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Eric Skicki

A Closer Look At Renting Vs Owning

Written by Eric Skicki Tuesday, February 4th, 2014
  • rent-or-own

    It is no secret that many of the condo units around the Square One area are rented out to tenants. In fact, in 2013, there were over 1746 recorded lease transactions on the MLS system in the City Centre area alone. This does not take into account any privately conducted leases or lease renewals. Although leasing is a viable option for some, most tenants aspire to be owners one day. Over the years, we have helped many tenants transition from renting to owning a condo in Mississauga. In this blog post, we will break down the cost relating to renting and owning a condo in downtown Mississauga.

     

    The Cost Of Renting Vs Owning

    In the chart below, we compared the monthly carrying costs of an average priced one bedroom condo in downtown Mississauga. Rent is based on the market average of $1,450 per month, and owing is based on a purchase price of $260,000, with $52,000 (20%) down, and at a 3.5% fixed rate amortized over 25 years.

     

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    • This entry was posted on Tuesday, February 4th, 2014 and is filed under ALL Articles, First Time Home Buyer. Tags: , , , ,

    Eric Skicki

    Daniels Erin Mills Pre-Construction Condos Registration

    Written by Eric Skicki Saturday, January 25th, 2014
    • daniel-erin-mills-condos

       

      The well-known builder in Mississauga who brought you condos such as One Park Tower, Chicago and Limelight, will be releasing new condos; “Daniels Erin Mills Condos”. They will be located at 2550 Eglinton Ave W in Mississauga next to Erin Mills Town Centre (Erin Mills Parkway and Eglinton Ave). Daniels has acquired about 6 acres of land on the southwest corner of that intersection. They have planned to build three high rise condos, starting with the West tower, which will have 25 storeys and 300 units. The units will feature 1 Bedroom, 1+1 Bedrooms, 2 Bedrooms and 2+1 Bedrooms. This community will also have 2 and 3 Bedroom, 2 level Townhomes.

      This new community by Daniels is conveniently located in the heart of Erin Mills. It is steps away from Credit Valley Hospital, Erin Mills Town Centre, all the shops, transportation, restaurants, schools, parks and more! Everything that the heart desires is right at your doorstep.  Daniels vision was to create a community where one can play, dine, work, shop, and call home.

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      • This entry was posted on Saturday, January 25th, 2014 and is filed under ALL Articles, Pre-Construction Condos. Tags: , ,

      Eric Skicki

      New Year Resolutions For Your Condo

      Written by Eric Skicki Wednesday, January 1st, 2014
      • new-years-res-condo

        As a condo owner, you do have the luxury of living a nearly worry-free lifestyle, as the condo corporation takes care of most repairs for the building complex. In return, you as the owner pay a monthly “condo fee”, also known as “maintenance fee”. Typically speaking, the condo corporation takes care of maintaining the common areas, whereas you have the responsibility of maintaining everything inside your condo unit. Although there are not many things to maintain inside a condo, owners often forget about the few items which are part of their responsibility.

        In this short blog post, I want to cover three of the most overlooked, and often neglected, responsibilities of being a condo owner.

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        • This entry was posted on Wednesday, January 1st, 2014 and is filed under ALL Articles, Condo Features. Tags: , , , ,

        Eric Skicki

        Are Condo Balconies Overrated?

        Written by Eric Skicki Wednesday, December 11th, 2013
        • mississauga-condos-balcony

          Having the chance to work with many condo buyers in the Square One area, I have noted that the majority of condo shoppers have balconies on their “wishlist”. Buyers believe that balconies are an essential part of any condo because it allows them to be outside without having to leave their units. However, are balconies really that important? Or are they simply an overrated feature of a condo?

          The Advantages Of Balconies

          The good news is that pretty much every condo in Mississauga built after 2004 does come with a balcony.  Unless you are buying an older condo, there is not much need to have balconies on your “wish list” as it’s a standard feature. Some older condos also have balconies, however, most of them have solariums, which are in essence ( den like rooms with large windows, positioned next to the living room).

           

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          • This entry was posted on Wednesday, December 11th, 2013 and is filed under ALL Articles, Condo Features. Tags: , ,

          Eric Skicki

          Big Ideas For Small Mississauga Condos

          Written by Eric Skicki Saturday, November 16th, 2013
          • small-mississauga-condo-ideas

            It’s no secret that condo builders are designing condo units smaller and smaller. A recent study showed that the average condo size has shrunken as much as 20% from what builders were offering a decade ago. The reason for this is simple; builders realized that in the same amount of space, they can sell a lot more units by making them smaller.

            Most people would argue that bigger is better when it comes to condos.  As much as I agree that bigger condos are better than smaller condos, it is important to point out that smaller condos are cheaper to furnish and easier to clean.

            In this short blog post, I want to cover 5 cool tips and tricks I have made available to my buyers, who are looking to get the most out of their smaller condo units.

             

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            • This entry was posted on Saturday, November 16th, 2013 and is filed under ALL Articles, Condo Features. Tags: , , , , , ,

            Eric Skicki

            Pinnacle Uptown Townhouses Release

            Written by Eric Skicki Monday, October 28th, 2013
            • The Marquee Townhomes Kitchen

              UPDATE NOVEMBER 16TH: The Pinnacle Uptown Townhomes have been released please Click here or call 647-689-7517 to book your appointment. No walks in.

              The long wait is finally over. Those who have been anticipating the release of the Pinnacle Uptown Townhomes can now officially register with me for the VIP launch, which will take place in less than 3 weeks! This limited release of only 100 units, nicknamed “Marquee Townhomes” will be a great addition to Mississauga’s expanding downtown core. The ultra high-end townhouses will be similar to those existing townhomes currently found on the corner of Shipp Drive and Roberts Speck Parkway in downtown Mississauga (some these are known to sell for a million dollar plus).

               

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              • This entry was posted on Monday, October 28th, 2013 and is filed under ALL Articles, Pre-Construction Condos. Tags: , , ,

              Eric Skicki

              The Evolution Of Real Estate Offers

              Written by Eric Skicki Saturday, October 5th, 2013
              • real-estate-offers

                 

                Real estate has come a long way over the last decade or so. We have seen a peculiar change in the dynamics of how properties are marketed by the seller and searched for by the buyer. Years ago, it was unheard of that someone could be sitting halfway across the world on their computer, searching for properties and then buying them. Today, this has become mainstream. Buyers do not need to be in the country in order to purchase a property. In this blog post, I will share some of my thoughts on how the presentation of offers has changed over the past few years.

                Traditional Offer Presentations

                Traditionally speaking, the real estate purchasing process looked something like this:

                A client would contact a REALTOR to help him find a new home. The agent would show him a series of houses until the perfect one was found. The REALTOR and client would then meet at the agent’s office and write up an offer. Once the offer was completed and signed, the buyer’s agent would contact the seller’s agent to arrange a time when the offer could be presented in person. The face to face meeting would usually take place late at night and it was common for all the parties (both agents, buyers and sellers) to be up past midnight to get the deal done. Sometimes, there were six copies of the offer that needed to be signed and initialled by all parties. Since photocopying was not an option, any major changes that were made in the offer would result in completely rewriting the offer, which would take hours. The offer process was tedious and extremely time to consume for everyone involved.

                 

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                • This entry was posted on Saturday, October 5th, 2013 and is filed under ALL Articles, Articles for Buyers. Tags: , , ,

                Eric Skicki

                Deciding When to Buy a Condo

                Written by Eric Skicki Sunday, September 8th, 2013
                • when-to-buy

                  “When should I buy a condo?” Should I buy in the fall, or wait until the spring when there are more properties? These questions are often asked by buyers searching for Mississauga condos.  Although different Realtors will give different answers, I believe the decision of when to buy really comes down to the individual.

                   

                  Condo Buyers

                  First and foremost, you have to establish your needs, wants and desires when it comes to your dream condo. At the same time, you have to be aware of your budget and the carrying costs associated with owning a condo. Buyers should understand that during the spring and summer seasons there will be more selection of properties available for sale, than during the slow winter months. However, at the same time, this also signifies that there is a higher probability that you will be competing against other potential buyers for a condo of your choice. Do not be alarmed if at times the amount needed to secure your property will be over the asking price. You also need to know that the market is really unpredictable. There is no absolute way to know for certain how many available units there will be, how interest rates will be and how stable the market will be in the future. As a general guide, I encourage buyers to follow these eight points:

                   

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                  • This entry was posted on Sunday, September 8th, 2013 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer. Tags: ,

                  Eric Skicki

                  Landlords Satisfied With Mississauga Rental Condo Market

                  Written by Eric Skicki Friday, August 23rd, 2013
                  • condo-for-lease

                     

                    “My Square One Condo” has an entire rental team dedicated exclusively to working with rentals in the Square One area.  We continuously aid tenants looking to secure properties, as well as landlords looking to lease out their properties. Over the last few months, I started monitoring rental properties closely and how they ended up getting leased out. I decided to publish a short blog based on these observations.

                    5 cool facts about Square One condo rentals

                    – The most common request from a tenant is for us to find them a “clean unit with an open concept layout”

                    -Young people tend to go for newer stylish condos such as The Onyx or One Park Tower, while families prefer older spacious condos such as The Phoenix

                    – About 75% of potential tenants ask if the hydro is included

                     

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                    • This entry was posted on Friday, August 23rd, 2013 and is filed under ALL Articles, Articles for Buyers, Investment. Tags: , , , , ,

                    Eric Skicki

                    Is There A Market For Studio Condos In The City Centre Area?

                    Written by Eric Skicki Friday, July 19th, 2013
                    • NO DEADLINE DATE SUBMITTED

                       

                      This is something that I have wondered for a very long time, but not until recently have I decided to dig a little deeper, in order to find out. By my definition, a “bachelor pad” or “studio” is any condo which is less than 499 square feet and which does not have a dedicated bedroom. Interestingly enough, in Toronto there are many condos which are less than 499 square feet that have a separate bedroom, making them not count under my definition. However, here in Mississauga, we are still fortunate enough to have condos relatively decent in size as compared to other cities such as Tokyo and New York.

                       

                      The Data

                      – Currently, Daniel’s is the only builder in the Mississauga area, who has recently built studio condos, and there are no pre-construction studio condos planned for the near future

                      – Around Square One, studios can only be found in 2 condos: Limelight and Chicago

                       

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                      • This entry was posted on Friday, July 19th, 2013 and is filed under ALL Articles, Investment. Tags: , , , ,

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