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.

Christmas Party at The Icon

Make sure to come by the party room on December 8th, 2009 to mingle with your neighbors! Admission goes towards charity. Looking forward to meeting you all soon!

The Condo Chicks

Annual General Meeting

Our Annual General Meeting is December 1, 2009 at 7:30pm. Please make sure to sign and return your proxy. You can also fax it to: 416-596-6560

Two Bedroom Unit Wanted

We currently have a client looking to purchase a two bedroom unit in the Icon with parking. Please contact us if you are looking to sell.

DNA CONTEST- CONTACT US TO ENTER!

Sellers Needed

We currently have a high demand for units in the Icon both 1 bedroom and 2 bedroom units. Please contact us if you are looking to sell your Icon unit.

North Lobby Entrance

The North Lobby entrance doors look fantastic! Great work.

Dryer Vent Cleaning

Dryer vent cleaning will commence on August 31, 2009.

Dryer, Exhuast Duct, and Exhaust Fan Cleaning

Please be advised that there will be an additional charge of $43.00 added to your September common area maintenance fees for dryer, exhaust duct and exhaust fan cleaning.
If you preferred you may provide a cheque payable for this amount to TSCC 1441 before August 21, 2009.

Please feel free to contact us for all your real estate needs.

Selling Your Unit

If you're looking to sell your Icon unit in the next short while, consider doing it sooner than later.
The condo market is anticipated to slow down in August therefore your property may take a little longer to sell than normal. In general, real estate slows down in August as a lot of people go away on vacation.

Please feel free to contact us for any information on your ICON unit as well as other buildings downtown. We also specialize in other buildings both pre construction and built. You can visit us at http://www.torontocondomarket.com/ and http://www.torontocondochicks.com/

North Lobby Renovations

Keep in mind that the North Lobby is undergoing some work. Please take your pets away from the building to do their business! Thank you!

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.

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.

New Maintenance Fees

As of July 1, 2009, maintenance fees in the Icon are going up by 1%. If your monthly fees are already debited from your account, you do not need to do anything. However if you are paying by post dated cheques, please make sure to get them to the management office by June 22, 2009. Cheques are to be made out to TSCC 1441 and please do not forget to include your suite number on the cheques.

The Entertainment District on King Street West

Whether you are in the mood for pub grub, italian or asian fusion, the Entertainment District has it all! Vist the Royal Alexandra theater to watch the newest production and enjoy a nice dinner after with many options on King Street. This district is home to some of the best patios in the city. From Oasis, Grass to Schmooze- it's all just steps from the ICON Condos.

The ICON Condos Neighbourhood

The Clarence Park....

This is a wonderful park to spend a sunny afternoon having a picnic! It is also a gathering place for dogs. If you visit at 8:00am or 5:30pm, you will be sure to find many friends for your furry friend.

If you've wondered whats going up in the old parking lot which is now under construction at the corner of King and Spadina... well its going to be an LCBO! This is a much needed addition to this neighbourhood. With the closest LCBO at Loblaws in the St. Lawrence market area, this will surely attract more people to this neighbourhood.

The Icon Condos On Wellington, Toronto

The Icons (I say this because there are technically two condo buildings) on Wellington Street West in Toronto is a young professionals dream. I may be a little biased considering I do live in the condo building but I think it's safe to say that it's not only a very affordable condo but it is also extremely well maintained. You would never know that these buildings are close to ten years old.

With an exceptional exercise area, roof top terrace, party room, boardroom and 24 hour security and concierge, this building is hard to beat. (Did I mention all the pretty faces?) With tons of new condo projects going up around including the Festival Tower, the value of the condo building is naturally going up.

To make a long story short The Icon condo buildings accommodate investors, renters and buyers. If you have any questions regarding availabe condo units in the Icon please feel free to contact us- your Icon Condos residents.

Toronto Condos with Low Maintenance Fees

Buying a condo essentially means buying into a low maintenance way of living. Condos can be an affordable and stress free way to live as each month the owner pays a maintenance fee to cover certain common costs of the building. While having a low maintenance fee is ideal there are other factors to consider such as what is included in the monthly maintenance fee and the financial health of the buildings condo corporation.

Maintenance fees are paid to the condo corporation each month to cover common expenses in the building such as pool maintenance, security guards, grounds maintenance, etc. Maintenance fees are usually based on the size of the condo unit (square feet) therefore the larger the unit, the more the owner is contributing towards paying the common building expenses. Each year maintenance fees usually increase, as features of the building begin to wear out and need to be replaced and service contracts increase. This is why older condo buildings usually have a higher maintenance fee than newer ones. In addition, the more amenities a condo building offers its residents, such as a swimming pool, also contributes to a higher maintenance fee.

Many times I have buyer clients asking me to find them a condo with low maintenance fees. It’s not so black and white. You have to ask yourself a few other questions like what expenses do the monthly maintenance fee include? Does it include Heat, Hydro, Water, central air and building insurance? Each condo is different so make sure to find out exactly what is included. One condo may offer a low maintenance fee but utilities are not included whereas another condo may have a higher fee but you don’t have to worry about added utility bills.

Another thing to consider is the financial health of the condo building. Check with the property management to see if the monthly maintenance fees have been increased lately or if there is an increase scheduled for the near future. Special assessments are also important to take into account. Large repairs such as replacing the roof, are big ticket items. Depending on the situation of the condo corporation, they may choose to bill each unit owner their portion of the cost of the repair. The owner maybe required to pay in one lump sum or may be able to pay for it monthly for a certain time period. This cost is in addition to the monthly maintenance fee.

So next time you are looking for a condo with low maintenance fees make sure you take these other factors into consideration. Have your lawyer review the financial situation of the condo and only then you can decide if the maintenance fees are truly ideal.

If you are looking for a Toronto condo with an all inclusive maintenance fee, contact us.

Check your mailboxes....

In the next few days you will be receiving new business cards from us designed especially for the Icon.

Contact us for all your Icon needs.

Outside Maintenance

In a few weeks the stones at the front of the building are going to be re-leveled. Entrance on the south side may be restricted.

Toronto Condos: Parking Wars

Everybody knows that parking in the City of Toronto has proven to be more of a challenge over the last couple of years. With the population of Toronto increasing dramatically each year, parking is simply becoming more of a concern for both commuters and condominium buyers. In a city where parking lots are being purchased everyday by real estate developers to build yet another Toronto condo, acquiring a parking space and purchasing in a condo building with ample visitor parking is becoming more and more valuable.

If you are in the market to purchase a Toronto Condo, an important issue to consider is purchasing a parking spot. With parking in the city becoming more and more scarce, and with developers realizing more and more the value of parking, capitalization of this precious piece of land has begun. It is for this reason that purchasers should always attempt to purchase a Toronto condo with a parking spot as it dramatically increases the investment value of the unit when it comes time to resell it. Even if you do not own a car there are always ample opportunities to rent out your spot. Rental rates of parking spots in Toronto can vary anywhere from $100 to $200 a month. It is to the purchaser's benefit to buy a condo that has exclusive use to a parking spot or even better a deeded parking spot as the spot can be sold if necessary.

Most Toronto condos located in high traffic areas such as the entertainment district offer visitor parking but depending on the number of spots, they have a tendency to fill up quickly especially on weekends. In terms of new condo developments in the downtown core, because of the lack of space, condo builders have already either started to totally eliminate parking for visitors or if it is offered, often there is an hourly parking fee. Some older condo buildings such as 25 The Esplanade located in the heart of the St. Lawrence Market, have devoted certain levels of the parking garage exclusively for visitors, however visitors must pay per hour. This can prove to be extremely frustrating for condo owners who have frequent visitors or those who accommodate out of town guests and family.

Some Toronto condos have an abundance of visitor parking while other condos do not which is why it’s important to ask your Realtor about it. A lot of condo buyers forget to ask this question with the assumption that all buildings have free visitor parking. If you enjoy entertaining guests in your condo, be sure to find out how many visitor spots are offered in the condo before you sign on the dotted line.


If you are looking to purchase a condo with parking in the ICON, please feel free to contact us.

Power Outage: June 13, 2009

There will be no power in the Icon on June 13th, 2009 from 1am-2am and 6am-7am.

To Barbecue or Not to Barbecue - That is the Question!

With the warmer weather fast approaching, one of the things that people overlook when purchasing a Toronto condo is whether their new condo will permit them to barbecue. With more and more people choosing the condo lifestyle in Toronto, it can sometimes be very difficult to find a condo building that will accommodate aspects of a freehold home into your condo such as barbecuing. This alone makes your condo search a more challenging and frustrating task. Many buyers are under the impression that condo policies on barbecues can be taken lightly. After all you do own the unit so why shouldn't you be allowed to barbecue freely on your balcony or terrace? Unless you want a lawsuit on your hands, abide by the condo corporations rules.According to The Ontario Fire Code, there are no restrictions on where barbecues can be located. The city of Toronto does allow balcony cooking however your condo corporation may prohibit these actions. An interesting fact is that it is the transportation of the BBQ on the elevator and the storage of the propane tank that is illegal not the actual barbecuing. By law, charcoal and wood fires used for cooking are legal however it is the condo corporation that will prohibit barbecue usage. To date, there have been many legal battles concerning barbecues on condos balconies; therefore it is best to do your research and due diligence prior to purchasing a condo in Toronto if barbecuing is an important aspect of your condo lifestyle.With builders now realizing the demand for barbecuing privileges, the installation of natural gas lines on balconies and terraces in Toronto is becoming more and more common. Where natural gas lines are not present, the majority of Toronto condo buildings are attempting to accommodate barbecue lovers with a rooftop terrace if they are prohibited on individual balconies.When searching for a condo in Toronto, it is important to ask your Realtor to only show you units where barbecuing on balconies is permitted. Once you've chosen the condo you would like to reside in and you've decided to put in an offer, make sure that your Realtor makes the offer conditional on your lawyer's review of the status certificate. A portion of this document deals specifically with the barbecue rules and regulations of the condo building.
If you are interested in knowing which condo buildings in Toronto will permit you to barbecue on your balcony, or if you have a particular building in mind but are not sure about whether barbecuing is permitted, please feel free to contact me and I will let you know.