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Eric Skicki

Losing $23,000 On A Pre-Construction Condo

Written by Eric Skicki Sunday, August 26th, 2012
  • pre-construction condo money lost

     

    Over the past eight years or so, many pre-construction condos in Mississauga served as great investment tools for investors. As previously mentioned on this blog, I personally know clients who made $30k, $40k or even $50,000 on a single condo investment venture. Many of these clients have bought and sold several condos and each time they have managed to come out with substantial profits.

    However, this is not to say that all condo projects are great investments. To illustrate this, I decided to use a real-life case study to show how one person managed to come out financially negative when trying to sell their condo investment. For privacy reasons, the person’s name and the builder’s name are not disclosed in this post. I hope this case study will help some first-time home buyers and first-time condo investors overcome some of the biggest mistakes made by amateurs.

     

    The Case Study

    Last week I met with a client who was interested in selling her pre-construction condo which she took possession of less than a year ago. Her initial plan was to buy a pre-construction condo, live in it for a year, sell it and then move out east to a smaller town in Ontario. Her search for a condo started in late 2010 when she began looking for a condo by herself, without the assistance of a Realtor. The clients’ requirements were as follows:

     

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    • This entry was posted on Sunday, August 26th, 2012 and is filed under ALL Articles, Investment. Tags: , , , , ,

    Eric Skicki

    Pinnacle Grand Park Penthouse Condo – VIP Agent Sale

    Written by Eric Skicki Friday, July 27th, 2012
    • Pinnacle Grand Park Penthouse Condo

      Looking for a pre-construction Penthouse condo around the Square One area? Well, look no further. Pinnacle Grand Park has finally released their spectacular Penthouse floor plans and prices. These units are only released to a selective number of agents chosen by the builder. As part of the VIP agents’ promotion, my clients will be able to part take in special incentives which include: preview pricing, 3 months of free maintenance and $2000 cash back. These promotions are not available through visiting the builder and you must contact me directly prior to visiting the sales center.

      Pinnacle Grand Park is located west of Hurontario Street and south of Burnhamthorpe Road, located in the heart of Mississauga. This dynamic condominium has 29 stories, with the 28th floor being a penthouse loft connecting it to the 29th level. What makes these Penthouses so unique is that they have units which are single stories and units that are two-stories. The single story units start as low as $499,900 for a total area of 1,207sq ft and go up to $669,900 for a total area of 1,762sq ft. Whereas, the 2 storey units offer more space for as low as $899,900 with a total of 2,675sq ft. These 2 storey Penthouses include a balcony and a large terrace, whereas the 1 storey Penthouses offer either a terrace that runs along the entire unit or 2 decent sized balconies. All Penthouses start at 2 bed + Den and go up to 3 bed + Den + Family Room.

       

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      • This entry was posted on Friday, July 27th, 2012 and is filed under ALL Articles, Pre-Construction Condos. Tags: , ,

      Eric Skicki

      An Investor’s Guide To Flipping A Condo In Mississauga

      Written by Eric Skicki Monday, July 23rd, 2012
      • mississauga condos fixer uper

         

        The terms “flipping a property” or “flipping a condo” refer to buying real estate at a lower price, with no intention of actually living in the place. The main objective of flipping is to generate profit.

        There are two ways one can flip a condo in Mississauga. The more popular way is to buy a pre-construction condo that will generate profit in the future. But rehab properties, fixing them up and then reselling them is another way this can be achieved. In this blog post, I want to cover these two methods and provide an insight to anyone who might be interested in condo flipping.

        Flipping A Pre-construction Condo

        As mentioned above, most investors (I would estimate over 90%) who want to get into real estate turn to pre-construction condominiums. Over the years pre-construction condos have come to be known as “easy investments”, which generate great profit. For further information on pre-construction condos read this article.

         

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        • This entry was posted on Monday, July 23rd, 2012 and is filed under ALL Articles, Investment. Tags: , , , ,

        Eric Skicki

        Problem: Weak Cell Phone Signals In Condos

        Written by Eric Skicki Wednesday, July 4th, 2012
        • angry at cell phoneOne of the most common overlooked negatives of living in a condo is the possibility of having a weak cell phone reception signal. The reason that I call it a “negative” is because unlike houses condos are known to have thick concrete walls which can at times prevent your cellular phone from operating properly inside. This can include users experiencing dropped calls, poor signal reception or dead zones. If cell phone reception is a priority to you, I would strongly suggest taking your cell phone with you when viewing condos for sale. By doing so you can make sure that the condo you are planning to purchase can provide adequate cell phone coverage.

          I was experiencing cell phone connection issues in my own Square One condo (Skymark West) so, I decided to dig a little deeper, and try to locate the source of the problem and find a reasonable solution. What I found out is as follows: cell phone reception is dependent upon the distance and projectile signal path to the nearest cell towers, carrier and plan, carrier load, weather conditions and finally the phone model itself.

           

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          • This entry was posted on Wednesday, July 4th, 2012 and is filed under ALL Articles, Condo Features. Tags: , , , ,

          Eric Skicki

          New Mortgage Rules Affecting Mississauga Condos

          Written by Eric Skicki Friday, June 22nd, 2012
          • mortgage-mississauga-condos

            It seems like the discussion over rising interest rates and tightening lending practices is once again in the spotlight of the media. This time, the government has decided to keep interest rates the same but instead, they changed the maximum amortization period for a mortgage with less than 20% down payment. The amortization period often referred to as the “payback period” has been reduced from 30 years to 25 years. This change was brought in, with an effort to combat high consumer debt. The philosophy behind this change is that by reducing the maximum allowed payback time, the homeowner will be required to pay higher monthly payments and in turn build equity in their homes faster. Under the previous 30yearsr maximum amortization period, monthly mortgage payments were more spread out, thus the borrower ended up paying less principle off each month, and eventually paid a greater sum of money by the time the term was over. According to CBC news, this change in minimal amortization periods may result in a homeowner paying around $170 per month extra. The new changes will take effect on July 9th, 2012.

             

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            • This entry was posted on Friday, June 22nd, 2012 and is filed under ALL Articles, Market Statistics.

            Eric Skicki

            FSBOs, Private Listings and Mississauga Condos

            Written by Eric Skicki Monday, June 11th, 2012
            • featuredinPrivate sale mississauga condo

              Are you planning on selling your Mississauga condo yourself within the next 3 months? Do you have a condo listed privately and you are not getting the results you anticipated? Are you a potential condo buyer looking into private condos, because you are hoping to save some money? If so, this article is for you!

              Selling Your Condo Privately

              I have a lot of respect and admiration for those that are taking on the complex task of selling their home by themselves. These sellers, often referred to as FSBO’s (For sale by owner), choose not to work with a listing agent for perhaps several reasons, but mainly because they want to escape paying high commission fees. Traditionally speaking, most sellers who work with a Realtor in Mississauga can expect to pay anywhere from 1% to 3% to the listing agent and 2.5% to the buyer’s agent (known as the co-operating brokerage). This percentage is common practice rather than a fixed number.

               

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              • This entry was posted on Monday, June 11th, 2012 and is filed under ALL Articles, Articles for Buyers, Articles for Sellers. Tags: , , , ,

              Eric Skicki

              PSV 2 Condo VIP Agent Sale

              Written by Eric Skicki Friday, June 1st, 2012
              • psv2 condo for sale

                UPDATE JUNE 19TH: Once again tower 2 is a great success! Our brokerage has sold several dozen units just the first day of the release. The limited quantity of PSV2 condo units is left. Please call me ASAP to reserve your unit before prices go up!

                For those that do not know, Park Side Village is one of Mississauga’s hottest pre-construction projects. A few months ago PSV (Posh Style Vibe) tower 1 was launched and within 3 weeks the entire condominium was over 75% sold out. Two bedroom units were the first to go, followed by anything on a high floor premium. PSV tower one had 48 stories and over 500 units. Both investors and local residents were intrigued by the beautiful layouts, the fantastic location, and the reasonable prices.

                The Success Behind PSV 2

                Parkside Village by Amacon is planning to build over 15 condos/townhome condos in about 4 city blocks in downtown Mississauga. The original plan was to preserve the Burnhamthorpe and Confederation street corner for its final tower, but due to the number of people requesting a condo in that location, PSV was the 4th and 5th tower to be released and it was placed at that very intersection.  Condo owners in both PSV 1 and PSV 2 will have some great unobstructed east, west, and south views.

                 

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                • This entry was posted on Friday, June 1st, 2012 and is filed under ALL Articles, Pre-Construction Condos. Tags: , ,

                Eric Skicki

                Toronto Condos vs. Mississauga Condos

                Written by Eric Skicki Tuesday, May 29th, 2012
                Eric Skicki

                3 Tips For Mississauga Condo First Time Home Buyers

                Written by Eric Skicki Thursday, May 24th, 2012
                • Buyer Tips For Mississauga Condos

                  Shopping around for a condo can be an exciting time, especially for first time home buyers. Mixed emotions are present and sometimes significant decisions are made on the spot. During this time, there are numerous things to keep in mind, yet it is easy to get sidetracked and forget what is most important.

                  In this blog post, I want to cover the three biggest mistakes I see first time home buyers make, when purchasing a Square One condo. I will outline each mistake, identify the common false belief which is then followed by the true fact.

                  1. Shopping For A Condo Using Only MLS – MLS (Multiple Listing Service) also known as www.realtor.ca is a great starting point for anyone interested in a Mississauga condo. In fact, over 92% of all properties that sell are listed on MLS. However, before any condo is placed on the MLS system and is accessible to the public, it is first placed on www.torontomls.net– a database only accessible to Realtors. Through this internal system, a good portion of real estate properties are sold before the public has a chance to place any offers on them.

                   

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                  • This entry was posted on Thursday, May 24th, 2012 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer. Tags: ,

                  Eric Skicki

                  Is Mississauga Expanding Too Fast For Its Own Good?

                  Written by Eric Skicki Sunday, May 6th, 2012
                  • Mississauga future real estate

                     

                    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.

                     

                     

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                    • This entry was posted on Sunday, May 6th, 2012 and is filed under ALL Articles, Investment. Tags: , , , , , , , ,

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