Are Authentic Lofts Really That Hard To Come By?

Last weekend I held a couple of open houses at my new listing in the Massey Harris Lofts building on King Street West.

The turnout was great.

As with most open houses, there were visitors who saw the listing on MLS, there were visitors who popped-in off the street, and there were visitors who already live in the building and were curious to see their neighbour's unit.

Regardless of what pulled them in though, they were really all there for the same thing... the chance to see an authentic loft.

Unlike a city like New York, Toronto doesn't have many authentic loft buildings, relative to all of the new construction that's happening.

That's not to say that Toronto doesn't have any loft buildings. We certainly do. To name a few; Argyle Lofts, Wrigley Lofts, Merchandise Lofts, Gotham Lofts, Robert Watson Lofts, Candy Factory Lofts...

Compared to all the newly built condo units on the market though (or those currently under construction), the ratio is small.

As a result, properties like the one in the Massey Harris building really standout.

This was evident in the conversations I had at my open houses last weekend.

I heard things like, "I've been waiting and waiting for something to pop-up in this building because the spaces here are so unique." And, "We've been looking for months but the majority of listings on MLS are just regular condos. Hardly any are real lofts."

My experience in working with buyers looking for lofts is much the same as above. The search does take longer and there are fewer properties to choose from.

My advice? If you're looking for an authentic loft and a good one does come on the market... snatch it up!

There's no telling when the next one is going to come along...

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: August 2013 Statistics

t Following is TREB’s market report for August 2013:  Greater Toronto Area REALTORS® reported 7,569 residential transactions through the TorontoMLS system in August 2013. This represented a 21 per cent increase compared to 6,249 sales in August 2012.

“Sales were up strongly this past August for all major home types compared to last year. Many households have accounted for the added costs brought on by stricter mortgage lending guidelines and have reactivated their search for a home.

These households have found that a diversity of affordable ownership options exist throughout the GTA,” said Toronto Real Estate Board President Dianne Usher.

The average selling price for August 2013 was $503,094 – up by almost 5.5 per cent compared to the average of $477,170 in August 2012. The MLS® Home Price Index (HPI) composite benchmark was up by 3.7 per cent over the same period.

“Despite an increase in borrowing costs during the spring and summer, an average priced home in the GTA has remained affordable for a household earning an average income.

With this in mind, tight market conditions are expected to promote continued price growth through the remainder of 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: July 2013 Statistics

Following is TREB’s market report for July 2013: Greater Toronto Area REALTORS® reported 8,544 residential sales through the TorontoMLS system in July 2013. Total sales were up by 16 per cent compared to July 2012. Over the same period, new listings added to TorontoMLS and active listings at the end of the month were up, but by a substantially smaller rate of increase compared to sales.

“Last month’s sales represented the best July result since 2009 and was the third best July result on record. Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the GTA,” said Toronto Real Estate Board President Dianne Usher.

“We are a year removed from the onset of stricter mortgage lending guidelines and many households who put their decision to purchase a home on hold have reactivated their search. An increasing number of these households are getting deals done,” continued Ms. Usher.

Reflecting tighter market conditions, the average selling price for July sales was up on a year-over-year basis by eight per cent to $513,246. The low-rise market segment continued to be the driver of overall price growth. It should be noted, however, that the average condominium apartment price was also up by more than the rate of inflation on an annual basis. The MLS® Home Price Index (HPI) was also up on a year-over-year basis for all major home types.

“We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well. Months of inventory for low-rise homes remains near record lows, suggesting that sellers’ market conditions will remain in place in the second half of 2013. An increase in listings in 2014 would lead to more balanced market conditions and a slower pace of price growth next year, albeit still above the rate of inflation,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: June 2013 Statistics

Following is TREB’s market report for June 2013:  Greater Toronto Area REALTORS® reported 9,061 sales through the TorontoMLS system in June 2013 – down by less than one per cent compared to June 2012. Over the same period, new listings were down by a greater rate than sales, suggesting market conditions became tighter.

"The sales picture in the GTA improved markedly in the second quarter of 2013. While the number of transactions was still down compared to 2012, rates of decline were substantially improved compared to the first quarter," said Toronto Real Estate Board President Dianne Usher.

"As a growing number of homebuyers, many of whom put their purchase on hold due to stricter lending guidelines, now reactivate their search, the expectation is for renewed growth in home sales in the second half of 2013," added Ms. Usher.

The average selling price in June was up by 4.7 per cent year-over-year to $531,374. In line with the 2013 norm, June price growth was driven by the single-detached and semi-detached market segments, particularly in the City of Toronto. Over the same time period, average condominium apartment selling prices remained in line with 2012 levels.

"The short supply of low-rise home types in many parts of the GTA relative to the number of households looking to buy continued to prompt strong upward pressure on selling prices of singles and semis," said Jason Mercer, TREB's Senior Manager of Market Analysis. "We have also seen enough buyers in the better-supplied condo apartment market to provide support for selling prices at current levels."

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Don't List Your Home On The Weekend

As a realtor, I have access to up-to-the minute updates on mls. And I'm checking-in periodically throughout the day, scanning the hot listings for anything that might be a good match for my buyer clients.

Additionally, I have all of my clients set-up to receive daily automated emails with any new listings that hit the market the day before. For example, they receive an email early Tuesday morning with listings that were posted between 12:00am and 11:59pm on Monday.

So, regardless of whether or not I forward a specific listing that looks good, they are still going to see a full list of everything that hits the market. This is a great way for them to get a sense of what's popping-up in their price range, and it provides context for when a really great listing does come along.

Of course, I'm not the only realtor who does this. Every morning, all over the city, buyers receive automated emails with links to new listings that were posted on MLS the previous day.

I'd say the majority of these automated emails arrive on Tuesdays, Wednesdays, and Thursdays. They arrive on Fridays as well, although this is less common.

What about Saturdays and Sundays?

Simply put, Saturdays and Sundays are less-than-ideal days to have your property reach the market.

By the time Saturday rolls around, buyers and realtors have already compiled their list of properties to view for the weekend. Anything that lands in their inbox on Sat/Sun is more likely to fall through the cracks.

The odds are just better that a buyer is going to see your newly listed home if it's put in front of them on a weekday.

Sifting through the MLS updates becomes a part of many buyers' Mon-Fri routine. They open the links in the morning at breakfast, then they connect with their realtor during the day to highlight the best of the bunch, then they run through them again at home later that night. It becomes ritual. A weekday ritual.

That's not to say that buyers aren't looking at listings on Saturdays and Sundays. Real estate is addictive and many buyers are plugged-in 24/7.

Generally though, weekends are spent on social obligations, trips away from the city, and running a week's worth of errands.

Not to mention that weekends are when a lot of buyers are actually out viewing properties!

Despite all of the above, sellers still list on Fridays and Saturdays (which means buyers see these listings on Saturdays and Sundays).

Why?

Why would a seller (and/or their realtor) actually choose to have their home pop up on a Saturday or Sunday?

Why would they choose to have their most valuable asset make its debut on a day when the least number of potential buyers are going to catch it?

I think there are probably two main reasons;

Some realtors struggle with the ins-and-outs of how to best market a home.

It's no mistake that a lot of the listings I see pop up on Sat/Sun are also the ones that have crappy photos...

Some realtors are afraid that waiting a few more days to list will also be giving the seller a few more days to possibly change their mind.

Sad but true. Some realtors have been burned in the past and they think, "Hey, I need to get this place under contract and listed IMMEDIATELY, whether or not it's what's best for the seller."

I think there's a third reason to consider as well. It's possible that, despite their realtor's advice, some sellers are in a position where they need/want their home on the market ASAP. "Saturday, Sunday, Christmas Eve, New Year's Day... doesn't matter. We need it on the market NOW."

And what's a realtor to do in that situation? Of course they're going to list the property. They've given their best advice and now they're going to follow their client's directions.

For those sellers who have the option of waiting just a few more days though, listing on a weekday is almost always the way to go.

And if you're realtor is insisting that timing isn't crucially important to a successful listing, maybe it's time to find another realtor.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: May 2013 Statistics

Following is TREB’s market report for May 2013: Greater Toronto Area (GTA) REALTORS® reported 10,182 sales through the TorontoMLS system in May 2013, representing a dip of 3.4 per cent compared to May 2012.

Sales of single-detached homes in the GTA were up by almost one per cent compared to the same period last year, including a three per cent year-over-year increase in the City of Toronto.

“The sales picture in the GTA has improved markedly over the past two months. While the number of transactions in April and May remained below last year’s levels, the rate of decline has been much smaller.

A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market,” said Toronto Real Estate Board President Ann Hannah.

The average selling price for May 2013 sales was $542,174 – up by 5.4 per cent in comparison to $514,567 in May 2012. The annual rate of price growth was driven by the tight low-rise segment of the market and particularly by single-detached and semi-detached home transactions in the City of Toronto. Average condominium apartment prices were also up slightly in comparison to last year.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.8 per cent year-over-year.

“The annual rate of price growth in May was not surprising given the competition that still exists between buyers, particularly for low-rise home types such as single-detached and semi-detached houses. We remain on track for a three-and-a-half per cent increase in the average selling price for 2013 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

How Important Is The View?

With so many new condo buildings popping up, great views are getting much harder to come by. Heck, even decent views are getting harder to come by.

So, if you're selling your condo and it's got an exceptional view - shout it from the rooftops!

I recently had a condo listing in the Yorkville/Bloor area.

The last comparable sale in the building was listed and then re-listed twice before finally selling. It was on the market for a total of 158 days.

Our's sold in just 2 days. And for 103% of the list price.

Why the difference?

While I'd like to think it all came down to my exceptional skill as a realtor, I have to admit there was another factor at play as well: Our unit had an incredible view and the other one didn't.

The other unit was on a much lower floor and stared directly into the brick wall of the building next door.

Our unit was located all the way up in the 35th floor and had a an unobstructed view.

It was quite something, actually. You faced east and could see over the Rosedale Valley and downtown all the way to Lake Ontario.

Needless to say, playing this up in the marketing of the property was a no-brainer.

The photos, the virtual tour, the feature sheets & the online advertising all highlighted the incredible view.

And it served us well.

We ended up setting a record price for that layout in the building.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: April 2013 Statistics

Following is TREB’s market report for April 2013:  Greater Toronto Area REALTORS® reported 9,811 sales through the TorontoMLS system in April 2013, representing a dip of two per cent in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis.

“Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and into the second half of 2013, the demand for home ownership should continue to firm-up relative to last year,” said Toronto Real Estate Board President Ann Hannah.

“It has been almost a year since the federal government enacted stricter mortgage lending guidelines. It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy,” continued Ms. Hannah.

The average selling price for April 2013 transactions was $526,335 – up by two per cent in comparison to April 2012. The MLS® HPI Composite Benchmark Price was up by 2.9 per cent.

“The condominium apartment segment in the City of Toronto was a key driver of price growth in April, with both the average selling price and the MLS HPI apartment index up on a year-over-year basis. The improved condo sales picture, with Toronto sales down by only one per cent compared to last year, suggests that interest in condo ownership may be improving," said Jason Mercer, TREB's Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

"Multiple-Offers" And "Bidding Wars" Don't Always Go Hand In Hand

Last month I wrote a blog post about multiple offers (read it here). Among other things, I noted that having “multiple offers" on a property doesn't always necessitate a "bidding war".

Of the properties I've sold with multiple-offers so far this year, one actually sold for under the list price and another sold for only $100.00 over. (I represented the buyer in both cases).

Both properties sold for close to what other recent sales went for, and neither of these situations came anywhere close to being a "bidding war".

Why?

For starters, both of these properties were condos. It’s true that the condo market has cooled a bit and the buying activity isn’t as frenzied as it was a year ago. (Houses are a different story...).

Secondly, both properties were priced fairly to begin with (as opposed to being intentionally "under priced") and the sellers were allowing for offers at any time (as opposed to scheduling a specific "offer night").

In other words, neither listing was attempting to orchestrate a bidding war scenario and the fact that they happened to receive multiple offers was a matter of lucky timing more than anything else.

Even when there is a scheduled offer night and a property receives multiple offers, the prospective buyers don't always end up in a bidding war.

As long as cool heads prevail and everyone comes to the table with their top number in mind (and the good sense to NOT exceed that top number), then a bonafide bidding war isn't going to happen.

Throw emotion (and deep pockets) into the mix though...

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: March 2013 Statistics

Following is TREB’s market report for March 2013:  Greater Toronto Area REALTORS® reported 7,765 transactions through the TorontoMLS system in March 2013 – down 17 per cent compared to 9,385 transactions in March 2012.

While the year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012, it is also important to note that the Good Friday holiday was in March this year versus April in 2012.

Generally speaking, there are fewer sales reported on statutory holidays and weekends. In the first quarter of 2013, sales amounted to 17,678 – down by 14 per cent compared to Q1 2012.

"Home ownership remains affordable for a household earning the average income in the Greater Toronto Area. There are many willing buyers in the marketplace today. While some households have put their decision to purchase on hold as a result of stricter lending guidelines or the additional Land Transfer Tax in the City of Toronto, other households simply haven’t been able to find the right house due to a shortage of listings in some market segments," said Toronto Real Estate Board President Ann Hannah.

The average selling price in March was $519,879 – up by 3.8 per cent compared to March 2012. The average price in Q1 2013 was $508,066 – up by 3.2 per cent compared to the first quarter of 2012.

"The average selling price and the MLS® Home Price Index Composite Benchmark was up on a year-over-year basis across most home types, especially in the low-rise market segments where supply remains an issue. TREB's average price forecast for 2013 remains at $515,000, representing a 3.5 per cent annual rate of growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Multiple-Offers Aren't Going Away Anytime Soon

There was quite a bit of talk in the media this past fall & winter about a real estate bubble and an imminent correction.

Out on the streets though, I think most Toronto realtors would say that they don't see any kind of major adjustment happening.

Did things slow down over the last 6 months? Certainly (although more so with condos than houses). Sale prices levelled-off in some areas and buying activity eased up a bit. The new mortgage rules that were implemented in July had a lot to do with this.

Looking at the first few months of 2013 though, it's the realtors - not the media - who are right once again.

From what I'm seeing, there are plenty of buyers out there right now looking at homes and making offers. And depending on the neighbourhood & quality of product, supply isn't meeting demand.

Two of the last three properties I sold had multiple offers on them.

Remember though, "multiple-offers" doesn't always mean a "bidding war".

Of the two properties I mentioned above, one actually sold for under the list price and the other sold for only $100.00 over.

What multiple-offers do show is that buyer confidence is there.

Many in the industry are predicting a very active spring market for 2013. I don't disagree.

As long as interest rates are low and supply of quality product is tight, multiple-offers aren't going away anytime soon.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: February 2013 Statistics

Following is TREB’s market report for February 2013:  Greater Toronto Area (GTA) REALTORS® reported 5,759 sales through the TorontoMLS system in February 2013 – a decline of 15 per cent in comparison to February 2012. It should be noted that 2012 was a leap year with one extra day in February. A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5 per cent.

The average selling price for February 2013 was $510,580 – up two per cent in comparison to February 2012.

“The share of sales and dollar volume accounted for by luxury detached homes in the City of Toronto was lower this February compared to last. This contributed to a more modest pace of overall average price growth for the GTA as a whole,” said Toronto Real Estate Board (TREB) President Ann Hannah.

“Stricter mortgage lending guidelines that precluded government backed mortgages on homes sold for over one million dollars and the City of Toronto’s additional upfront land transfer tax arguably played a role in the slower pace of luxury detached home sales,” added Ms. Hannah.

The MLS® HPI Composite Benchmark price covering all major home types eliminates fluctuations in price growth due to changes in sales mix. The Composite Benchmark price was up by more than three per cent on a year-over-year basis in February.

“We will undoubtedly experience some volatility in price growth for some market segments in 2013. However, months of inventory in the low-rise market segment will remain low, resulting in average price growth above three per cent for the TREB market area this year.

Our current average price forecast is $515,000 for all home types combined in 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: January 2013 Statistics

Following is TREB’s market report for January 2013:  Greater Toronto Area REALTORS® reported 4,375 transactions through the TorontoMLS system in January 2013. This number represented a slight decline compared to 4,432 transactions reported in January 2012.

“The January sales figures represent a good start to 2013. While the number of transactions was down slightly compared to last year, the rate of decline was much less than what was experienced in the second half of 2012. This suggests that some buyers, who put their decision to purchase on hold last year due to stricter mortgage lending guidelines, are once again becoming active in the market,” said Toronto Real Estate Board (TREB) President Ann Hannah.

“It is interesting to note that sales were up for many home types in the GTA regions surrounding the City of Toronto. This is due, at least in part, to the additional upfront land transfer tax in the City of Toronto,” added Ms. Hannah.

The average selling price for January 2013 sales was $482,648 – up by 4.3 per cent compared to $462,655 in January 2012. The MLS® Home Price Index (HPI) Composite Benchmark price was up by 3.8 per cent over the same period.

“There will be enough competition between buyers in the marketplace to prompt continued growth in home prices in 2013. Expect annual average price growth in the three to five per cent range this year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Are There Deals To Be Had In January?

Earlier this month a I wrote a blog post answering the question, "Is January too early to start looking for a home?" (read it here). Among other things, I mentioned how a buyer might benefit by purchasing a property that's been sitting on the market all through December.

Guess what? Less than a week after that post a client of mine proved my point and snagged a great condo at a steal.

We were still only a few weeks into the new year, but my client was motivated, pre-approved and ready to start looking. His preparation and willingness to jump into the market while most other buyers were still sitting on the sidelines resulted in him scoring a pretty good deal.

Timing certainly played a very big part here. My client was able to take advantage of 3 key factors:

1. The property had been on the market since mid-December (I'll go out on a limb and suggest that one week before the start of the holiday season is not the best time to list a home for sale).
2. The property was listed under market value (to the tune of 5%+).
3. The property had actually sold to another buyer before the holidays, but that deal fell through and it was now back on the market.

I'm guessing that many buyers (and their realtors) missed the fact that the other deal fell through. They likely assumed that the property was now sold and no longer available. Or maybe when it popped back up as available they were still in holiday mode and just weren't ready to start their search up again.

Either way, the property went to a buyer who was still in the game.

Are there deals to be had in January? Yep.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: December 2012 Statistics

Following is TREB’s market report for December 2012:  Greater Toronto Area REALTORS® reported 3,690 sales through the TorontoMLS system in December 2012 – down from 4,585 sales in December 2011. Total sales for 2012 amounted to 85,731 – down from 89,096 transactions in 2011.

“The number of transactions in 2012 was quite strong from a historic perspective. We saw strong year-over-year growth in sales in the first half of the year, but this growth was more than offset by sales declines in the second half. Stricter mortgage lending guidelines resulted in some households postponing their purchase of a home. In the City of Toronto, the dip in sales was compounded by the additional Land Transfer Tax, which buyers must pay upfront,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price in December 2012 was up by 6.5 per cent year-over year to $478,739. The average selling price for 2012 as a whole was up by almost seven per cent to $497,298.

“Robust annual rates of price growth were reported through most months of 2012. Price growth was strongest for low-rise homes, including singles, semis and townhouses. Despite a dip in sales, market conditions remained tight for these home types with substantial competition between buyers,” said TREB’s Senior Manager of Market Analysis Jason Mercer.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: November 2012 Statistics

Following is TREB’s market report for November 2012:  Toronto Area REALTORS® reported 5,793 sales in November 2012 – down by 16 per cent compared to November 2011.

“Transactions have been down on a year-over-year basis since June, after being up substantially in the last half of 2011 and the first half of 2012. Some buyers pulled forward their decision to purchase, which has impacted sales levels in the second half of 2012,” said Toronto Real Estate Board (TREB) President Ann Hannah.

“Stricter mortgage lending guidelines, including a reduced maximum amortization period and a purchase price ceiling of one-million dollars for government insured mortgages, have prompted some buyers to move to the sidelines. This situation has been exacerbated in the City of Toronto because the additional upfront Land Transfer Tax takes money away from buyers that otherwise could be used for a larger down payment,” continued Hannah.

The average selling price was up by 1.6 per cent annually to $485,328. The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.6 per cent compared to last year.

“The moderate annual rate of price growth compared to previous months was largely due to a different mix in detached home sales this year compared to last, particularly in the City of Toronto. The share of detached homes that sold for over one-million dollars was down substantially, which influenced the overall average price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The MLS® HPI detached benchmark price, which tracks the price for a home with the same attributes over time, was up by almost six per cent in Toronto, suggesting that market conditions for low-rise homes remain quite tight despite a changing mix of sales,” added Mercer.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Spotlight: "The Bellagio On Bloor"

Some condos are notable because they're located in the heart of a particular neighbourhood. The Candy Factory Lofts on Queen West comes to mind. The Europa building in Little Italy is another good example.

Then there are condos that are notable because they straddle the boundaries between more than one particular neighbourhood. The Bellagio On Bloor is one such condo.

It sits on the north side of Bloor Street East, just east of Jarvis St. You've got downtown to the south, Rosedale to the north, Yorkville to the west, and the Danforth to the east.

I helped a client purchase a suite in The Bellagio a few years ago and the building's location was certainly part of the attraction for her. The fact that it's nestled between all of these great areas is a huge selling feature. Not to mention access to both the Bloor and Yonge/University subway lines is in close proximity as well.

A bit more about The Bellagio On Bloor:

The building was completed in 2002 and there are just under 300 suites in total. The municipal address is 300 Bloor St E. Take a look at the Google Street View map here.

The development team at The Bellagio consisted of Pinnacle International (also responsible for One Pinnacle Centre on Yonge St, 33 Bay Residences, & The Pinnacle on Adelaide, among others) and Mondiale Developments.

The building amenities include 24 concierge, indoor salt-water pool, hot tub, gym, billiards, party room, meeting room, visitor parking, & guest suites. I’ve included photos of some of the common elements below.

                              

                              

If you own a suite in The Bellagio On Bloor and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you’re thinking of purchasing a suite in The Bellagio On Bloor specifically, or in the Bloor Street East area in general, feel free to contact me for more info.

Toronto Real Estate Market Report: October 2012 Statistics

Following is TREB’s market report for October 2012:  Greater Toronto Area REALTORS® reported 6,896 transactions through the TorontoMLS system in October 2012 – a decrease of 7.1 per cent compared to October 2011. There were two more business days in October 2012 versus October 2011. On a per business day basis, transactions were down by 15.6 per cent.*

“Sales have decreased in the second half of this year compared to 2011, especially since the onset of stricter mortgage lending guidelines at the beginning of July. The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for October transactions was $503,479 – up 6.2 per cent compared to October 2011. The MLS® Home Price Index composite benchmark price, which allows for an apples-to-apples comparison in terms of home attributes, was up by 5.1 per cent.

“We continue to see price increases well above the rate of inflation. Active listings have remained low from a historic perspective, so substantial competition between buyers still exists, especially for low-rise homes,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“It should be noted, however, that the annual rate of price increase has been edging lower over the past few months as the market has gradually become better supplied,” continued Mercer.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: September 2012 Statistics

Following is TREB’s market report for September 2012: Greater Toronto Area (GTA) REALTORS® reported 5,879 transactions through the TorontoMLS system in September 2012. The average selling price for these transactions was $503,662, representing an increase of more than 8.5 per cent compared to last year.

The number of transactions was down by 21 per cent in comparison to September 2011. However, it is important to note that there were two fewer working days in September 2012 compared to September 2011. The majority of transactions are entered on working days. On a per working day basis, sales were down by 12.5 per cent year-over-year.

“While sales have been lower due to stricter mortgage lending guidelines, we continue to see substantial competition between buyers. The months of inventory trend remains low from a historic perspective, which explains the strong price increases we are experiencing,” said Toronto Real Estate Board (TREB) President Ann Hannah.

September average selling prices were up compared to last year for all major home types. Price growth was strongest in the City of Toronto, including for condominium apartments with eight per cent year-over-year growth. All benchmark home types included in the MLS® Home Price Index (MLS® HPI) experienced year-over-year price increases, with substantially stronger increases for low-rise home types.

“Barring a major change to the consensus economic outlook, home price growth is expected to continue through 2013. Based on inventory levels, price growth will be strongest for low-rise home types, including single-detached and semi-detached houses and town homes,” said TREB’s Senior Manager of Market Analysis, Jason Mercer.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

You Can't Always Tell From The Photos

It goes without saying that high-quality professional photos are an EXTREMELY important part of any realtor’s marketing plan when it comes to selling a property. At least they should be...

I see listings all the time that have cheap, unprofessional photos. Or worse - no photos at all!

Quality aside, what about photos that don’t accurately represent the property?

I recently showed two houses to some clients of mine; one that failed (miserably) to live up to the glory the photos had promised and one that actually turned out to be a real gem, despite what the photos suggested.

With the first house, the photos and virtual tour made the place look immaculate. We stepped inside expecting to see a solid reno in move-in condition. Instead, we found quite a bit of wear-and-tear on the hardwood floors, a half-finished basement, and some major sloping on the second floor.

With the second house, the online marketing made the place look a lot darker and more dated than it really was. We weren’t expecting much and were quite surprised to see just how much natural light there was when we stepped inside.

In both cases, the photos fell short of showing us what the properties truly had to offer.

I’m sure that the photos for the first house brought in plenty of potential buyers. However most of those buyers were no doubt disappointed with what they saw once inside and moved on to the next property on their list.

And I’ll bet the photos for the second house actually scared off a number of potential buyers. Some of those buyers might have considered making an offer if they’d come to see the place in person.

Keep in mind that when you’re searching for properties online, you can’t always tell what's what from the photos. Nothing beats visiting a property in person and seeing for real if the place is as good... or as bad... as the photos say it is.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.