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.
Showing posts with label The Icon Condo. Show all posts
Showing posts with label The Icon Condo. Show all posts
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.
Wednesday, May 18, 2011
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 17, 2011
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
Sunday, November 28, 2010
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!
Friday, March 26, 2010
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!
Thursday, March 4, 2010
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/
Contact us for details!
http://www.condochicks.com/
Friday, June 12, 2009
Selling Your Icon Condo Unit: Commissions
Considering the current economic situation, those looking to sell their ICON condo unit may also be trying to save a few bucks when it comes to listing services. With condos and homes sitting on the market for longer and not selling for the desired asking price, many sellers are requesting that their Realtor "cut" their commission on the listing side. If you find yourself asking for a reduced commission, read the following before talking to your Realtor.
1. Would you ask your hairdresser to reduce their cost for cutting your hair or ask your lawyer to reduce their fee? Don't forget that your Realtors career is to trade in real estate and they are considered an expert in their field.
2. By asking your Realtor to reduce their commission for selling your ICON condo, you are essentially asking for a minimal service. At a reduced commission, your Realtor will probably be less inclined to hold open houses, provide marketing material or have professional photos taken. These simple tools can help accelerate the sale of your condo unit by providing maximum exposure and help you get top dollar. In the end, you get what you pay for.
3. Don't forget that the commission you are paying your realtor is not the actual amount they will be receiving. There is a huge misconception that Realtors make tons of money. Real Estate brokerages take a percentage of that commission, with some as high as 50% depending on the program your Realtor is on.
4. Your Realtor will spend a lot of their own money and time helping to prepare your ICON condo for sale. Getting professional photos, floor plans, internet marketing and brochures made up all costs money. Your Realtor may spend thousands of dollars and a lot of their time preparing your condo unit with no guarantee that they will make commission if the unit does not sell or that the seller will change their mind.
By hiring a professional Realtor to sell your ICON condo, you are paying for a professional service. It is important to interview a few potential Realtors to see which one is best suited for your needs. Compare selling strategies and ask what is included in their commission that they are charging. The most important element when choosing a Realtor is that you feel comfortable with him or her and that they give you the confidence that your ICON condo will be sold quickly and smoothly.
If you are interested in selling your ICON condo, please contact us.
1. Would you ask your hairdresser to reduce their cost for cutting your hair or ask your lawyer to reduce their fee? Don't forget that your Realtors career is to trade in real estate and they are considered an expert in their field.
2. By asking your Realtor to reduce their commission for selling your ICON condo, you are essentially asking for a minimal service. At a reduced commission, your Realtor will probably be less inclined to hold open houses, provide marketing material or have professional photos taken. These simple tools can help accelerate the sale of your condo unit by providing maximum exposure and help you get top dollar. In the end, you get what you pay for.
3. Don't forget that the commission you are paying your realtor is not the actual amount they will be receiving. There is a huge misconception that Realtors make tons of money. Real Estate brokerages take a percentage of that commission, with some as high as 50% depending on the program your Realtor is on.
4. Your Realtor will spend a lot of their own money and time helping to prepare your ICON condo for sale. Getting professional photos, floor plans, internet marketing and brochures made up all costs money. Your Realtor may spend thousands of dollars and a lot of their time preparing your condo unit with no guarantee that they will make commission if the unit does not sell or that the seller will change their mind.
By hiring a professional Realtor to sell your ICON condo, you are paying for a professional service. It is important to interview a few potential Realtors to see which one is best suited for your needs. Compare selling strategies and ask what is included in their commission that they are charging. The most important element when choosing a Realtor is that you feel comfortable with him or her and that they give you the confidence that your ICON condo will be sold quickly and smoothly.
If you are interested in selling your ICON condo, please contact us.
Tuesday, June 9, 2009
Fire Alarm Testing
The fire department will be testing the Icon's fire alarms on June 10th, 2009. No need to leave the building as it's just a test.
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