Understanding Your 2016 Property Assessment Notice From MPAC

Back in April, MPAC started mailing out their 2016 property assessment notices to property owners across the province of Ontario. If you don’t have yours yet - keep checking the mail; they should all be out by the fall.

I’ve spoken to a number of clients recently about their assessments, and most are asking the same two questions:

1. The assessed value is significantly less than what we know our property is worth. Is this normal?
2. The assessed value has increased since the previous assessment. Does the municipality increase my property taxes by the same rate?

These are both excellent questions! Below are my answers.

The market value of your property is very likely going to be higher than MPAC’s assessed value.

While some assessments in the City of Toronto do come-in fairly close to market value, MPAC’s numbers are usually quite a bit lower than what the property would sell for on the open market. Sometimes the difference is quite significant!

It’s not uncommon to see MPAC’s assessed value be hundreds-of-thousands-of-dollars less than the current market value (depending of course on price point, location, etc.).

MPAC relies on a number of factors when doing their assessments, but apparently recent comparable sale prices don’t weigh heavily in the process!

Just because MPAC’s assessed value of your property has increased doesn’t necessarily mean you’ll pay more in property taxes.

In the City of Toronto, your property taxes should only increase if the value of your property has increased at a greater rate than the City average (unless of course the City has increased taxes as part of its budget requirements…).

Here’s a quote from the the FAQ section of the City’s property tax website:

• Reassessment at the municipal level, is "revenue neutral" and does not generate any additional revenue for the City. With a reassessment, the City must adjust the tax rate to remain revenue neutral, so no new funding comes to the City of Toronto as a result of property valuation changes.
• If your property value increases at a rate less than the City average, your property tax may decrease due to the reassessment.
• If your property value increases at a rate more than the City average, your property tax will increase due to reassessment.
• The City may need to increase taxes due to its budget requirements, however, this is separate and not related to reassessments.

Do you have any further questions about your assessment?

Maybe MPAC’s valuation actually seems too high to you, and you’re wondering if there’s cause to fight it? Give me a shout and I’ll be happy to provide you with the recent sales in your area. Who knows, you might be able to make a case…

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.

Liberty Village, Givins/Shaw, And A Lesson In School Catchment Changes

 

How would you feel if you purchased a home in a particular neighbourhood specifically because of the school catchment, only to find later that your child would actually be going to a different (arguably less desirable) school?

That's basically what's happened to a bunch of young families who live in Liberty Village.

Up until April of this year it was understood that Liberty Village was part of the Givins/Shaw catchment.

About halfway through the month though, a letter went out informing everyone of a proposed redistricting. My family got the notice because we live in the catchment (my oldest daughter is starting kindergarten at Givins/Shaw in September, and her younger sister will be following suit in another couple of years).

The letter contained a poorly detailed map showing where the new boundaries would be; the map was vague and had a lot of people unsure of whether or not they’d be affected.

None of us got any real answers until the public meeting that was held a couple of weeks later in early May.

I was at that meeting, and what it all boils down to is this:

Givins/Shaw school is over capacity now and will certainly be unable to accommodate all of the students that are entering the system over the next bunch of years. The school board took a look at the neighbouring schools, and saw that the Queen Victoria school in Parkdale was well under capacity. So, it made sense for them to propose a rejigging of the catchment boundaries and send a chunk of the population over to Queen Victoria. Liberty Village will make up the bulk of that chunk.

Are parents in Liberty Village upset with this news? Without a doubt.

A bunch of Liberty Village parents were there at the meeting in May to voice their opinions about the proposed redistricting and about how all of this has been handled.

We heard from one father who's now going to have two sons in different schools at the same time. The logistics of dropping off and picking up his boys is going to be a daily hassle, and it’s going to significantly alter their after-school routine (which currently consists of quality-time spent in the Givins/Shaw area).

We heard from another parent who said their home search was based primarily around buying into the Givins/Shaw catchment. If they had known that the catchment was going to change, they never would've bought in Liberty Village.

From my perspective as a realtor, it's this last point that interests me most.

School catchment is usually at the top of the list of must-haves & deal-breakers when a young family shops for a new home. It’s certainly a big part of my focus when I’m working with buyers who fit into this category.

And while I’ve seen catchments get tweaked in the past (some clients of mine got a helluva deal in Roncesvalles last year, partially because of this catchment change), it’s rare to see an entire neighbourhood get redistricted the way that Liberty Village is going to be.

“Shouldn’t residents in Liberty Village have seen this coming?” I’ve heard some people say. “How can you realistically think that there wouldn’t eventually be some sort of change in such a quickly-developing area?”

Fair enough. But I think the fact that the parents weren’t notified of anything beforehand is one of the hardest things to swallow here.

And I think a number of parents assumed that other measures would’ve been taken.

A few alternative solutions were brought up by parents at the meeting: Why not build a new school in (or near) Liberty Village? What not rent space from the Artscape building on Shaw St? Why not take over the Señor Santos Catholic School at Ossington and Osler? Why not build an additional storey onto the current Givins/Shaw building? Why not consider adding portables at Givins/Shaw?

Many parents wondered why the TDSB didn’t start planning for all of this sooner; didn’t they see that the demographics in Liberty Village showed an increasing number of families?

The TDSB’s answer to this last question was simple: “We didn’t anticipate that families would be living in condos.”

Honestly, I think a lot of people didn’t anticipate it either. With the prices of freehold homes at such a high though, condo-living has become a much more viable option for many.

And the numbers are there to prove it.

While Liberty Village is home to plenty of young professionals (singles and couples), there’s no denying that families also make up a significant part of the population. Just take a look a this Toronto Star article from January 2016.

As it stands now, the board is reviewing the proposed redistricting and taking into account the feedback that was provided by parents at the meeting in May. We should have an update in the next couple of weeks about how the changes will be implemented.

It's important to note that not all children in Liberty Village will be going to Queen Victoria; the proposal outlines a set of criteria where certain children will be attending Givins/Shaw.  You can read the latest news about the proposal/review on the TDSB website here.

Regardless of the specifics, the catchment boundaries are changing in September 2017 and Liberty Village is going to be affected by the change more than anyone.

Going forward, this will hopefully serve as an example (to school boards, housing developers, and parents alike) that rapidly growing neighbourhoods/areas are subject to change, and plans need to be set in place for how to handle a growing school population. Other areas in the city have already done this, so there is certainly a precedent.

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.

What A Difference A Season Makes

More than once over the course of these past few months, I've seen a house come on the market and sell for significantly more than what it was unsuccessfully listed at back in the fall/winter.

You could argue that this makes sense - that in a rising market a house should sell for more now than it would’ve 6 months ago.

Maybe, maybe not. (More on that towards the end of this blog post).

Regardless, it’s interesting to see such a scenario play out in real time with one specific property.

Here’s a breakdown of what happened with one of the houses I’m referring to:

House is listed in June 2015

Located in a very hot area in the west-end of the city.

Priced at $679,000, with a hold-back on offers.

Offer night comes and goes, and the property doesn’t sell.

They re-list the following day at $719,000, with offers welcome anytime.

After 3 more weeks without selling, they take it off the market.

Same house is re-listed in February 2016

7 months after unsuccessfully trying to sell, they’re back on the market.

Priced again at $719,000, with offers welcome anytime.

In less than 24hrs they receive 3 competing offers and the house sells for $755,000 (105% of list price).

No one wanted the house back in the summer, but by winter’s end there were three buyers tripping over each other to pay well above the asking price.

Wow! What a difference a season (or two) makes.

Does this necessarily mean that the same scenario would play out for every single house listed for sale in the Toronto real estate market right now? Is every single seller out there guaranteed to sell for significantly more if they just wait another 6 months?

Not necessarily. I’m sure there are sellers out there who did better 6 months ago than they would today, for a number of reasons; maybe they were competing with fewer similar listings than they would be today, maybe there were more buyers in the market that week for their particular house than there would be this week, etc.

On the whole though, prices are increasing and you’ll very likely pay more for a house 6 months from now. Just ask the three buyers who bid on the house in my example above.

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.

Did There Really Need To Be 15 Offers?

Did There Really Need To Be 15 Offers? Photo

I was involved in a multiple-offer scenario last week, on a condo townhouse in the east end.

The property had a helluva view, and there was no doubt that it was going to attract plenty of interest and receive a bunch of offers.

“A bunch” ended up being an understatement.

There were 15 offers. FIFTEEN!

The property sold for 125% of the list price (it was listed at $409,000 and sold for $510,000).

With so many offers and such a high sale-to-list price ratio, you have to ask yourself, “Did they really need to under-list the property by that much?”

Couldn’t they have listed at, say, $449,000 (which would still be “underpricing” the property, albeit less drastically)?

While there was obviously one very happy “winner” on offer night, there were 14 other buyers that went home empty handed.

No doubt, some of those buyers went in offering less than $449,000. And despite submitting what they (and/or their realtor) thought was a reasonable offer, they never actually had a chance.

Couldn’t the sellers have been a bit less extreme in their pricing, and perhaps spared a handful of those hopeful buyers on offer night? Wouldn’t they still have ended up with a $510,000 sale price?

Truth be told, there’s no way to know for sure if they would’ve ended up at the same sale price (although I think they would have). Sure, it’s possible that the top offer wouldn’t have come in as high had there only been 7 or 8 offers (unlikely I think, but possible).

On a funny side note, the listing agent had made a point of saying that he felt that there was no need to put anyone through the hassle of going to get a certified cheque ahead of offer night, as it would only add undo stress and waste too many people’s time.

Okay…

But he felt it was reasonable to under-list the property by $75,000 - $100,000? He didn’t think that would result in wasting a bunch of people’s time? Ha!

Granted, the listing agent did a great job for his clients. He orchestrated a process that got them a record-high price for their property.

It’s a frustrating process though, when one happy seller and one happy buyer have to leave 14 other disappointed parties in their wake.

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.

When Should A Seller Consider Accepting A Bully Offer?

When should a seller consider accepting a bully offer?

I am of the opinion that a seller is almost always going to do better if they avoid looking at bully offers, and wait until their scheduled offer night instead.

Every now and then though, a seller finds themselves in a situation where a bully offer is just too damn good to pass up!

Sometimes the price is so phenomenally above what they were expecting to get, that it's just not worth the risk of waiting and ending up with a lower price on offer night.

Sometimes the sellers are seriously stressed out by the entire process of having their home on the market, and the prospect of having it all over-and-done with is a no brainer.

And then there are times where it's actually looking like the home is not going to get the offers that the sellers want/expect on offer night. Case in point...

Earlier this year I had a listing in the west end of the city.

We spent a couple of weeks prepping the property to go on the market, and we decided that the best strategy would be to review offers on a specific date (the following Tuesday after the property initially hit the market).

I actually felt that we were pricing the home at the very top range of what it might be worth, and that we shouldn't necessarily expect to get multiple offers on offer-night. My clients appreciated where I was coming from, but we still felt that a hold-back on offers was the right strategy since comparable homes rarely come up for sale in the area.

Five days into the listing, I received a call from a buyer's agent, saying that her clients wanted to submit a bully offer. My clients were happy to look at it.

Once the offer was registered with my office, I did my duty and reached out to every single agent who had shown the property. And you know what? None of them had clients who were interested in submitting an offer. Not one.

None of them wanted to compete with a bully offer, and in fact, none of them were planning to submit anything on the scheduled offer night either!

It was quickly becoming apparent that this bully offer was probably the only offer we were going to see.

I told my sellers that they were likely going to do much better if we worked with the bully offer that night, as the buyers would be acting under the perceived threat of having to compete with other buyers on offer-night.

We ended up selling the property that night, with only the one offer, for above the list price.

Needless to say, my clients were very happy. The buyers were happy too, as they the secured the home they wanted (who knows if another buyer might've come out of the woodwork on the scheduled offer night and out-bid them?).

Bully offers are a tricky beast, and it's sometimes a tough call on whether or not to to work with them. Sometimes though, it just makes sense to take the money and run!

If you're thinking of selling your home, and you want an agent who knows when you should or shouldn't consider accepting a bully offer, feel free to contact us for more info.

Your Realtor Is Full Of S**t!

With Labour Day behind us now, the fall real estate market has officially begun!

Just like last year, and the years before that, we're going to see a ton of new listings hit the market this week. And inevitably, some of those listings are going to be overpriced.

There are a handful of reasons why a seller chooses to overprice their home. In this post I want to focus on just one of those reasons: The listing agent lied to the sellers about the true market value of the property.

The Sunshine Approach

The manager at the brokerage where I started my real estate career referred to this as "The Sunshine Approach"; the idea being that the listing agent is "blowing sunshine" up the seller's arse by deliberately overvaluing the home in order to get the listing.

I see it happen all the time. A seller interviews two or three realtors, and ultimately chooses the one who suggests the highest list price. The seller gets stars in their eyes, and is fooled into thinking that the ridiculous list price is actually achievable.

The listing agent's plan is simple: continually work on the seller for price reductions until the home finally sells (almost always for less than market value).

Isn't The Seller Partially To Blame?

Yes, the seller is often partially to blame here. Especially when the other two realtors they interviewed suggested lower list prices (which were no doubt backed-up by tangible market data and past sale prices in the neighbourhood).

Instead, the seller chose to list with the one who came up with the highest number, in spite of what the market data showed.

The seller in this situation sometimes knows, in their gut, that it's too good to be true.  But flattery and the promise of an unprecedented sale price get the better of them.

Have I ever taken an overpriced listing?

Yes, of course I have taken an overpriced listing.

The difference being, the sellers knew from the beginning where I stood on the value of the home.

I made it clear to them that the list price they were choosing was too high, that there were risks involved with overpricing, and that a price reduction would eventually be needed.

It's certainly not the best way to sell a home, but sometimes a seller is determined to "try their price first", even if doing so is going to potentially have a negative impact on the final outcome.

In the end, a seller needs to be realistic and question any advice that sounds too optimistic.

If you're interviewing more than one realtor, be cautious if one of them values your home significantly higher than the others.

A little sunshine is good for your health, but too much will leave you burned.

If you're thinking of making a move and would like an honest valuation of your home, feel free to contact us for more info.

Say Goodbye To Your Condo!

The Toronto Star recently broke the news that Urbancorp has cancelled its Kingsclub Condominium complex on King Street West (read the article here).

In place of the condos, three towers of rental apartments are to be built instead.

What does this mean for anyone who bought a pre-construction unit in this development? Basically, they're screwed.

Yes, they'll get their deposits back. But all they'll have to show in return is a measly bit of interest .

Needless to say, these buyers are nonplussed.

When I first heard the news, I immediately thought of the South Park episode referenced in the photo at the top of this blog post. (If you haven't seen it, here's a short clip that sums up the episode nicely).

Aaaand... it's gone!

Over the past couple of weeks, I’ve had a bunch of clients ask whether or not anyone could have seen this coming.

I tell them all the same story:

I began my real estate career back in 2006, at a small boutique brokerage in the St Lawrence Market area.

My broker of record there had decades of experience in the real estate game, and had spent a handful of those years selling pre-construction condos.

He told us stories of how so many young buyers lost their deposits when the market crashed in the early 1990’s, because the units they had committed to buying were now worth 20% - 30% less than what they had agreed to pay and they could no longer get the financing they were counting on to close.

He also told us about the possibility (however rare it may be) that a condo development could indeed be cancelled if the right (or rather, wrong) set of circumstances were to occur.

These stories stuck with me, and whenever I have a client express interest in purchasing a pre-construction condo I provide them with a detailed list of "what could go wrong." And what happened at Kingsclub Condos is on that list.

Make no mistake, Urbancorp is within their legal right to do what they've done here. It still stinks though.

I keep going back to the question, "What else could these buyers have done with the deposit money that sat stagnant in a trust account for years?"

I'm sure some of them could've used that money to purchase a resale condo instead, rent it out, create some positive cashflow, and start building equity.

That opportunity is lost now though, and these buyers are back to square one.

If there's a positive to come out of this story, it's that we all now have a memorable, real-world example to point to when considering the risks involved in buying pre-construction.

Sure, what happened at Kingsclub Condos is a rare occurrence in the Toronto market, but I don't think any of us will soon forget it.

It'll stick around as a cautionary tale, the one about the time the developer told their buyers, "Kiss your condo goodbye!"

If you’re thinking of making a move and would like to know how we can help, please contact us for more info.

What Happens When A Seller Receives Zero Offers?

Back in August I wrote about the sellers who received 7 competing offers on offer-night, and said "no" to all of them (read it here). (Update: That house didn't sell and is now off the market.)

This month I'd like to take a look at what happens when a seller receives no offers on offer-night...

I was recently out with some clients, viewing houses for sale in the west-end of the city.

We saw six houses in total, and each one had a scheduled offer-night for the following week.

Four of those houses ended up selling on offer-night (with multiple-offers, and sale prices well above what they were listed at).

The other two houses didn't sell.

In fact, those two houses didn't receive any offers at all!

So, what options does a seller have when they receive zero offers on offer-night?

Generally, a seller will respond in one of three ways:

Response #1 - Hold Your Ground

In this case, the seller believes that the property is priced where it should be. Despite the fact that they received no offers, they're going to hold their ground and keep the list price where it is.

Response #2 - Raise The Price

Here, the seller believes that the property was underpriced initially (as part of a strategy to create a multiple-offer scenario, and an above-list sale price).

The strategy didn't pan-out on offer-night, so they terminate the listing on mls and re-list the next day at a price that's more in-line with what they're hoping to sell for.

Response #3 - Lower The Price

Here, the seller believes that receiving no offers means the property is over-priced.

They don't want to waste any more time on the market, so they respond swiftly with a reduction in price.

Truthfully, we don't see this third response very often. A seller will usually hold their ground for a few more weeks before considering a price reduction.

Response #2 (raising the price) is the one we see most often. But it doesn't always work (take a look at the greedy sellers from my August blog post as an example).

Keep in mind, these are only the three most common seller responses. There are actually others as well.

I've even seen listings receive zero offers on offer-night, then turn around and try the exact same strategy all over again: re-list the next day, at the same price, with a new offer-night...

...and it worked!

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.

7 Offers... And None Of Them Were Good Enough!

What happens when a seller receives 7 competing offers on their house, only to reject them all and then relist the next day at a much higher price?

Is this a smart move on the seller's part?

Or is it a stupid one?

Well, it's certainly a risky move; one that can backfire and leave the seller kicking themselves for being greedy...

There's a house for sale right now in the east-end of the city that's been on the market for almost 100 days.

The Toronto market for freehold homes has been exceptionally hot this year, and 100 days is a helluva long time for any house to sit unsold.

There must be something wrong with the house then, right?

Nope. A few layout quibbles aside, it's in great shape, in a great location, and it shows very well.

The problem is that the sellers played pricing games early on when the house was first listed for sale, and now it's priced too high & they're struggling to find a buyer.

The house was first listed back in the spring for almost $200,000 less than where it's priced now.

There was a hold-back on offers, and the sellers received 7 competing bids on "offer-night".

7 offers!

Most sellers in that position would realize their good fortune, and take the money & run.

Not these guys.

From what I hear, the listing agent was quite upset with his clients for choosing to reject all 7 offers and essentially squander the momentum that had been built-up over the week leading up to offer-night.

It sounds like the listing agent knew it would be next to impossible generate that much interest in the property again.

And he was right.

Here we are, almost 100 days later, $200,000 higher, and the house is still for sale...

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.

You Get What You Pay For

There are companies out there that specialize in sign installations for real estate agents.

For a fee they will pick up, deliver & plant your "For Sale" sign in the ground.

I generally like to take a more hands-on approach; I put my signs in the ground myself!

I guess I see it as an excuse to get away from the computer and breath some fresh air.

Ponying Up

Before heading out to install a sign on a recent listing, I realized that I'd misplaced my hammer and needed a new one.

I popped into the hardware store at Ossington & Dundas, took a look at what they had and saw that it came down to two options: the cheaper (smaller) one or the more expensive (larger) one.

I decided to pony up and get the more expensive hammer.

Once I got out to the house I was glad I'd spent the extra money.

It was cold, it was windy, it was raining... and even with the more expensive hammer it took about twenty whacks to get the frame into the ground.

If I'd bought the cheaper hammer I'd probably still be swinging.

I didn't cheap out though.

And I got better results.

Cheaping Out

It was only after I tried to hang the sign that I realized I was out of zip ties and my only option was the dollar store around the corner.

Of course, the only zip ties they had were cheap ones.

It took me almost twenty minutes to hang the sign because 4 out of every 5 zip ties either broke or came loose.

They were cheap pieces of crap and I ended up wasting more time & money than if I'd bought better zip ties to start with.

Discount vs Full Service

It occurred to me that the above story serves as a great analogy when talking about discount realtors versus full service realtors.

There are realtors out there who advertise that they'll list your home at a discounted rate.

We get their postcards in our mail all the time.

And then there are full-service realtors (like myself and the majority of my colleagues).

While I think it's great that sellers have a choice, I also think they need to understand that these options often yield different results.

Real estate is no different than everyday life; you usually get what you pay for.

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.

Would You Pay $1 Million Dollars For A Home... With No Parking?

"For a million bucks, we want a parking spot."

Those were the exact words my clients used.

Let's back up...

Last year I was working with some buyers who were looking to purchase a home in the Bloor West/High Park area.

A few weeks into our search a gorgeous house popped-up for sale.

It seemed to have everything these guys were looking for; it was fully detached, located on a great street, had a finished basement with remarkably high ceilings, an impressive master suite, a huge backyard...

It was missing one VERY important feature though... parking!

We explored the possibility of adding front-pad parking, but there was a massive tree in the yard that would've made it difficult (if not impossible).

And if it really was possible, wouldn't the sellers have added a parking spot during their time in the house?

There were just too many unknowns and the prospect of not having parking was a deal-breaker for my clients.

I don't blame them.

I told them flat out, "Even if you're okay with not having parking right now, it'll certainly affect the resale-abilty and hurt you when the time comes to sell."

Sure enough, the house sat on the market for 2 1/2 months and sold for almost $60,000 under the list price.

I guarantee you the lack of parking was to blame.

That's not to say there aren't buyers out there willing to spend a million bucks on a home without parking.

Last year in the Toronto area (north to Steeles, west to the 427, east to Scarborough) there were 78 sales above $1 million dollars with no parking.

Clearly, some buyers are okay with it.

Not many though.

For the 78 houses that sold without, there were 2884 house that sold with parking.

That's a 3% vs 97% split.

Thankfully, with odds like that you'll probably never be in the position my clients were last year... having to pass on an amazing million dollar home because it didn't have parking.

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.

Spotlight: "The Residences of 8 Park Rd" in the Yorkville/Bloor Area

When one thinks of iconic Toronto intersections, Yonge & Bloor undoubtedly comes to mind.

From a real estate perspective, the area has a certain cachet that is undeniable and has been known to put buyers (and realtors) into a state of frenzy (remember all the hoopla surrounding the launch of One Bloor Condos a few years ago?).

Thankfully, One Bloor isn't the only option in the area!

There are a handful of condo buildings within spitting distance of Yonge & Bloor that actually offer relatively good value for the money.

The Residences of 8 Park Rd is one such building.

A bit more about The Residences of 8 Park Rd:

The building was completed in 2002 and stands 38 storeys tall.

The municipal address is 8 Park Rd, just north of Bloor St.

Take a look at the Google Street View map here.

The development team at The Residences of 8 Park Rd consisted of Page & Steele Architects Inc. (also responsible for the Ritz Carlton on Wellington St W, 33 Bay Residences, & Cinema Tower on Widmer St, among others) and H & R Developments.

The building amenities include 24hr concierge, party/billiards room, board room, library, 15th floor terrace w/ BBQ's and access to the underground PATH.

I’ve included photos of some of the common elements below.

                    

                    

If you own a suite in The Residences of 8 Park Rd 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 Residences of 8 Park Rd specifically, or in the Yorkville/Bloor Street area in general, feel free to contact me for more info.

The House Sold So Fast We Didn't Even Get A Chance To See It!

Earlier this week a gorgeous house popped up for sale in the west end.

The house was so gorgeous in fact, that it sold in a day and for more than $200,000 above the list price!

I have some clients who wanted to go take a look, but never got the chance as they're out of town until the weekend.

I'm sure they weren't the only ones who missed out.

There are easily 40+ realtors and prospective buyers who never got to step foot in the place.

Not to mention all the activity that a couple of open houses would've generated.

So, the question has to be asked, "Did the sellers leave money on the table by not exposing the property to the entire market?"

It's hard to argue with $200k over the list price.

Still... What if everyone who's in the market right now actually had the opportunity to see the property and submit a competitive offer?

Could the sellers have gotten another $25,000? Another $50,000?

There's no way of knowing.

It's actually possible that the sellers did so well because hardly anyone got to see the house.

In other words, whoever paid $200,000 over the list price was obviously very motivated to snatch the property up before anyone else had the chance.

Either way, I think this is a great example of how setting a specific "offer date" can benefit both the sellers and the buyers.

People seem to think that holding-back offers only helps sellers, by generating multiple offers and a higher sale price, but the truth is it helps buyers too.

Just look at those clients that I mentioned earlier, the one who are out of town.

A hold-back on offers would've ensured they saw the house, but instead it was listed and sold before they had the opportunity.

Remember, a house that sells in one day is only seen by the small pool of buyers who are able to drop everything at a moment’s notice.

A house that sells on offer-night is seen by the entire pool of buyers.

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.

WTF? $20,000 For A Locker!

Depending on the building's location, a condo locker typically sells for $3,500 - $5,000 on the resale market.

A locker might fetch more if it's unique in some way.

Maybe it's larger than average.

Or maybe it's actually a separate room, thereby offering the owner more space and added privacy.

Most lockers aren't separate rooms though.

Most are nothing more than see-through "cages" (approx 3ft wide x 6ft high x 6ft deep) and sit in an open room, side-by-side with everyone else's locker.

Well, one of these "cages" is for sale on MLS right now... listed at $15,000.

$15,000!

(I did a spit take when I first saw the listing and covered my laptop in Tahiti Treat. You guys remember Tahiti Treat?).

That's not all though...

$15,000 is actually the reduced price.

They had it on initially at $20,000!

I wonder how much these guys would be looking to sell their parking space for...

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.

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.

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.

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.

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.

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.

Spotlight: "Garment Factory Lofts" In The Leslieville Area

Anyone familiar with real estate in the Leslieville area knows that there isn’t much there in the way of residential condos/lofts. The majority of what’s available sits along the strip of Carlaw Ave that runs north of Queen Street East up to Dundas.

Up until just a few years ago, there were only a couple of loft buildings on the strip – the Wrigley Lofts and the iZone Lofts. And even these were a tough sell for some buyers, as the buildings definitely lean more towards the “hard” side of the loft divide.

Since then we’ve seen a handful of new developments spring up in the area; the Printing Factory Lofts, the new Flatiron Lofts, and the Garment Factory Lofts.

The Garment Factory Lofts building is notable for being a combination of original structure and new construction. The original 4 storeys are characterised by restored concrete floors, exposed concrete ceilings, and large warehouse windows. The additional 4 storeys are a combination of glass, steel, and brick. There are just over 150 suites in total.

The building was completed in 2008, there are just over 150 suites in total, and it was developed by Atria Development Corporation (previously responsible for a few residential developments in Oshawa) and designed by Core Architects.

The building sits on the east side of Carlaw, in between the Printing Factory Lofts and the Wrigley Lofts. The municipal address is 233 Carlaw Ave. Take a look at the Google Street View map here.

As for location, you’ve got TTC just steps away (the Queen St streetcar to the south and the Dundas streetcar to the north). There's a Shopper's Drug Mart at the corner and you're not far from a Starbucks, cafes, bistros parks, etc.

The building amenities include security guard, exercise room, party/meeting room, and visitor parking. I’ve included photos of some of the common elements below.

                              

If you own a suite in the Garment Factory Lofts 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 Garment Factory Lofts specifically, or in the Leslieville Area in general, feel free to contact me for more info.