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Welcome to My Square One Condo
Regardless if you are a first time home buyer, an experienced investor, or someone who is just simply interested in the Mississauga condo real estate market, you have come to the right place. This website is your one stop destination for everything you need to know about downtown Mississauga condos, also known as Square One condos or City Center condos. Using state of the art technology, we have engineered the ultimate all-in-one condo website. At www.MySquareOneCondo.ca we believe in educating people about Mississauga condo real estate by providing as much relevant information as possible. This includes, having a thorough Mississauga condos for sale MLS listings section, an interactive Square One condo real estate blog, and an opportunity to review Mississauga condos.
When designing the website we had one goal in mind – how can we make shopping for a condominium in Mississauga as easy as possible? We believe the answer lies in giving clients the accessibility and freedom to shop for a condo from their home computer, without the immediate need of a real estate agent. Once the person is familiarized with Square One condos for sale, and is ready to contact a condo realtor, we are ready to help.
Many find our real estate blog helpful as it keeps the public informed about the newest pre-construction condo projects in Mississauga, latest price trends and it also provides tips for both sellers and buyers. We update this blog on a weekly basis with all exciting Mississauga condo news.
Finally, our Mississauga condo review section lets property owners, apartment renters and potential buyers give feedback and state their opinions on various Square One condos.
We hope you will enjoy your stay.
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The average buyer assumes that his or her real estate agent is always working hard to show them the best priced properties which meet their needs. Similarly, the average seller assumes that their Realtor that they hired will sell their house at or at least close to their asking price, within a reasonable time period. However, it may come as a surprise to many, that a Realtor may pursue a different course when working with a buyer or seller. In this article, I will cover some of the industry secrets of how some Realtors use overpriced listings, when working with buyers and sellers, to pursue their own agenda.
Buyers and Overpriced Properties
As we are well into 2012, we continue to have a hot real estate market. During this time, when purchasing any property in Mississauga, it’s very easy to find yourself in a bidding war and asking yourself – “Am I paying too much?”
For those who are looking to buy a property, their Realtor should be working hard on finding the best listings, at fair prices. However, many agents care more about their commission cheques as opposed to helping their clients. Therefore, they try to look for an easy way to persuade their clients into purchasing the first series of properties they see.
Those agents, like to use a technique where they first show their buyers a few properties that are overpriced, followed by one property that is priced at fair market value. The property which is at fair market value automatically appeals to the buyers, and it seems more of a “deal” than it really is. The agent then convinces his clients that the property is underpriced, and the buyers end up buying a property under false pretenses.
Sellers and Overpriced Properties
The number one reason why any property does not sell is simply because of its price. A property is worth no more than what any reasonable buyer is willing to pay for it. Having said that, the sellers of course want to make sure they get the most money possible.
Traditionally speaking, it is the real estate agent’s job to produce a CMA (comparative market analysis) in order to assist the buyers with a reasonable listing price. If the sellers intend selling the property, then the listed price must be within a reasonable price range of what other similar properties are listed for. Sometimes, all that it takes is for a property to be 3% overpriced, for it not to sell.
Keeping this in mind, sellers frequently ask their Realtors to price their property a little higher just to “test the market”. What may seem as a logical and harmless request by the seller, to get more money for the property, often results in harm, where the seller is forced to sell the property for less than it would have sold for, the first time if it was priced right. It’s imperative that sellers keep in mind that most buyers are working with their own real estate agents. These real estate agents know what these properties should be selling for. If the property is overpriced, it ends up serving as an example for the buyers, what property not to buy. Finally, by the time the seller realizes that their property is overpriced and wants to correct the price, it’s often too late and the damage is done. Interested buyers automatically assume that there is something wrong with the property, and are hesitant in putting up an offer.
Now here comes the fun part. Why does your own real estate agent want your property to be overpriced? The answer is simple – because your real estate agent has no intention of selling your property. No, this is not a typo, it’s the truth. I’ll explain below.
A good proportion of Realtors (if not most) rely on sign calls such as the “for sale sign” on your lawn or the listing on www.realtor.ca to generate their business. Having more active listings, translates into having more potential buyers calling that agent. Even though, your agent is fully aware that he/she can’t sell your overpriced property, they still know that potential buyers will call to inquire about the price after seeing the for sale sign on your lawn. This gives your agent a chance to speak to the buyers and work with them in finding different properties. Thus, the longer your house doesn’t sell; the more buyers call your agent and the more clients he/she will have for him/herself.
Conclusion
Both buyers and particularly sellers need to be aware of how some Realtors use overpriced listings. As mentioned above, for buyers, when comparing a series of properties, an overpriced property may make the other properties look like a bargain. For sellers, who price their properties too high, you are doing your realtor a favour. He or she will end up using your property to generate new business for themselves and in the long run hurt the value of your home.
Having pointed out some of the pitfalls of overpriced listings, it is important to have the right real estate agent represent you, regardless if you are buying or selling. I’m a full time Realtor who focuses exclusively on Square One condos. By understanding the Mississauga condo market, I can help my buyers shy away from overpriced listings and help my sellers in pricing and marketing their property right in order to achieve maximum resale value.
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Tuesday, May 15th, 2012 and is filed
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Not too long ago we unveiled the first condo tower of the Pinnacle Uptown 11-condoplex project at Hurontario and Eglinton. Both local Mississauga residents and investors bought units at an alarming rate. With just 2 weeks on the market, Crystal phase one was sold over 70%.
Part of the success behind this condo project lies in bringing a new set of condos to a well established area in Mississauga. Prices are also favorable compared to other similar Square One condo projects that are selling nearby.
The second Crystal tower (phase two) was supposed to be released closer to fall, but due to the success of the first building, it will be up for sale much sooner. Sources tell me that we can expect the second tower to be released as early as the first week of June. This of course, is exciting news for those who originally missed out on the opening day of phase one. There will be numerous units released including one bedrooms, one plus den and two bedrooms. Layouts and prices will not be released until grand opening day.
If this is your first pre-construction condo purchase, I encourage you to read this article about buying pre-construction condos.
We can expect to have standard deposit structures which include; $5,000 with offer and 15% within the first 6 months. If you are interested in Crystal tower two and wish to get on the VIP list, please register with me on the contact page. As soon as more information, such as: prices and layouts are released; you will be the first to get your hands on them. Remember my services are free to buyers and the builder; NOT you, pay my commission.
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Friday, May 11th, 2012 and is filed
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Mississauga is recognized as Canada’s 6th biggest and fastest growing major city. A key contributor to this exponential growth, are the downtown core condominiums. However, with so many condos being constructed around Square One, valid questions are being raised. Can the infrastructure in downtown Mississauga support this new population? Is there going to be an oversupply of condos? How will the real estate market respond to such changes?
All these questions spark interesting debates and everyone seems to have an opinion. If you were to ask five different realtors what they think about the future of Mississauga’s condo market, I guarantee everyone would have a different response.
I think the future of downtown Mississauga depends on 5 key factors:
1. Public Transportation – A lot of residents who live in downtown Mississauga need to commute to work by public transit. Mississauga has already taken measures to improve its own transit system by introducing the MiWay, as well as adapting a new system, known as the LRT system, which envisions connecting Toronto, Mississauga and Brampton. The success and integration of these two transportation systems will be a key contributor to how the downtown real estate market will respond.
2. Infrastructure – As new condos emerge, the city needs to adapt by improving roads, bridges and different infrastructure. An example that demonstrates this to a great extent is the highway overpass on Confederation Road that was added just over 2 years ago. Commuters no longer need to rely on Mavis Road or the very so busy Hurontario Street in order to make it uptown. The city needs to take similar measures in order to support future condo developments.
3. Diversifying Real Estate – Having a bunch of similar box-like looking condos could lead to having a ‘boring skyline’, which would result in buyers losing interest in purchasing condos and ultimately losing interest in Mississauga. Back in 2006, a brilliant move by Mayor Hazel Mccallion was to approve an international building competition that lead to the construction of the famous Absolute World also known as Marilyn Monroe. It might come as a surprise to some residents of Mississauga, that people out of town take road trips just to see these buildings.
Developers need to understand that the key to success in selling more condos lies in making them unique and offering buyers something more. Two recent examples of this that come to mind are; the Onyx condo which offers some beautiful lofts and a gorgeous roof top patio; and the Limelight condo which was the first to introduce a full size indoor basketball court as part of its amenities.
4. Giving People Something To Do! – The city needs more than condos to continue being attractive to buyers. I often hear people criticizing downtown Mississauga, saying that there is nothing to do.
Last year Mississauga unveiled Celebration Square near city hall. Celebration Square includes an entertainment complex with a stage, seating area for thousands and an ice staking ring. The city requires some more creative additions. Some suggestions I heard were: An adult entertainment complex (Dave and Buster’s style), a world class hotel, cafes and perhaps some unique non-franchise restaurants.
5. Planning Ahead – I think that the above 4 points mentioned can be summed up by – Planning ahead. All of these factors require time and money. The city needs to have a solid plan in place, which includes being wary of which condo projects to approve, carefully selecting future transportation routes, integrating infrastructure and making Mississauga a livable city.
What do you think the future of Mississauga looks like? Is there going to be an oversupply of condos? How will the real estate market respond to such changes? We want to hear your opinion!
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Sunday, May 6th, 2012 and is filed
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Over the past few weeks, I had several clients inquire about investing in Square One condos. One question that seems to arise is whether pre-construction condos or resale condos are the better buy. Clients, regardless if buying for principle residence or investment purposes, want to make sure that their real estate purchases appreciate accordingly with the market, and that when they wish to cash out on their condos they have the option to do so.
In this blog article, I hope to give some insight into buying both new and resale condos in Mississauga. I want to cover new and resale condos from both a primary residence and investment perspective.
Pre-construction Condos
Prices of pre-construction condos in downtown Mississauga are currently between $420-470 a square foot. To put into perspective, a one bedroom plus den condo that is 650 square foot goes for roughly $270k-$310k. These prices may seem high to some people, but keep in mind that places like Toronto are currently selling between $600-800 a square foot for pre-construction condos. Although, Toronto and Mississauga differ in many ways, this does suggest that the prices of Mississauga condos still have room to grow.
Some people are under the impression that pre-construction condos are cheaper than similar existing condos. This however is not the case. According to my recent observations and market analysis, prices for pre-construction condos are in fact the same or even slightly more (roughly 2-8%) than resale condos. There are numerous reasons behind this. I would argue that the main reason, why pre-construction condos are not cheaper than resale condos, is because of the phenomenon which I like to call “Buying tomorrow’s real estate at today’s prices.” – Meaning, when you buy a pre built condo today, you are more or less paying the market price of today’s resale condos, but you are getting possession of the condo unit in 2-3 years. Hence, the speculation is that by the time you are ready to move in, the real estate market will have appreciated and the condo unit you have bought a few years back will be worth more.
I find that the way pre-construction condos are set up, that they mainly target investors. Not many people are in a financial position where they can afford to dish out $50,000+ on a down payment for their new pre-constructed home, wait 2-3 years until it’s complete and still be 100% confident that the condo they bought today will work for them 2-3 years down the road.
One of the biggest advantages of buying a new condo in Mississauga is that it’s a near worry free investment. Over the past decade people have been buying pre-built condos in Mississauga and capitalizing $30k, $40K and even $50k. With the help of a real estate agent, the process is very simple and straight forward. With most builders, only a 15% down payment is required within the first year and there is no need for mortgage approvals until the date of occupancy.
For those thinking of buying a pre-construction condominium as a principle residence, they should know about some of the perks that come along with this decision. One such perk is that you can choose the layout, floor and finishes according to your personal taste and life style. Another advantage might be that you get a brand new never before lived-in unit.
Resale condos
Although the purchases of resale condos in Mississauga are often similar to pre built condos, the entire process of buying and the strategy behind investing is what sets them apart.
Most people, who buy resale condos, purchase them as a primary residence and not as an investment. As mentioned above, newer resale condos are similarly priced to pre construction condos. Sometimes they are even cheaper than similar pre-construction condos that are offered a block away.
Unlike pre built condos, resale condos offer the option to qualified buyers to be purchased with as little as 5% down. On top of the low down payment structures, advocates of resale condos point out that the buyer has a chance to view the actual condo there are buying and not just a floor plan. Having a flexible move in day is also an advantage worth pointing out.
However, there are certain limitations to buying resale condos. Those who consider buying a resale condo as an investment purpose should consider the challenges they could face with tenants. Also, it is imperative to keep in mind that (historically speaking) resale condos simply do not appreciate as much in value as pre-construction condos. The end result of this is a lower return on investment for the person buying a resale condominium.
Conclusion
In conclusion, every client’s situation is unique and different. There is no universal fit-all answer to what is considered better, pre-construction condos or resale condos in Mississauga.
While the possibility of having higher financial gains over a specified period of time is greater with pre-construction condos, critiques point out that the possibility of gain is dependent on having a strong positive real estate market like we had in the past decade. At the same time, pre-construction condos offer a potential effortless path to making a substantial amount of money in a short period of time.
Resale condos on the other hand, are primarily attractive to those who want to minimize the consequences should the real estate market crash. However, by doing so, those who invest in resale condos often have to deal with tenant issues. Finally, the income produced with resale condos is substantially less than the potential income that could be gained with pre-construction condominiums.
If you are still unsure which direction you want to head in, I would advise that you contact me, so that we can go over all your options and find out which is best suited to you and your life-style.
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Sunday, April 29th, 2012 and is filed
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Here are some common mistakes both buyers and sellers make, when purchasing and selling condos around Square One.1. Buying a Condo Based On Its Interior/Décor – When you are purchasing a Mississauga condo, you are not buying what is inside the unit but the unit itself. You need to look past the furniture, wall colours and décor and focus on square footage, as well as measuring the unit to make sure that your possessions fit how you envision your unit to look like at the end.
2. Waiting Until Spring To Sell Your Condo – Sure, spring is a very busy season in real estate, however, your condo will sell for its value the rest of the 365 days. It is simply a myth that it will sell quicker in the spring time. People purchase all year round. Just ask yourself – Do people move to Mississauga in the winter? Of course.
3. Not Having A Real Estate Agent – A real estate agent will make sure that your property is listed on MLS. Otherwise, other agents will not know that you are selling your property. At the same time, a realtor can explain everything to you and ensure that you get a fair value for your property. I often see Square One condos listed for sale privately for long periods of time without success. Not surprisingly, the moment the seller lists their condo with an agent, the property ends up selling quick.
4. Purchasing What You Want, And Not What You Need – Before you purchase your next Mississauga condo, you should ask yourself – “What do I need?” This could be, for example, a bigger closet, a larger master bedroom, maybe a balcony etc. It is a good idea to write some options down and tell your real estate agent what you are looking for.
5. Looking At The Perfect Kitchen/But Forgetting Your Finances – Sometimes, we like a property and it’s perfect. Perfect kitchen, big balcony and a spacious master bedroom. Yet, what we should really do first is get pre-approved for a mortgage. Keeping in mind how much we can spend, we can hunt for the perfect property that fits the budget.
6. Believing That Your First Offer Will Get Accepted – The Square One condo market is hot and you cannot expect to make an offer and immediately get the property. This should not discourage you.
7. Being Indecisive – It’s the first property, you like it, but you do not put on an offer because you believe you will find something even better. This way of thinking will make you lose your dream home. It’s never going to be perfect, a 100%. If you like everything but the kitchen cabinets, then you should definitely go for the unit. The cabinets can be upgraded.
8. Trying To Time The Market – Waiting for the best prices in order to buy, or sell. One may be able to predict the market at the minute, or a few months down the road but not in the future. If a financial crisis hits the country or a tornado hits, anything can happen. If the market was predictable a lot of us would be millionaires.
9. We Have To See The Condo To Buy It – This applies to Mississauga pre-construction condos. Developers sell units before the project is complete. Some people say that they cannot use their imagination when looking at floor plans, and that they would rather wait until the condo is built and ready to move in. However, one should keep in mind that prices of units are higher once the condo is complete and ready to move in, as opposed to, when it’s in its first stages.
This entry was posted on
Sunday, April 15th, 2012 and is filed
under Read all posts...
Why Realtors Love Overpriced Listings
Tuesday, May 15th, 2012
Pinnacle Uptown Tower 2 VIP Agent Sale
Friday, May 11th, 2012
Is Mississauga Expanding Too Fast For Its Own Good?
Sunday, May 6th, 2012
Buying Resale VS Pre-Construction Condos in Mississauga
Sunday, April 29th, 2012
9 Real Estate Mistakes for Mississauga Condos
Sunday, April 15th, 2012
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Eric Skicki
Direct: 647-989-7517
Office 905-268-1000
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