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Eric Skicki

4 Reasons to buy a Pre-construction Condo in Mississauga

Written by Eric Skicki Monday, June 1st, 2015
  • should-i-buy-a-condo

    Prices are still low – Mississauga pre-construction condos are often below $500 a square foot, which is much cheaper than other major cities. By default, pretty much all pre-construction condos sold today in Mississauga come with one locker and one parking spot. In places like Toronto, parking spots are often reserved for only 2 bedroom units and buyers have to pay up to $50,000 (or more!) to actually get a parking spot.

    With each new building coming up, prices set by the builder tend to increase slightly. Buying early at the VIP stage ensures that you get the first pick of a unit at the lowest possible price.

    The downtown core is still growing – The number of condos in downtown Mississauga has almost doubled in the last 12 years.  Over the next decade, we can see as much as fifteen additional condos within the Square One area getting constructed. With the expanding downtown Mississauga core, we not only see more condos but also more roads, transportation and places to entertain. The recent opening of the Bier Markt has created a lot of buzz online.

     

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  • This entry was posted on Monday, June 1st, 2015 and is filed under ALL Articles, Investment. Tags: , , ,

Eric Skicki

Block NINE condo VIP sale in now on!

Written by Eric Skicki Saturday, April 18th, 2015
  • banner-nine-condos

    Exciting news today as the famous builder Amacon is once again presenting a brand new condo project in downtown Mississauga called “Block NINE“.  The project is not open to public or real estate agents yet, however as always we have VIP access for our clients and we can book up to two units per person starting today. At the moment they are releasing the first (south tower) only. 

    Since this is a pre-release sale, all interested parties must contact us directly at 647-689-7517 and book an appointment to the sales center.

    – There are one bedroom units ranging for 546 square feet up to two bedroom units with large terraces totalling over 1600 square feet

    – The project is scheduled to be completed in June 2018

     

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  • This entry was posted on Saturday, April 18th, 2015 and is filed under ALL Articles, Pre-Construction Condos. Tags: , ,

Eric Skicki

An Open Letter To All Condo Property Management Companies

Written by Eric Skicki Tuesday, April 7th, 2015
  • condo lobby

    Over the years we have been blogging about Mississauga condos by mainly offering tips for buyers and sellers. This special blog is being dedicated to all condo property management companies in Mississauga. The purpose of this blog is to shine a different perspective on what Realtors and the public feel is the role of a condo property management company, and how to increase overall condo owner satisfaction within any given building.

    As an active Realtor, I have seen it all; the good, the bad and the ugly when it comes to condos and the property management companies that run them.

    The “good condos” are simple; the buildings are clean, the guidelines are strictly enforced, there are updates made in some of the older buildings, issues are addressed and fixed quickly.

    The “bad condos” have a few problems, that can be fixed relatively easily. Minor things that need to be addressed, such as outdated gym equipment, burnt light bulbs and constantly broken elevators. There may also be a need to change a contract for landscaping or the window cleaners, but generally speaking, these condos still have hope.

     

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  • This entry was posted on Tuesday, April 7th, 2015 and is filed under ALL Articles, Other. Tags: , , , , ,

Eric Skicki

Short-Term Condo Rentals in Mississauga – The Untold Story.

Written by Eric Skicki Monday, February 9th, 2015
  • condos for rent short stay

    If you want to rent a condo in Mississauga, you are required by many landlords to sign a one year lease with them.  The one year lease is often seen as a good length of time for a landlord to commit to a tenant, and for a tenant to commit to a property. More than 50% of tenants end up staying for more than a year; sometimes for as long as 5 years. Read FAQ on condo rentals in Mississauga here.

    Although there are no official definitions of short-term leases, for the purpose of this blog, I will define short-term leases as any residential condominium rental for the period of one day to 90 days, or 3 months.

    Why is there such a demand for short-term condo rentals in Mississauga?

    Unlike Muskoka or Miami, short term rentals in Mississauga are not primarily driven by tourism. Mississauga attracts a lot of short-term rentals because of three main reasons:

    1) Business – Compared to its sister city Toronto, Mississauga is very affordable and easier to commute in by car. Many business professionals come to Mississauga since it’s close to the airport and it’s the headquarters of many fortune 500 companies. Executives that stay in short-term rentals argue that they prefer condos over hotels. Living at times for a week in a hotel can be depressing and tiresome.

     

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  • This entry was posted on Monday, February 9th, 2015 and is filed under ALL Articles, Investment. Tags: , , ,

Eric Skicki

What To Expect In 2015 for the Mississauga Condo Market

Written by Eric Skicki Saturday, January 3rd, 2015
  • condo-market-2015-mississauga

    It always seems especially at the beginning of any given year people are curious to know how the real estate market has done in the previous year, and what experts are predicting will happen in the future. Over the years I have published many blogs, giving my insight on this topic.

     

    How did the Mississauga Condo Market do in 2014?

    No condo market crash.

    Many of the media and newspapers who were calling for a major condo market price correction are puzzled and don’t understand why the condo prices have not fallen. 3 reasons – a) Low interest rates (Under 3% for a 5 year locked period) b) Strong immigration population (nearly 100,000 new immigrants come to the Greater Toronto Area every year) and c) Detached Homes are unaffordable for many (average price in November 2014 for a detached house in Mississauga was $672,000 and in Toronto it was a whopping $935,000!)

     

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  • This entry was posted on Saturday, January 3rd, 2015 and is filed under ALL Articles, Market Statistics.

Eric Skicki

How Mississauga Condo Prices Compare On A Global Level

Written by Eric Skicki Tuesday, December 2nd, 2014
  • It’s no secret that real estate prices in Canada. have been going up for a decade strong now. Unlike our U.S. counterparts, the Canadian real estate prices seemed almost immune to the 2008 global recession. Some places have gone up so much that for many people buying real estate is no longer an option.

    Are you interested to know how Mississauga real estate competes on a global level in terms of pricing?

    The first thing you must know is that the value of condos is calculated on a “per square foot” or “PSF” basis. The higher the PSF, the more expensive the unit will be.  Most PSF calculations measure the internal square foot size of the unit only (no balcony), and may or may not take into account a locker or parking spot.

    To put this into perspective, pre-construction condos in Mississauga sell on average for about $425 (+$25/-$25) per square foot. This means, that a 625 square foot, one bedroom condo goes for about $265,000. This usually includes a locker and a parking spot but does not take into account such things as floor premiums or upgrades, which can drive the price of the unit up.

    Let’s see how the $425+ per square foot price in Mississauga compares to different condo prices around the world.

     

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  • This entry was posted on Tuesday, December 2nd, 2014 and is filed under ALL Articles, Market Statistics. Tags: , ,

Eric Skicki

3 Truths Every Condo Seller Must Know

Written by Eric Skicki Friday, November 14th, 2014
  • condo-sellers

     Your Condo Is Not THAT Special

    Most sellers insist that their condo is special and deserves a higher list price than other comparable properties. Sometimes this justification of a higher price is made because of upgrades, other times it’s because the seller is misinformed or just unrealistic.

    We have to keep in mind that some upgrades are not to everyone’s taste; such as floor colours or cabinet colours. Remember that 90% of condos sell within 2% of asking price and therefore, it is important to price your condo right the first time you put it on the market. Overpriced listings quickly become stale listings and buyers lose interest quickly.

    Pro tip: Typically speaking, when selling a unit, an owner can expect to recover only 40%-60% of the value of any given upgrade.

     

    Sellable vs. Livable

    Many properties that are on the market are either owner-occupied or vacant, and it is hard to keep it in a very clean condition. However, some things are a bare minimum requirement when choosing to place your condo for sale.

    – Depersonalize your property by putting away personal items in boxes or drawers, since the

     

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  • This entry was posted on Friday, November 14th, 2014 and is filed under ALL Articles, Articles for Sellers. Tags: , , ,

Eric Skicki

Should I Buy a 1 Bedroom or 2 Bedroom Condo as an Investment?

Written by Eric Skicki Sunday, October 26th, 2014
  • 1-bedroom-vs-2-bedroom

    Perhaps, the number one question asked by any investor looking to purchase a condo in Mississauga for investment is whether they should buy a one bedroom or a two bedroom condo. Although both have their advantages and disadvantages it’s important that the buyer is aware of all the pros and the cons that come with each choice. In this blog post, we will examine how a one bedroom vs. a two bedroom apartment purchase, affects the bottom line of any investor.

    Appreciation

    Capital appreciation is the price appreciation each condo owner gets simply by owning a condo over a period of time.  With real estate prices in Mississauga universally going up by a 2-5% year over year, the idea of leveraging a small downpayment, against a large purchase price is attractive to investors. To put into perspective; if a one bedroom condo which sells for $275,000 goes up in price by 10% over a four year period, the owner made $27,000 in appreciation. On the other hand, if a two bedroom unit which sells for $350,000 goes up by 10% in the same four years, the unit has appreciated by $35,000.

    Two bedroom units appear to be the better choice over one bedroom units, when looking at the appreciation rate.

     

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  • This entry was posted on Sunday, October 26th, 2014 and is filed under ALL Articles, Investment. Tags: , , ,

Eric Skicki

Parents Helping Their Kids Buy Condos

Written by Eric Skicki Friday, September 5th, 2014
  • HelpingKidsBuyCondos

    Will parent-investors become the new type of condo investors?

    Over the past year, we have seen more and more parents buying condos for their kids to enjoy in the future. The most common purchase is a pre-construction one bedroom/ one bedroom plus den condo, which typically goes for about $270,000-290,000 depending on the size, floor and layout.

    What makes the parent investor different from your traditional condo investor, is that they are in it for the long term. Typically this means anywhere from 5-10 years.

    When the parents initially purchase these pre-construction condos, the kids are sometimes as young as 14-16 years. Once the pre-construction condos are ready, parents hope to rent them out for a few years and have their kids move in once they have finished school and land a good job.

    If the parents, for whatever reason, decide that the kids should not move in, then they can continue to rent out the condo (so that it pays itself off), or sell it for an anticipated profit. Parents see this as a “win-win” situation.

     

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  • This entry was posted on Friday, September 5th, 2014 and is filed under ALL Articles, Articles for Buyers, Investment. Tags: , , , ,

Eric Skicki

A Guide To Renting Condos in Mississauga

Written by Eric Skicki Friday, July 25th, 2014
  • lease a codno

     

    If you are looking to rent a condo in Mississauga, we compiled a checklist to make sure that you have not forgotten about anything.

    The first thing you should know is that most leases for condos in Mississauga do require a one-year commitment. If you do find something short term, it’s not uncommon to pay a premium of 30-40% more than the market rate. Next, 95% of condos available for lease are unfurnished, which means you have to have your own furniture. Furnished condos can difficult to find, and rent for $300-500 more than similar unfurnished units.

     –

    Before Submitting An Offer

    1. The first step to renting is to make sure that you have a job letter from your employer. The job letter usually should state that you are a full-time employee, getting paid a certain amount of salary and that your position is permanent.  Landlords like to make sure that you are working and that you can pay your rent. If you do not wish to disclose your income, then you can contact us and we can help you out. Another option would be to have a job letter stating where you work and how much you roughly make.  
     

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  • This entry was posted on Friday, July 25th, 2014 and is filed under ALL Articles, Other. Tags: , ,

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