on a per sq. footage basis can and often will have some drammatic effects dependent upon just how large your' condominium is. Moreover -- when the fee's start to reach these higher than average numbers, the costs of this monthly burden can and often do start to have an impact upon the relative value of your' property and/or what you might be able to get for it when you re-sell. As is especially the case in a number of larger / older condominiums within Toronto, once these monthly maintenance fee's exceed a certain thresh-hold (comfort level) the resale prices of these properties start to drift lower to accomodate the higher debt burdens associated with the higher maintenance fee's. If there is an " Achilles Heel " within the condominium equation -- this may well be it.
If and where the condominium is being purchased primarily as an investment, this becomes an even more critical concern in some respects, as any rise in the maintenance fee in essence changes the nature of the speculative equation (especially as relates to both monthly income and any potential profits which might accrue from an eventual sale). Hence, when buying for investment purposes, this aspect of the purchase should become a critical element in evaluating the potential utility and/or profitability of the condominium.
Despite the comparative pain associated with maintenance fee's -- which to some extent mimic taxes in this regard, the key then is in knowing what one is willing to pay, and then taking means to mitigate and/or minimize against any associated pain. As much as this isn't always a key consideration for a lot of people right up front (people who understandably focus more upon features & finishes / relative size / and location etc....) just like the fore-going, maintenance fee's will ultimately have a huge effect on your condominium experience. Mitigate them where-ever possible and/or feasible, and the long-term pay-back could be huge. Think of it as the difference between filling up a large S.U.V. on a weekly basis versus filling the tank of a smaller Volkswagen Beetle. If the weekly savings at the pump don't bring a smile to your' face -- the long-term residual benefits will undoubtedly have the desired effect. Needless to say he or she with the lowest monthly maintenance fee's in the Condominium world, tend to have a lot more in common with that Volkswagen owner than the driver of the S.U.V. As with a lot of things in this life (taxes and maintenance fee's etc...) Less really is More!
Like a lot of things in life, maintenance fee's are and will always remain a necessary evil and/or component of the Condominium proposition. Most often these monthly charges accrue as a function of the following:
1) Property taxes are usually excluded except in the case of Co-ops' and/or Co-ownership properties which are in essence a variant form of the Condominium concept (ie/ people own shares in a property as opposed to owning title to it).
2) Heat
3) Hydro
4) Water
5) C.A.C. (Central Air Conditioning)
6) Building Insurance
7) Cable and/or Television feeds
8) Common Element(s) maintenance and,
9) Parking (associated fee's to maintain parking areas / facilities etc...).
Given that your monthly condominium fee's go to some portion of the above, the first thing one ought to consider when contemplating this portion of a condominiums monthly fee's is what exactly do your Condominium Fee's cover? If they cover the majority of the fore-going, then it may well be ok if the fee is a little higher. If and where they cover only a minimum of the aforementioned costs -- then in all fairness, these fee's ought to be somewhat lower (relatively speaking).
As a Realtor and/or someone who has this discussion with clients all the time, I think the key issue when purchasing new and/or used, is to decide what it is YOU genuinely want out of the condominium life-style, and what is it YOU in turn are prepared to pay for. Do you want and/or need a lot in the way of shared facilities? Do you want and/or need " concierge services? " Are you willing to pay for the maintenance associated with landscaping and/or a parkette? If you can decide up-front and/or before you purchase what it is YOU'RE genuinely looking for -- it becomes much easier to gage these monthly fee's ahead of time -- and hence much easier to live with the reality of these monthly payments when in fact they become pay-able.
As a cautionary warning -- should you be contemplating the purchase of a NEW condominium from a Builder / Developer, keep in mind that the initial budgeted maintenance fee's (usually declared as a small stipend per square foot) are just that, a GUESTIMATE provided by the Builder / Developer to give you a general sense as to what these fee's might be upon completion. As anyone who's ever purchase new will tell you -- these fee's are invariably almost always under-stated and/or under-estimated, and in consequence do rise (and often quite appreciably) within a short period after title transfer and/or registration. ie./ Given that a Builder / Developer has to provide a budget within the condominium documents that attend the purchase of any new property, it is within his or her capacity to manipulate this aspect of the budget any way he or she likes. In other words -- should a Builder / Developer deem it preferable to quote an artificially low figure (to entice sales) it is within their ability to alter the budget to accomodate this misconception. In consequence -- as a general rule, it may well be prudent to be somewhat dubious and/or cautious about any figures which get stated right up front. Given that the Builder / Developer isn't legally accountable for these initial figures, it's probably a good idea not to rely and/or depend upon the voracity (or truthfulness) of these initially stated numbers.
Another thing one probably ought to take into account right up front, are the potential implications of any drammatic rise in maintenance fee's going forward. For example, if you're buying a condominium that's roughly 1,000 sq. feet in size, and the stated maintenance fee is 35 cents / sq. foot, what will happen to the valuation of your' property should these fee's indeed drift upwards. At present you're estimated monthly fee is $350.00 per month / at 50 cents per sq. foot it becomes $500.00 per month / and should it ever reach 75 cents per sq. foot -- you'd be obligated to pay $750.00 per month. As you can see -- what doesn't sound like a lot on a per sq. footage basis can and often will have some drammatic effects dependent upon just how large your' condominium is. Moreover -- when the fee's start to reach these higher than average numbers, the costs of this monthly burden can and often do start to have an impact upon the relative value of your' property and/or what you might be able to get for it when you re-sell. As is especially the case in a number of larger / older condominiums within Toronto, once these monthly maintenance fee's exceed a certain thresh-hold (comfort level) the resale prices of these properties start to drift lower to accomodate the higher debt burdens associated with the higher maintenance fee's. If there is an " Achilles Heel " within the condominium equation -- this may well be it.
If and where the condominium is being purchased primarily as an investment, this becomes an even more critical concern in some respects, as any rise in the maintenance fee in essence changes the nature of the speculative equation (especially as relates to both monthly income and any potential profits which might accrue from an eventual sale). Hence, when buying for investment purposes, this aspect of the purchase should become a critical element in evaluating the potential utility and/or profitability of the condominium.
Despite the comparative pain associated with maintenance fee's -- which to some extent mimic taxes in this regard, the key then is in knowing what one is willing to pay, and then taking means to mitigate and/or minimize against any associated pain. As much as this isn't always a key consideration for a lot of people right up front (people who understandably focus more upon features & finishes / relative size / and location etc....) just like the fore-going, maintenance fee's will ultimately have a huge effect on your condominium experience. Mitigate them where-ever possible and/or feasible, and the long-term pay-back could be huge. Think of it as the difference between filling up a large S.U.V. on a weekly basis versus filling the tank of a smaller Volkswagen Beetle. If the weekly savings at the pump don't bring a smile to your' face -- the long-term residual benefits will undoubtedly have the desired effect. Needless to say he or she with the lowest monthly maintenance fee's in the Condominium world, tend to have a lot more in common with that Volkswagen owner than the driver of the S.U.V. As with a lot of things in this life (taxes and maintenance fee's etc...) Less really is More!
Monday, June 9, 2008
A brief word about the current state of the market.
Given all of the un-certain and often disconcerting news from south of the border, one of the questions we as Realtors' seem to be asked a lot more often nowadays, is " what about us? " Is our market still as viable as it was this time last year, and all things being equal -- should I wait?
The first answer I usually give to this question is that the Condominium Market in Toronto, is first and foremost a MARKET. Hence, what one really has to do is judge for ones' self, the current health of todays market, the factors (current and imminent) which might affect our market going forward, and what if any trends and/or tendencies already seem to be implicit in the day to day activities of this particular market.
The discouraging thing for many people looking at the Toronto Real Estate Marketplace, is that the fundamentals of our market are still quite good -- which to some extent implies we shouldn't even be having this conversation. ie./ The Job market in Toronto is still buoyant, interest rates are still at or close to their historic lows, and the relationship of supply vs. demand (and/or Buyers vs. Sellers) continues to remain more than adequate to support a strong and healthy market going forward. Hence -- if there is an issue (and there definitely seems to be one) it's more an issue of what is happening south of our border (in the U.S.A.) as opposed to anything inherently amiss within our own market.
Virtually every day we as Canadians (Torontonians) are inundated with bad news from the U.S. about ever increasing rates of fore-closure, erroding Real Estate values, and the resultant stories of pain and anguish these issues inevitably create for those affected. In other words, with this dark cloud hanging over the U.S. market, it becomes inevitable that their collective nightmare becomes the back-drop to our own sense of things at home, and that despite some very sound fundamentals, people here are starting to question what might befall our own marketplace going forward. At this stage then -- our only real issue seems to be an issue of PERCEPTION and inturn our very real and understandable concern that these maladies may yet drift northward and begin affecting us as well.
As for the consequences of this shift in general PERCEPTION, we are in fact already feeling some of the initial effects of this condition in terms of greater sales inventory (properties for sale), an increase in the average length of time it takes to sell a property (which is now a little longer than it was even just a few months ago) and the reduced number of properties which actually ellicit multiple offers and/or sell for well above asking. In a very real way then, we've become so accustomed to the consequences of a genuinely HOT market, that even a healthy market starts to worry us. If on top of this you start to factor in the incessant litany of bad news stories emanating from the States, it's actually no wonder there's a growing feeling of trepidation in our own neck of the woods.
What to do about this? What to make of this? and/or how to proceed going forward? If in fact you are still in the market for a new home and/or need to sell a property, I think the only rational thing you can do is re-examine your REAL reasons for wanting to buy and/or sell real estate, and to frame your' future activities and expectations in consequence of same. In other words, if you're thinking of selling a property at this point, take into account the nature of what's going on at present and re-calibrate your' expectations accordingly. If on the other hand, you genuinely need and/or want to get into a property -- keep in mind that the fore-going developments are in fact working in your' favor, which gives you an enhanced capacity to negotiate a better deal on your' own behalf.
As for recommendations, I don't know that I'd be arguing in favor of any kind of heavy concerted speculation at this point, but if what you're seeking is a principle residence and/or a condominium to live in yourself, I don't know that the current situation should constitute a problem and/or deterrent. As I tell most of my clients, despite any short-term and/or interim problems which may befall our market (and markets always endure changes -- positive as well as negative) I think our City still has enough going for it to assure that future real estate valuations will be higher in 5 to 10 years time than they are right now. In other words, as long as you are still in this for the long haul, and not just in the market to make a quick buck etc... I'm still fairly convinced that you're more than likely to be better off in Real Estate in 5 to 10 years than you are right now. Moreover, as long as you buy smart and buy well (the right kinds of properties, in the right locations etc....) odds are still pretty good that you're going to do ok no matter what the market does in the near term.
The current reality is that the U.S. is beset by a whole host of problems not directly applicable to our own circumstance, and given this utterly important distinction, our market shouldn't suffer anything like the same kinds of consequences besetting their market. The quicker this distinction is acknowledged and realized by the collective parties making up our domestic Real Estate market, the sooner this new PERCEPTION will hopefully anihilate the previous mis-conception and allow the normal market forces to once again assert their authority over what is what, and what ought to be. Although that too may well take a while, there is a sort of inevitability to it. As any climatologist will tell you, no matter how large a storm system and/or " dark cloud " might be, it will eventually give way to natural climatological forces, and when this occurs -- it's only a matter of time before the sun will re-appear.
The first answer I usually give to this question is that the Condominium Market in Toronto, is first and foremost a MARKET. Hence, what one really has to do is judge for ones' self, the current health of todays market, the factors (current and imminent) which might affect our market going forward, and what if any trends and/or tendencies already seem to be implicit in the day to day activities of this particular market.
The discouraging thing for many people looking at the Toronto Real Estate Marketplace, is that the fundamentals of our market are still quite good -- which to some extent implies we shouldn't even be having this conversation. ie./ The Job market in Toronto is still buoyant, interest rates are still at or close to their historic lows, and the relationship of supply vs. demand (and/or Buyers vs. Sellers) continues to remain more than adequate to support a strong and healthy market going forward. Hence -- if there is an issue (and there definitely seems to be one) it's more an issue of what is happening south of our border (in the U.S.A.) as opposed to anything inherently amiss within our own market.
Virtually every day we as Canadians (Torontonians) are inundated with bad news from the U.S. about ever increasing rates of fore-closure, erroding Real Estate values, and the resultant stories of pain and anguish these issues inevitably create for those affected. In other words, with this dark cloud hanging over the U.S. market, it becomes inevitable that their collective nightmare becomes the back-drop to our own sense of things at home, and that despite some very sound fundamentals, people here are starting to question what might befall our own marketplace going forward. At this stage then -- our only real issue seems to be an issue of PERCEPTION and inturn our very real and understandable concern that these maladies may yet drift northward and begin affecting us as well.
As for the consequences of this shift in general PERCEPTION, we are in fact already feeling some of the initial effects of this condition in terms of greater sales inventory (properties for sale), an increase in the average length of time it takes to sell a property (which is now a little longer than it was even just a few months ago) and the reduced number of properties which actually ellicit multiple offers and/or sell for well above asking. In a very real way then, we've become so accustomed to the consequences of a genuinely HOT market, that even a healthy market starts to worry us. If on top of this you start to factor in the incessant litany of bad news stories emanating from the States, it's actually no wonder there's a growing feeling of trepidation in our own neck of the woods.
What to do about this? What to make of this? and/or how to proceed going forward? If in fact you are still in the market for a new home and/or need to sell a property, I think the only rational thing you can do is re-examine your REAL reasons for wanting to buy and/or sell real estate, and to frame your' future activities and expectations in consequence of same. In other words, if you're thinking of selling a property at this point, take into account the nature of what's going on at present and re-calibrate your' expectations accordingly. If on the other hand, you genuinely need and/or want to get into a property -- keep in mind that the fore-going developments are in fact working in your' favor, which gives you an enhanced capacity to negotiate a better deal on your' own behalf.
As for recommendations, I don't know that I'd be arguing in favor of any kind of heavy concerted speculation at this point, but if what you're seeking is a principle residence and/or a condominium to live in yourself, I don't know that the current situation should constitute a problem and/or deterrent. As I tell most of my clients, despite any short-term and/or interim problems which may befall our market (and markets always endure changes -- positive as well as negative) I think our City still has enough going for it to assure that future real estate valuations will be higher in 5 to 10 years time than they are right now. In other words, as long as you are still in this for the long haul, and not just in the market to make a quick buck etc... I'm still fairly convinced that you're more than likely to be better off in Real Estate in 5 to 10 years than you are right now. Moreover, as long as you buy smart and buy well (the right kinds of properties, in the right locations etc....) odds are still pretty good that you're going to do ok no matter what the market does in the near term.
The current reality is that the U.S. is beset by a whole host of problems not directly applicable to our own circumstance, and given this utterly important distinction, our market shouldn't suffer anything like the same kinds of consequences besetting their market. The quicker this distinction is acknowledged and realized by the collective parties making up our domestic Real Estate market, the sooner this new PERCEPTION will hopefully anihilate the previous mis-conception and allow the normal market forces to once again assert their authority over what is what, and what ought to be. Although that too may well take a while, there is a sort of inevitability to it. As any climatologist will tell you, no matter how large a storm system and/or " dark cloud " might be, it will eventually give way to natural climatological forces, and when this occurs -- it's only a matter of time before the sun will re-appear.
Monday, June 2, 2008
Adding Value to a New condominium Purchase.
For those of you fortunate enough to be able to consider buying a new condominium directly from a Developer, there are some very clear and striking ways to add a whole lot of value to your investment. If you are early enough to the table to still have a REAL choice amongst available units, think clearly and carefully about what it is you need and want, and then start thinking about what it is you can include and/or enccompass within your choice to make your' new home really sing as both a place to live and an investment. If you choose wisely, your' new purchase will undoubtedly out-perform in both categories.
1) (Corner Units). First off, where-ever possible -- lean towards corner properties and/or properties with more than one exposure. The principle benefit to this gambit is that it will definintely enhance the illusion and/or feeling of space within the condominium, and it will also provide much more in the way of potential views and internal light etc.... A corner unit almost invariably feels larger than a similarly sized unit without the benefit of a second wall of windows, and hence provides a much enhanced sense of space. Although this might not be as self-evident right off (while you're considering buying a unit from floorplans directly from the Developer), when and if you eventually go to resell this property -- this will be obvious to any potential Buyer and hence will undoudtedly translate into higher relative resale value.
2) (Exposure). Where-ever possible, opt for the favored exposure. As this article is being written in reference to Toronto, the obvious exposure to try and secure here is undoubtedly a Southern exposure. There is the obvious issue of the view (ie./ the City centre and the coincidental views of the Lake etc....), the associated issue of the Sun (and it's path in the sky throughout the day) and hence by implication the residual issue of potential and/or perceived value going forward. Although true that most Developers will affix a premium to their south-facing inventory (and sometimes aggressively so), the reality still remains that most Buyers (and by this I mean resale Buyers) may well focus exclusively on south facing units for all of the reasons afore-mentioned. Hence -- especially in relation to larger more expensive units, and to a lesser extent all units in general, the south facing units are and will remain the premium units -- and are in consequence the units to opt for.
3) (Elevation). Moving in lock-step with the issue of exposure, is obviously the associated issue of elevation and/or height above ground. As this too is an element that will likely effect the nature of everything we've been talking about to this point (ie./ namely views, sunlight, and an inner sense of drama etc....) it is again one of those elements that invariably effects the nature and value of a property going forward. Hence -- depending upon the premiums the Developer will be charging for a units' relative height above ground (and this can range anywhere from a couple of thousand dollars to 10 or 20 thousand per floor), whenever and where-ever possible or allowed by the budget, this too is an issue that ought to be maximized within the Buying equation.
4) (Parking). Although this would seem obvious, I am always amazed at how often Buyers choose not to purchase parking based solely upon the issue of not having and/or wanting to get a vehicle themselves. Although this is laudible in and of itself, the truth remains that without a parking spot, a condominium (any condominium) is always hurt in terms of it's ultimate and/or eventual resale value. Given that most Developments can only provide parking for somewhere in the visinity of 65% to 75% of their residents -- the argument by most sales people and Realtor's has been to down-play the issue of parking (at the time of purchase) arguing that the potential Buyers' for such a property are all those people out there who also don't have a vehicle. While this sounds reasonable in principle, as a realtor -- my experience is that property's without parking are way harder to sell, usually take much longer to resell, and virutally always sell for an appreciable discount to other units (with parking) within the self-same building. Even if un-necessary and/or un-needed by a Buyer throughout his own occupancy of a unit, parking can always be leased and/or rented and the proceeds used against maintenance fee's etc... Moreover -- where condominiums may well have doubled in value in Toronto over the past 8 to 10 years etc..., the value of parking has increased somewhere in the vicinity of five to six fold. Hence -- in terms of it's investment pay-back and/or capacity to appreciate in value over time, parking (in and of itself) is definintely the better investment, and in consequence should be a component of your Real Estate portfolio.
5) (Floorplans). Finally -- lets deal more specifically with the nature of the floorplan itself. From a value perspective (which is by definition invariably a " resale " perspective) the best floorplans out there are usually those that are more square in nature and/or if rectangular -- far greater in width than depth. By this I mean less deep in terms of their dimension from their interior entrance to their exterior walls. If and where there are windows (and there always are) this will again by definition increase the number of windows inclusive to your' unit and will in-turn work much like a corner unit to enhance your' feeling of interior space, the grandeur and drama implicit in your' views, and by extension your' sense of interior space (ie./ everything will feel much larger than it really is -- in terms of the raw sqaure footage). If you're ever in a long thin unit (which constitutes the majority of condominium units out there) -- these often feel like bowling alleys, due to the minimal amount of light that enters the unit and the corresponding feeling of enclosure the closer one gets to the interior demeaning walls. Similarly, a square unit, given that it too tends to fight this perceived experience of enclosed interior space, not only opens a property up -- it inturn allows all kinds of options in respect to how one can utilize the interior space and/or place furniture etc....
Even though this is by no means an exhaustive list of elements that can and ought to be considered when contemplating a potential condominium purchase directly from a Developer, this ought to be enough of a guideline to get you thinking about your' potential purchase in a more strategic long-term way. As this isn't always easy, especially for a first time buyer and/or someone caught up in the emotion and passion of the moment (and who isn't that -- when embroiled in the process) -- it is vital if you too are going to enter the more exclusive arena of those out there buying the best units, gleaning the most from their condominium experience(s) and reaping the largest pay-back in terms of eventual resale.
Good luck -- and Happy House (Condo) Hunting!
1) (Corner Units). First off, where-ever possible -- lean towards corner properties and/or properties with more than one exposure. The principle benefit to this gambit is that it will definintely enhance the illusion and/or feeling of space within the condominium, and it will also provide much more in the way of potential views and internal light etc.... A corner unit almost invariably feels larger than a similarly sized unit without the benefit of a second wall of windows, and hence provides a much enhanced sense of space. Although this might not be as self-evident right off (while you're considering buying a unit from floorplans directly from the Developer), when and if you eventually go to resell this property -- this will be obvious to any potential Buyer and hence will undoudtedly translate into higher relative resale value.
2) (Exposure). Where-ever possible, opt for the favored exposure. As this article is being written in reference to Toronto, the obvious exposure to try and secure here is undoubtedly a Southern exposure. There is the obvious issue of the view (ie./ the City centre and the coincidental views of the Lake etc....), the associated issue of the Sun (and it's path in the sky throughout the day) and hence by implication the residual issue of potential and/or perceived value going forward. Although true that most Developers will affix a premium to their south-facing inventory (and sometimes aggressively so), the reality still remains that most Buyers (and by this I mean resale Buyers) may well focus exclusively on south facing units for all of the reasons afore-mentioned. Hence -- especially in relation to larger more expensive units, and to a lesser extent all units in general, the south facing units are and will remain the premium units -- and are in consequence the units to opt for.
3) (Elevation). Moving in lock-step with the issue of exposure, is obviously the associated issue of elevation and/or height above ground. As this too is an element that will likely effect the nature of everything we've been talking about to this point (ie./ namely views, sunlight, and an inner sense of drama etc....) it is again one of those elements that invariably effects the nature and value of a property going forward. Hence -- depending upon the premiums the Developer will be charging for a units' relative height above ground (and this can range anywhere from a couple of thousand dollars to 10 or 20 thousand per floor), whenever and where-ever possible or allowed by the budget, this too is an issue that ought to be maximized within the Buying equation.
4) (Parking). Although this would seem obvious, I am always amazed at how often Buyers choose not to purchase parking based solely upon the issue of not having and/or wanting to get a vehicle themselves. Although this is laudible in and of itself, the truth remains that without a parking spot, a condominium (any condominium) is always hurt in terms of it's ultimate and/or eventual resale value. Given that most Developments can only provide parking for somewhere in the visinity of 65% to 75% of their residents -- the argument by most sales people and Realtor's has been to down-play the issue of parking (at the time of purchase) arguing that the potential Buyers' for such a property are all those people out there who also don't have a vehicle. While this sounds reasonable in principle, as a realtor -- my experience is that property's without parking are way harder to sell, usually take much longer to resell, and virutally always sell for an appreciable discount to other units (with parking) within the self-same building. Even if un-necessary and/or un-needed by a Buyer throughout his own occupancy of a unit, parking can always be leased and/or rented and the proceeds used against maintenance fee's etc... Moreover -- where condominiums may well have doubled in value in Toronto over the past 8 to 10 years etc..., the value of parking has increased somewhere in the vicinity of five to six fold. Hence -- in terms of it's investment pay-back and/or capacity to appreciate in value over time, parking (in and of itself) is definintely the better investment, and in consequence should be a component of your Real Estate portfolio.
5) (Floorplans). Finally -- lets deal more specifically with the nature of the floorplan itself. From a value perspective (which is by definition invariably a " resale " perspective) the best floorplans out there are usually those that are more square in nature and/or if rectangular -- far greater in width than depth. By this I mean less deep in terms of their dimension from their interior entrance to their exterior walls. If and where there are windows (and there always are) this will again by definition increase the number of windows inclusive to your' unit and will in-turn work much like a corner unit to enhance your' feeling of interior space, the grandeur and drama implicit in your' views, and by extension your' sense of interior space (ie./ everything will feel much larger than it really is -- in terms of the raw sqaure footage). If you're ever in a long thin unit (which constitutes the majority of condominium units out there) -- these often feel like bowling alleys, due to the minimal amount of light that enters the unit and the corresponding feeling of enclosure the closer one gets to the interior demeaning walls. Similarly, a square unit, given that it too tends to fight this perceived experience of enclosed interior space, not only opens a property up -- it inturn allows all kinds of options in respect to how one can utilize the interior space and/or place furniture etc....
Even though this is by no means an exhaustive list of elements that can and ought to be considered when contemplating a potential condominium purchase directly from a Developer, this ought to be enough of a guideline to get you thinking about your' potential purchase in a more strategic long-term way. As this isn't always easy, especially for a first time buyer and/or someone caught up in the emotion and passion of the moment (and who isn't that -- when embroiled in the process) -- it is vital if you too are going to enter the more exclusive arena of those out there buying the best units, gleaning the most from their condominium experience(s) and reaping the largest pay-back in terms of eventual resale.
Good luck -- and Happy House (Condo) Hunting!
Monday, May 26, 2008
LEED Certification -- shades of GREEN!
Much of the marketing material connected with Condominiums today will undoubtedly touch upon how GREEN a particular condominium might be, and how in-turn this might benefit the potential Buyer going forward. If we assume for the moment that GREEN is GOOD (and it is), how can we assess the nature of the GREEN reality the Developer / Builder is contemplating on building into his property, and how can you as a potential Buyer assure yourself that what you're paying for (or buying into) will actually translate into something of REAL value.
When it comes to discerning shades of GREEN, perhaps the best way to make this calculation is to refer to an already existing designation known within the industry as the " LEED " rating system. LEED is an acronym designating a system for rating buildings in accordance with just how GREEN and/or environmentally friendly they are. The acronym stands for " Leadership in Energy and Environmental Design. " As a movement this rating system started in the U.S.A. in 1998. Initially this system tended to have greater relevance within the Commercial sector(s) of the U.S.A., although slowly but surely -- the benefits of this way of building meandered into the Residential side of the construction industry as well. In Canada -- the real impact of this system (as it relates to the residential condominium industry) dates from around 2004.
More specifically -- the system awards points (up to 70 points) in six different areas including the ff.
1) Sustainable site development
2) Water conservation
3) Energy efficiency
4) Selection of Materials and
5) Indoor Air Quality, and
6) Innovation and Design Process
Given the above point system, points are accredited towards the the fulfillment of certain prerequisite requirements and a designation is accorded in conjunction with same. Folowing are the four main LEED Designations:
1) Certified (26-32 points)
2) Silver (33-38 points)
3) Gold (39-51 points) and/or
4) Platinum (52-69 points).
As can be seen, the latter and/or Platinum Standard is the highest acheivable, and in consequence the most difficult to attain. The LEED Certified standard on the other hand, is the least difficult to secure and hence also the more frequently attempted LEED standard being built.
What are the implications of all of this for anyone contemplating the purchase of a LEED designated building? First and foremost -- be prepared to pay more for a building built to these higher standards, given that it will cost the Builder / Developer more to build this way. That said -- you should in-turn reap the long-term rewards of buying into a property with these greater efficiencies. Moreover, as our industry Develops, I am quite positive that these kinds of buildings (when and where they are indeed built to a higher set of REAL standards) will appreciate more than conventionally built Condomominiums, and hence will undoubtedly return more in terms of long-term resale value.
For more information about any of the fore-going and/or how it might relate to a property you are currently considering, pls. feel free e-mail me and/or call me directly (416) 879-1076. Although the fore-going is a fairly succinct description of how the LEED system operates within our industry, the nuances and reality of how it translates within our market (here in Toronto) is a whole other issue. You might say, it's a whole other shade of GREEN!
When it comes to discerning shades of GREEN, perhaps the best way to make this calculation is to refer to an already existing designation known within the industry as the " LEED " rating system. LEED is an acronym designating a system for rating buildings in accordance with just how GREEN and/or environmentally friendly they are. The acronym stands for " Leadership in Energy and Environmental Design. " As a movement this rating system started in the U.S.A. in 1998. Initially this system tended to have greater relevance within the Commercial sector(s) of the U.S.A., although slowly but surely -- the benefits of this way of building meandered into the Residential side of the construction industry as well. In Canada -- the real impact of this system (as it relates to the residential condominium industry) dates from around 2004.
More specifically -- the system awards points (up to 70 points) in six different areas including the ff.
1) Sustainable site development
2) Water conservation
3) Energy efficiency
4) Selection of Materials and
5) Indoor Air Quality, and
6) Innovation and Design Process
Given the above point system, points are accredited towards the the fulfillment of certain prerequisite requirements and a designation is accorded in conjunction with same. Folowing are the four main LEED Designations:
1) Certified (26-32 points)
2) Silver (33-38 points)
3) Gold (39-51 points) and/or
4) Platinum (52-69 points).
As can be seen, the latter and/or Platinum Standard is the highest acheivable, and in consequence the most difficult to attain. The LEED Certified standard on the other hand, is the least difficult to secure and hence also the more frequently attempted LEED standard being built.
What are the implications of all of this for anyone contemplating the purchase of a LEED designated building? First and foremost -- be prepared to pay more for a building built to these higher standards, given that it will cost the Builder / Developer more to build this way. That said -- you should in-turn reap the long-term rewards of buying into a property with these greater efficiencies. Moreover, as our industry Develops, I am quite positive that these kinds of buildings (when and where they are indeed built to a higher set of REAL standards) will appreciate more than conventionally built Condomominiums, and hence will undoubtedly return more in terms of long-term resale value.
For more information about any of the fore-going and/or how it might relate to a property you are currently considering, pls. feel free e-mail me and/or call me directly (416) 879-1076. Although the fore-going is a fairly succinct description of how the LEED system operates within our industry, the nuances and reality of how it translates within our market (here in Toronto) is a whole other issue. You might say, it's a whole other shade of GREEN!
Tuesday, May 20, 2008
Real Estate Distractions
I don't know about all of you out there -- but every once in a while I do so enjoy a " distraction. " I know what you're thinking -- but given that this is a " kids' show " -- the distractions I'm talking about are more animated than physical, and less apt to cause any moral dilemma's after-wards (ahh -- after-wards!). Anyways, if it helps to ease the pressure of always taking things too seriously and/or always brooding over Real Estate, I thought I'd provide you with some links that might just hit the spot. If animation isn't your' thing - I've also included a sailing site called " Sailing Anarchy dot com " -- which will be of interest to anyone who's hankering to get out on the water and/or just find out what's going on beyond our borders (literally). If they wind up amusing any of you(s) -- half as much as they amuse me, I'll consider this distraction thing an incontrovertible success. Cheers!
Friday, May 16, 2008
371 Wallace Avenue (unit # 14)
For anyone who's an avid reader of " The Globe & Mail " (Real Estate section) check out todays " Home of the Week " feature. I recently secured a listing on a genuine LOFT property in the Junction (which is just north-east of where Bloor St. and Dundas St. intersect -- north of Roncesvalles) -- that I think might be of interest.
It's a large LOFT at right around 1250 square feet -- and contains 450 sq. feet of outdoor space (terrace etc...). The property is currently owned by a " finish carpenter " (the original owner) and every inch of it has been highly customized. Upgrades include high-end " Heartland " appliances, a cast iron claw foot tub, large screen HDTV Television (mounted on a bracket), Vermont Castings Stove and Salt-water Aquarium. The unit contains 12 to 15 different types of wood. The Kitchen is spectacular and is all hand rendered in a variety of woods including " curly sycamore and bubinga. " As befits a LOFT -- the property also includes the original " Post & Beam " framing, 14 foot ceilings, and original exposed brick walls.
The property comes with two parking spots and one locker.
If any of you out there are curious -- I will be doing an Open House here on saturday (May 17th) from 1:00 to 4:00 pm, so pls. feel free to stop by.
Mission Statement
Condo's in Toronto -- are amongst the most varied and unique condominium properties in the world. The vast majority of these are newer buildings, located throughout virtually every corner of the city, and built by hundreds of different Builders / Developers with their own sense of what a condominium ought to be.
Navigating this wide selection of myriad possibilities is hard enough for even the most seasoned of Realtors, so for a buyer new to the market securing the right fit for themselves -- is difficult, often problemmatic and undeniably daunting.
Given this circumstance, I have taken the liberty of creating this BLOG to help educate people on the " Toronto Condominium scene, " to create a forum through which you can ask questions, and to provide a place where you can get the " REAL SKINNY " on what's really going on out there in " CONDO LAND. "
Hence, when and if you have a question pls. feel free to post same and/or direct your' inquiries to thoeher@trebnet.com.
Navigating this wide selection of myriad possibilities is hard enough for even the most seasoned of Realtors, so for a buyer new to the market securing the right fit for themselves -- is difficult, often problemmatic and undeniably daunting.
Given this circumstance, I have taken the liberty of creating this BLOG to help educate people on the " Toronto Condominium scene, " to create a forum through which you can ask questions, and to provide a place where you can get the " REAL SKINNY " on what's really going on out there in " CONDO LAND. "
Hence, when and if you have a question pls. feel free to post same and/or direct your' inquiries to thoeher@trebnet.com.
Subscribe to:
Posts (Atom)