Posts Tagged ‘Condos’

New Era in Condominium Living

Wednesday, May 16th, 2012
The Thompson Residences

The Thompson Residences

Toronto’s skyline as we know it is set for a dramatic change, a transformation that will boost the city’s image worldwide. A drive into the city already hints at the changes to come. The cranes and large amounts of construction taking place not only signify the condo-centric culture of the city but also showcase the fact that developers are drifting away from traditional box shaped buildings and moving towards condominium buildings that are infused with breathtaking architecture and design.

With new luxury condominium developments spreading and the spring real estate market taking flight, The Invidiata Team RE/MAX office is buzzing. Many of The Invidiata Team’s clients are from the town of Oakville; a town that the team believes is much like Greenwich, Connecticut. Greenwich is approximately 30 minutes outside of New York City and has ranked number one in the biggest earner category by Money magazine. Much like Greenwich, Oakville is a big city suburb. It is one of the wealthiest areas in Canada and is largely home to upper-middle-class families.

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Consider the Fall Real Estate Market

Saturday, October 22nd, 2011
Bronte Harbour

Realtors are frequently asked, “Is Fall a good time to sell our home?” The answer is not so much the season as to what your needs are. If you wish to move within the next six to twelve months, it is probably better to sell sooner rather than later. Your property will normally get much more exposure now than in December and January. Housing sales tend to level off in late summer and then regain momentum in October when there is more time for buyers to browse. Kids are back in school and there is still enough sunlight to view a property later in the day.

With prices remaining strong in Oakville and interest rates low, it could be the best time to either move-up, downsize or right-size! Oakville is enjoying a healthy market with the number of residential sales up by 5.5% year to date and the average sale price has risen by 8.5% year to date. It appears that Canadian home owners have turned a deaf ear to the negative economic situation shaking housing markets in Europe and the United States, our resilient domestic economy coupled with the effect of ultra low interest rates has given our local sellers and buyers the confidence to continue to invest in the Oakville real estate market.

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Buying a Condo in Oakville? What is a Status Certificate?

Monday, September 5th, 2011

Are you planning on buying or selling a condo in Oakville?

Rain condos in Oakville

If you’re looking at buying a condo in Oakville, you will have come across the something called the Status CertificateWhat is a Status Certificate? What makes it so important when you’re buying a condo?

Most people think the 3 rules of real estate are location, location, location…  While location is always important, the status certificate (it used to be called the Estoppel Certificate) is arguably the most important documents to be aware of when buying a condo.

What is a status certificate?

Think of it as a ‘snapshot’ of the condominium corporation at a specific moment in time. The status certificate includes all of the crucial documents pertaining to the condominium; the declaration, by-laws, rules and regulations, budget and financial statements as well as the building’s insurance certificate. It tells you the number of units in the condominium building as well as whether there are any units that are leased out.  The status certificate discloses the monthly common element expenses payable by the unit owner and tells you if they are in arrears.

It will tell you how much money is in the condo’s reserve fund at that point in time as well as any special assessments levied or even proposed as of that date. The condominium corporation’s reserve fund is very important when buying a condo.  In older condo buildings, a healthy reserve fund is often a sign of good management and good management helps protect owners from surprise expenses and adds value.

Ask yourself if you would like to close on your dream condo only to be levied a special assessment of $5,000 (as an example) to retrofit elevators in your first year of living in the building.  Condominium corporations must set aside at least 10% of the common element fees for the reserve fund.

The condo corporation is also required to report any legal proceedings that the building is currently involved in as well as any judgements against the corporation. This will all be in the status certificate.

When making an offer to buy a condominium, I always advise my clients to make the Agreement of Purchase and Sale conditional on you or your lawyer reviewing and satisfying yourself with the contents of the status certificate.

Anyone can order the status certificate, the Seller, the Buyer or even someone with no direct interest. I recommend to my sellers to order the status certificate in advance of listing their condo for sale.  This helps make sure that you are aware of anything in the status certificate that could affect your condo’s value before listing the property.  The status certificate is ordered in writing from the management company of the condo corporation along with the applicable fee (to a maximum of $100 including H.S.T). The condo corp. then has up to 10 days to provide the status certificate and accompanying documents.

Have you had a problem with a purchase because of the status certificate? Would you like further information? Let me know your thoughts or how I can help… Thanks for reading!

Oakville’s Short Term Rentals – How it works

Monday, July 4th, 2011

Oakville condoSo the company has just relocated you to the GTA, and you want to see what living in Oakville is like.

You’ve read all the information on Local Oakville Realtor and Oakville.com. You come for a visit, and everybody agrees that Oakville is where you’d like to settle. However, you may well have a house to pack up and sell, a family to move, and a new permanent home to find—all in the harried space of a few short months.

How can you make the right buying decision under such pressure?

In these cases, I often recommend a short-term rental. These furnished properties boast a fully equipped kitchen with plates, pots, pans, and flatware along with linens and towels. You can find the style that suits you, from cutting-edge to classical luxury. They range in size from studio apartments to spacious fully detached properties. And when you walk in, the units are so clean you can eat off the floor. The cost per day can be as low as $119 per day, and the minimum stay is usually 31 days.

A short-term rental lets you spend your time exploring our town’s various neighborhoods and homes. Whether you’re planning to lease or buy, having the extra time to make that important decision can save you a great deal of money and aggravation.

Balanced Real Estate Market in Oakville

Tuesday, September 28th, 2010

Oakville’s real estate market this week has been extremely balanced for properties up for lease and priced to sell up to $1,000,000. Currently, Oakville has a lease inventory of 10 weeks, homes priced up to $500,000 have an inventory of 12 weeks and properties priced up to $1,000,000 have an inventory of 15 weeks.

Here are the Oakville Real Estate statistics for this past week:

Price Range Lease $100K-$500K $500K-$1M $1M-$2M $2M plus
Listed 17 36 50 12 7
Sold 12 24 20 3 1
At or above List 6 2 0 0 0
Total Inventory 115 299 311 135 85

Preparing your home for showings this Fall

We’re heading into fall and cooler weather. The days are getting shorter, so if you’ve got your home listed remember to leave a light on in every room, so that an agent doesn’t have to search for the light switch. Take a look at your home in the evening, and make sure there is adequate lighting so that prospective buyers can carefully reach the front door. Finally put a couple of colourful mums by the front door.