Markham update: Big News at Kennedy and Steeles

Market Village, next door to Pacific Mall, will soon to receive the makeover of makeovers. It’s 325,000 square foot retail space will be knocked down(!). Out of Market Village will rise the 800,000 square foot Remington Centre – a Chinese-themed mall with a 20-storey hotel and condo tower. Kohn Architects have designed the Remington Centre to be essentially an Asian-Canadian Times Square – a large outdoor space with water fountains will be an integral part of the project. 3500 Parking spaces - a very important number in the suburbs.

Market Village is about to take on a new life and become a world-class Asian retail destination. It will likely be the largest Asian retail complex outside of Asia – The Remington Centre.

With its unique architectural design, excellent facilities and the grand vision of creating a community of its own, the Remington Centre will surely become a new landmark of Markham.

Before:

After:

The scale model on display at Market Village (at the Steeles entrance).

View from Kennedy:
View from Steeles:


There are many commercial opportunities in this development with 400 retail stores to choose from. If you missed Sitara shopping mall, then act fast! Call Sunil Deonaraine at Re/Max Crossroads to buy this excellent Markham Real Estate. 416-491-4002

Sunil Deonaraine,
Real Estate Broker
Re/Max Crossroads Realty, Brokerage.
416-491-4002


March 10, 2010
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The Trump Hotel and Tower

The good people over at Blogto have done an excellent article about the construction progress over at the Trump tower.

The Trump Tower Towonto was announced in 2004 and sold very well during the promotional phase, but there has been no news for six (*6*) long years. NOw we have progress.





Click here for the full article over at Blogto


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Sunil Deonaraine.
March 2010.

Merry Christmas

Sale day and the day after

Big sale day - we sold A LOT of condos in a few hours.

Here is a photo of all the dealmaking going on. This was taken early in the day - before the temperature and the tempers got hot. This is also a bird's eye view of the condos excellent location. (the blue buildings).



This is a photo from Sunday of the contracts waiting to be picked up. Hint: most buyers will wait for hours then take their contracts with them; people who have been through "the process" before don't wait around: they know Cityplace will courier your contracts to you the next working day.

Cityplace Parade 2 Courtyard

Parade 2 finally comes to market, in the heat of a booming condo market. I had posted photos of the new model suite, here is the full scale of the building, facing the award-winning park (of course).

The model of Parade 1 and 2.

The units being sold on Saturday 19th Sept, 2009. The low-rise units facing the park and on a closed street. Imagine living in the park with the convenience of being downtown.

GTA real estate proves resilient

GTA real estate proves resilient during first six months of 2009, says RE/MAX

One in five neighbourhoods have surpassed pre-recession average price levels

Mississauga, Ontario (July 28, 2009) - In the midst of the recession, approximately twenty per cent of single-detached homes and condominiums in Greater Toronto Area neighbourhoods managed to post an increase in average price, according to RE/MAX.

The RE/MAX Return on Investment Report found that 11 (17 per cent) of the 65 Toronto Real Estate Board (TREB) districts reported an upswing in the value of a single-detached home in the first six months of 2009, despite one of the worst first quarters on record. The Beach (E02) saw the greatest percentage increase year-over-year at 3.79 per cent, with average price rising to $715,422, up from $689,278 in June, 2008. Pickering (E13) placed second, with the average price of a single-detached home climbing 3.72 per cent to $389,536, up from $375,577 from one year earlier. Willowdale, Newtonbrook (C14) ranked third, with a single-detached home rising in value from $754,470 to $779,537 -- a 3.32 per cent increase. Rounding out the top five neighbourhoods are newcomers Downsview, Weston (W04) – where prices have climbed 2.25 per cent to $384,485 from $376,007, and Rouge, Malvern (E11) where a 1.99 per cent uptick has brought year-to-date housing values to $345,468 (from $338,738).

“Purchasers clearly moved to take advantage of greater affordability in the marketplace in the first half of the year,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Prices were down in virtually every neighbourhood surveyed; supply of homes listed for sale was at an all-time high; and interest rates were at historic levels. If you’re a buyer, it doesn’t get much better than that.”

Given their more affordable price point, condominium properties fared slightly better than single-detached homes, with 13 (22 per cent) of 59 TREB districts posting an increase in average price. Condos in Cliffcrest, Guildwood (E08) in the city’s east end saw the greatest appreciation in value, with average price climbing 6.45 per cent to $175,855, up from $165,197 one year ago. North Toronto, Cricket Club (C04) ranked second with a 6.1 per cent increase in average price, bringing condominium values to $301,065 (up from $283,746). Downsview, Weston (W04) clinched third spot, with a 4.37 per cent increase in average price to $173,083 in June 2009, up from $165,834 one year earlier. Mississauga’s thriving Port Credit community (W12) experienced a 2.63 per cent increase in condominium values year-over-year – with average price hovering at $304,954. Bendale, Woburn, and West Hill comprise E09, where the average price of a condo appreciated 2.46 per cent over figures reported one year ago to $201,830.

“But that was then and this is now,” says Polzler. “Lower inventory levels combined with increased demand -- comparable to what we’ve seen in recent months -- is expected to place renewed pressure on housing values for the remainder of the year. As a result, average prices are forecast to be at par or slightly ahead of last year’s levels by year-end in almost all neighbourhoods.”

Case in point is areas like Toronto’s east end, where bidding wars are breaking out on single-detached properties daily. The average sale-to-list price ratio in E01 and E02 approaches 100 per cent. Average prices are up in four of the 18 East District neighbourhoods. Overall average price in the east is down less than one per cent to $346,597 from the January to June 2008 figure.

The areas with the highest percentage decreases in the average price of a single-detached home have also seen the greatest increases in the number of properties sold. The overall average price of a single-detached home fell by 5.17 per cent in the Central District to $884,036, down from $932,198 one year ago, while the North District dropped 4.49 per cent in value to $526,693, down from $551,452 in June 2008. Sales are up in both areas, with 2,000 homes changing hands in the central area (up 4.28 per cent over one year ago) and 4,249 properties sold in the north (up three per cent from June 2008).

Only one district reported an overall increase in the average price. Condominiums in the North District – comprised mostly of York Region – posted a 0.26 per cent increase in values – and now hover at $275,822, compared with $275,113 one year ago.

“The momentum going forward is expected to be healthy – buoyed by positive economic data and a return to stability in the financial sector,” says Polzler. “There may be some bumps along the road, but all in all, the worst is over for the residential real estate in the Greater Toronto Area.”

RE/MAX is Canada’s leading real estate organization with over 17,000 sales associates situated throughout its more than 677 independently-owned and operated offices across the country. The RE/MAX franchise network, now in its 36th year, is a global real estate system operating in more than 70 countries. Over 6,700 independently-owned offices engage nearly 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management. For more information, visit: www.remax.ca

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For more information:

Christine Martysiewicz
RE/MAX Ontario-Atlantic Canada
905.542.2400

Note: All statistics sourced from RE/MAX and TREB Net
Districts that recorded less than 100 sales year-to-date were discounted to prevent the reporting of statistical anomalies.

Record Breaking June in Toronto Real Estate

In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008.

The seasonally adjusted annual rate of sales in June was 100,700.1 “The record result in June is testament to the fundamentally sound housing market in the GTA,” said TREB President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”

The average price for June transactions was $403,972 – up by two per cent compared to the same month last year. “The re-emergence of seller’s market conditions has exerted upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis.

“Look for sales to remain high relative to listings in the second half of the year. This will keep
home prices growing.”

Read the incredible report for yourself here.


Below: The danger of taking real estate advice from unqualified people. Wow, were they wrong about the market. Stick to the excellent restaurant reviews.

Wisdom of time.

If you want to know what a great value real estate is, go and find a 70 year old and ask them this series of questions:

1- how much did you pay for your first house?
2- what's it work these days?
3- do you wish you'd bought 10 of them?

Don't wait too long before you too see the value of real estate.

Phone A Friend

"Would you like to phone a friend?" When Regis (or Anil Kapoor) asks that question, does the contestant know the answer? Nope - no clue. We are greeted by blank stares as the contestant dials his lifeline.

Advisors are the name of the game these days. "We have advisors." We know nothing ourselves, but we have advisors. Real estate investing used to be a bunch of street-savvy dealmakers making deals, and getting sage advice from their lawyers on how to word the contracts and getting advice from their accountants on the tax implications. But they did deals, and they understood that time is money.

These days, the standard starting advice is: build a team. Get a doctor, lawyer, accountant, architect, pharmacist, and and nanturopath to help you with real estate advice. My question to you is: what do these people know about real estate? Certainly a lawyer can give you great advice on wording a contract to reflect a deal that is already made, and on legal protection in the contracts... but what does a lawyer know about multiplexes? Unless they own one, then it's a different story. The same thing with your other team members or advisors: how many deals have they done? Modern real estate investors are suffering from paralasys by analysis, waiting for advice from prople who have never done a deal. Time is money.

The worst advice you can get in real estate is from accountants. The don't get real estate. Real estate is a visionary business - to be able to see and imagine the future. An accountant accounts for the past, that is the meaning of what they do: you can only account for what has already happened. Any investor can see property improvements, rental increases, and understand the value of time... in the future. Most accountants will tell you to take the money you make from perfectly good real estate and put it in to stocks. Use your equity they call it. But it should be called lose your equity. Take the money you make in real estate and buy more real estate, take the stock-market profits and buy more stocks.

When doing deals, beware of anyone whose primary advisors or "advisory team" is made up of accountants - this person isn't an investor. They are a time waster.

Always consult a lawyer before you sign a contract. Best advice you'll ever get. But making a deal and signing a contract are two different things. The old guys do deals on napkins, then leave it to the agents and lawyers to sort out the paperwork.

And lastly, if you have to "phone a friend" to ask about your real estate deal, do you really have a deal?

US Foreclosure and Bailout News

The video below shows the major problem with the US real estate market. Lots of buyers, unreasonable sellers.

I don't agree with the common Media-Mantra that subprime mortgages caused the ongoing financial collapse. It's widely known that only 6% of mortgages are subprime - if only 6% of their portfolio collapsed how did they lose the other 94%?

The Australian Institute of Chartered Accountants published this delightful 20 page (full of graphs) analysis of the crisis. It's a good read. Credit Crunch Report

As a Realtor, I look at the video below and I see 30 buyers for 30 properties. The Banks have got to be forced to do the right thing - sell these properties to the first cash buyer. Why are the banks hoarding these properties? I thought they needed the cash.

Cityplace Parade 2

After the smashing success (and outrageous prices) of the Parade building, Concord Cityplace launched it's next exciting project: Parade 2. The Parade 2 block will be a low-rise, a mid rise, and a round tower.

Concord has created a new model suite, new miniature courtyard model, and entirely new terms and prices for Parade 2. This release will be for 100 suites facing the courtyard. The second floor looks like the hot-product: the courtyard is on the second floor, so all the terraces on the second floor walk-out to the courtyard -- the second-floor condos will have a back yard.

I know a lot of people missed out on Parade 1, don't miss this one!

Here ar some photos of the new model suite with the finishings for the Parade 2 building. Concord has taken a big step towards luxury. Note the effective built-ins, the one touch cabinetry, the countertop, and the Meile appliances. That tile is Quartz and is worth the money - it is breathtaking to see.

If you're interested call Sunil Deonaraine @ 416-879-4805 or I can be paged through Re/Max Associates Realty Inc, 416-293-1100.

Kudos to the design team - here is the model suite.


This is the micro-model of the courtyard. The detail is amazing.
The new model suite:
Quartz flooring. The photos don't do it justice. See how it picks up the pot-lights.
Beautiful built-in appliances from a high-end brand-name.
The condo bedroom.
Intelligent use of space with built-ins.
Flat top stove. Can anyone see the dishwasher? It's there.

Condo with 500$ down payment

The smart people at Daniels came up with a great incentive for first time homebuyers: buy with 500$ downpayment, and you'll also get a free parking spot and 1 year free condo-fees. It was a good deal. Where else can you buy a home with basically the money in your pocket?

The building "Merci" is a luxury 7-floor low-rise right on the corner of Rean and Sheppard (across from the Mall/Loblaws/Subway/YMCA). This is part of the New York Towers master-planned community.




Photo from the event:


It was crowded, hot, disorganized, and sold out! Thankfully, Doris Parreno was there to keep us company for the 3 1/2 hours it took Baker Real Estate to prepare the contracts.

New FINTRAC rules for real estate

The Federal Government has introduced a new set of rules dealing with Real Estate and the reporting of Terrorist/Money Laundering/Suspicious activities. This FINTRAC law goes into effect June 23rd, 2008.

Long story short: people now have to show Government ID to see or sell a house with a Realtor. We have to get their life story if we accept a deposit for purchase. This information is then forwarded to FINTRAC to monitor - these rules supersede the privacy law.

These rules now also apply to Builders and Developers so the new regulations should be very effective in countering the problem of grow-houses.


Official pages:
http://www.fintrac-canafe.gc.ca/re-ed/sc/re-cai-eng.asp

Guidelines:
View this information in .pdf format (57 kb)

Information for:
Real estate

Your Obligations

The following summary of the legislative requirements under the PCMLTFA applies to you if you are a real estate broker or sales representative when you act as an agent regarding the purchase or sale of real estate. These requirements do not apply to your activities related to property management.

If you are an employee of a reporting entity, these requirements are the responsibility of your employer except with respect to reporting suspicious transactions and terrorist property, which is applicable to both.

If you are a real estate agent acting on behalf of a broker, these requirements are the responsibility of the broker except with respect to reporting suspicious transactions and terrorist property, which is applicable to both.

For more information about legislative requirements in effect before June 23, 2008, see the applicable guidelines published before 2008.

How Hot is Hot?

How hot is the market? I was out on Enterprise drive in Markham (North of 407, between Warden and Kennedy) for the latest phase of "Downtown Markham" - the Verdale. I was stunned to see that Agents had lined up for one week to purchase condos in Markham.

That's an indicator of how hot the market is - over 100 people lined up in the middle of nowhere just for the opportunity to buy Toronto real estate. After the numbers were handed out - there were quite a few people who didn't get a condo.

Here are some images of the crowd and the tent.


The crowd of agents just waiting for their priority numbers to be assigned.

The sales center for Remington Group, the builder of Downtown Markham. This project will eventually be even larger than Mississauga city centre. To view the scope of the project click here.


The agent crowd starts to thin after the tickets are handed out.

Kudos to the hard working agents who lined up for this project, and to Remington for setting up the tent to protect them from the unkind Canadian weather.

(photos taken by me with my Canon Rebel Xti).