SOLD (Purchasing Agent) $810,000 - Trendy Bloor West Modern Custom Reno

After a month and a half of multiple offers, 19 people showing up to compete for the same home  (162 Fern Ave in Roncesvalles), purchase prices $150000 over asking, all before Christmas shopping started, my clients were showing signs of fatigue.

Market fatigue sets in when bidding wars are the norm.  It's like PTSD for purchasers and it's no joke.  When hundreds of thousands of dollars are on the line the last thing you want to do is add stress, exhaustion, and  feelings of hopelessness to an already emotionally fueled decision. 

Luckily, my clients Danielle and Greg are champions and with just a few days rest over the Christmas holidays were able to rebound and refocus. 

We found this lovely home which had been sitting on the market for over 30 days during Toronto's first major snow storm.  It was just before Christmas. The asking price had recently been reduced by 30k  and our preliminary discussions with the listing agent suggested the seller were sticking to their guns on the new price. 

The odds of a home selling during the last 2 weeks of the year, especially one that has been sitting around for awhile are next to nil. It's also highly unlikely that anything is going to move the first week back from holidays as everyone is in a mad scramble to fill gym memberships and organize for 2014.  We decided to let the sellers sit for a time and re-consider the value of their home while we took a much needed break for turkey and wine.

The magnitude of the renovations on this property are incredible...  from the hand made, extra large wood planks milled for the floor, to the most money I've ever seen spent on residential light fixtures in a home under 1 Million Dollars, you couldn't help but feel like you walked into a magazine.

It's important to address issues as they arise.  Based on my conversations with the listing agent I didn't believe we were going to get everything I was asking for in the offer (staging furniture, art, price point etc..) BUT... you only have one chance to ask and if you wish to avoid regret it's best to use the negotiation period to ask for what you want!

After a lot of  negotiating and some ruffled feathers we managed to settle on a price and closing date that suited both parties.  A home inspection revealed some minor "upkeep" work that the sellers were willing to take care of prior to closing. 

Both parties are happy with the way things turned out and I'm certainly looking forward to the awesome parties that are sure to take place in this swanky new pad. 

If you need help Buying or Selling a home give me a call.  I'd be happy to help protect your interests.

Jimmy Vlachos - Income Properties - 416-953-0781

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 

BUYING THE FIRST HOUSE YOU SEE - how its done properly without buyers remorse. SOLD FIRM 15 Drexel Rd

I received a call last week from previous client of mine letting me know they had referred me to a family member looking to buy a home.  I would be working as the co-operating agent representing the buyers. 

After a brief discussion and a few emails I set up a property search and by the weekend we had a short list of places to see. 

 

I booked 5 showings all within $30000 of each other.  The showings were going well,  then we walked into the 4th home on the list.  The property was stunning, miles above any of the others we had seen that day.  There was a busy open house and the listing was only 2 days old.

 

My clients were talking offer the moment we walked out the door and wanted to know what to do next...

 

Have you ever been shopping for a pair of shoes, jeans, maybe a TV and find what your looking for in the first store you go into to?  For some reason any time I buy the first thing I see I end up seeing it or something better on sale for a wicked price 2 days later and feel sick to my stomach.  When I don't buy that perfect item and hunt the rest of the day to be sure nothing better is out there it's always gone by the time I return. 

 

Now that's just a pair of jeans or shoes... making that mistake with a home hurts a lot more. 

 

Prior to going out with my clients that day I told them that even if they find the perfect home on our first time out I would insist on showing them several more homes just to be sure and avoid buyers remorse.

 

If you fall in love with the first home you see (and it's not set up for multiple offers) this is what you or your agent should do:

 

1. Register an offer on the property immediately (especially if its a new listing with a very busy open house)

2. Include at least one condition (3 day financing or inspection clause will work)  

3. Submit the offer with a certified check/money draft and book appointments to view other comparable listings within the conditional period.

 

The aim is to get the property off the market by binding the sellers to an agreement you can walk away from within 2 to 3 days should something else be found.  Don't go looking at more houses without first tying down the one that feels right.  The premise is you've fallen in love with a home but want to protect yourself from your own ignorance, it's the first home you've seen not the 15th. 

 

Make sure your deposit is certified because if you choose to walk away certified funds are released sooner than non certified funds and most people don't have two deposits sitting around.

 

Now that everything is tied up and you've secured the property go have a look at similarly priced properties currently listed.

 

In my opinion an agents job is to protect and advise his/her clients and provide the proper strategy for each deal.  The general paper work, the showings etc...  not exactly rocket science, protecting people even when it may come at a financial expense is how an agent is supposed to earn their keep.

 

I booked 6 showings in the immediate area, all comparable in size, style, and age, within $30000 of the desired property.  It took us 2 hours and in the end my clients were 100% sure they made the right decision.  Every home we visited made the property they conditionally purchase look better.

 

We waived our conditions and the deal will close at the end of the month. 

 

When it comes to Real Estate you want to avoid surprises, disappointment,  and excitement.  Always do your due diligence.  Strategies exist to make sure your making the right move you just need someone with the knowledge to employ the proper strategy at the proper time.

 

Oh, regarding shoe shopping, ask the store to hold your desired item for a few hours and take a business card...  My girlfriend Samantha taught me that. 

 

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