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Eric Skicki

Top 5 Pre-Construction Condos for 2013

Written by Eric Skicki Monday, July 8th, 2013
  • ???? Vol.18 ???????

    Over the last couple of weeks, I have been getting a lot of inquiries for pre-construction condos from my local as well as my abroad clients. As always, I stress to my clients that not all pre-construction sales are good potential investments. Currently, there are five projects in Mississauga and surrounding areas, that are worth a closer look.

    Mississauga Pre-Construction Projects

    mirage-condosMirage – Mirage has some of the most lavish layouts to date. It is located right across the street from Square One Mall, close to the movie theatre. Mirage will be complete in 2014 and is great for those that love the convenient location in the heart of Square One. It also offers some great amenities like a movie theatre, bowling alley, party room, billiards etc. Everything that the heart desires to entertain your guests right at your doorstep without having to leave your condo. Deal of the summer: one bedroom starting at only $270,000 and until July 31st, 2013 they offer $6000 off the purchase price.

     

     

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    • This entry was posted on Monday, July 8th, 2013 and is filed under ALL Articles, Pre-Construction Condos. Tags: , , , , ,

    Eric Skicki

    Elevator Strike Affecting Mississauga Condos

    Written by Eric Skicki Friday, June 21st, 2013
    • elevator strike

       

      Elevators have become the norm and we often take them for granted. In a condo of more than 20 storeys, there are usually 3 to 4 elevators in service and we rely on this everyday to get around. We sometimes experience a delay, of up to 10min when one elevator is put into service. Yet, day to day we are pretty lucky that the wait is not that drastic and we go about our day, as usual, maybe slightly irritated that this morning wait was an unusual 10min.

      However, in Ontario, the International Union of Elevator Constructors (IUEC) have been on strike against the National Elevator Escalator Association (NEEA) since the end of April. The Digital Journal has reported that the average wage of an elevator mechanic is $112,000 in Ontario. This leaves many to question: “Why the strike?” They do not ask for higher wages but rather a safer work environment and a signed contract.

      This week some of those mechanics on strike have been ordered back to work in the Greater Toronto Area. However, those forced back to work are still not servicing job sites such as hospitals, nursing homes or residential buildings, but rather the residential construction industry. The NEEA passed a never-used clause in the Labour Act forcing those back on the job that works in the construction, especially residential construction industry.

       

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      • This entry was posted on Friday, June 21st, 2013 and is filed under ALL Articles, Articles for Buyers, Articles for Sellers. Tags: , , , ,

      Eric Skicki

      Downtown 21 Master Plan – The Future Of Mississauga Condo Living

      Written by Eric Skicki Tuesday, May 28th, 2013
      • downtown21-mississauga

        Who would have ever thought, that Mississauga would eventually have one of the most active condo real estate markets in the country; with over forty existing condominiums and 15 proposed for the near future? Mississauga has grown substantially in population and, improvements to infrastructure and design are required to sustain this rapid growth.

        The solution offered by the city of Mississauga is called the “Downtown21 Master Plan”. The goal behind the Downtown21 Master Plan is to make downtown Mississauga, also known as the City Centre area, more pedestrian friendly. At the same time, this plan hopes to set out specific strategies for economic development, new transportation systems, and overall environmental improvement.

        In this blog post, I will cover some of the fundamental changes offered by the Downtown21 Master Plan, and its influence on the future of the Mississauga condo market.

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        The Plan In Detail

        Mississauga has always strived to have a well-balanced downtown core. The Downtown21 Master Plan will undergo some changes that are reflected in areas such as the employment, retail, commercial and civic sphere. This, in turn, will be balanced by residential development, entertainment, and facilities used by business visitors and tourists. Some of the changes which are to be implemented include:

         

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        • This entry was posted on Tuesday, May 28th, 2013 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer, Investment. Tags: , , ,

        Eric Skicki

        PSV Condos Release Penthouse Units

        Written by Eric Skicki Sunday, May 19th, 2013
        • psv penthouses condos

           

          It’s been roughly 1 year since the very successful launch of the PSV tower 1, followed by PSV tower 2 condo launch in Mississauga. The massive 48 and 43 storey twin skyscrapers, located at the corner of Burnhamthorpe and Confederation, have become to be known as one of the “most successful selling pre-construction condos in 2012 in the entire GTA”. Both investors and home buyers, some who even purchased multiple units, see the great potential this project can offer.

          The builder, Amacon, who is in charge of developing the Park Side Village community, has now officially launched the penthouse units for PSV condos to VIP agents only. The units start as small as 545 square feet + balcony lower penthouse for $318,900+ and to almost 1,500 square feet +  2 balconies upper penthouse for $775,900+. My clients will also have access to special promotions including extended deposit structure, window coverings, central vacuum, hardwood in bedrooms + more. This project is scheduled for completion in late 2015.

           

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          • This entry was posted on Sunday, May 19th, 2013 and is filed under ALL Articles, Pre-Construction Condos. Tags: , ,

          Eric Skicki

          Condo Assignments Explained

          Written by Eric Skicki Saturday, April 20th, 2013
          • Condo Assignments

            What is an Assignment?

            An assignment condo sale refers to buying a condo off of a previous buyer before it is officially registered in the Land Registry System. To illustrate the most common type of example in today’s market, please see the following scenario:

            A buyer purchases a pre-construction condo through the condo sales office. His or her intention is to live in that condo once it’s completed in a few years. However, plans change after about a year or so, and that buyer decides they want to sell their pre-construction condo prior to taking occupancy or ownership of the unit. This can be accomplished using an assignment sale, where the original buyer finds a new buyer for their condo. This new buyer assumes the responsibilities and enjoys all the benefits which were offered to the original buyer.

             

             

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            • This entry was posted on Saturday, April 20th, 2013 and is filed under ALL Articles, Investment, Pre-Construction Condos. Tags: , , , , ,

            Eric Skicki

            Tax Basics For Mississauga Condos

            Written by Eric Skicki Friday, April 5th, 2013
            • Mississauga Condo Taxes

              As many of you already know, in Canada, taxes are due each year on the last day of April. Now I know that for many, taxes are one of the least favourite things to talk about, yet lots of people seem to be misinformed about tax basics and the implications they have on real estate. By no means am I a tax expert, but in this blog post, I want to clear up some of the basic tax questions I get asked.

              Capital Gains Tax–  Capital gains occur when you sell a property at a higher price than you paid for it. The difference is known as your “capital gain”. Any property (with exception to your primary residence) is subject to a capital gains tax.

              Calculating Capital Gains Tax – The formula for calculating capital gains tax on real estate is: Capital gain x 50.00% x marginal tax rate = capital gain tax.  This can be best illustrated through the following example.

               

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

              Eric Skicki

              Hiring The RIGHT Listing Agent To Sell Your Mississauga Condo

              Written by Eric Skicki Sunday, March 3rd, 2013
              • hiring a realtor

                The time has come for you to sell your Mississauga condo. You have an option to sell it by yourself, often referred to as “for sale by owner” AKA “FSBO”, or you can hire a Realtor for the job. Since over 95% of condos in Mississauga are sold through agents, most people decide to list their homes for sale with a real estate brokerage.  That said, there are over 35,000 licensed Realtors on TREB (Toronto Real Estate Board) and thus, choosing the RIGHT real estate agent for the job can prove to be a challenge for some. In this blog post, I want to help those looking to sell their property, by providing some insight on selecting the right listing agent.

                Who To Work With

                When asked – “How does one find a good real estate agent to sell a house?”  Most commonly the answers given, are to find an agent who 1) works in the area, 2) is very active 3) do lots of open houses and 4) is advertising.

                 

                 

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                • This entry was posted on Sunday, March 3rd, 2013 and is filed under ALL Articles, Articles for Sellers. Tags: , ,

                Eric Skicki

                Pinnacle Uptown Condo Townhouses & Amacon PSV Condo Townhouses – VIP Sale

                Written by Eric Skicki Saturday, February 9th, 2013
                • Pinnacle Amacon Townhomes

                   

                  Nearly one year ago, two giant condo builders; Pinnacle and Amacon, launched their very successful condo projects in Mississauga. Pinnacle unveiled “Pinnacle Uptown”, a project of over 10 proposed condos, lead by the first two towers – Crystal 1 & 2. At the same time, Amacon introduced PSV 1 & 2, the fourth and fifth tower from the massive “Park Side Village” condominium project. Both projects sold out of inventory in their first towers within a few short months, and now have very limited inventory left from their remaining towers.  Investors took advantage of VIP prices and promotions and swept away some great deals. Some even bought multiple units.

                   

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                  • This entry was posted on Saturday, February 9th, 2013 and is filed under ALL Articles, Pre-Construction Condos. Tags: , , ,

                  Eric Skicki

                  How To Buy A Pre-construction Condo

                  Written by Eric Skicki Tuesday, January 22nd, 2013
                  • the pre-construction buying process

                    The Buying Process For Pre-construction Condos

                    If you are interested in a pre-construction condo in the Mississauga area, you should know that the pre-construction purchase process is very differently structured as opposed to the purchasing process of Mississauga Condos that are already complete. Typically the purchasing process is 2-4 years in advance and you are not required (at this point) to get a mortgage. Although this process may seem very long, it does prove to be financially rewarding in the long run, if you purchase in the right location, at the right time, with the right builder and of course with the right real estate agent.

                    When you purchase a pre-construction condo, you are essentially purchasing off a floor plan. However, many Mississauga condo sales offices have managed to create furnished model suites in order to reflect what the units will look like upon completion and to give the buyer a better idea of what they are purchasing.

                     

                    1. The first step before purchasing your pre-construction condo is to find an agent who specializes in pre-construction condos. Make sure that this agent has a firm understanding of how the pre-construction buying process works and has a solid sales record. This agent should be familiarized with answering complex questions regarding closing costs, legal fees, and ownership rights.

                     

                    2. Once you have found the right agent, who specializes in pre-construction condos, you will then together book an appointment with the builder.

                     

                    3. The third step includes visiting the chosen project you liked the best with your realtor, selecting your floor plan, your floor premium and signing the appropriate documents! The agreement used for buying a pre-construction condo is a lot longer (up to 30 pages) than the one used for resale condos. One unique aspect of this process is that the builder gives you a 10 day “cooling off” period on your pre-construction unit. During this time you will have your lawyer review all your documents for you. Once the “cooling off” period is over and you have received a “go ahead” from your lawyer, you will need to submit the remainder of your deposit checks, usually about 20% of your total purchase price, to the builder.

                     

                    4. A few months/years later the condo building is being constructed and you will be asked to come into the sales presentations centre to chose the colours of your finishes and features of your Mississauga pre-construction condo. At this time, most condo developers give you the opportunity to select & pay for upgrades for your unit. This is a great opportunity to get creative and chose everything according to your taste for the perfect condo lifestyle you always wanted.

                     

                    5. Approximately a year after the upgrading process, you will be given the keys to your brand new suite. In real estate terms, this is called “interim occupancy”. At this point you still do not own the unit you are living in, as it still “belongs” to the builder, instead you are still responsible for paying something that is called the “occupancy fees” to the condo builder. This number reflects a portion of your taxes, maintenance fees and interest on the remaining of the balance owed. Occupancy typically lasts up to 6 months, however, it varies from builder to builder. Once the condo building registers with the Land Registry the title ownership will be transferred to your name and you will require a mortgage. This is referred to as “final closing.” As a side note; some builders allow you to sell your unit before you are “legally” considered the owner of the unit.

                     

                    6. Congratulations! You are now the owner of a brand new Mississauga condo.

                     

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                    • This entry was posted on Tuesday, January 22nd, 2013 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer. Tags: ,

                    Eric Skicki

                    Smart Condo Upgrades That Sell Your Mississauga Home In 2013

                    Written by Eric Skicki Tuesday, January 22nd, 2013
                    • install floor Mississauga condo

                       

                      Since the New Year, the Mississauga condo market has been heating up. Over the past two weeks, I have been featured in several news publications, including The Globe and Mail and YourMississaugaBizz. Based on those conversations, I have decided to release a blog post about some smart condo upgrades for anyone considering selling their condo. The “upgrades” that seem to sell condos faster. I would argue that as much as 80% off condo buyers in today’s market look for the following upgrades (please keep in mind that this again does not apply to every condo buyer, but has been made based upon my individual observations):

                       

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                      • This entry was posted on Tuesday, January 22nd, 2013 and is filed under ALL Articles, Condo Features. Tags: , , , , , , ,

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