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.
Monday, September 12, 2011
Tuesday, August 16, 2011
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.
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.
Thursday, August 4, 2011
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.
Click on Icon Condo for more information or to book a showing.
Tuesday, July 19, 2011
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.
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.
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.
Saturday, July 16, 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!
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Click on Icon Condos for more information on buying or selling your Icon Condo.
Tuesday, July 12, 2011
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
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.
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Click on Condo Chicks for more information on your Icon Condo.
Tuesday, July 5, 2011
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
Wednesday, May 18, 2011
Saturday, April 23, 2011
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!
Contact us for more information on buying or selling your Icon condo!
Sunday, April 17, 2011
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!
Friday, April 1, 2011
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.
Thursday, March 31, 2011
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.
Thursday, March 17, 2011
Saturday, March 12, 2011
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!
Click on Icon Condo for more information on any of these deals!
Thursday, March 3, 2011
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!
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!
Friday, February 11, 2011
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.
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.
Friday, January 28, 2011
Condo Chicks with an Award
Friday, January 21, 2011
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.
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.
Thursday, January 6, 2011
Toronto Condo Icon Update
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