JANUARY 2015 SALES STATS ARE IN - HAVE A LOOK, THE NEWS IS GOOD.

SOLD (Buyers Agent) - $416/SF Penthouse unit at 155 Beecroft Rd

A friend of mine from grade school posted a grievance on facebook regarding her obnoxious neighbors, patio smoking habits.  Noise, mess, and smoke were a constant problem. The condo unit beside her was an improperly managed rental unit. 

Finally the trouble tenants moved out...only to be replaces by worse tenants.  At that point I suggested we go house shopping.

With a baby on the way, the need for a larger home, and a desire to stay in the Yonge & Sheppard area I set up a search which included the building they were currently living in. 

After visiting Donna & Ben's home and completing some minor renovations we listed the property for $279900.  I hired a professional photographer to shoot the place and make feature sheets.  I had projected a listing period of 30 to 40 days and a selling price of 269k to 275k based on recently sold, comparable listings. 

We sold the unit in 6 days for $277000 which at $462/square foot not only set a record regarding days on market but also sale price. 

Just a few days after Donna's unit sold an apartment in the same building came on the market.  A beautiful Penthouse unit with Southwest views, stainless steel appliances, and a granite counter top.



We took our time and did not rush into anything.  We looked at several other buildings close by but couldn't find anything as nice as the PH.  The Penthouse unit spent 25 days on the market and after a little negotiating we settled on a price of $416/square foot! 

All in all a deal well done.  Nothing beats a move that does not require you go outside during the winter months!

If you need help listing or purchasing a property call me, I'd be happy to help you and protect your interests.

Jimmy Vlachos Income Properties 416-953-0781 

SOLD IN 5 DAYS 99% of asking price!

155 Beecroft Rd - Prime North York Location, 30th Floor, Sundrenched, South Exposure. Clean & Well Maintained 1 Bed, 1 Bath, Balcony & Parking. Freshly Painted. Excellent Floor Plan. Direct Underground Access To 2 Subway Stations, Walking Distance To Lastman Square/Civic Centre, Sheppard Center Shops, Library, Empress Walk, Movie Theatre & Restaurants. Minutes From Hwy 401 And Dvp. Grand Lobby & Recreation Facilities. Move In And Enjoy All The Area Has To Offer.

Apartment Includes: Existing Fridge, Stove, B/I Dishwasher, Washer & Dryer. All Elfs, Existing Window Coverings. Parking Close To Elevator. 24 Hours Concierge, Indoor Pool, Sauna, Billiards, Guest Suites, Ample Underground Visitor Parking & More. Contact: Jimmy Vlachos Core Realty Group Inc., Brokerage   416 953 0781

Banksy Piece To Become Part Of Toronto Condo Development

"The thought was it would be natural to put that back there and let the public enjoy it," said Mark Karam, Menkes vice president. "The idea that's being talked about would be to put it somewhere where it's accessible to the public." 

 

The original 2010 Banksy mural as it appeared on a wall at 90 Harbour Street (Photo: AP)

 

Click below for the full article:

http://www.cbc.ca/strombo/alt-news/banksy-piece-to-become-part-of-toronto-condo-development.html

Rent-to-own works, but beware of the pitfalls.

Renting to own a house can be a very effective way for a buyer without enough of a down payment to buy a home. But do your homework.

Following the link to the Toronto Star for the article:
http://www.thestar.com/business/personal_finance/2013/07/30/renttoown_works_but_beware_the_pitfalls.html

LEASED OVER ASKING: $1700/month 1 Bed Plus Den, Parking & Locker

 

Located In The Heart Of The City, 1 Bedroom Plus Den With Parking, Locker & Balcony. Floor To Ceiling Windows, 13 Ft Ceilings. Walking Distance To Financial Core, CN Tower, Rogers Center, King & Queen West Eateries, Boutiques And Galleries. 30000 SF Athletic Facility Includes Spa, Bowling Alley, Pool, Weight Room And More. TTC And Gardiner Expressway Access. Freshly Painted. Move In And Enjoy Having The City At Your Fingertips.

Parking And Locker Included. 5 Appliances, Ensuite Washer & Dryer, Window Coverings Included. Sofa Included If Desired. Hardwood Floors In Living Area, Granit Counters In The Kitchen & Bathrooms.           For more information contact Jimmy Vlachos 416-406-0000

ADDING VALUE AND DEMAND THROUGH RENOVATIONS - SOLD 97% of asking price,110% OF PRE RENO EVALUATION

This deal was a doozy.  When I first saw this unit it was in desperate need of renovation in order to freshen the space after years of operating as a rental unit.  It is important keep a little rental income aside to handle renovation costs when it comes time to sell. 

Unfortunately due to all the new developments in Toronto, condos that were built only 5 or 10 years ago look old and dated.  Each new condo development uses the latest finishing materials and color trends.  Every new development sales center is styled with the latest and greatest to attract new buyers in a very competitive market.  Not all trends stand the test of time and materials that were once sought after become tacky or look cheap. 

It is important to repair the wear and tear an income property goes through and replace old and dated materials with something new and fresh.  When my clients budget allows I like to focus on using classic materials like Carrera marble, flat panel or shaker door fronts, clean, sleek hardware, and good'ole white paint.  Classic materials stand the test of time and while premium martials cost more upfront they also add to the desirability and inevitably the sale price of your property.

The renovation cost $9000.00 including labor and material.  My clients had budgeted for renovations  but even had they not we easily could have secured an equity loan from their mortgage to do the work.  Prior to the renovation I estimated the value  of  the 2 bedroom, 2 bathroom, 1 parking space waterfront condo between $429 to 439000.00  After the Reno we decided to list the unit at $489900.  

After a few weeks on the MLS I was able to secure a purchase price of $475000.00 which is $35-45000 above the initial valuation.

For every dollar my clients spent on renovations they received $4.45 in return, that's a 225% return on investment. A little paint, new carpet, new cabinet doors and hardware, and less than 100 Square Feet of premium finishing materials added 10% to the overall sale price.

It was not easy, and it didn't happen overnight but most Canadians work a lot longer than 3 weeks to earn $310000.

The moral of the story is income properties can fatten your pockets not only while you hold them but while they're on the way out of your portfolio as well.  Every penny counts and with the proper agent by your side even a little can go a long way. 

Before:   

                                              

            

        

Jimmy Vlachos - Core Realty Group Inc., Brokerage - 416 953 0781

FOR SALE $489900 936 SF 2 bed 2 bath with unobstructed lake views at Waterpark City

Stunning 936 Sq Ft Sundrenched, South Facing, Lake View Condo In Podium Building. 2 Bed 2 Bath. Floor To Ceiling Glass, Engineered Hardwood Floors. Newly Renovated And Freshly Painted. Excellent Floor Plan. Split Bedrooms Each With Ensuit Bath.

 

Premium Parking Space In Front Of Elevator. Many Amenities Including Indoor Pool And Outdoor Bbq Area. Queen And King West Shopping. TTC Stop In Front Of Building And Close To Hwy. Move In And Enjoy.

 

 

This Unit Features Built-in Stainless Steel Whirlpool Appliances. Full Size Washer/Dryer. New Granite Counter Top, New Kitchen Doors, Hardware, Dbl Sink And Faucet, Carrera Marble Back Splash & Bar Wrap.

 

 

New Marble Vanities, Back Splash, Undermount Sinks, High Gloss Doors, and Brushed Steel Hardware In Bathrooms. New Broadloom In Bedrooms.

 

 

Unobstructed South Views To The Lake and Island.  2 Bedroom/2 Bathroom, Upgraded Apartments With Parking Rent For $2300 to $2500/Month At Waterpark City.

 

 

 

Too many Condo's too little green space? Potential mega-development in midtown.

“More people are moving into the area, and therefore, we need to create people-friendly spaces,” he said. “There needs to be a great public space for the local community. That’s how great cities are planned. Go to Paris, London, Rome or New York, and you will find great public squares and parks near major junctions. And we haven’t done that in Toronto.” Coun. Matlow

http://www.postcity.com/Eat-Shop-Do/Do/February-2013/Potential-mega-development-in-midtown/

NEW COMMERCIAL LEASE LISTING - 718 Queen St East - $4000/Month Plus TMI - 1209 SF - Corner of Broadview and Queen in the heart of Riverside District

Prime retail space at Queen and Broadview in Riverside. Currently set up for food realted business, sutible for any use. Building is spotless and in exellent condition. Large basement included. Close to Pan/Am Games site and many new condo developments. For photo's & info click the link below.

http://www.incomepropertiesto.com/4a_read.php?ltl=2164349&address=718-Queen-St,-Toronto,-M4M1H2,-Ontario

The Elusive Measure Known as the Square Foot

You would think finding the square footage for a home or commercial space would be easy business.... Have a read:)

http://www.nytimes.com/2010/12/19/realestate/19cov.html?pagewanted=all&_r=0

Menkes sees magic in Toronto’s South Core - New 35-storey office tower, two condo highrises will join developers' Telus project

"One York Street will be a two million-square foot mixed-used development featuring a 35-storey office tower and two condominium towers that will bring 200,000 square feet worth of much-needed retail space, restaurants and other amenities to a waterfront community that has exploded beyond anyone’s expectations"

http://www.thestar.com/business/2013/01/18/menkes_sees_magic_in_torontos_south_core.

New house prices soared 16 per cent in GTA in 2012: Report

Interesting stats from this article:

•New house prices have climbed 44 per cent just over the last four years as supply has decreased by 52 per cent;
•New condos averaged 804 square feet in 2012 ($542 per square foot across the GTA), just... 16 square feet smaller than 2011, as developers realized that size matters;
•A record 60,713 units in 237 condo projects were under construction across the GTA in 2012. Some 88 per cent of those units were sold before construction even started.

http://www.thestar.com/business/2013/01/23/new_house_prices_soared_16_per_cent_in_gta_in_2012_report.html

SOLD - 20 Dean Park Rd Scarborough

I was the cooperating agent on this deal representing the buyer as a client. The unit at Dean Park Rd was not the first one we made an offer on.

There was a unit in at Dean Park Rd listed for just over 190K in the beginning of December. I pulled recent sold comparable units in the building and determined the property was worth 183-186K. I provided my research for the listing agent and seller to review. The seller wated full asking price and we were not offering a penny more than 186K - a deal could not be reached.
 

My client was in no rush to move and I figured showings would be slow do to Christmas and New Years celebrations. We could wait a couple of weeks at which point I was sure the sellers would call us back begging to take our original offer. We waited....
 

After a month had passed without hearing from the sellers agent I decided to give him a call. I was surprised we hadn't heard from them, the property was still listed. After a brief conversation exchanging seasons greetings I was told the seller was sticking to his price. I wished them luck and continued my day.
 

The very next morning the unit in 20 Dean Park Rd came on the market. Roughly the same square footage, cheaper maintenance fees, a better view, and listed for 15K less...

 

Some neighbourhoods are all about bidding wars while other area's require listings to be on the market for weeks, sometimes it comes down to understanding the time of year and how that affects sales. Regardless of what's happening in the market one must always know what the actual market value of a property is in order to choose the proper strategy.

 

Values are not static and subject to change. I'm not sure what the status of the other unit is but I can tell you that from a comparable perspective it's actual market value has changed based on what 20 Dean Park Rd Sold for.

 

In the end my client purchased a great unit at a great price.  My client never had to rely on my opinion - I presented him with the facts allowing him to make the right choices.  All in all a deal well done...