SALES & RENTALS in 2017 in Kensington Market Neighbourhood as reported by TREB

160 BALDWIN STREET CONDOS

• Sold 5 units from $465,000 to $910,000
• Leased: 2 units leased from $2250 to $2875
• no units currently available for sale or lease

21 NASSAU STREET CONDOS

• no units sold in 2017
• Leased: 2 units leased from $2250 to $2875
• no units currently available for sale or lease

CARR STREET CONDO TOWNHOUSES

• Leased: 4 townhouses leased from $2100 to $2350
• Currently for sale :2 townhouses - 1 bedroom @ $499,000: 2 bedroom @ $539,900
• Sold: 4 - 1 bedroom townhouses from $499,000 to $510,000
• Sold: 7 - 2 bedroom townhouses sold $585,000 to $665,000
• Sold: 1 - 3 bedroom townhouse sold for $820,000
• no townhouses currently for lease

McCAUL STREET CONDO APTS

• Sold: 6 - 1 bedroom units sold from $280,000 to $525,000
• Sold: 4 - 2 bedroom units sold from $440,000 to $560,000
• Sold: 1 - 3 bedroom unit sold @ $775,000
• Sold: 1 - 4 bed4oom unit sold @ $745,000
• Leased: 8 - 1 bedroom units leased from $1650 to $2300
• Leased: 2 - 2 bedroom units leased from $2400 to $2500
• Leased: 1 - 3 bedroom townhouse leased for $3500
• Currently for sale: 1 - 2 bedroom unit available for $559,000
• no units currently for lease

ST. PATRICK CONDO APTS

• Currently for sale: 1 - 1 bedroom unit for sale @ $408,880
• Currently for Lease: 2 - 1 bedroom units from $2400 to $2500
• Currently for Lease: 2 - 2 bedroom units from $2750 to $2900
• Sold: 13 - 1 bedroom units in 2017: from $285,000 to $480,000
• Sold: 6 - 2 bedroom units in 2017: from $620,000 to $988,000

COLLEGE ST. CONDO APTS

• Currently for lease: 1 - 1 bedroom unit @ $2500
• Leased: 8 bachelor units from $1250 to $2100
• Leased: 21 - 1 bedroom units from $1150 to $2400
• Leased: 7 - 2 bedroom units from $2250 - $2700
• Leased: 2 - 3 bedroom units from $3100 - $5500
• Currently for sale: 1 - 2 bedroom unit @ $679,000
• Sold: 2 - 2 bedroom units from $489,000 to $610,000

OXFORD ST. CONDO APTS

• Leased: 1 - 1 bedroom unit leased for $1650
• Leased: 1 - 2 bedroom unit leased for $1850
• Leased: 1 - 3 bedroom unit leased for $2850
• Sold: 1 - 1 bedroom unit for $350,000
• no units currently available for sale or for lease

for details:

Patricia @ 416-879-2094
patriciakatzrealestate@gmail.com

Sutton Group-Associates Realty Inc., Brokerage

Market Watch- September 2017

PITFALLS OF BUYING A PRE-CONSTRUCTION CONDOMINIUM

October 31, 2017

The builder’s/developer's contract is very one-sided and in favor of the builder. This column will examine some of the important provisions that should be considered before buying a preconstruction condominium.

1.     Builder adjustments-virtually every builder contract will contain adjustments to the sale price. These are extra costs that the buyer will have to pay on closing. By having a lawyer review the offer during the 10 day cooling-off rescission period, many of these costs can be eliminated or can potentially save the buyer thousands of dollars. If the builder is unwilling to negotiate a reduction of some of these costs, the buyer still has the option of canceling the contract and getting its deposit back. In any event, if the buyer decides to proceed, it won't be surprised on the closing date with the additional adjustments.
 

2.     Floor plan of condominium unit-most Agreements of Purchase and Sale will contain a sketch or artist rendering of the property. Buyers must understand that what you see is not always what you get. There are provisions in the Agreement of Purchase and Sale which usually say that the floorplan, image, and finishes are subject to change or substitution without any reduction in the purchase price or other compensation. Verbal promises at the sales office are irrelevant and non-binding.  If you want something, you should make it clear and get it in writing.
 

3.     Closing date-the closing date in the Agreement of Purchase and Sale is tentative and the builder has very liberal rights to extend the closing date if necessary. Compensation for delayed closings is payable in limited circumstances. Conversely, when the builder sets the closing date, interim or final, the buyer does not have the right to delay it.  A buyer who is not ready to close on the closing date set by the builder may face extension costs, or worse, forfeiture of its deposit. In many cases, the buyer will be forced to close even if the unit or the common elements remain unfinished or if there is incomplete work. Buyers have to realize that they will not receive a completely finished unit and that unfinished work will be completed following closing based on the schedule of the builder.
 

4.     Parking/Locker spots-parking and locker spots are expensive and their location is assigned by the builder at its sole discretion. Without a provision in the agreement of purchase and sale, you have no choice as to the location of your parking spot or locker and have no recourse if you are unsatisfied.
 

5.     Right to Lease the Property- If you are buying the property as an investment, most builder Agreements do not allow you to rent the property until after the final closing date. Accordingly, you would have to pay interim occupancy fees to the builder from the date of the occupancy closing to the final closing without earning any rental income. The time period between interim and final closing varies and can be anywhere between 3 to 12 months. If you want to lease the unit after the interim occupancy closing, you should obtain a written Amendment to the contract.
 

6.     HST rebate-if you or an immediate family member will not be occupying the property as your principal residence, the builder will charge you the GST/HST rebate which you will have to pay on the final closing. This can be a $25,000 adjustment which you may not anticipate. Following closing, you can apply to recoup this from the government, however, certain conditions must be met.

There are many pitfalls in a builder’s Agreement of Purchase and Sale. Having an experienced lawyer & real estate agent review the contract during the 10 day cooling off/rescission period is critical so that the buyer can make an informed decision about the purchase going forward and to potentially reduce the costs to the b

KENSINGTON MARKET - AIRBNB

Trevor Dunn of CBC news writes about Airbnb in the Kensington Market Neighbourhood!!!

• The data — the first of its kind released by Airbnb in Toronto — reveals the precise number of homes, apartments and rooms rented out last year in the quirky downtown neighbourhood where anti-Airbnb sentiment is growing along with the popularity of the platform.
• According to Airbnb, 18,680 guests stayed in 464 different listings in the Kensington area in 2016.
• Of those listings, 248 were entire homes or apartments and 216 were shared or private rooms in a home.

To read more click below:
 neighbourhood-specific data shows Airbnb’s prominence in Kensington area

Contact me for current real estate information re: sales and rentals of houses & condos in "The Kensington Market" neighbourhood!

Patricia: 416-879-2094
patriciakatzrealestate@gmail.com

Patricia Katz, Broker
Sutton Group-Associates Realty Inc.

HOT YONGE-SHEPPARD CONDO!SOLD 13% OVER ASKING

 SOLD IN 2 DAYS! 2 storey condo/loft
*1 bedroom
*2 baths
*1 parking
*ensuite laundry
*low maintenance fees
*walk score-95




Call for more information: Patricia 416-879-2094
patriciakatzrealestate@gmail.com

Sutton Group-Associates Realty Inc., Brokerage