Condo News
With Marilyn Monroe condos (50 and 60 absolute) near completion, the builder Fernbrook Homes is excited to release the final phase of this monument condo. This release will include three penthouse units which range from 1600 to 1785 square feet in size. The penthouses will have access to the “absolute club” with a large indoor and outdoor swimming pool, whirlpool bath, change rooms, 2 squash courts and more! Seeing as how the condo units are still not complete, the buyer still has the option to select certain color finishes and upgrades. Occupancy expected to be in July and August 2012.
These units are still not for sale to the public for another 3-4 weeks, however for those interested, I can grant you instant VIP access to the pre-sales event. The penthouse units can be seen in person, including the views they offer from the 50th floor.
Each Penthouse includes 2 parking spots and maintenance fees are approx. 52 cents /Sq ft. The prices of the Marilyn Monroe Absolute Condos Penthouses range from 1.2 million to 1.4 million CND.
Please contact me if you are interested and I can send you the layouts and more info.
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Tuesday, February 28th, 2012 and is filed
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It’s all over the news! As we say goodbye to 2011 and enter a new year, we once again hear the debates about the Canadian real estate market. The news are speculating that 2012, with too many building constructions going on within the GTA and putting the buyer in the driver seat, the market will go soft; stating that there are too many condos and not enough people buying (CTV news- CEOs sound alarm over Toronto, Vancouver condo markets ). Other sources such as CMHC, predict stable market conditions with the national average of a house hovering around the $368,900 benchmark.
Despite all this, as I stated in my previous article, there is no shortage of buyers for Square One condos. Properties are disappearing fast from the market and are being sold to distant buyers. Just last week alone, two of my buyers where both in a multiple offer situation and both were forced to pay over the asking price for the unit they wanted. I discussed this phenomenon with my colleagues and they shared similar encounters. Seeing multiple offers in the first 2 months of the year is uncommon, as it’s generally seen as the slow real estate season.
Mississauga’s condo market is still a baby compared to other places like Toronto and Vancouver. Over the next 15 years there will be over 20 new condominiums constructed. The question that is often raised is whether or not there will be an oversupply of condos in the market which can in turn perpetuate a real estate crash.
Is this a real estate bubble waiting to burst or a great investment opportunity?
My prediction, and of course this is only my personal opinion, leads me to believe that there will be no real estate crash in Mississauga anytime soon. My reasoning is based on the following key points.
1. Interest Rates are Low – For the past few years interest rates have been at historical lows. Many condo owners took advantage of this by selecting extremely low variable interest rates. Also, a few weeks back BMO and a few other banks introduced an all time low 5 year fixed rate at 2.99%. By no means am I a mortgage broker or interest rate expert, but for me this signifies that interest rates will probably continue to stay low for the next little while. Having low interest rates, means the cost of borrowing is cheap; hence people can afford to buy real estate.
2. Tight Lending Practices – Unlike our US counterpart, the Canadian banking system is a lot more strict and conservative. In order to qualify for a mortgage, a person has to prove his income in various ways by providing T4′s and bank statements.
3. Most Eeal Estate Predictions are US Based – Most speculations of any type of real estate crash are US based. As stated above, Canada has much tighter lending practices in place, which would prevent a real estate collapse like the one that occurred in 2008 in the United States.
4. Rent in Mississauga is Not Cheap – Rent prices for a newer one bedroom condo in downtown Mississauga starts at about $1,300 per month. The demand for vacant condo units is high and anything that is rented slightly below market value disappears off the market the same day!
5. Real Estate is Local – Just because Vancouver condo prices might dip does that automatically mean the Mississauga real estate market will follow? Of course not. Mississauga has been seen as one of the fastest growing cities in Canada over the past few years; providing a lot of jobs, a stable economy and steady growth.
6. People Love this City! There are more people who move to Mississauga than move out of Mississauga. People from different parts of Ontario (and other parts of the world) are amazed with the well planned out infrastructure and architectural design of Mississauga. I am having prospected clients from distant places contact me with inquires into purchasing a condo unit for investment purposes.
This is not to say a real estate crash is completely out of the question. As other real estate professionals, such as Andrew La Fleur pointed out; the only way a possible Mississauga real estate crash might occur is if we see:
1. Rapid rise in interest rates – Interest rates would have to almost double in 1-2 years.or
2. A major economic catastrophe – An example on a global scale would be the US going into a very deep depression
In conclusion, indicators suggest that the chances of a Mississauga real estate market crash happening anytime soon are rather slim. Low interest rates, tight lending practices and other key factors all contribute to a steady 4-7% per annum real estate growth as seen in the last decade.
Questions or comments? Please contact me.
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Tuesday, February 14th, 2012 and is filed
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Over the past 2-3 weeks I have been working with several buyers, all looking for a condo at or near Mississauga’s downtown core. The universal problem I am experiencing is locating a property, that fits my clients’particular criteria and which doesn’t sell within the first 5 days, while on the market. By the time my clients get to see the condo, think it over and give me the “go-ahead” to make an offer; that property ends up being sold. Just last Saturday, I had 9 showings booked ahead of time, only to be told that there are no more viewings for 4 of those condos as the properties were already sold conditionally.
What does that mean for Mississauga condo buyers? The Mississauga condo market is hot and time is of essence. If you see a property you like, consider the fact that it might be off the market in a few hours. Also be prepared to go into a multiple offer situation and don’t be surprised if a unit ends up selling over asking price.
The next interesting fact which I would like to point out is the current residential locations of my potential condo buyers. I am having clients contact me from London (Ontario), Hamilton, Brampton, Barrie, Ajax and even Ottawa and Montreal, all hoping to find a condo in downtown Mississauga. When asked why they want to move to Mississauga, I am given a number of reasons ranging from economic growth to believing that Mississauga is a good investment in terms of both personal and private aspects.
This of course is a great sign that people do in fact want to move to Mississauga, since they see the city as, fast paced, expanding and hence with arising opportunities as compared to the city they currently reside in. I do expect this trend to follow in the coming months.
Questions?Comments? Please contact me.
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Monday, January 30th, 2012 and is filed
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Statistic Canada released information today, stating that home prices in Toronto gained 0.3 per cent from August to September.
Re/Max conducted their own study and found some interesting results. The Re/Max study was based on 16 major house markets (including GTA, Vancouver and Calgary) across the country. Between the years of 2000 to 2010 the value of Canadian homes has doubled. Back in 2000, the average home was worth $163,951 and 10 years later the nation’s average of studied homes was worth $339,030. The study also showed that condos have become more and more popular as freeholds become less affordable
Read more…
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Tuesday, November 15th, 2011 and is filed
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