Monday, December 31, 2012

Real Estate is Here BUT Buyers are Everywhere

In an effort to explain reach;  I found this beautiful globe that permits visitors to PIN their location.

This globe is available to you also, free of charge, to install into a wordpress sidebar or a page as HTML code.

If I can assist with your move to or from Etobicoke [west Toronto] Ontario Canada, please reach out and say Hello.  

If you are passing by POST your PIN! Thank you  Have a wonderful Healthy and Prosperous 2013


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Sunday, December 30, 2012

My wish for 2013

Here's hoping you and your family had a very safe Christmas and Holiday time!

Wishing you a very Happy, Healthy & Prosperous New Year in 2013!!!

Let's get together for a coffee and you can tell me about your goals and needs for Next Year.

How can I help you get there?

Call me

Thursday, December 20, 2012

What Condo Amenities Do you want?

Expenses as% of Operating Budget.
26%  Utilities
25% Contribution to Reserve
20% Building Maintenance
10 - 17% Security Concierge
6% Management Fee
1% Legal Professional Fees

You control the balance as discretionary spending for improvements
Monthly maintenance fees are split in two: one part goes towards the reserve fund, and the other towards the building’s expenses. These fees range from around 50 to 90 cents per square foot, depending on how much it costs to run the building. If your condominium has excessive amenities, you’re paying for them, whether you use them or not.
The most common and probably the most-used features are the gym, rooftop terrace, and party room. As a condo owner, investor, and realtor, I see value in all three, but anything else is unnecessary. Have a look at the following amenities and make up your own mind.
Pool; you want to swim laps in an Olympic-sized pool, or hang out on the deck on a hot July day? The worth of a pool depends on whether it’s buried in the basement with no windows, like at Wellington St., or in open air with the sun beating down and a fantastic view.

Buildings like Cresford's NXT along the Queensway at Windermere will soon be adding a second Tower to the current amenities. There is a Theater Room but is it used as a community movie Thursdays or simply as something you rent for a birthday party?   The usual GYM exercise area exists facing - looking at the pool and patio.  The on site day care center has a tremendous value.

The outdoor patio and lounge chairs are exquisite and enjoyed all summer long, beside the pool, sheltered from the wind with only the sunshine!   Perfect!  During the Winter there is a smaller indoor lap pool.

Roof Top Disco's have been done before.   The Palace Place and Palace Pier ( at the foot of the Humber River) have captive restaurants and the Sky Club.   Years ago these were active hotspots for the residents.  Now they are under utilized.   The focus and population has changed.

What building features do you feel are the must haves?

Smarter Mortgage Choices

Let's make smartER Mortgage Decisions

When you bought your home, you thought you were staying a while.  Either you continue with your mortgage to term and renew or you may need more options.

Breaking your mortgage prior to the renewal or renegotiating may involve penalties.  You may have an opportunity to benefit from the new lower rates by renewing now; even with a penalty.

We can Deal with a Renewal or Refinance

If your mortgage is with a Canadian Bank that is federally regulated by Financial Consumer Agency of Canada.(FCAC)  The Bank needs to provide you with a minimum of 3 weeks notice of the Offer to Renew and under what terms and conditions.

You knew this was coming and you should have been shopping around. But there is more here than just the interest rates.  Each Statement, each question posed to the LENDER resulted in additional costs. Now there are discharge fees in addition to Re Registration with another lender; so you need to factually examine your options. Get involved because your mortgage is a major component of your monthly household budget.

Allowing your mortgage to renew automatically does not mean you are getting the best possible terms and conditions.

Switching to a New Lender will require re-document and re- registration. You are in effect applying for a new mortgage and the NEW Mortgage Rules will apply.  Verify exactly what those costs will be.  Your new lender may absorb some of those costs to attract your business. IE Legals, Appraisals, Registration Fees...   Negotiate!

Use an Independent Mortgage Broker that will shop the open market for you to secure the best interest rate and terms for you.  Compare the Mortgage Brokers Offer with the renewal from the Bank. This may be your opportunity to include some higher interest rate debt to lower your monthly payments. 

Your Mortgage Broker can help you understand and read your mortgage documents.  If you have a closed mortgage, you bank may or may not allow you to break the mortgage.  If you are permitted to break the mortgage you will be paying some fees and possibly penalties.

They will tell you if:

  • you need to pay a penalty and what that amount is
  • you need to pay an administration fee
  • you need to pay legal or disbursement fees to discharge the old mortgage
  • you need to pay legal or disbursement fees to register the new mortgage
  • you MUST repay some or all of any “cash back” you may have received when you first obtained the mortgage
  • the calculation of any prepayment penalty would be based on the posted rate at the time you signed your mortgage agreement, or on a discounted rate if you negotiated one for your initial mortgage.

A Mortgage Penalty can be reduced if you make a permitted PREPAYMENT prior to renegotiating.  This would appear counter productive if you are adding in credit card debt or other bills. 

You could renegotiate PRIOR to the Renewal with a Blend and Extend option which simply put will mathematically average the mortgage balance and interest rates. This may be worthwhile if you have a higher interest rate mortgage to combine with Today's low rates.

If you blend and renew at a lower interest rate your payment stays the same; so even with a potential penalty added in to the mortgage balance you may effectively pay it off sooner because of the interest rate savings.

The Decision is yours. A mortgage is often one of the biggest financial commitments you will ever make, so it is worthwhile to do your homework, include knowledgeable and experienced people to help you when you are mortgage shopping, compare the entire package offered by each lender. In seeking the lowest interest rates, consider the features (such as ability to make prepayments or to increase your regular payments) and the services that are important to you and addition fees that may apply.

How can I help you today?

Veronica Thompson, a Mortgage Agent with Mortgage Alliance Accumetrix (License #12036)

David Pylyp
Etobicoke Real Estate Agent
RE/MAX Realty Specialists Inc.,
416 233 9000 or direct at 647 218 2414      

Saturday, December 15, 2012

NXT Toronto

NXT on the Queensway

The Twin Tower design with stunning two story glass foyers, elegant front double glass door entryway.   The front gardens have been planted and will be an added attraction for years to come.  

Maintenance fees will continue to be lower than average with a building that has 30 plus floors and 18 Suites per level.
Elevators have been problematic.

Contact Front Desk Security at NXT on the Queensway  416 761 9962

Contact Management Office NXT  416 255 6520

Windermere Early Learning Center at NXT  416 763 2734

The on site Day Care Center is a not for profit business, under the auspice of the Child Development Institute, that has installed itself with a waiting population of small people ready to attend. The Waiting List is ordered with preference given to Residents of the 103 and 105 The Queensway.  Current population is near 60 children. This Child Care center is a fully licensed and inspected facility that accepts infants, toddlers and 30 to 60 month old students. Costs at this not for profit are $76, $72 and $56.75 per day. (Youngest to oldest)

The Windermere Early Learning Center currently has spaces available in the 30 to 60 month programs.  The Infant and Toddler programs go quickly, with some waiting months for placement. 

With Warmer weather outdoor excursions are possible to the playgrounds, waterworks and splashpads at Windermere and Lake shore.

The NXT 2 is almost ready for Occupancy with the lower floors populating shortly.   It is a slightly taller structure at 35 floors averaging 15 suites per floor from the 33rd to 35th, and 16 suites per floor on levels 3 to 32.

Both Towers will share the elegant double story glass foyer, indoor and out pools plus lounge patios in a sun filled, wind buffered private area.   Main floor Gym is well equipped.   Movie nights at NXT might just catch on.

If you would like to be here ...  Call me.  416 233 9000
Floor Plans are available

Lets start by making a plan for where you want to be. Call me at 647 218 2414

Selling your Suite at NXT by Cresford?

Wednesday, December 12, 2012

Trying Some Christmas Spirit

Park Lake Residences adds some Christmas Spirit.

New addition along Lake Shore at Windermere, Park Lake Residences brings a little sparkle to the last decorated trees prior to the Queen Elizabeth Way (QEW highway) Hopefully as the trees fill out (as will our budgets) incremental improvements can be made each year.

Contact Management Office Park Lake Residences   647 352 1900
Contact 1900 Lake Shore Boulevard west Concierge 647 346 1900
Contact 1910 Lake Shore Boulevard west Concierge 647 352 1910

The twin tower design contains a 14 storey structure on top of the four levels of above grade parking. In total 278 suites facing High Park and Lake Ontario are divided into two towers (minus the units that face directly onto the Lake Ontario vista). that results is 9 units per floor, making for very quiet hallways and lack of elevator congestion.

If you are interested in Current Sales Numbers, floor plans or unit availability just call 647 218 2414

Lets start by making a plan for where you want to be.

No Pets In a Toronto Condo

No Pets Means no Pets

Posted by Keir Wilmut
Following on the heels of Heenan Blaikie’s condominium group’s recent seminar “It’s Raining Cats and Dogs”, the Toronto Star has weighed in on the always controversial issue of no-pet clauses in leases:
Under the law, you can’t prevent a tenant from bringing a pet into your property, unless it is a condominium and the building declaration says no pets. So even if a landlord and tenant sign a lease that says no pets, the tenant can bring 2 dogs and 4 cats the next day and there is nothing the landlord can do about it.
Yet if the landlord has a no pet policy in the entire building, they can probably refuse to approve the tenant in the first place if they know the tenant has a pet.
mountain-dog_woman.jpgTenants are governed by the same rules and restrictions as owners. As the Star notes, if a condominium corporation’s Declaration bans pets, an owner can ban tenants from having a pet in their rental unit. A condominium corporation’s Declaration is the equivalent of its constitution, and does not have to be reasonable.
However, the vast majority of Declarations do not contain provisions banning pets. As a result, many condominium corporations have passed rules restricting pet ownership. Like all rules, though, rules regarding pets must be reasonable. In practice, this means that a blanket “no pets” rule is unlikely to be upheld by the courts. Instead, condominium corporations should consider more reasonable rules such as only one pet per unit, or only pets that weigh less than 25 kilograms.
While tenants are subject to the condominium corporation’s rules, landlords cannot enforce additional rules regarding pets. If a condominium corporation’s rules allow one small pet, an owner cannot evict a tenant who has a cat – even if the lease purports to prohibit any pets!
For more information on this fur-raising issue, read Heenan Blaikie’s guide to pet restrictions in condominiums, or watch “It’s Raining Cats and Dogs”.

While the simple solution becomes to LIE, the front desk concierge is there at visitation and move in to enforce the buildings Rules and Regulations.

Welcome to Condo Life;   If you chose this lifestyle you agreed to the Rules    Do not expect exemptions.