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

Five Reasons Why You Still Need A Real Estate Agent

Forbes Magazine

"Doing the work yourself can save money, but it could end up being more costly than a realtor's commission in the long run."

http://www.forbes.com/2010/05/25/why-you-need-real-estate-agent-personal-finance-commission.html

Definitely an article worth reading if your considering buying or selling real estate!

SOLD $36100 OVER ASKING IN 24 HRS

Bought in 2010 for 369000.  The purchasers removed the existing carpet to expose the orginal oak floors that lay below.  The floors on the main floor were refinished with a dark stain, the home was painted and tastefully furnished.  The existing, dated kitchen appliances where replaced with LG stainless steel gas rainge and double door fridge.

We listed the property at $469900 offers any time with 48 hours irrevocable.  Within 7 hours of listing we had our first offer.  In the end we had 4 offers.  The property sold for $506000, $36100 over asking, $137000 over the original purchase price.  It's officially spring:)

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.

SOLD $2'050'000 - 11000 Square Feet 5% Cap Rate

Prime mixed use building in the heart of Riverside/Leslieville. 20 Ft frontage, 3550 Sq Ft retail space, 11000 Sq Ft total. Commercial tenant on main floor with long term lease, 4 sound studios in basement, 4 large residential units on 2nd floor all month to month, currently below market rents, fully occupied. Excellent investment opportunity in growing Queen St East community.
This property sold conditionally in 13 days. 

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 97% of asking price 47 Jenmat Dr, Markham ON

Bright & Spacious 3 Bdr/3 Bath Bungalow Sitting On 45 Ft Lot. 47 Jenmat Dr. Is Wheel Chair Accessible With Universal Ensuit Bath, Doorways, & Elevator From Driveway. Professionally Renovated 2 Bdr Bsmt Apartment. Home Includes Stainless Steel Appliances, Hardwood Floors, Fireplace, & Breakfast Area With W/O To Back Yard. $85'000 Spent On Universal & Basement Renovations. Potential For 2nd Storey Addition. Steps To Schools, Go Train, Plaza, & Other Amenities.

SOLD FIRM - just under 2. Million Dollars - 5600 Square Foot, Owner Occupied, Triplex in the heart of Riverdale. 180 Foot lot with a pool and views of the city.

 

I acted as the purchasing agent on this property.  It recieved two offers both below asking price.  The vendors decided to work with my clients and after a lengthy negotiation that took all night and continued first thing in the morning we had a deal.  Incidentally I missed my flight to NYC but it was well worth it.

Having a Comparitive Market Analysis to present to the sellers and a Co-operating agent willing to review  and discuss the CMA was paramount to reaching an aggrement.  CMA's - don't leave your home without one.

SOLD FIRM $895000.00 Scollard St Commercial Condo Sale - Yorkville/Four Seasons Hotel

 Asking $899'900.00

Over 1600 Square Feet Of Prime Office Space Directly Across From The New, Flagship Four Seasons Hotel/Residence On Bay And Scollard St. 2 Commercial Units Were Combined To Create A Bright, Corner, South West Facing Office Space. Perfect For Business Or Corporation Or Desiring Access To International Clientele Due To The Proximity To The Four Seasons Hotel. Excellent Opportunity To Own A Prestige Commercial Address.

2 Lockers & 2 Underground Parking Spaces Owned. Building Is Zoned Live/Work. Floor Plan Available. Building Includes Exercise Gym/Squash, Sauna, Party Room, 24 Hour Concierge. Unit Currently Occupied By Law Firm.

ANNEX TRIPLEX - SOLD

I acted as the purchasing agent on this deal.  This home is a perfect example of an income producing property. This triplex is fully occupied with AAA tenants, kept in excellent condition by the landlord and tenants, and required no renovations or improvements. The cost of owner occupiable, 3 unit homes starts at around 175k/per door and can easily go up to 400k/per door depending on area, upgrades, and square footage.

LEASED FULL ASKING PRICE $2500/Month - 388 Richmond St Penthouse

Stunning 2 Bedroom 2 Bathroom Unit In The Heart Of The City. Sun Filled, 2 Storey Loft With Floor To Ceiling Glass. Sub Penthouse With Unobstructed Views Of The City.

Large Terrace With Gas Line Bbq Hooked Up And Ready For Summer. Polished Concrete Floors, Granite Counter Tops, Stainless Steel Appliances, Ensuite Laundry, Hardwood Floors On 2nd Floor.

Bedrooms Have Built In Double Wardrobes And Floor To Ceiling Glass. Parking And Locker Included. For more Info call Jimmy Vlachos at Core Realty Group Brokerage., Inc 416-406-0000.

BASEMENT APARTMENT RETROFIT - "Untagling the web"

In a city like Toronto, where the apartment vacancy rate is low and real estate values are high, many people rely on the rental income from a basement apartment to give them the edge they need to own a home. But is it a ‘legal’ apartment? If not, how can it be made ‘legal’? In the process of legalizing the apartment, will I be inviting ‘trouble’? What if the ‘city’ prescribes improvements that are prohibitively expensive? What if the ‘city’ decides that I can’t have an apartment?  To read more click on the link below.

http://www.carsondunlop.com/2011/12/basement-apartment-retrofit-untangling-the-web/

BMO really, really wants you to know that Canadian housing isn’t in a bubble

BMO can’t seem to leave the real estate market alone these days. Last week, BMO Nesbitt Burns was on the case, telling buyers and sellers that Canadian real estate was only slightly overpriced. As if to drive the point home, umbrella organization BMO Financial Group weighs in today with a report by its chief economist, Sherry Cooper. Both reports move quickly to assure Canadian property owners that there is no bubble and that the future does not look like the U.S. circa 2009.

Find Full Toronto Life Article Via Link Below

http://www.torontolife.com/daily/informer/to-market-to-market/2010/11/16/bmo-really-really-wants-you-to-know-that-canadian-housing-isnt-in-a-bubble/

Find Full BMO Nesbittburns Economic Report Via Link Below

http://www.bmonesbittburns.com/economics/focus/20101105/feature.pdf

12 Unit Apartment Building - SOLD

I acted as the Purchasing Agent for this 12 unit apartment building in East York. The building had several issues and the rent roll was well below market value. One of my more expierenced clients was abel to turn this building around in a matter of months. Today the building is fully occupied, earning market rents, with a double digit cap rate. The cost per unit was under 90K  which is unheard of for a income property on the subway line.  

Mortgage Changes

If you have not heard yet, the Department of Finance announced three changes to the standards governing government-backed mortgages, that come into force April 19. Here are a summary of the changes:

QUALIFYING FOR A FIVE-YEAR RATE

The adjustments to the mortgage framework will require mortgage insurers to ensure that new borrowers qualify for a five-year fixed rate mortgage when calculating the gross debt service and total debt service ratios. The measure is intended to protect Canadians by providing them with additional flexibility to support mortgage payments at higher interest rates in the future.

LIMIT THE MAXIMUM REFINANCING

Borrowers seeking financial flexibility can currently refinance their mortgage and increase the amount they are borrowing on the security of their home up to a limit of 95% of the value of the property. The adjustment will lower the maximum amount of the mortgage loan in a refinancing of a government-backed high-ratio mortgage loan to 90% of the value of the property, consistent with the principle that home ownership is a tool for savings.

DISCOURAGING SPECULATION

This measure will require a minimum down payment of 20% for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation. At present, borrowers may purchase a residential property with a 5% down payment. The change will require a 20% down payment for small non-owner-occupied residential rental properties. Borrowers purchasing owner-occupied residential properties which also include some rental units (such as a duplex) will still be able to access government-backed mortgage insurance with a 5% down payment.

Maximizing your return on investment property

Like many of us, Marea Taylor works hard, and saves diligently. But at early age, she saw the potential to diversify her stock portfolio into an asset that was tangible.

Growing up, Marea watched her factory-worker parents struggle to support a family on their wages – yet their property increased in value year over year. So in 1999, instead of struggling to make rent like most university students, she managed to purchase a home on Muriel Street and have her friends pay the mortage through their rent, while she lived rent-free and built a retirement fund. Her tenants earned Marea more than her mother ever made working at a factory.

Today Marea is on her fifth property, a six-plex in Toronto’s east end. From the initial Muriel property, she bought a three-apartment home on Carlaw, living in one. She then took her assets and invested in another three-apartment home on Pape while living at the Carlaw property. After generating enough income, she sold the Carlaw property and invested in the six-plex. Her next goal? To own her own building.

At first the idea of home ownership and tenant management seemed daunting, but in reality, Marea has found the experience highly rewarding. In fact, she holds an annual competition portfolio performance with her stockbroker husband – and she’s never lost.