Location Location Location

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