Icon Condo and New Condos

With an abundance of pre construction building going up in the entertainment district, there is no question that the Icon Condo has maintained its value as well as it's appeal to buyers. Even though the  newer product going up within a very close radius to the Icon has higher end finishes, it has not affected the pricing for these two buildings located on Wellington Street West. If anything, it will gradually increase the pricing for existing units in these buildings.

The Icon on Wellington Street has always commanded high resales values even though the building is close to 10 years old. Not only are the amenities fantastic but the the building is run and managed very well. This alone makes a huge difference in the value of the building.

Click on Icon Condos for more information on selling or buying an Icon Unit.

Asking Price...How much will I get?

We recently met up with a potential client who was looking to sell her Toronto Condo. During our meeting it became very evident that her main concern was knowing what percentage of the asking price we expected to deliver to her. Many Realtors use these statistics as a marketing tool for themselves by saying “Sold for 110% of the asking price!” As Realtors we know these statistics don’t carry much weight. However, from the perspective of a potential seller the listing agent looks like a superstar, right?


Pricing your Toronto condo for sale is one of the most important parts of the selling process. Determining the listing price depends on a few factors, such as market conditions, comparable sales and of course the unit itself- taking into consideration layout, location and condition. There are few pricing strategies that can be considered once a seller is ready to go to market.


1. A common pricing strategy in a strong buyer’s market is to under price the property and hold off offers until a certain date. It is the seller’s home to generate a multiple offer situation which will in return push the selling price above the asking price. Although the selling price is above the asking price, it does not necessarily reflect that the seller got any more for the property than true market value. It is by using this strategy that you will see agents marketing themselves by stating they sold over the asking price. Keep in mind that a major concern with this strategy is that the buyer can’t actually afford the price of the property generated by the multiple offer situation. More times then none, their original budget was the listing price- not the selling price which can at times go as much as $50 000 over the original asking price.


2. Another strategy is to price the property at market value. This strategy is a safer strategy as it targets the right buyers. If a buyer has been financially pre approved for a mortgage, they know exactly how much they can afford. An offer received that is conditional on financing approval will not be such an issue as the buyer’s have likely already been pre approved at the listing price.


3. A final strategy that is not as common as others is overpricing the property. This option works at it’s best when sellers have no urgency to vacate or don’t have any financial pressure to sell. A seller must carefully consider this option before listing their property as the buyer will most likely be someone who has been waiting specifically for that unit to come onto the market. In other words, the buyer pool will be much smaller for an overpriced unit, however an end user, who has been waiting for the unit will always pay a premium for their primary residence.



In short, don’t be fooled by marketing material that suggests that properties have been sold for well over 100% of asking. As you can see there are many different stratgies that can be carried out when deciding to list and sell your Toronto condo. Take the time to carefully consider which option best suits you.

Client Testimonial

Great video testimonial from our client Marcel Kars.

Click on Icon Condo to view!

Icon Condo Availability

Currently there is a great 2 bedroom unit on a high floor with both parking and locker. This is a corner unit, just under 1400s/f with a terrace. Priced at just under $730 000, this unit is great for a young family or the young professional looking for some more space at home.

Click on Icon Condo for more information or to book a showing.

One Bedroom plus Den Unit Available

Currently there is a one bedroom plus den unit without parking and locker located for sale in The Icon.

Click on Icon Condo for more information and pricing or to view the unit.

June Market Update

The GTA saw 10,230 sales in June, up 21% from last June making it the 3rd best June on record. This is quite the turnaround from the first half of 2011 - down by 4.5% compared to the first half of 2010.




Average prices for June was $476,371, up by about 9.5% from June 2010 and up by about 8% from the average selling price for the first half of the year at $467,169.



Listing supply is down this year which is why we are seeing the average price increase. Buyer demand has pushed this price up in the second quarter of the year.







* Toronto Real Estate Board, New Release, July, 2011.

Toronto Life Magazine Feature

The August issue of Toronto Life Magazine features Erica Smith who was in search of a Toronto condo. After selling her place at the Icon, she ended up in the St. Lawrence Market area. Enjoy the story!

Click on Icon Condos for more information on buying or selling your Icon Condo.

World of Condos Interview

The Condo Chicks were recently interviewed on our condo knowledge.

Check it out and enjoy!

Click on Icon Condo for more information on The Icon Condo on Wellington

Pet Friendly

It's becoming a new trend in the City of Toronto for pets to be allowed in condos. It wasn't too long ago, that there were restrictions on having pets in your condo. The Condo Chicks are happy to share that The Icon is indeed a pet friendly condo!

Click on Condo Chicks for more information on your Icon Condo.

Testimonial for Listing Sold at Icon

“Joy and Erica have been so incredible to work with.  They are very professional, knowledgeable about the market, ever so helpful, and have gone out of their way to assist us.  They made the process of selling our home seamless and even, dare I say, easy which was greatly appreciated since we are currently living in Dubai.  They were able to secure an offer for us within two days of listing and when that fell through due to buyer financing, they immediately found us another offer the same day!  However, what most impressed us was their responsiveness, proactive nature and simply dazzling niceness.  The Condo Chicks are definitely something to chirp about!”  – Mike and Jeanette

TV Interview

Click on TV Interview to see the Condo Chicks being interviewed!

SOLD

Our listing at the Icon listed at $315000 with both parking and locker is now sold and we got 100% of asking price!
Contact us for more information on buying or selling your Icon condo!

TV Interview

We are pleased to announce that we will be interviewed this Monday, April 18th, 2011 at 9pm on the TV show “In Tune with Real Estate.” From what we understand, it will be on channels 10 and 63.  We will be asked about the condo market in general as well as other aspects that come into play when buying or selling a condo. Make sure you “tune in” to see what we have to say!

New Listing in The Icon: $315 000

We have a great new one bedroom with both parking and locker in 250 Wellington Street West. Parking spot has a prime location close to the elevators!  Click on Icon Condo for more details and pictures.

New Listing in The Icon

The Condo Chicks will be listing an incredible one bedroom unit in 250 Wellington Street in the next couple of days. Located on a high floor, it also has both parking and locker. Click on Icon Condos for a showing.

Enter our Contest and Win a GREAT Prize!

Top Ten Real Estate Deals

The Condo Chicks are happy to announce that they are the Toronto Representatives for Top Then Real Estate Deals.  Check it out!  http://www.toptenrealestatedeals.com/homes/top-ten-home-deals/on/toronto/

Click on Icon Condo for more information on any of these deals!

Tips on Selling your Icon Condo

The current real estate market condition in Toronto is starting to pick up for sellers. The market early last year proved to be a strong seller's market with condos sitting on the market for only a few days before selling. The market today is definitely starting to pick up just in time for spring. In the meantime, it's more important than ever to put the extra effort in when selling your Toronto Condo.


Here are a few tips when selling your condo in Toronto:



1. If the unit is vacant, staging can have a positive effect as it can help potential purchases visualize how space can be utilized.



2. If the unit is occupied it is extremely important to keep the space tidy. Surfaces should be clear, washrooms should be clean and dishes should not be in the sink.



3.It is to the sellers benefit to remove any paintings or objects with religious meaning. A simple religious object can limit potential buyers.



4. Be flexible with showings. If people can't get into see your unit, how can you expect it to sell?



5. If you are home when a showing is booked, step out of your home. Potential buyers will feel like they can't talk freely with their agent and will feel pressure to look quickly. You want showings to be a pleasant and comfortable experience.



6. Restrain pets. Even though Snoopy may be really friendly, a lot of people are scared of dogs.



A few little changes can make a huge difference when it comes to selling your home. A little more effort can set you apart from your competition during these market conditions.

Click on Icon Condos for more information!

The Truth about Open Houses

The process of selling your condo can be somewhat stressful and as Realtors, it is our job to market and sell your property to the best of our ability with the least cost and disruption to you and your family. There are many tools that we use to help in the sale of your home but one common misconception is that open houses and advertising it in the newspaper sell your condo. While these marketing tools may seem like a good opportunity for you as the seller, the truth is, open houses generally don’t sell a home.


According to The National Associations of Realtors, only 1% of homes are sold by conducting public open houses. Realtors use open houses as more of a prospecting tool then a way to sell the home. It is not uncommon for a listing agent to pass on the job of hosting an open house to a newbie agent as there is a very low chance of the home selling through this avenue. For newbie Realtors, open houses present a great opportunity to meet prospects who are in the market for a condo. When parties come through the open house, the Realtor has them put down their information on a sign in sheet. In addition to being a security measure, this list allows the Realtor to follow up with them and help them in their home search.

Another type of open house is what is called an "agent open house." This type of open house allows Realtors in the neighbourhood to have the opportunity to visit the property before it is exposed to the public. What is commonly forgotten is that Realtors have access to the most important tool for selling your home and that is the MLS system. If an agent has a client for your home, they will book a showing for their client through the MLS system. Not only is the property advertised freely to all the Realtors on MLS, but is also published on the public MLS site. From the public MLS site, buyers can search for your home and contact the listing agent if they want to view the property.

Another common misconception that sellers have is that newspaper and magazine advertising increases the odds of selling your home. Again, according to The National Associations of Realtors, only 3% of homes are sold by advertisement inquiries. Also keep in mind that these advertisements can be very expensive.

Realtors understand that sellers want everything possible done to sell their home however, Realtors also know that conducting open houses and newspaper advertising generally will not sell a home. In reality, Realtors bring the most serious and qualified buyers so focus on the types of marketing that attract the Realtors; having a well put together home that shows well and pricing right and then the qualified buyers will follow.

If you are looking to sell your toronto condo or home, click on Condo Chicks for more information.

Condo Chicks with an Award

BuzzBuzz Home presented The Condo Chicks with an award for being the most active in their forums!

New Mortgage Rules when Buying an Icon Condo

Finance Minister Jim Flaherty has just released some info on new rules for CMHC insured mortgages, which will be implemented as of March 18th. A CMHC insured mortgage occurs when less than 20% is put down on a purchase of a property.


For home buyers with a CMHC insured mortgage, the new rules will effect mortgage amortization. Amortization will be changed from 35 years to 30 years. On average this change will increase monthly payments by around $40 for every $100K borrowed. Down payments for purchases can still be 5%.

In terms of refinancing, the max mortgage advance will be 85% of the appraised value. This loan to value number used to be 90%.

Good news is that these new mortgage rules will help to keep interest rates low. The Bank of Canada has announced no prime rate change, leaving variable rate mortgages and credit lines as is. Flaherty hopes these new rules will help to keep Canadians spending in check.

We have about 2 months before the new rules come into play (March 18th). If you are looking to purchase a Toronto condo, make sure to visit the bank or your mortgage broker soon to arrange financing. Contact the Condo Chicks below in you are looking to purchase or sell a Toronto Condo.

Toronto Condo Icon Update

The Icon is considered one of the most desirable Toronto Condos in the entertainment district. Even though they are slightly older buildings, they are maintained extremely well. The recent resale numbers and lack of availability confirm the Icon's reputation. Recently a one bedroom plus den condo with both parking and locker sold in the $330 000 range. Again, this demonstrates that the Icon maintains it's value. In regards to availability there is currently a few listings that are between the $600 000 to $700 000 range. These units are both 2 bedroom units with both parking and locker. They would be ideal for a young couple who works in the city looking for a larger space or to start a family. Contact The Condo Chicks for more information.

Process of Buying a Condo

Purchasers, first-time home buyers especially, generally lack the knowledge to determine what they can afford when it comes to buying real estate and how the purchasing process actually works. Here is a step by step list on how the condo purchase process works:

1) Start by getting pre-approved by your bank or a mortgage broker. Knowing what you can truly afford gives you a starting point and a price point to search within. After all, it would be very disappointing to find a home you love only to find out it is not within your financial means.

2) Find a Realtor (Real Estate Sales Representative) you trust! This is very important as you will be sharing personal information about yourself with them. Talk to your Realtor about what you are and are not looking for in a property.

3) Now the fun begins. Once you’ve been pre-approved for a mortgage and you’ve found your trusty realtor, your realtor will then begin showing you properties of interest.

4) While on the showings, scrutinize each unit. Think about the location, building amenities, the potential future value, the unit layout and of course the price.

5) Once you’ve found the unit you would like to purchase have you Realtor research what the unit is actually worth and carry out their due diligence.

6) Now its time to make up the offer. Have your Realtor go through the offer with you. You may also want to have a lawyer review it.

7) Your Realtor will then submit the offer to the Listing (Selling) Realtor who will then contact the seller to review the offer. The other party has a set time period, called the irrevocable date, to either sign back or accept the offer. Within this irrevocable time, the buyer is held to the agreement. If the irrevocable date passes without contact from the seller, the deal dies and neither party is held to the agreement.

8) Once the buyer and seller have come to an agreement regarding the price and conditions the deal is now either sold firm ( no conditions) or sold conditionally ( usually conditional upon arranging financing or lawyers review of the status certificate). If sold conditionally, the buyer then has a certain time frame, as set out in the agreement of purchase and sale to waive the conditions. Once the conditions have been met, the buyer signs a waiver which then makes the deal firm.

9) On occupancy is when the buyer and seller meet with their respective lawyers to exchange the property keys for payment. The title of the property is then switched over from the seller to the buyer and the buyer is then given entry and ownership to the property.

Buying real estate is an exciting process. It can also a stressful and complicated process so it’s important to hire a Realtor you trust. After all, buying real estate is one of the largest investments you will make. For all your real estate needs, contact The Condo Chicks!

SOLD: 270 Wellington: $334,500

The Condo Chicks recently sold their 1 bedroom plus den listing with both parking and locker in The Icon. As the market is softer, it took a bit more "creative selling" to get this unit sold for our client. At the end of the day, our client is very happy! Listed at $334,500, The Condo Chicks got just shy of asking! 

If you are looking to sell or to buy a unit in The Icon, contact The Condo Chicks!

Multiple Offers

With the current real estate market in Toronto steady, the presence of multiple offer situations is still common. Sellers are looking to generate multiple offers in order to sell their property at very high numbers. When entering a multiple offer situation buyers have to remember that looking at comparable properties is a very important step when determining what number to go into. A lot of listing agents are holding off offers in order to hopefully generate multiple offers. We always make sure to tell our buyers to choose a number that they are comfortable with and stick to it when entering into a bidding war. Too many times, we have seen buyers represented by other agents end up paying way too much for a property which is generally attributed to emotions, not facts. In the long run, it is not worth it.




Recently we were in a situation where the listing agent had listed a property above market value, hoping to create a multiple offer situation. After reviewing the comparables with our clients, we came up with a number that we felt was fair for the property. Unfortunately, we did not win the property, nor did any of the other offers that were submitted. Ironically, the listing was terminated the following day due to the fact that nobody was willing to over pay for the property. It will be interesting to see if the property comes back on the market at a more reasonable price.



Our advice to you when entering a multiple offer situation is to review all the comparable properties, and determine what the property is worth to you.

1+1 with Parking and Locker now $334 500

Furniture is negotiable! Contact the Condo Chicks for a showing! http://www.condochicks.com/

Annual General Meeting

Don't forget the Annual General Meeting being held Tuesday, November 16, 2010 at 7:30pm.

Two Work/Live Units For Sale in The Icon

Two incredible work live units available in The Icon. Both are 724 S/F and priced at $399 900. Units are side by side and can be combined into one large space. Contact us for details!

New Listing in The Icon PRICE CHANGE $334 500 1+1 w/parking and locker!

http://www.condochicks.com/property-listings/270-wellington-for-sale/

Follow The Condo Chick's Chronicles...

If you're just starting, make sure you start at the beginning to get caught up! Enjoy our everyday adventures...



http://www.condochicks.com/category/condo-chicks/

Introducing The Condo Chick's Chronicles

Just a few months ago I thought I had my whole life figured out. The career was coming along nicely as we had just been interviewed for a feature story in a national newspaper. We were so excited to see the story. Our little company Condo Chicks was beginning to gain momentum. The boyfriend was planning on proposing and everything was coming together. The day before the newspaper hit the stands, my boyfriend changed his mind and decided to embark on a life of bachelorhood. I guess he changed his mind about his Condo Chick. This is the chronicles about the experiences of two girls in the city trying to find their place in the real estate world, as well as the dating world.
http://thecondochickschronicles.blogspot.com/

Garage Cleaning

Garage Cleaning will commence May 18th, 2010. Please remove your vehicles if you are on the P1 level.

Air Conditioner

The air conditioner is now officially on in the Icon!

New Icon Listing

One Bedroom Plus Den with parking and locker now available at The Icon. Listed at $349,900.

Contact us for details!

National Post Pictures

The Condo Chicks do the National Post

NATIONAL POST FRONT PAGE STORY FEATURING CONDO CHICKS

http://www.nationalpost.com/homes/story.html?id=2915508#email

Icon Footage: The Newest Video of the Condo Chicks

Check out our newest video filmed in The Icon.

http://www.youtube.com/watch?v=JkgzjxDjHyI

Make sure to pick up a copy of the National Post this Saturday as we will be featured in the Real Estate Section.

http://www.condochicks.com/

CONDO CHICK INTERVIEW

The Condo Chicks are excited to announce that they will be interviewed by The National Post regarding their real estate business.
For all your Icon and real estate needs, please visit us at http://www.condochicks.com/

SOLD: 250 Wellington St West #132

http://bit.ly/9bOnfm   %20 Amazing Live/Work space in Tridel’s “the Icon Condo” in the heart of the entertainment district in downtown Toronto. Streetfront exposure with entrance on to Wellington. Hardwood floors, heated bathroom floor, granite kitchen counters with island, 10 ft ceilings. Two closets in bedroom including a large walk-n, custom bath/ separate shower. Steps To Financial District, Theatre District, Acc, Rogers Ctr, Ago, Restaurants, Starbucks, Cleaners, Ttc.

No Hot Water

There will be no hot water in The Icon, Wednesday March 31st from 9-5. Try and shower before as cold showers are no fun!

New Website Launched

We have officially launched our principal website! Check it out at http://www.condochicks.com/

Don't forget to contact us for not only your Icon needs, but all of your condo needs!

New 1 Bedroom + Den Unit Coming Up for Sale

In a few weeks we will be listing a large 1 bedroom plus den unit on a high floor in the Icon.

Contact us for details!

http://www.condochicks.com/

King West is the Place to Be!

The condo market has demonstrated it’s strength in the past six months. With interest rates at an all time low, there is not enough inventory to satisfy buyer demand. The high demand areas in the City of Toronto such as the Bay Street Corridor, CityPlace and the Entertainment District are experiencing dramatic increases in the prices per square foot due to the increasing demand of buyers wanting to be in these locations. Just a year ago, some condos in these areas were selling for $450 s/f. You can’t find anything in these locations at that price point anymore. It is for that reason, that locations such as King West are gaining momentum.


Many may argue that King West extends as far as Liberty Village, which is not the case. “True” King West technically ends at King and Strachen. Over the past few years, King West has become recognized as a prime location for condo buyers. Even though it may not be as centrally located as condos east of Spadina, it is for this reason this location is grabbing the attention of buyers and investors. With buildings being zoned as low rises and an abundance of greenery, these aspects alone are very appealing to buyers.

Another factor that is appealing to buyers and especially investors, is the price per square foot. With buildings selling in the $300.00 s/f range just five years ago, owners in King West have made a great investment. With the average price per square foot now being over $500.00, investors are flocking to the area hoping that only in a short time, prices will catch up to the $550.00 s/f as condos in “prime locations.”

A lot of developers have started to jump on the King West opportunity. Recently, projects such as Art Condos and Minto at 775 King West have launched hoping to take advantage of the King West intrigue. Canderel Stoneridge, who is responsible for condo buildings DNA1 and DNA2 is planning on launching their third and final phase of their DNA series in the spring. Having essentially being one of the first to make it’s mark in King West, their third and final phase, DNA3 is expected to be one of the most sought out launches in the City. This final phase will be built in the old Chrysler parking lot, which is the last prime location in King West.

For information on the upcoming launch of DNA 3, or any other condos in the King West area, contact the Condo Chicks. http://www.condochicks.com/

Our New Website is Coming!

Just wanted to let everyone know that our master website is still in the works..... For now, visit us at http://www.torontocondochicks.com/ for all your real estate needs!

Icon Condo for Rent

Beautiful one bedroom plus den condo with parking for rent in the ICON at Wellington and Blue Jays Way. Tenant has option to rent non-furnished for $1700.00 or furnished for $1800.

Move in date April 1, 2010.

Updated Average Values for Icon Units: 2010

1 bedroom + den with no parking: $285 000
1 bedroom with parking and locker: $303 000
1 bedroom + den with parking and locker: $320 000
2 bedroom with parking and locker: $400 000


Contact us if you have any interest in selling your unit in the Icon or buying in the Icon.

Fire Alarm Testing January 13th, 2010

Just a friendly reminder to let you all know that the fire department will be in the building tomorrow conducting the fire alarm test.

Multiple Offer Situations

With the current real estate market in Toronto remaining strong, the presence of multiple offer situations is very common. Sellers are looking to generate multiple offers in order to sell their property at very high numbers. When entering a multiple offer situation buyers have to remember that looking at comparable properties is a very important step when determining what number to go into. A lot of listing agents are holding off offers in order to hopefully generate multiple offers. We always make sure to tell our buyers to choose a number that they are comfortable with and stick to it when entering into a bidding war. Too many times, we have seen buyers represented by other agents end up paying way too much for a property which is generally attributed to emotions, not facts. In the long run, it is not worth it. Recently we were in a situation where the listing agent had listed a property above market value, hoping to create a multiple offer situation. After reviewing the comparables with our clients, we came up with a number that we felt was fair for the property. Unfortunately, we did not win the property, nor did any of the other offers that were submitted. Ironically, the listing was terminated the following day due to the fact that nobody was willing to over pay for the property. It will be interesting to see if the property comes back on the market at a more reasonable price. Our advice to you when entering a multiple offer situation is to review all the comparable properties, and determine what the property is worth to you!

Good News for Icon Owners

Recently The Icon has had many units go up for sale and sell very quickly. It seems that despite all the newer buildings that are being built around us, The Icon is still holding its own. In the past months, we have seen many units sell for strong numbers, thus increasing the price per square foot in the building. For example a few weeks ago a one bedroom unit with two bathrooms, parking and locker sold for almost $400 000. This averages out to over $500.00 a square foot- quite an impressive number. Another larger two bedroom unit with parking and a locker sold for well over $515000. These two transactions alone demonstrate the strength of our building due to good property management and a solid condominium board. These both contribute to the general upkeep and maintenance of our building thus maintaining and raising the value of our units in The Icon.

If you are looking to sell or buy in The Icon, contact The Toronto Condo Chicks.