Tuesday, 2 June 2015

Condo Launch Parties

Condo Launch Parties
There are two condo launch parties coming up in June and they both look to be great events. The Connelly is first to launch on June 13 & 14 at 11:00 am at the Art Gallery.  If you are unaware of this project than you must be living under a rock as they have done a pretty good job communicating with the market. It is located on James Street across from the YMCA and steps to the GO station.  They have kept the 1800 church fa├žade and are planning a 30 story condo project that is aimed to the young and young at heart.  They are offering special incentives at the launch party which usually means upgrades and you can be one of the first to buy and hopefully get the unit you desire.
The second launch is the Tiffany Square project on June 18th at the Royal Yacht Club from 5-8 pm.  This project boasts water views and is the first project to build in the underdeveloped bay front.  It has a mix of suites geared to all age groups and families.  I would think those looking to downsize and wake up looking over the bay every morning is the target market for this project.  That is not say an investor or first time buyer can also be in the mix as they have a good mix of plans for the entire market. This project is the first to take advantage of the underserved area of the bay and I am sure it will do very well also. 
Going to any condo launch party you have to understand the process and what to expect.  They usually create a sense of urgency to help the sales happen but some projects sell themselves.  It is true the early bird gets the worm and if you want to get the best deals you should show up early to be first in line or better yet get with a broker who can arrange everything.  The prices tend to rise as the event goes on so acting fast or with the right broker can make a huge difference.  When it comes to buying a new product you have a cooling off period which means that you have 10 days to make sure you bought the right product.  This only applies to new condo projects and you do not have to give any reason just cancel the deal and your deposit is returned.

If you are considering on buying a new condo in one of these new projects or others coming to market you should call your broker or myself to understand the in’s and outs of the market and plan your game plan.  You can not only save thousands of dollars in your purchase but if you pick the right floor, exposure, with or without parking – you can make thousands and thousands more when you sell down the road.  Picking the right project, floor, size etc. is critical and making the right move will not only make you money but it will make the whole process stress free and enjoyable.

Tuesday, 13 January 2015

REAL ESTATE IN 2015

REAL ESTATE IN 2015


by Darrin DeRoches
January 8 - 14, 2015
The experts from around our nation are toting Hamilton as the only market to make gains in real estate this year in all of Canada.  We already have won the best place to invest, and now our residential market is going to rise up even more.  This all begs the questions of why, and when will it stop? The easy answer is because, and never, but let’s go a little deeper than that.

    Hamilton should be at the same level as Oakville. Some might think I am still drunk from New Year’s celebrations but that is where we should be.  If you draw a line from Toronto to Hamilton the exact same property is at least $100 thousand dollars lower in Hamilton.  That means Mississauga is $25 grand less than Toronto — Oakville is $50 grand less — Burlington is $75 grand less.  This is just a broad stoke, and the numbers are a little higher actually, but the point is the line should be straight one down to Burlington, then curve upwards as it hits Hamilton into a hockey stick. (Player of the game in the world cup finals: Darnell Nurse: Hamiltonian) This means we would come in somewhere around Oakville, maybe about Third Line.  This where the city will end up and when it does that is when the increase or correction will stop.

    The reason we should be at that price point for real estate is based on many factors, but asically it is because we are a real city.  Airport, waterways, docks, university, colleges, leading hospitals, Ti–Cats, industries, innovation parks, Go trains and the list goes on.  In relation to Toronto we are the far enough away to be priced lower but big enough of a city to command higher price in real estate.  We are poised to grow into our own and it is happening every day in the city.  There are a reported twenty new residential projects coming downtown, expanding lands at the airport, more and more freight at our ports, new industries, new hospital project, innovation at the universities and colleges.  These all contribute to raising  the demand and value of our real estate. 

    Investment dollars are coming to our city and we need to control the growth and make sure the dollars stay in the community. The inventory is getting a little low — so new home starts and building permits should be on the rise.  You should be investing in your own real estate market because by the end of the year it may be too late and too expensive.  I see the prices rising and some sellers are being unrealistic but are getting their price.  If you presently own property in the city you are making money every minute of every day so it may be time to tap into that money and double down while the market continues to grow into the big hockey stick we deserve in Hamilton.  V

    Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at sold@uniquerealty.ca.

CONTINUING CONDO NEWS

CONTINUING CONDO NEWS


by Darrin DeRoches
December 25, 2014 - January 7, 2015
I have to continue on the conversation about condos in Hamilton as this week announcements of two projects brings more information.  The Acclamation condos are being reserved and the sales team believes they will have the majority of them gone before the official launch.  This project is on James Street across from the armories.  It will be 60 units from $249,000 to the $949,000 dollar range.  I stated that a million dollar condo will be sold downtown and maybe this is the one of many to come.  They are taking reservations for units and six sold in the first 48 hours. Most people are not even aware of the launch and it may be sold before the actual launch party.  The questions must be asked — why?

    Is it because of the location? The amenities? The price? The demand? The condos themselves?  Is it a mix of everything? I would say it to be a bit of all of those reasons, but the major reason is that we do not have a ton of condos in the city.  The condo market has been underserved, and it is the time to flood the market with these projects.  I believe the timing and hype is the real reason these projects are finding success, and good for them.  The good people of the Acclamation project have been working on this for years, and I believe they deserve the good fortune.  It is their time and money that should bring them, and the city, a great return on their investment. 

    The second project that has quietly surfaced lately is the Tiffanysquare.ca condo project.  It is located between Tiffany and Bay streets.  It is steps to the new GO train and Pier 4.  The views will be the best the city has to offer and mark my words this is the best project to invest in. It will have a mix of residential and commercial, with views of the city and water.  Anyone that knows how to speculate on real estate knows views and water sell condos.  They are taking registrations right now and you should get on the list.

    Every condo project has its positives and negatives, but you have a great selection of product to choose from today.  The Connaught, The Connelly, Acclamation, Tiffanysquare and the list goes on.  Buy now, and by the time the project is built you can see a small, or big return on your investment.  Buying the right condo will determine the highest return.  The right condo in the right project — that is.  If you are considering on investing, downsizing or just want to get a great condo, the time is now and if you want help on making the right decision on your investment contact us and we can help you make the best return!  Happy Holidays and see you in the New Year!  V

    Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at sold@uniquerealty.ca.

DUNDAS: MILLION DOLLAR CONDO


by Darrin DeRoches
December 18 - 24, 2014
I read an article recently that explained the story behind the Dundas District Loft project. It was a glimpse into what a couple of brothers have been building in the city for the last thirty or so years.  Dave and Mike Valvasori have done great projects throughout the years and I personally believe they should be recognized by our community. I doubt they would like a plaque or something but I believe we should organize a seminar on how to invest in Hamilton — lead by Mike and Dave.  You can go back to a time where banks would not lend in downtown Hamilton but they still found a way to make things happen. They are a Hamilton family who better the city by each project they conceive, finance and build in our city. 

    They just finished the Dundas District Loft project which they sold out by themselves with units going from three hundred grand to a million dollars. That is right, there is a million dollar condo sold in Dundas without all the glitz and glamour of out of town brokerages or slick marketing.  That in itself is a testament to the project and Dundas as a whole.  They are about to embark on a new project in the Queen and Bold area on a piece of land I myself had shown “so–called investors”.  My clients, as many others, overlooked this plot of land that could be built into a 12 story building but they are doing nineteen units on four floors.  This will be another home run for these builders — mark my words.  Yes, around the corner are a couple of tough rental towers with issues but the rest of the neighbourhood will make the project shine.

    People get excited about certain projects from “out–of–towner’s” but I believe Hamilton has all the talent we need to develop our city.  The construction companies, realtors, banks, lawyers, architects in this city can take the real estate market into greater heights than some out of towner’s who do not understand what the city needs or wants.  I keep my eye on certain projects that use out–of–towner’s and you can see the sales falter for various reasons. They build the wrong product, or use the wrong brokers, and the sales are reflected in these decisions.  I would like to see someone sell a million dollar condo in downtown Hamilton as they did in Dundas. It will happen, in time, but you have to offer more than a white vanilla box to sell such a unit.

    I personally look to work with someone local before I do anything.  It’s not because I am trying to pander to the community, but rather I like to know the person I am working with, and support my city.  There are a lot of creative people in this city but more importantly there are people of character who can not only deliver, they can knock it out of the park!  V

    Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at sold@uniquerealty.ca.

Wednesday, 19 November 2014

DEBT

DEBT.DIVORCE.DEATH


by Darrin DeRoches
November 13 - 19, 2014
These are the three D’s we deal with in real estate most often. We do get first time buyers, investors and families moving on up but Debt.Divorce.Death come up daily.  The problem with these three D’s are each have their own set of circumstances and each need to be dealt with on their own.  So I will write three consecutive articles on these occurrences in real estate. First comes debt.
    There are many reasons why we get into debt and they all come down to one thing and one time – you have to pay. I have dealt with this personally over my lifetime, and professionally all the time.  The important part to remember is you are going to have to pay sometime. It is amazing how long you can put it off but sometime, somewhere, debt is going to raise its ugly head and bite you in the asset – your house.  You probably thought I was going to say ass but eventually it comes right down to your house, since it is usually the last asset.  Car companies will repose your car by simply towing it away but your house is harder to remove.  It is very emotional and it can get hard to remove a family from a home – emotionally and physically.  The creditors will send letters and letters and hope you will respond but if all else fails they will send a sheriff to the property to give you five days to vacate.

    This last attempt to remove you from your home is very harsh, but you should be aware of your rights, and how to handle the situation.  Once you receive letters from the bank or creditors you should contact a debt counselor and try to remedy the situation.  They can knock down your debt by upwards 80% and help make a plan to keep your house and pay down the debt.  In some situations you may not be able to bounce back from debt and that is where you should call a reputable broker.  We can help sell your property and keep the bank at bay.  The bottom line is the bank does not want your house, they want you money. Put all the emotions aside and realize they just want your money, which they believe is their money, with interest and everything.  If you contact a broker who knows how to deal with the banks you can also save a ton of money in the short term.  If the bank takes hold of the property with bailiffs, sheriffs and property managers someone has to pay them.  That someone is you. 

    Take control of your debt and try to resolve it or call a great broker who can put your house up and sell it fast to pay the debt and come out ahead with money in your hand instead of the banks. We know how to deal with the situation before it is too late and you can take control of the situation and save your house or sell and walk away with debts paid and money in your hand.

Wednesday, 15 October 2014

Mortgage News

Mortgage News


by Darrin DeRoches
September 18 - 24, 2014
It’s a busy time of the year for the real estate market and mortgage brokers and banks are hustling and bustling.  I recently spoke with a few mortgage specialists and a few comments got me thinking.  I was surprised to hear people are still shopping around their deals.  Of course you want the best rate out there even though the rates are so low — why not get the best.  Sometimes it does not come down to the rate — it comes down to service.

    It is really easy to go online and email several brokers looking for the lowest rate.  Sometimes you might save a few bucks and you might even believe you got the best deal but you may be sadly mistaken.  Personal service and creative ways to structure a deal can not only make or break a deal it can save you tons of money. An example of this is a person was bought a new house and went in firm with no conditions even though they had to sell their house to make the deal work. Weeks pass and their house does not sell. Six days to closing they call the bank and inform them about the deal and say that they need money to buy the new house. The bank had spoken with them two months ago and laid out a plan but they figured it would all work out and ignored the plan from the bank.  Luckily they have enough equity in their home they can arrange a short term mortgage with a line of credit and virtually “bridge” the two mortgages. Sounds good and they can move forward. The problem is that is comes with higher rates, costs and fees and will end up costing about five thousand dollars. Had they kept the personal contact with the broker, and not shopped around, he would have been able to set a line of credit for a new mortgage at a low rate and save them thousands and thousands of dollars today plus more in the future.

    People have to realize that some banks can do things others cannot and that some brokers will do some things others will not. A client of mine was told they are approved for half a million but only spent $400,000 but the broker could not “bridge” finance. This seemed a little out of sorts to me so when I presented it to their bank they were approved for a bridge mortgage in hours. Fortunately we did not need the bridge and their house sold in the first week but if we did need it and listened to the broker they may have lost their dream home.

    Work with those who work with the right people and you will not only get the best rates you can make deals others cannot.  When it comes to money — stop shopping on line — renew or create your relationships with lenders and brokers.  A great real estate broker knows when to call bullshit and help you find the right bank or broker!   V

    Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at sold@uniquerealty.ca

Be Ready To Sell

Be Ready To Sell


by Darrin DeRoches
September 11 - 17, 2014
When selling your property you must have “real expectations”.  The biggest mistake is to list your property at a price that you believe you need rather than the price that is right.  A real estate agent cannot create showings for your property out of thin air; the property has to sell itself. There are tricks to sell properties but tricks can be exactly that — tricks. 

    You can create urgency or inflate a property’s value but in the end everything you do to sell your home will have to answer to someone.  If you overprice your home and someone actually pays the exuberant price one would believe they will be laughing all the way to the bank but the bank may be laughing at you.  In today’s market banks are requesting more and more appraisals because the property may sell to some over eager buyer but the bank will not lend the money just because the buyer was “tricked” into the price.  Banks are approving a mortgage but when it comes time to hand out the money they are asking for appraisals to insure the numbers add up.  If they don’t the bank will require the buyer to come up with more money or they will outright refuse to provide the mortgage.  The mortgage clause use to be all about the buyer being approved but it is leaning more towards the property being approved. There was a time banks would not lend in certain postal codes but now they will not lend in certain price ranges in certain areas.

    Another real expectation is that it still takes on average about 45ish days to sell a property. That is an average so your property could be on the market for months if you are not realistic.  Everyone reads about how hot the market is but that does not mean your overpriced, bad location, beat up house will sell in days.  Sellers like to blame their agents when no one calls about their house but maybe it has to do with price and location.  You have to be realistic and work with your agent to get your house sold.  Instead of complaining about the progress, make some changes and create some momentum. 

    Be realistic about your property and listen to your agent.  It is easy to just keep dropping your price to get a property sold but it does not always work. You hired an agent to sell your property so maybe you should listen to them and follow their lead and experience.  Timing has a lot to do with it.  The last three weeks have been a little slow due to school, work etc. but the market is still strong and will be moving fast in the next month or so.  Be ready to sell now or you will find your property sitting on the market while everyone else is on the move!  V

    Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at sold@uniquerealty.ca