LEASED - Stunning Apartment, Prime Danforth/Riverdale - $1325/Month

Prime Danforth Location. Contemporary Styled, High Ceiling, Large, Brand New Apartment, Brand New Built-In Stainless Steel Appliances, Chopper Block Counter, En Suite Laundry, Modern Marble Bathroom, Utilities & Parking Included. Large Bedroom & Closet. Minutes To Ttc, Dvp, Gardiner Exp, Pharmacies, Supermarkets, Shopping & World Class Restaurants. Within Frankland, Earl Grey, & Riverdale School District. No Pets No Smoking. Parking available 100/month. Parking and Property monitored by video camera.

 

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 98% OF ASKING PRICE. Beautiful Reno, 3+1 Bedrooms, 3 Baths, 2000 Square Feet $499900 - Yonge St & Clark Ave

Beautiful, Fully Renovated 2000 Sf, 3 Plus Br, Gated Community Townhome. 24 Hrs Security. 30K Professional Renovation, New Hardwood & Broadloom Throughout, New Elfs, Entire Home Freshly Painted, Main Floor Total Reno From Baseboards To Kitchen - No Detail Overlooked. Finished Basement Perfect For Theater Or Additional Br. Close To Top Rated Thornhill Secondary Sch, Yonge Transit, Library, Rec Center & Places Of Worship All Just Steps From Yonge St.

Improvements Include Brand New Hardwood Floors & Broadloom. Freshly Painted. Brand New Stainless Steel General Electric Fridge & Electric Range, Hood, Bosch D/W, Double S.S Sink, Granite Counter Top, Glass B/S, Refinished Kitchen Cabinets. Existing Maytag W/D. 1 Underground Parking Space.

 

 

 

 

 

 

 

 

 

 

 

 

Fore more information or to book a showing contact

Jimmy Vlachos at Core Realty Group Inc., Brokerge 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

SOLD 98% OF ASKING PRICE - Detached Bungalow with 2 Car Garage - Danforth/Donlands

Prime Location. Cozy, Detached, Bungalow On Sun Drenched Lot With Private, 2 Car Garage Off Lane Way. Excellent Opportunity For First Time Buyer Or Builder. Close to Subway, DVP, QEW, Shopping, Schools, Hospital and Much More. Public Open House 2:00 - 5:00 Pm April 6th & 7th.

Included: Existing Fridge, Stove, Washer, Dryer, Window Coverings, All Elf's, Hw Tank, Gb&E 2006. Shed, Garage Door Opener With Remote. Exclude Portable Dishwasher In Kitchen.   For Details Call: Jimmy Vlachos 416-406-000 Core Realty Group Inc., Brokerage

FOR SALE Prime South Riverdale 3 Bedroom 1 Bath $469900

Attached/Row House That Feels Like A Semi Waiting For Your Personal Touch. Spacious 3 Bedroom Home, Bright And Airy. Private Back Yard. Original Oak Hardwood Floors Throughout. Great Bones, Solid, High, Dry Basement With 2 Sep Entrances. Ttc At The Bottom Of The Street. Minutes To Pet Friendly Monarch Park & Greenwood Park, Elementary School, Goodlife Fitness, Lcbo, Summer Farmers Market, 15 Min Walk To Beaches. Enjoy Queen East & Danforth. Make It Yours.

Stainless Steel Lg Gas Range & Large Double Door Lg Fridge With Bottom Freezer. Washer Dryer. Front Patio. Breakfast Area Would Make A Beautiful Sliding Door Walk Out To Custom Deck. Back Yard Seeded For New Grass. Clean Pallet Unfinished Basement.

Ontario introduces Healthy Homes Renovation tax credit

The province last fall introduced the Healthy Homes Renovation Tax Credit, a permanent, refundable personal income tax refund for seniors and the family members who live with them.

Those who qualify can claim up to $10,000 worth of home modifications on their tax returns and receive back 15 per cent of eligible expenses. A household that spends $10,000 on eligible home renovations potentially can get back $1,500. The tax credit has a $10,000 maximum per couple.

Qualified applicants must be 65 years or older by the end of the year for which he/she is claiming the credit. Family members can qualify, too. If you modify your home to accommodate a live-in relative who is 65 or older, you can claim eligible expenses on your personal income tax return.

Seniors and their family members at all income levels are eligible.

Eligible renovations include walk-in bathtubs, wheel-in showers, widening passage doors, lowering existing counters/cupboards, grab bars around a toilet, tub and shower, handrails in corridors, wheelchair ramps, stair/wheelchair lifts and elevators, and non-slip flooring in the bathroom.

Expenses that don’t qualify include renovations or recurring repairs such as plumbing or electrical work, repairs to a roof, the installation of new windows, or a new heating and air conditioning system. Also not included are devices such as equipment for home medical or home safety monitoring, wheelchairs, walkers, side-swing ovens and appliances with front-loaded controls, fire extinguishers, smoke alarms and carbon monoxide detectors.

Ditto for services like landscaping, housekeeping and home care.

However, there are other programs that help those with disabilities remain in their homes, including the Assistive Devices Program, which provides funding to people with long-term disabilities living independently, and offers access to more than 8,000 assistive devices, like prostheses, wheelchairs/mobility aids, hearing aids and respiratory equipment.

The full list of expenses that are eligible for the Healthy Homes tax credit can be found at ontario.ca/healthyhomes. There’s also an online calculator to help applicants determine how much money they could get back.

To get the credit, individuals must claim their total expenses on their personal income tax returns.
 

For the 2012 tax year, applicants can claim expenses for work that was paid for or billed for between Oct. 1, 2011 and Dec. 31, 2012. For subsequent tax years, individuals can claim expenses related to work that was paid for or billed for in that particular year.

Even if homeowners do the work themselves, or they have a friend or family member do the renovations free of charge, they can still claim the amount spent on materials for the modifications, but not the cost of labour.

The province recommends that applicants save all receipts from retailers, suppliers and contractors related to these home modifications. While it’s not necessary to submit them with the tax return, it’s important that applicants have them on hand if they’re asked by the Canada Revenue Agency to produce them to verify expenses.

For more information call 1-866-668-8297 or go to ontario.ca/healthyhomes.

By:Ryan Starr Staff Reporter., Published on Thu Feb 21 2013

http://www.thestar.com/life/homes/2013/02/21/ontario_introduces_healthy_homes_renovation_tax_credit.html

West-end fixer-upper attracts 40 offers and sells for almost $200,000 over asking

$200,000 over asking does not mean $200,000 over the actual value - it is important to know what the last few comparible and recently sold properties sold for in determining what price to offer in a multiple offer situation.

Have a read...  and be sure to check out the comments below the article thats where the hidden gems are:)

http://www.thestar.com/business/real_estate/2013/03/12/junction_triangle_fixerupper_attracts_40_offers_and_sells_for_almost_200000_over_asking.html

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

White. A favorite of mine due to its clean, sharp look, ease to touch up or repaint.

Check out the link below for helpful tips on bringing white rooms to life.

http://design-milk.com/decorating-ideas-12-white-rooms-with-pops-of-color/

How to install floating Vinyl Plank Flooring

Hi everyone, 

I just installed a floating vinyl floor in one of my basement rental units and an attic bedroom.  I avoid laminate and wood flooring in basements due to moisture and potential flood damage.  I'm not a fan of wall to wall carpeting for the same reasons and because it traps dust, debris, and odour.  Tile is great for basements but it can be cold and expensive.   

Depending on the neighborhood, client profile, and the rental rate you wish to achieve it may make sence to spend the extra money on faux wood ceramic tile flooring. 

It's important to have an understanding of how the style and materials used in your rental units, even basement apartments, will affect how fast it will rent, how long tenants will stay, and how much they will pay for the space.
 For my particular install I used Allure Golden Maple Vinyl flooring.  The color and faux wood grain was a very close match to the existing white oak floors in the upper units of the property.  I was introduced to the product from a client of mine, Young-Ho, who recently installed Allure flooring in his Martial Arts Dojo, CFH STUDIO, at St Clair and Bathurst in Toronto.  If its tuff enough for the Dojo it'll do just fine in the basement. 

I'll get some pictures up ASAP.  Enjoy the video.