Well some things never change!
I still think that buying real estate in the right location is critical.
Earlier this year, I got a call to sell a property that had been forclosed. A Power of Sale! This condominium townhouse was located in Scarborough. Now I know Scarborough gets a bad rap and there are some parts of Scarborough that are awesome - The Bluffs, The Guild, Wexford Village - but, this townhouse is not there.
When I started my research - I was totally taken aback to see that there was still real estate for sale in Toronto for around $100,000. I got so many calls on this property it was unbelievable!
Well the property sold in spite of its location and today I spoke with someone who had called me about this power of sale because they were thinking about buying it to fix and flip. Did I forget to mention that the townhouse "needed work"?
The long and short of it is, I had to tell them that if they were venturing on such an endeavour to make money, they had better be very cautious - location is paramount - and if they had taken on this project, I could almost guarantee they would have lost money.
So thankfully some things never change and the golden rule of real estate makes still works today!
Sam
Wednesday, March 28, 2007
Friday, March 23, 2007
Spring! (And the Spring Market)
Well it seems to me that winter has finally left us and spring-like temperatures are here to stay!
A question that is commonly asked me is, "when is the best time to sell a property?" And more often than not, my answer always surprises people.
When we are in the deep freeze of January and February - and not surprisingly, few people are thinking about selling their homes. It's cold; there's snow on the ground; it's messy! What a hassle! BUT there are buyers out there all the time and if someone is willing to see your home in the worst of weather conditions, you have to know that they are serious!
So few people consider selling at this time of year that your listing has no others to compete with. Remember those rules of supply and demand? Interest rates are still low - lots of buyers still out there - lots of demand - and yours is the ONLY listing on your street equals NO supply!!
When I explain this scenario, people get it. But their first reaction is always, "I thought Spring was the best time to sell?"
And that's what so many people think...........
And here is where there is opportunity for buyers.........more supply means less competition and that you would be less likely to be in a bidding war and have a chance to "steal" a property!
Enjoy the spring weather this weekend!
Sam
A question that is commonly asked me is, "when is the best time to sell a property?" And more often than not, my answer always surprises people.
When we are in the deep freeze of January and February - and not surprisingly, few people are thinking about selling their homes. It's cold; there's snow on the ground; it's messy! What a hassle! BUT there are buyers out there all the time and if someone is willing to see your home in the worst of weather conditions, you have to know that they are serious!
So few people consider selling at this time of year that your listing has no others to compete with. Remember those rules of supply and demand? Interest rates are still low - lots of buyers still out there - lots of demand - and yours is the ONLY listing on your street equals NO supply!!
When I explain this scenario, people get it. But their first reaction is always, "I thought Spring was the best time to sell?"
And that's what so many people think...........
And here is where there is opportunity for buyers.........more supply means less competition and that you would be less likely to be in a bidding war and have a chance to "steal" a property!
Enjoy the spring weather this weekend!
Sam
Wednesday, March 21, 2007
What a weekend!
This past weekend, my partner and I went to Boston and our plane landed just as the storm was starting to hit!! My brother and his wife live there now and in January, they became the proud parents of a new baby girl - Gemma Elizabeth. 
So off we went to Boston to meet our niece and reconnect with our nephew - Samuel Alexander who will be two years old soon.....
Well if you have had children, at two and half months, they are not too interactive except with their moms. But my nephew, what a whirlwind of energy! I showed him my juggling skills and he tried his hardest! We played "Marching Band" and "Chase" which is Marching Band without the instruments and slower. And the boy loves to read......
Time just flew and after a day with children - well we were exhausted! Needless to say, we didn't explore too much of Boston but what we did see was amazing.
My brother and his wife live in the Back Bay area of Boston on Comm Ave.
Here is some information from Wikpedia about the Back Bay area.
"The neighborhood gained its name because the area was, in fact, before it was filled in literally the "Back Bay" for Boston. To the west of the Shawmut Peninsula, on the far side from Boston Harbor, a wide bay opened between Boston and Cambridge, with the Charles River entering at the west side. As with all of the New England coast, the bay was tidal, with water rising and falling several feet over the course of the day. At low water, part of the bottom of the bay was exposed.
In 1814, the Boston and Roxbury Mill Corporation was chartered to construct a mill dam, which would also serve as a toll road connecting Boston to Watertown, bypassing Boston Neck. The dam was later buried under present-day Beacon Street.[1]
The Back Bay neighborhood was created when the parcel of land was created by filling the tidewater flats of the Charles River. This massive project was begun in 1857. The filling of present-day Back Bay was completed by 1882; filling reached Kenmore Square in 1890, and finished in the Fens in 1900. The project was the largest of a number of land reclamation projects, beginning in 1820, which over the course of time more than doubled the size of the original Boston peninsula. It is frequently observed that this would have been impossible under modern environmental regulations."
So since this blog is about real estate, I thought I should write about what I saw.
The brownstones in Back Bay are gorgeous! These four and five storey buildings used to be single family homes - "city homes" - back when they were built. The architecture is beautiful and its been preserved! Many of them have been converted to condominium apartments without changing the facades. And if my brother's apartment is any indication - I can only say - WOW.....
I think the Toronto Historical Society is great for Toronto, but it would seem to me that we started thinking preservation far too late..... If you are interested in learning more about historical Toronto, you might consider going on a walking tour - just google - Toronto Walking Tours - and host of options appears for you to choose from.
Sam
So off we went to Boston to meet our niece and reconnect with our nephew - Samuel Alexander who will be two years old soon.....
Well if you have had children, at two and half months, they are not too interactive except with their moms. But my nephew, what a whirlwind of energy! I showed him my juggling skills and he tried his hardest! We played "Marching Band" and "Chase" which is Marching Band without the instruments and slower. And the boy loves to read......
Time just flew and after a day with children - well we were exhausted! Needless to say, we didn't explore too much of Boston but what we did see was amazing.
My brother and his wife live in the Back Bay area of Boston on Comm Ave.
Here is some information from Wikpedia about the Back Bay area.
"The neighborhood gained its name because the area was, in fact, before it was filled in literally the "Back Bay" for Boston. To the west of the Shawmut Peninsula, on the far side from Boston Harbor, a wide bay opened between Boston and Cambridge, with the Charles River entering at the west side. As with all of the New England coast, the bay was tidal, with water rising and falling several feet over the course of the day. At low water, part of the bottom of the bay was exposed.
In 1814, the Boston and Roxbury Mill Corporation was chartered to construct a mill dam, which would also serve as a toll road connecting Boston to Watertown, bypassing Boston Neck. The dam was later buried under present-day Beacon Street.[1]
The Back Bay neighborhood was created when the parcel of land was created by filling the tidewater flats of the Charles River. This massive project was begun in 1857. The filling of present-day Back Bay was completed by 1882; filling reached Kenmore Square in 1890, and finished in the Fens in 1900. The project was the largest of a number of land reclamation projects, beginning in 1820, which over the course of time more than doubled the size of the original Boston peninsula. It is frequently observed that this would have been impossible under modern environmental regulations."
So since this blog is about real estate, I thought I should write about what I saw.
The brownstones in Back Bay are gorgeous! These four and five storey buildings used to be single family homes - "city homes" - back when they were built. The architecture is beautiful and its been preserved! Many of them have been converted to condominium apartments without changing the facades. And if my brother's apartment is any indication - I can only say - WOW.....
I think the Toronto Historical Society is great for Toronto, but it would seem to me that we started thinking preservation far too late..... If you are interested in learning more about historical Toronto, you might consider going on a walking tour - just google - Toronto Walking Tours - and host of options appears for you to choose from.
Sam
Wednesday, March 14, 2007
Toronto's Trees
Have you ever noticed how green Toronto is? Have you ever taken a bicycle along all the bike trails in the ravines only to feel like you have escaped from the busy-ness of the city?
Well all of this green is at risk!
Many of Toronto's trees were planted at the beginning of the 1900s. Unfortunately, they are coming to the end of their life expectancies. The recent ice storm gave a clear indiciation that we need to do more as individuals to keep Toronto green.
In my front yard, I have a century old Norway Maple Tree. It didn't fare to well during the ice storm. Two huge branches came crashing down during the middle of the night. Luckily no one was injured and no property was damaged.
This was not the first time either. Last fall during more crazy weather - winds over 100 km per hour - more branches strewn all over the yard.
A few years ago, this grand tree was host to a colony of carpenter ants and several of the branches were weakened as a result. So whenever some wild weather hits the city, my aged tree suffers.
Unfortunately after the recent ice storm, the City of Toronto Forestry Department has decided that it must come down.
Now, we all know that some of Toronto's favourite neighbourhoods and most desirable streets are tree-lined and have these amazing shady canopies. Think of High Park, Bloor West Village, and Riverdale - the trees are part of what makes these neighbourhoods so desirable.
So while I am saddened that our grand old Norway maple will be soon be gone, my partner and I are already researching what will go there in its place. To find out more about the Tree Advocacy Program in Toronto go to Tree Advocacy Planting Program.
And if you want to do some of your own research or visit the best Garden Centre in the GTA - Humber Nurseries is head and shoulders above the rest.
Well all of this green is at risk!
Many of Toronto's trees were planted at the beginning of the 1900s. Unfortunately, they are coming to the end of their life expectancies. The recent ice storm gave a clear indiciation that we need to do more as individuals to keep Toronto green.
In my front yard, I have a century old Norway Maple Tree. It didn't fare to well during the ice storm. Two huge branches came crashing down during the middle of the night. Luckily no one was injured and no property was damaged.
This was not the first time either. Last fall during more crazy weather - winds over 100 km per hour - more branches strewn all over the yard.
A few years ago, this grand tree was host to a colony of carpenter ants and several of the branches were weakened as a result. So whenever some wild weather hits the city, my aged tree suffers.
Unfortunately after the recent ice storm, the City of Toronto Forestry Department has decided that it must come down.
Now, we all know that some of Toronto's favourite neighbourhoods and most desirable streets are tree-lined and have these amazing shady canopies. Think of High Park, Bloor West Village, and Riverdale - the trees are part of what makes these neighbourhoods so desirable.
So while I am saddened that our grand old Norway maple will be soon be gone, my partner and I are already researching what will go there in its place. To find out more about the Tree Advocacy Program in Toronto go to Tree Advocacy Planting Program.
And if you want to do some of your own research or visit the best Garden Centre in the GTA - Humber Nurseries is head and shoulders above the rest.
Friday, March 9, 2007
Staging Your Home - Getting Ready for the Market
March 9, 2007
Ever wonder if you should stage your home before you try and sell it?
I have had numerous clients who have followed my advice and properties that were deemed not to be saleable, sold within days! See what Wendy and Jeff have to say.
This week I met a new client who will be selling her home soon and she has a lovely home but it is decorated to suit her tastes. So we talked about staging and the importance of making the home for sale appeal to a broad spectrum of potential buyers.
My client is a big fan of the many home improvement shows and has seen shows like "Buy Me". Several years ago, I appeared on one of the early episodes of "Buy Me" as part of a larger cast whose job it was to pull this house together. The transformation was remarkable! One week of hard physical labour - hauling boxes of clothes and toys and who knows what else to Broadview Storage - we were all exhausted by week's end. In the end, that particular home sold over the asking in multiple offers!
I am hoping that my client will agree to let me film the transformation and podcast the transformation. Check back here in a few weeks and see how it goes!
Sam
Ever wonder if you should stage your home before you try and sell it?
I have had numerous clients who have followed my advice and properties that were deemed not to be saleable, sold within days! See what Wendy and Jeff have to say.
This week I met a new client who will be selling her home soon and she has a lovely home but it is decorated to suit her tastes. So we talked about staging and the importance of making the home for sale appeal to a broad spectrum of potential buyers.
My client is a big fan of the many home improvement shows and has seen shows like "Buy Me". Several years ago, I appeared on one of the early episodes of "Buy Me" as part of a larger cast whose job it was to pull this house together. The transformation was remarkable! One week of hard physical labour - hauling boxes of clothes and toys and who knows what else to Broadview Storage - we were all exhausted by week's end. In the end, that particular home sold over the asking in multiple offers!
I am hoping that my client will agree to let me film the transformation and podcast the transformation. Check back here in a few weeks and see how it goes!
Sam
Wednesday, March 7, 2007
No News is Good News!
March 7, 2007
Yesterday the Bank of Canada decided to keep the prime lending rate right where it's been sitting for the last year pretty much. For those of us who have mortgages that float with the prime (variable rate) - this was good news. And for those of us locked into fixed term mortgages - there is no real impact since mortgages with fixed terms move with the bond market.
What's really interesting about the discussion around interest rates is how they affect the economy generally and how they impact the housing market.
I always get asked, "What about the real estate bubble? When's it going to burst" I get asked this question often. I am not an economist but I do feel that market conditions are very stable. We are likely to see slower growth than say 4 or 5 years ago, but steady growth nonetheless. The Canadian Economy is stable; unemployment is low (relatively speaking), and interest rates are steady.
If the population of the GTA continues as forecast, then investing in real estate especially with the low cost of borrowing is a great idea!
So when it comes to interest rates - no news is good news - for now!
Sam
Yesterday the Bank of Canada decided to keep the prime lending rate right where it's been sitting for the last year pretty much. For those of us who have mortgages that float with the prime (variable rate) - this was good news. And for those of us locked into fixed term mortgages - there is no real impact since mortgages with fixed terms move with the bond market.
What's really interesting about the discussion around interest rates is how they affect the economy generally and how they impact the housing market.
I always get asked, "What about the real estate bubble? When's it going to burst" I get asked this question often. I am not an economist but I do feel that market conditions are very stable. We are likely to see slower growth than say 4 or 5 years ago, but steady growth nonetheless. The Canadian Economy is stable; unemployment is low (relatively speaking), and interest rates are steady.
If the population of the GTA continues as forecast, then investing in real estate especially with the low cost of borrowing is a great idea!
So when it comes to interest rates - no news is good news - for now!
Sam
Monday, March 5, 2007
INVESTING IN TORONTO REAL ESTATE
March 5 2007
For most of us, buying a home will be the single largest purchase in our lives. And how do you go about choosing a neighbourhood where to buy?
In a recent article in the Toronto Star, writer Tony Wong discussed Parkdale.
If you have ever driven through Parkdale, you will find some spectacular - huge - Victorian homes - not too far away from some large apartment buildings. The headline of this article reads, "Parkdale the hottest real estate play in city Home prices jumped 18% in some neighbourhoods in last year, survey says". Is Parkdale the new Leslieville?
When I first lived in Toronto, I lived above a store front on Queen West across from Woolfits Art Supply Store - if I had only known then what I know now - the Drake Hotel and the Gladstone Hotel have changed the face of this neighbourhood dramatically. Real estate prices have escalated! Parkdale is just a little west of the Gladstone.
My first home in Toronto was on Booth Avenue in South Riverdale now known as Leslieville. We lived across from Jimmie Simpson Park and we really enjoyed living there but always wondered when the neighbourhood would start to change. It was a little rough around the edges at the time.
At the bottom of the street at Queen and Booth there used to be a great store that sold all kinds of wicker imports. It was so much fun to shop there. Today, it is a great little restaurant called Joy Bistro. There are a ton of little restaurants in the neighbourhood now and the defining moment for the area was the arrival of a Starbucks at the corner of Queen East and Logan. You have to know that Starbucks does their homework! Real estate has become very pricy in Leslieville.
(If you are in the neighbourhood and want to have a coffee, you may want to try some of the other coffee shops in the area, check out "the Mercury Organic Espresso Bar" at 915 Queen St East or "Tango Palace" - an established Leslieville hangout way before Starbucks ever arrived!)
I have some clients who bought a home on Rushbrooke a few years ago - a cute street south of Queen - it was affordable a few years ago, but prices have almost doubled since they moved in.
I have other clients who live in a two level condo at King and Shaw - this neighbourhood has exploded over the last few years. There is a excellent new condominium at the corner called the DNA - Downtown's Next Address! And low and behold - Starbucks opened a location at that very corner about a year ago!
So how much longer will it be before they open an location in Parkdale - if you wait too long, who knows what real estate values will be like by then. So is Parkdale the new Leslieville? Check back with me in a few years!
For detailed statistical information about housing prices in Toronto - click on the following Toronto MLS in the left menu and the go to Market Watch Reports. The link below is a sample of the January 2007 issue.
http://samsellstorontorealestate.com/pdfMarketWatch/2007_01.pdf
Sam Sells Toronto Real Estate
For most of us, buying a home will be the single largest purchase in our lives. And how do you go about choosing a neighbourhood where to buy?
In a recent article in the Toronto Star, writer Tony Wong discussed Parkdale.
If you have ever driven through Parkdale, you will find some spectacular - huge - Victorian homes - not too far away from some large apartment buildings. The headline of this article reads, "Parkdale the hottest real estate play in city Home prices jumped 18% in some neighbourhoods in last year, survey says". Is Parkdale the new Leslieville?
When I first lived in Toronto, I lived above a store front on Queen West across from Woolfits Art Supply Store - if I had only known then what I know now - the Drake Hotel and the Gladstone Hotel have changed the face of this neighbourhood dramatically. Real estate prices have escalated! Parkdale is just a little west of the Gladstone.
My first home in Toronto was on Booth Avenue in South Riverdale now known as Leslieville. We lived across from Jimmie Simpson Park and we really enjoyed living there but always wondered when the neighbourhood would start to change. It was a little rough around the edges at the time.
At the bottom of the street at Queen and Booth there used to be a great store that sold all kinds of wicker imports. It was so much fun to shop there. Today, it is a great little restaurant called Joy Bistro. There are a ton of little restaurants in the neighbourhood now and the defining moment for the area was the arrival of a Starbucks at the corner of Queen East and Logan. You have to know that Starbucks does their homework! Real estate has become very pricy in Leslieville.
(If you are in the neighbourhood and want to have a coffee, you may want to try some of the other coffee shops in the area, check out "the Mercury Organic Espresso Bar" at 915 Queen St East or "Tango Palace" - an established Leslieville hangout way before Starbucks ever arrived!)
I have some clients who bought a home on Rushbrooke a few years ago - a cute street south of Queen - it was affordable a few years ago, but prices have almost doubled since they moved in.
I have other clients who live in a two level condo at King and Shaw - this neighbourhood has exploded over the last few years. There is a excellent new condominium at the corner called the DNA - Downtown's Next Address! And low and behold - Starbucks opened a location at that very corner about a year ago!
So how much longer will it be before they open an location in Parkdale - if you wait too long, who knows what real estate values will be like by then. So is Parkdale the new Leslieville? Check back with me in a few years!
For detailed statistical information about housing prices in Toronto - click on the following Toronto MLS in the left menu and the go to Market Watch Reports. The link below is a sample of the January 2007 issue.
http://samsellstorontorealestate.com/pdfMarketWatch/2007_01.pdf
Sam Sells Toronto Real Estate
EXPLORING TORONTO AND BEYOND
March 3 2007
One of the best parts of my job is that I get to meet so many people and I never know where this will take me. I often get asked if I specialize in a certain neighbourhood but I just can't nor do I want to! I never know where my clients will want to live.
Last fall, I met a couple who thought they were looking for a home in Leslieville - formerly called South Riverdale when I used to live there. And after a few meetings and showing them several homes, it became evident that they were not looking for a home in Leslieville!
Part of my job as a realtor is to determine what is important to you when you are buying your home. Is it location? Is it the school district? Or does it have to be the "right" house whevever you find it? They currently live in a cool space in Parkdale and are starting to raise a family. So school districts were not immediately important. Their son will be one year old soon.
I took them through the exercise of understanding the costs associated with buying and selling real estate. And it became clear that if they bought in Leslieville and then wanted to move to Riverdale or Bloor West Village where schools are perceived to be better, there is a hefty price tag attached!
Over Christmas, they went home to Vancouver to visit family and while there, they realized that the home in the "good" school district could wait for now. What they wanted to explore was the possibility of finding a home outside of the city - where they could go to get away from the hustle of the city on the weekends.
We explored the Kawarthas, Rice Lake, Lake Scugog, Northumberland County and places in between! Thanks to MAPQUEST, we never got too lost!
Well today was our final visit before taking possession. We took a drive out to Warkworth in Northumberland County - the rolling hills on County Rd 24 are amazing. It's a great home on 5 acres - I am really looking forward to visiting them in the autumn to see the fall colours!
Sam Sells Toronto Real Estate
One of the best parts of my job is that I get to meet so many people and I never know where this will take me. I often get asked if I specialize in a certain neighbourhood but I just can't nor do I want to! I never know where my clients will want to live.
Last fall, I met a couple who thought they were looking for a home in Leslieville - formerly called South Riverdale when I used to live there. And after a few meetings and showing them several homes, it became evident that they were not looking for a home in Leslieville!
Part of my job as a realtor is to determine what is important to you when you are buying your home. Is it location? Is it the school district? Or does it have to be the "right" house whevever you find it? They currently live in a cool space in Parkdale and are starting to raise a family. So school districts were not immediately important. Their son will be one year old soon.
I took them through the exercise of understanding the costs associated with buying and selling real estate. And it became clear that if they bought in Leslieville and then wanted to move to Riverdale or Bloor West Village where schools are perceived to be better, there is a hefty price tag attached!
Over Christmas, they went home to Vancouver to visit family and while there, they realized that the home in the "good" school district could wait for now. What they wanted to explore was the possibility of finding a home outside of the city - where they could go to get away from the hustle of the city on the weekends.
We explored the Kawarthas, Rice Lake, Lake Scugog, Northumberland County and places in between! Thanks to MAPQUEST, we never got too lost!
Well today was our final visit before taking possession. We took a drive out to Warkworth in Northumberland County - the rolling hills on County Rd 24 are amazing. It's a great home on 5 acres - I am really looking forward to visiting them in the autumn to see the fall colours!
Sam Sells Toronto Real Estate
GIVING BACK TO THE COMMUNITY
March 1 2007
Recently I got a call from a colleague (Carolyn Griffiths) who began to tell me about a very sad situation in an East York school - Secord Public School to be exact. The morning breakfast program was on the brink of being cancelled due to lack of funding. Children who would normally be fed a healthy breakfast would now go without. Many of these children are from families with single parents with limited means. As a result of Carolyn's efforts, we have been able to restore the funding for the breakfast program. Many agents in my office have made financial contributions on an monthly basis. (To read more about this - check out the RE/MAX Hallmark Weblog and see the story dated Feb 17, 2007 - We need to do this....)
Many of the agents in my office not only make donations but also volunteer on a daily to help run the breakfast program. Yesterday, I volunteered to help prepare and serve breakfast for the first time. Every Wednesday at 7:30 am - that's my shift until the end of the school year! I am really looking forward to getting to know all the children.
Poverty still exists in Canada - very sad to say - and our governments seem paralyzed - unable to take action - in spite of promises to end poverty in Canada by a year that has long since passed. If you are interested in helping out by making a donation - please email me at samsoukas@rogers.com and I will let you know where to send your contribution.
If you are interested in learning more about what is being done in Canada to end poverty - check out Campaign 2000 - End Child Poverty in Canada
Sam Sells Toronto Real Estate
Recently I got a call from a colleague (Carolyn Griffiths) who began to tell me about a very sad situation in an East York school - Secord Public School to be exact. The morning breakfast program was on the brink of being cancelled due to lack of funding. Children who would normally be fed a healthy breakfast would now go without. Many of these children are from families with single parents with limited means. As a result of Carolyn's efforts, we have been able to restore the funding for the breakfast program. Many agents in my office have made financial contributions on an monthly basis. (To read more about this - check out the RE/MAX Hallmark Weblog and see the story dated Feb 17, 2007 - We need to do this....)
Many of the agents in my office not only make donations but also volunteer on a daily to help run the breakfast program. Yesterday, I volunteered to help prepare and serve breakfast for the first time. Every Wednesday at 7:30 am - that's my shift until the end of the school year! I am really looking forward to getting to know all the children.
Poverty still exists in Canada - very sad to say - and our governments seem paralyzed - unable to take action - in spite of promises to end poverty in Canada by a year that has long since passed. If you are interested in helping out by making a donation - please email me at samsoukas@rogers.com and I will let you know where to send your contribution.
If you are interested in learning more about what is being done in Canada to end poverty - check out Campaign 2000 - End Child Poverty in Canada
Sam Sells Toronto Real Estate
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