Articles for Sellers

Eric Skicki

Is Mississauga Overpriced?

Written by Eric Skicki Tuesday, June 18th, 2019
  • Then Vs Now.

    The first time that I heard this question, believe it or not, was back in 2012 when I started focusing on Square One condos and Pre-construction condos in the Square One Area. To put into perspective, the resale market for a 1 bedroom condo stood at around the 230k mark then, whereas a similar unit pre-construction was selling for about 250k.

    At that time the project that was selling pre-construction was Crystal Towers (55 and 75 Eglinton Ave West) from Pinnacle International. Buyers kept asking me at that time if I thought the market would crash or if the condos are overpriced. Looking back on those prices now, we can note that they were a great investment. Crystal 2 bedroom units were selling as low as 330k and as high as 360k.

    The 2nd question that I used to get asked and I still keep hearing is if the pre-construction market is overpriced.

    If you note that Crystal was selling between 330k and 360k, then I want to let you know how much the resale market was selling a 2 bedroom for. In an older building in Square One such as Tucana, you could find a 2 bedroom unit for around 210k. This, of course, is a huge price difference. But we need to keep in mind that Tucana was built in 2000 or earlier. If we look onto a building that was completed about a year or so when Crystal Towers started selling we see that the price difference really is not that huge. A much-desired building such as Onyx (223 Webb Dr) was selling a 2 bedroom for around 340k and was built around 2011.

    Fast forward to 2019, I am still being asked that same question. This time, I would like to look at the resale market, to clearly show how much prices have gone up. Currently, a 2 bedroom unit at Tucana sits at around the 430k range depending on how much renos were done to the unit and a 2 bedroom at Onyx goes for around 500k, depending on the size and upgrades in the unit. Clearly, units at Tucana have really gone up a lot in price, but that is because all 2 bedrooms are above the 400 and 500k mark now. Remember those 2 bedroom units that some of you invested in at Crystal, 55 and 75 Eglinton, well they are now worth at around 530k. This just shows that those that have purchased units pre-construction have made money on their units and that the price difference between the newer resale units and the project that was to be completed down the line, was at a similar price range.

    If we look at the project Perla that is in the same community as Crystal and Amber, we will note that a 2 bedroom is going for around 600k. Now, keep in mind that Crystal is already a 5-year-old building and Amber is already over a year old.

    What Does This All Mean?

    Year over year, the condo prices in Square One have seen a healthy increase. I don’t foresee any slowing down. Currently, pre-construction units are sold out as soon as the Platinum phase launches, and the only time there are leftover units is if someone returns a unit for whatever reason. The resale market is still moving units within days, and some units are still seeing multiple offers.

    To answer the real question, if Mississauga is overpriced, it depends what you are comparing it to. If you are looking onto our neighbour, Toronto, and you compare those prices to Mississauga, then no, Mississauga is still considered affordable. If you look outside of larger cities, then yes, Mississauga does seem overpriced. Mississauga has gone up in price, but so has the rest of the GTA. Therefore, it is only normal that condo prices in downtown Mississauga go up in price as well.

    If you are looking to sell your Mississauga condo please contact me here.

    If you are interested in current pre-construction projects and inventory, please contact me here.

    Be Sociable, Share!
    • This entry was posted on Tuesday, June 18th, 2019 and is filed under ALL Articles, Articles for Buyers, Articles for Sellers, Market Statistics. Tags: , , ,

    Eric Skicki

    5 Surprising Things That Can Affect Your Condo’s Value

    Written by Eric Skicki Tuesday, January 1st, 2019
    • Absolute Towers from Below for 5 things that affect condo value

       

       

      Condos in the Square One area are valued at and around $600 per square foot. And given that they can rise or fall up to 10% condo owners are keen to maximize their investment. Of course, the traditional methods are obvious things that upgrade the value of your Updated kitchens and baths or an unobstructed view. However, there are small and surprising building details that can affect the value of your unit. Some things will lead you to say “of course!” while others you can only know from observing the building or living there.

      These are the surprising things that affect Condo Value:

      Read more…

      Be Sociable, Share!

      • This entry was posted on Tuesday, January 1st, 2019 and is filed under Articles for Buyers, Articles for Sellers, Condo Features, First Time Home Buyer. Tags: , , , , , , ,

      Eric Skicki

      Ontario Condo Act Changes

      Written by Eric Skicki Tuesday, October 6th, 2015
      • condo-act

         

        The Condominium Act in Ontario has been passed 17 years ago. Due to the new dynamic shift, and more and more condos being built, it is to no surprise that the number of condo units owned is estimated to be around 700,000. Over 300 of these condominiums are registered in Mississauga. It is also estimated that there are about 1.3 million condo owners and 10,000 condo corporations. It is inevitable that change comes about.

        The new proposed revisions to the act will be put in place to increase consumer protection for both buyers and owners. Improve how condos are managed and run and to strengthen the reserve fund for condos.

        Read more…

        Be Sociable, Share!

        • This entry was posted on Tuesday, October 6th, 2015 and is filed under ALL Articles, Articles for Buyers, Articles for Sellers, First Time Home Buyer. Tags: , , ,

        Eric Skicki

        Sold My Condo – What’s Next?

        Written by Eric Skicki Tuesday, August 4th, 2015
        • sold condo

          Mississauga condos continue to be a great option for first-time home buyers, investors, couples or people who choose to live alone. With prices still below $500 a square foot in the downtown area, the market continues to favour buyers with prices increasing moderately year over year. 

          For anyone looking to sell a condo, the market dictates that on average condos in the City Centre (downtown Mississauga) area sell for 97% of asking price and within 39 days (Toronto Real Estate Board Stats for 1st quarter of 2015).  

          An interesting trend has emerged where those who sell their Mississauga condo move further out west; primary Oakville, Burlington or Milton. These three cities are not known for their high-rise condos, but rather seen as “great places to raise a family”.

           

          Read more…

          Be Sociable, Share!

          • This entry was posted on Tuesday, August 4th, 2015 and is filed under ALL Articles, Articles for Sellers. 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

             

            Read more…

            Be Sociable, Share!

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

            Eric Skicki

            Get A Free RENO & Be Featured On TV!

            Written by Eric Skicki Tuesday, April 8th, 2014
            • property brothers HGTV

              At one point, we have all seen a real estate show on TV. Whether it was Love It Or List It, Property Virgins, or The Property Brothers. Some of us have wondered what it would feel like to have our home featured on a show. How we would like our home to be renovated or remodeled, and what it would look like after. Then we thought about the show and how much our home would be worth after a reno job was complete.

              The shows spark our imaginations and they let us look at our homes, and sometimes we start noticing what we would like to have changed about our home. Then we contemplate; well, maybe it is time to sell this place and get something else. If this is the case, then we have some great news for you. We have been asked by the producers of the Property Brothers: Buy and Sell, to feature some of our clients on the Tv show. The show airs on the W Network and HGTV. Our sellers: both house and condo sellers, interested in this must know the following:

               

              Read more…

              Be Sociable, Share!

              • This entry was posted on Tuesday, April 8th, 2014 and is filed under ALL Articles, Articles for Sellers. 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.

                 

                Read more…

                Be Sociable, Share!

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

                   

                   

                  Read more…

                  Be Sociable, Share!

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

                  Eric Skicki

                  Downsizing: Selling Your Home And Buying A Mississauga Condo

                  Written by Eric Skicki Wednesday, September 5th, 2012
                  • featuredinselling your house and buying a condo

                    The kids have moved out, there are way too many bedrooms in the house and it’s just the two of you and maybe the family pet. The Husband is getting tired of mowing the lawn, doing the plumbing and fixing the roof, whereas the wife keeps complaining about having to clean a big house on her own and she’s getting tired of having to carry the groceries through the long hallway and passing three rooms before she gets to put them down on the countertop.

                    It’s time for a nice relaxing vacation, yet there is so much to think about before you leave. You have to go to your friend’s house and give him/her the keys, and maybe even leave the family pet there because you can’t possibly leave a pet and a house for a week or two on its own. Some concerns that come with owning a house are; What if the wind blows over all of your flower pots in the backyard, or it rains onto your garden furniture? Somebody needs to come by, pick up the mail for you, water the plants and make sure that you haven’t left the patio door open for someone to come in. The house is too big, the vacation takes more preparation than it really should, and you’re just sick and tired of it all.

                     

                    Read more…

                    Be Sociable, Share!

                    • This entry was posted on Wednesday, September 5th, 2012 and is filed under ALL Articles, Articles for Sellers. Tags: , , ,

                    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.

                       

                      Read more…

                      Be Sociable, Share!

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

                      Social media & sharing icons powered by UltimatelySocial