Re-Discover Hamilton in 2013

by Darrin DeRoches December 20 - 26, 2012

I keep hearing all about the “Big Move” from all of these Toronto transplants and I have even wrote about it myself but reading articles from Toronto writers kind of makes me feel strange. In the last month, I’ve read a blog article and an article in the Toronto Star all about our city and the movement of artists, bands, etc. The articles all had a positive spin on our city and the burgeoning artist scene, the affordable rents yada, yada, yada. It all sounds good on paper and any news is good news but my skin crawls because the articles are being written by Toronto writers who all claim to have a friend who lives in Hamilton. They are writing about our city with their Toronto mindset and if anyone knows anything about a true Hamiltonian it is “Argos suck” or in other words “the best thing about Hamilton — it is not Toronto”.     I love that people are moving to our city and the city is growing! I am the first to welcome all development – even a casino. I just do not want the new transplants to think that they are doing us a favor by moving here, it is actually the reverse, you are lucky to be living in Hamilton. I am sure after reading my last line all Hamiltonians are saying “yeah right – lucky to be living in Hamilton”. This is my point of this article. We, as Hamiltonians, do not give ourselves enough credit. I can go on and list all that we have to offer and the leaps and bounds our city is going to move in the next decade but what is most important is to give ourselves credit.     The average sale price for Hamilton property jumped $45,000 since last September. Hamilton housing market bucks Canadian cooling trend. Hamilton home price was up 8.5% in November. Hamilton is the number one place to invest in Canada. These headlines are a glaring example how our city is on the move. We are still the only city in the GTA that is affordable. We are the only “real” city where you can enjoy all the big city attributes but still have a small city feel.     The year is coming to an end and all of the inquiries I am receiving on real estate, whether it is commercial, residential, lease or sale and even renting apartments are all from Toronto. They are looking for space to give it a go in our city. The overall consensus is that we are affordable and close enough for them to still visit friends and families. The most interesting inquiries are from people who lived in Hamilton and are now looking to re–invest in the city. Their attitude is the worst since they remember the stagnate city from ten years ago and all I tell them is to come back and take a look before slamming something they know nothing about. A lot has changed in the last couple of years and the future looks good for the city. “Re–Discover Hamilton” should be our new slogan for 2013! Happy Holidays 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 mail@uniquerealty.ca

Matrimonial Home

by Darrin DeRoches December 13 -19, 2012

Last week I wrote about death or “estate sales” so the natural progression would to discuss “divorce” which to some is just as bad as death. I have a client looking to separate from their “common law” or “baby daddy” depending how you look at it, and the question of the matrimonial home is the issue. In most cases the home that a couple lives in becomes the matrimonial home and it is the largest asset. Most couples will simply put the home up for sale, pay their debts and split the remainder monies evenly and move on with life. Then there is the couple who cannot come to an agreement and all hell breaks loose.     My client wants to move on with her life but the “baby daddy” does not agree on anything. She has tried to negotiate and his answer is he will not sign the agreement. The sale of the matrimonial home has to have both parties’ signatures to make it legally binding. His name is not on title but since they have shared the home as a “common law” couple, he has rights to the asset. I can list the property with her signature since she is the only one on title but when an offer is received and we negotiate a deal, I have to get the “spouse” to sign the agreement or the deal cannot close. This is where things can get pretty messy. He has already made it perfectly clear that he will not sign and he has even threatened to put a lean on the property. I have heard horror stories from agents and things do change as time goes on. The reality of the house selling is more of a wakeup call than anything else. Once they sign the house away, the next signature is on a divorce or support paper, so things can get out of hand.     I was selling a home for a divorcing couple years ago and we had a good offer on the table so I called both parties and arranged a meeting. We were sitting in the back yard and the tension was pretty high between the couple. I explained all of the details and when they agreed on the amount, the wife expressed concern was that the husband wouldn’t keep to the deal that they had made between themselves on the amount paid to her. I obviously had no dealings in their deal so I just sat there while looks, glares and a lot of silence ensued for the next few long minutes. The gate opened and the new boyfriend walked in. I was sitting there thinking “I am either going to get a signature or be breaking up a fist fight”. A few words were exchanged and she signed the paper to “end it all”. Interesting to say the least.     Prolonging the inevitable will just cost you a lot more money and grief. In the end I will get the spouse to sign the papers – I always find their motivation. 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 mail@uniquerealty.ca.

Estate Sales

by Darrin DeRoches December 6 - 12, 2012

There is a big misunderstanding when it comes to estate sales that the estate has to be settled before the “estate home” can be sold. This is far from the truth and in reality the home is usually the biggest asset and has to be sold to close the estate. If you do not know what an estate sale consists of, it is usually when the parent or parents have passed on and their home becomes part of their estate. There may be multiple family members involved or it can be the government and banks. In most cases it falls to the family to settle the estate, with wills, assets and debts involved. Most people wait until the lawyers have all of the other matters settled before they sell the home but it should be one of the first assets sold.     The home usually holds the biggest value in one’s estate and once it is sold the proceeds are entered into the estate and then divided up amongst the parties involved. Unfortunately family usually gets involved and their emotions take over any business logic. Whether it is due to the fact that the homes hold so many memories or it holds so much money – families start to disagree about how to handle the home. I have seen families argue, cry, hire multiple agents or worse – allow the lawyers to become involved and drag on the inevitable and bill large fees in the meantime.     When an estate sale is listed, most agents look at them as “power of sales” in our market. Everyone is always looking for a “power of sale” but these are controlled by the banks and they will not sell it lower than the amount owed. An “estate sale” is usually a fast sale which means the property will be listed at value or under so the estate can be settled and the family can get their money – as fast as possible. The homes are usually in great structural shape, new windows, doors and roofs but they are usually lacking in new updates and style. The savvy buyer realizes a new kitchen and bath will bring it up to today’s requirements and they look to buy such “undervalued” homes.     The key to selling an “estate home’” is to contact a broker, like myself, who will take care of the transaction with your families wishes in the forefront. Properly marketed, these homes can get multiple offers and sell quickly so that you can settle the estate and make sure that the home goes to a family instead of a “flipper” who is looking to make a quick buck. Be wary of agents whose cards and flyers show up in your “estate sale” homes mailbox because there are agents who read the obituaries and target these homes. It may be hard to believe but I have actually seen it happen, it is not a myth. Properly handled, an estate sale can be a smooth transaction and garner a great result. 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 mail@uniquerealty.ca.