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.