Quick Hits!

Any more hits and you could call me the Hitman!  Ugh that was cheesy…

But was there ever a cooler wrestler than Bret The Hitman Hart?  Real men are confident enough to wear pink…

Fun Friday!

A friend of mine in the industry purchased a new home last week, but there was something amiss about the timing of it all.

She purchased the home last Friday.

Think about it for a moment.  Just think.  What was last Friday?

Any ideas?

Well, it was the Friday before the long weekend!  And what happens on the Friday before the long weekend?  Most people leave the city early, if they haven’t already snuck away on Thursday night.

Offers for this property were being reviewed at 6PM on Friday evening; not 9AM on Friday morning when there’s still a chance that the sellers aren’t shooting themselves in the foot, but rather Friday night!

I can’t quite comprehend the logic in this situation, if there was ever any to begin with.  If you’re listing your home in the slow(er) summer months, I understand that not everybody can wait until the week after Labour Day.  But why would you review offers on a Friday?  Most offer nights are on Mon/Tues/Wed/Thurs.  It’s not an exact science, but it’s pretty damn close!  And when you’re reviewing offers on a Friday, why at night, and why on the Friday that falls right before a long weekend?

Did nobody see this coming?  Not the seller, not the agent?

I’d have to think that the house would have sold for more if this sale were handled properly.

But thankfully, my friend was the one who directly benefited from this blunder, and she’ll likely laugh all the way to the bank…

Mary Had a Little Lamborghini

There’s a guy in my building who owns a Lamborghini.

I should note here that I’m not a “car guy.”

I’m sure there a couple hundred Lamborghini owners in Toronto, but where do you figure most of these people live?  I can attest to the fact that the most expensive condo in my building would barely break $500,000, and what does a Lamborghini cost?  Probably $300,000.

So let me ask you this: would you spend 60% of the value of your home on a car?

I would have to think that most Lamborghini owners are multi-millionaires.  Aren’t they?

Again – I’m not a car guy.  I don’t see the “value” in spending $300,000 on a ride, not matter how much money you have.  I’d have to be worth millions and millions of dollars to ever consider spending that kind of money on a car, and even if I was worth $50 Million, I’d like to think that instead of buying a $300,000 car, I’d give that money to charity.

So is it possible that somebody in this city spent more money on a car than on a condo?

METHodical Approach…

I had to chuckle at this one, but thankfully, I was on the correct side of this transaction…

A couple of my clients recently sold their condo at Queen & Noble, and they did very well for themselves if I do say so.

Last week, it was announced that a new methadone clinic would be opening at 19 Strickland Street – right around the corner from their condo.  It was hard to miss this fact, since posters were put up EVERYWHERE to announce this “grand” opening.

Honestly, had they tried to sell their condo this week – after the announcement of the new clinic and with all those posters put up, I think they might have got $30,000 less for their condo.

The area has cleaned up a lot over the last few years, but a few sketchy pockets still remained.

Now, the area will likely revert back to 2005 before the yuppies moved in and started driving the real estate values up and driving the riff-raff out.

And for those of you that think the methadone clinic might not last – consider that they signed a TEN YEAR lease…

NEW CONDO ON THIS SITE

I have driven by the parking lot on the north side of Adelaide, just east of Sherbourne, every day for five years.  And every day for five years, I’ve seen the same sign:

There is no timeline for this “new condo” but clearly Plazacorp fully intended to build one, at some point, some day.

It’s a giant plot of land that could likely house a building as large as the biggest condos in the St. Lawrence Market area.  Perhaps not as large as the gigantic 313-323 Richmond Street that you can see in the background, but certainly larger than ’boutique’ projects such as King Plus Condos, East Lofts, and Post House – if that ever gets built.

I was driving by last week and I caught a glimpse of a giant red blip up ahead that my eyes knew was out of place even before it registered with my mind.  Have a look:

Finally!

For all of you who have been waiting year after year after year, we’re going to be treated to a new condo that is…….”Coming Soon.”

Wow, you can’t get any more vague than “Coming Soon!”  Well, you could if you put up a giant sign that said “New Condo On This Site.”

As for my thoughts on this project, well, I’ll hold back a little and only say that Plazacorp is one of the worst developers in the city and I would never advise one of my clients to buy anything with their name on it.  Along with their partner in crime, Urbancorp, the two have been relegated to “running joke” status in the condo industry.

If anybody from Plazacorp wants to sue me for libel or slander, I can be reached at 290 Merton Street, Toronto, ON, M4S 1A9.

Pat on the Back

It’s very difficult to sell a condo in a new building that has just been registered.

I took a listing at a west-end condo last month, and there were already twenty-seven units listed for sale.  That number reached thirty-three by the second week of our listing.

I’m rather proud to say that I sold the unit, and my seller is quite pleased.

You simply cannot understand what it’s like to compete against thirty-three other properties!  One buyer’s agent told me, “David I’m going to be honest with you – there are over thirty listings in that building, and my buyer is going to lowball everybody until he finds the one desperate seller who is tired of bleeding money and just wants to get out.”  As awful as this sounds, I think it’s very fair, and very shrewd.

The problem with buildings like this is that more than HALF the units are priced at 115% of fair market value.  Investors (many of whom have never set foot on Canadian soil) have this mindset of, “Well why don’t I try it at this price and see what happens.”

I’ll tell you what happens: nothing!

Owners will leave their units on the market to rot for months and months on end, with no price reductions!  It never fails to amaze me!

Some of the units currently available for sale have been on the market for 4-5 months and are still over-priced.  I don’t understand the logic involved.  Wait, perhaps there is no logic…

In any event, my client has now sold firm and will take his profits and move on to the next venture.

It could be worse – he could have had one of the 50 or 60 units available for sale at 55-59 East Liberty…

West Side Story Part LXVIII

It seems like just yesterday that I took occupancy of my investment property at West Side Lofts.

Wait, no it doesn’t.  It seems like eleven months ago!

150 Sudbury Street will be the new 55-59 East Liberty when the building is finally registered, although that’s looking like October or November now.  Rumours are circulating that the developer – Urbancorp/Plazacorp, are slowing the registration process so that they can sell off all of their inventory in the neighbouring buildings.

It’s only a rumour – I’m not stating this as fact.

But you may believe whatever you like…

Anderson Cooper Fleming Blitzer Huffington

I’ve often wondered how the United States has managed to maintain the two-party political system.

This week, we watched Barack Obama cave to Republican pressure to, among other things, continue allowing the richest 1% of Americans to pay little or no taxes.

What do you think would happen if they had a third political party?

I think most people would consider a third party to be a “fringe party,” and thus have no real function.

I mean, in our home and native land, the New Democratic Party is just a silly fringe party, right?  Everybody knows that the Liberals and Conservatives are tantamount to Republicans and Democrats. 

Oh, wait, didn’t the NDP just win GOP standing a few months ago?

7 Comments

Post A Comment

Your email address will not be published. Required fields are marked *

  1. Carol says:

    You have the monopoly on useful infeamation-rron’t monopolies illegal? 😉

  2. M says:

    I can’t believe 150 Sudbury still hasn’t registered and it is now April 2012! I have clients in there who have assumed assignments over a year ago and now want to sell. This hold up is crazy.

  3. Richard Eng says:

    I recently moved into my first condo at West Harbour City Phase 2. I can’t speak to Plazacorp’s other condo projects, but I love my unit. The building looks good to me, too. And their Customer Care department is responsive and effective. So far, building management seems okay. From my perspective, this is a very good condo and I’d recommend it to others.

    I believe you when you say Urbancorp is crap, but what specific Plazacorp condo has been a disaster?

  4. G___ says:

    Re: Lambo in garage

    The car is likely a Gallardo (“baby lambo”) and they can be had used from under $100k (http://bit.ly/qZ0jby). Even Cityplace parking garages have one or two.

  5. Jeff316 says:

    Same here – below-asking offer on Good Friday. Accepted and sold.

  6. LC says:

    I bought my house on the Friday night before a long weekend, while most other buyers were northbound on the 400. I was the only one who showed up and got it for under asking. Of course, not only do I have the listing agent to thank for that, but also other buyer agents who didn’t bother to re-read the listing and thought offers would be reviewed after the weekend. Fortunately, I had no conditions on my offer because 9am Tuesday morning, there were several offers submitted for way over asking. You snooze, you lose.

  7. Krupo says:

    Slander is spoken, so unless you put up a snarky video, they can only try for libel. And I think fair comment has you covered, as I’m guessing an actual lawyer giving actual legal advice might say. 🙂

TWEETS