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Done Deals: Two Bids Compete for Spacious, Two Storey Luxury Condo

POSTED ON May 29th  - POSTED IN Done Deals, Elli's Archives, Featured News

Done Deals: Two Bids Compete for Spacious, Two-Storey Luxury CondoOne Balmoral Avenue

1 BALMORAL AVE., No. 807, TORONTO

ASKING PRICE: $1,975,000

SELLING PRICE: $2,150,000

PREVIOUS SELLING PRICE: $1,250,000 (2004); $780,373 (1998)

TAXES: $8,324 (2016)

DAYS ON THE MARKET: Seven

LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

The Action: Owners at One Balmoral are often slow to relinquish their homes, so the listing of this two-storey, corner suite was a rare opportunity to purchase a unit there this spring. It was assessed by 16 buyers up close and drew two bidders armed with competing offers in late March.

What They Got: Spanning the eight and ninth floors of a nearly 20-year-old mid-rise is this 2,355-square-foot unit with exits to corridors on both levels, and nine- and 12-foot ceilings on the main and second floor, respectively.

A balcony wraps around the southern and eastern sides of main floor, so there are walkouts from every room, from the den to the updated galley kitchen. A two-sided gas fireplace divides living and dining rooms.

Several Juliet balconies bring fresh air into the larger of two bedrooms upstairs, complete with a walk-in closet and one of three remodelled bathrooms.

An ensuite laundry room, three lockers and two-car parking round out the unit. Monthly fees of $1,991 cover utilities, concierge, as well as fitness and recreation rooms.

The Agent’s Take: “The building is well located near Yonge and St. Clair, the subway and shops,” agent Elli Davis notes. “So a lot of people who looked at it lived in the area and were transitioning from a house to a condo.”

Its two-storey set-up and upscale appointments mimic features of many low-rise homes. “It had two full bedrooms, two full bathrooms upstairs on the second level, so it felt like a little house,” Ms. Davis notes. “It showed beautifully and had a fireplace, so that was appealing, too.”

Toronto Homeowners Opt To Lease After Cashing Out: Globe and Mail

POSTED ON May 2nd  - POSTED IN Elli's Archives, Featured News

The Globe and Mail has published an article about a recent trend where home sellers are moving into rental properties rather than buying. There have been many shifts in the real estate market as of late, and everyone must adapt to remain relevant. Although I was not interviewed for the article, a photo of a property I just leased out for a client was featured.

Toronto Homeowners Cashed Out to Capitalize on High Prices – And Many Aren’t About to Dive Back In

JESSICA CAPARINI
THE GLOBE AND MAIL
PUBLISHED: WEDNESDAY, APR. 26, 2017

Justin Wheeler didn’t expect he’d start leasing in his 30s. He’s owned a house in Cambridge, Ont., for 10 years and raised a young family there. But he changed his mind after people started flocking to Cambridge to escape Toronto’s expensive real estate market, driving the average price of a house up more than 30 per cent in a year.

“In a couple years, we were going to sell. And then we saw people selling their houses for crazy amounts of money, so we said, ‘Screw it.’”

Last month, Mr. Wheeler sold his house for well over asking price – at twice what he paid. He thinks it’d be “crazy” to buy while the market is so high, so he’s searching for a bigger house to lease while he waits for it to fall.

Toronto-area realtors say interest in leasing high-end rental homes has surged as more and more owners do exactly what Mr. Wheeler did: Cash out and lease while they wait to buy in a cheaper A leased home at 62 Elm Ave. A declining number of listings could make leasing as competitive as buying.market. Ashley Gollogly, a local realtor, says this is setting Toronto’s high-end leasing market “on fire” – and helping to drive its prices up.

“[It] has always been crazy, but I think in the last six months it’s gotten more so just with the ones that have been selling their houses and taking a break from the market.”

With housing prices in Toronto at record highs, more people are looking to lease – and the increased demand is driving leasing prices higher. Realosophy Realty, a brokerage that collects statistics on housing in Toronto, found 403 new listings of high-end homes – defined as properties asking $4,000 a month and up – in the first quarter of 2017; a 35-per-cent increase from the same period last year. Of those listed, 219 were actually leased out – a 53-per-cent year-over-year increase.

A search of online realty sites turns up homes in the Greater Toronto Area that come with Victorian-style furniture, whirlpools, outdoor kitchens – and price tags as high as $25,000 a month.

Andy Taylor, of Sotheby’s International Realty, represents a Yorkville brownstone listed at $23,500 a month. It has 3,000 square feet of living space, has three bedrooms and no garage, but Mr. Taylor says there’s a market for furnished rentals in great locations, even at this price. So far, he’s seen interest from executives moving to Toronto and from people who sold their house.

Years ago, such leases were popular with businesspeople and athletes who relocated their families after finding temporary jobs in the city. Now, people who have just sold a home – often for a price they never dreamed they would get – are pushing into the leasing market flush with cash.

“People don’t want to take all their money they’ve made in appreciation of their family home and sink it back into real estate,” says local sales representative Jimmy Molloy, of Chestnut Park Real Estate Ltd.

Ehson Rahmati, of World Class Realty Point, who sells and rents condos in the GTA, sees the same story playing out in high-end condo rentals. Interest in large condos increased “tremendously” last year and in March, he says.

“A lot of people obviously are moving out of their houses, so a lot of these smaller condos won’t cut it for a family. So a lot of the bigger two-bedroom, three-bedroom penthouses or just bigger units are being rented.”

The Canada Mortgage and Housing Corp.’s Rental Market Report for the fourth quarter of 2016 found the average price for condos with three or more bedrooms increased by 16.35 per cent last year. In comparison, the average price of a one-bedroom apartment increased by 7.30 per cent.

It’s not just Ontario’s recent moves aimed at curbing the housing market that have some convinced that the market is set for a slowdown, and soon. For Ms. Gollogly, it was the election of Donald Trump. For Mr. Wheeler, it is his conviction that the Bank of Canada will raise interest rates.

Penny Brown, a realtor with Sotheby’s International Realty Canada, has noticed a couple trends: People are insisting on closing sales quickly, as if the market could crash any day; people are downsizing while they’re still young; and people are moving into nearby cities such as Cambridge or Hamilton to work remotely.

While selling and leasing might offer the chance to cash in on a rising market, the sellers still need a place to live and may find leasing too expensive.

Terri Roberts lives in a Markham house worth three times what she originally paid. She wants to sell, and rent in the city so her two children have access to the perks of Toronto and to reduce her daily commute. So far, she and her realtors haven’t found a three-bedroom place that’s within her budget and in a neighbourhood that she’s comfortable living in.

“It’s frustrating. Very frustrating.”

Mr. Wheeler is having similar troubles. Although his house sold at a good price for Cambridge, a declining number of listings has made leasing as competitive as buying. And although he’s convinced banks will raise interest rates in the future, leading to a market collapse, he admits there’s no way to tell when that might happen or what the effect on the Cambridge real estate market might be.

“At this point, [the sale feels] good, but who’s to say it’s not going to get even worse and I’ll have gotten out too early? That’s the gamble you take.”

 

Done Deals: Open House Valuable Marketing Tool for German Mills Home

POSTED ON April 6th  - POSTED IN Done Deals, Elli's Archives, Featured News

Done Deals: Open House Valuable Marketing Tool for German Mills Home   83 Simonston Blvd

SYDNIA YU

Special to The Globe and Mail

Published Thursday, Apr. 06, 2017

 

83 SIMONSTON BLVD., THORNHILL, Ont.

ASKING PRICE: $1,685,000

SELLING PRICE: $1,641,000

PREVIOUS SELLING PRICE: $379,000 (October, 1998); $357,500 (February, 1998)

TAXES: $5,589 (2016)

DAYS ON THE MARKET: 18

LISTING AND CO-OP AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

The Action: For over two weeks late last year, this four-bedroom home with an attached double garage hosted 19 private showings and a public open house. “A lot of people think open houses are a waste of time, but I decided to do it that weekend and strangely enough, [the buyers] came in, loved it and came back,” agent Elli Davis says.

What They Got: Various updates to this roughly 35-year-old residence keep it looking contemporary, yet classic. For instance, hardwood floors and mouldings grace an open dining space, entertaining area with a gas fireplace and rear family room with a walkout to the patio and garden beds lining the 60-by 138-foot lot.

For more casual activities, there is a lower level gym and recreation area with another fireplace, plus a guest room.

Cooking and cleaning is convenient with four bathrooms, including one in the master upstairs, and an updated kitchen with an island, marble floors and stone counters.

The Agent’s Take: “The appeal was the school district and Bayview country club, and it’s close to the Don Valley Parkway and 407 [highway],” Ms. Davis notes.

Done Deals: Opening Bid Shuts Down Competition

POSTED ON January 18th  - POSTED IN Done Deals, Elli's Archives, Featured News

Done Deals: Opening Bid Shuts Down Competition                                                          26 McNairn Avenue

Done Deals: Older Condo North of Yorkville Offers Plenty of Privacy

POSTED ON January 10th  - POSTED IN Done Deals, Elli's Archives, Featured News

Done Deals: Older Condo North of Yorkville Offers Plenty of Privacy           2-photo-web-1680x1050-360406

Sydnia Yu

Special to the Globe and Mail

Published Thursday December 8, 2016

225 DAVENPORT ROAD, No. 101, TORONTO

ASKING PRICE: $699,000

SELLING PRICE: $675,000

PREVIOUS SELLING PRICE: $481,000 (2006); $200,000 (1992)

TAXES: $3,357 (2015)

DAYS ON THE MARKET: 48

LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

The Action: Just a few blocks north of Yorkville, the Dakota residence often has a few vacancies. Although this one-bedroom-plus-den unit was among the smaller set, it had private outdoor space, so it was visited by 30 buyers and sold for $675,000.

What They Got: On the ground floor of a nearly 30-year-old mid-rise is this over 1,100-square-foot suite with a private patio, laundry facilities, storage locker and parking, plus monthly fees of $1,183 toward utilities, a gym, recreation room and rooftop deck.

The layout is fairly modern with a living area against a wall of windows, a central dining space and U-shaped kitchen behind a granite-topped peninsula and breakfast bar.

Private quarters entail a den and master bedroom with a walk-in closet and four-piece ensuite, which is the larger of two bathrooms.

The Agent’s Take: “[The building] is about a five-minute walk to Bloor Street and Yorkville, so it’s very well located to shops, subway and all that Toronto has to offer midtown,” agent Elli Davis states.

“It’s an older building, built in the eighties, so it’s not as glamourous as some of the new ones, but the price is very reasonable compared with the new ones.”

Plus, older suites such as this offers more space than newer counterparts, inside and out. “They don’t make one-bedrooms very often any more that are that size,” Ms. Davis notes. “It has a magnificent patio because it’s on the main floor, where you can barbecue, garden and be outdoors like in a house, yet have the condo lifestyle.”

Done Deals: Three Way Bidding War for a King’s Landing Suite

POSTED ON November 4th  - POSTED IN Done Deals, Elli's Archives, Featured News

Done Deals: Three Way Bidding War for a King’s Landing Suite            460 Queens Quay West

Sydnia Yu

Special to the Globe and Mail

Published Thursday, November 3, 2016

460 QUEENS QUAY W., No. 502E, TORONTO

ASKING PRICE: $1,048,000

SELLING PRICE: $1,111,880

TAXES: $5,225 (2015)

DAYS ON THE MARKET: Five

LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

The Action: There aren’t often many opportunities to buy at the King’s Landing building, so this two-bedroom-plus-solarium suite drew in more than a dozen visitors within a few days this summer. It sold in under a week in a three-way bidding war.

What They Got: On the south side of a 30-year-old mid-rise – with optimal views of Lake Ontario – is this 1,672-square-foot unit with a balcony accessible from both bedrooms and a sunroom with a curved glass ceiling.

Set further back from the windows is an open living room, a dining area and renovated kitchen behind pocket doors, as well as two full bathrooms, laundry and storage facilities.

The unit comes with parking and monthly fees of $1,211 to cover water, security and amenities, such as a pool and tennis court.

The Agent’s Take: “King’s Landing is a very nice building built in the eighties and was very innovative for its time facing the waterfront,” agent Elli Davis says. “A lot of downsizers have bought in there and don’t move, and there’s a lot of downtown [professionals] who … like the access to the island airport and Financial District.”

Done Deals: Market Galleria Suite Offers Easy Downtown Access

POSTED ON September 27th  - POSTED IN Done Deals, Elli's Archives, Featured News

Done Deals: Market Galleria Suite Offers Easy Downtown Access             71 Front St East

Sydnia Yu

Special to the Globe and Mail

Published Thursday, September 8, 2016

71 FRONT STREET EAST, No. 306, TORONTO

ASKING PRICE: $525,000

SELLING PRICE: $520,000

PREVIOUS SELLING PRICE: $227,000 (1999); $159,500 (1997); $147,000 (1996)

TAXES: $3,279 (2015)

DAYS ON THE MARKET: 35

LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

The Action: On the block next to the historic St. Lawrence Market, this two-bedroom suite at the Market Galleria was toured by about 20 buyers and transferred over to new owners once a $520,000 deal was inked this summer.

What They Got: At the centre of a mixed-use mid-rise built in the 1980s is an atrium visible from private suites, such as this 1,441-square-foot unit with the additional bonus of a south-facing balcony off the master suite.

For entertaining, there is an open principal room, while cooking and cleaning takes place in the tiled kitchen, two full bathrooms and laundry closet.

Parking comes with the unit, along with monthly fees of $1,269 for the cost of water, gym, guest suites and rooftop deck, plus a redecorated lobby and new elevators.

The Agent’s Take: “It has a very good layout with a generous living and dining room, open concept kitchen, two bedrooms and two full washrooms,” says agent Elli Davis.

“It’s very difficult to find something in this price range that offers that in this city today.”

The building is also anchored by popular bars, Jack Astor’s and Jersey Giant. “The building is partially offices and partially residential, which overlooks the atrium full of foliage, which is quite unique,” Ms. Davis adds.

“Plus, it has easy access to the Theatre District and Financial District, you can walk everywhere.”

Neo-Georgian Mansion Stands the Test of Time – Globe and Mail Home of the Week: 32 Castle Frank Road

POSTED ON August 10th  - POSTED IN Elli's Archives, Featured News

Will You Build One Like That For Me?
Neo-Georgian Mansion Stands the Test of Time32 Castle Frank Road
Globe & Mail Resale Home of the Week:
32 Castle Frank Road

Asking Price: $9.28 million
Taxes: $46,018.52 (2016)
Lot Size: 123.5 by 340 feet
Agents: Janet Lindsay, Chestnut Park Real Estate Ltd., Elli Davis, Royal LePage Real Estate Serviced Ltd.

Article by: Carolyn Ireland

Rosedale lore has it that businessman Gerald Strathy admired a particularly beautiful mansion built at the top of the Don Valley. The architect was the renowned Eustace Bird, who designated such landmark buildings such as 2 King Street East and the Sunbeam Incandescent Lamp Factory on Dufferin Street during his career.

The stately red brick house Mr. Strathy admired at 5 Hawthorn Gardens was the architect’s own home.

Mr. Strathy approached Mr. Bird with a request along the lines of, “Will you build one like that for me?” The Strathy house was positioned a little further along the same ridge at 32 Castle Frank Road and completed in 1912. Most of the neo-Georgian architectural details remain today.

Read Full Article

Done Deals: Forest Hill Tudor Sells Quickly After Handful of Showings

POSTED ON April 22nd  - POSTED IN Done Deals, Elli's Archives, Featured News

Forest Hill Tudor Sells Quickly After Handful of Showings

Sydnia Yu18 Ava Road

Special to the Globe and Mail

Published April 22, 2016

18 AVA ROAD, TORONTO

ASKING PRICE: $2,285,000

SELLING PRICE: $2,250,000

PREVIOUS SELLING PRICE: $550,000 (1994)

TAXES: $10,933 (2015)

DAYS ON THE MARKET: One

LISTING AND CO-OP AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

The Action: Winter promotions for this brick-and-stone Tudor with an unfinished basement quickly resulted in a handful of showings from eager buyers, including casual house hunters who decided this was the first, and only, property they would visit and ultimately, the one to place an offer on.

What They Got: At the intersection of two residential streets is a 50-by-90-foot lot for this detached, three storey house with a mix of old and new characteristics, from a wood-burning fireplace in the living room to a remodeled kitchen with granite counters, stainless steel appliances and hardwood floors.

For privacy, there is a third-floor office, four bathrooms and five upper bedrooms, including three on the second floor with private or semi-ensuite bathrooms.

To entertain outdoors, there is a fenced backyard off the dining room and a deck above the double garage.

The Agent’s Take: “The appeal was the location and the schools,” agent Elli Davis says. “[Plus] it was a corner lot – a little smaller than the traditional 50-by-100 [foot] plus lot in the area – so the envelop of the house was somewhat smaller than other houses, but it was fine for the buyer.”

Though updates are needed, it is a solid base to work with. “It’s a traditional Tudor house in Forest Hill with a very charming interior with a fireplace, wood trims, leaded glass and all the nice older features that come with these kinds of homes,” Ms. Davis says. “It has a double garage, which is a very good feature and not too common.”

 

Done Deals: Bedford Park House Sells for $210,000 Over Asking

POSTED ON April 8th  - POSTED IN Done Deals, Elli's Archives, Featured News

Done Deals: Bedford Park House Sells for $210,000 Over Asking301 Old Orchard Grove

Sydnia Yu

Special to the Globe and Mail

Published Thursday April 7, 2016

301 OLD ORCHARD GROVE, TORONTO

ASKING PRICE: $1,150,000

SELLING PRICE: $1,360,000

PREVIOUS SELLING PRICE: $714,000 (2009)

TAXES: $5,251 (2015)

DAYS ON THE MARKET: Two

LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

The Action: Just one street east of shops and eateries along Avenue Road, this Bedford Park residence with a mutual driveway was staged to enhance its appearance for photographs, private showings and an open house event. The open house was derailed after a pre-emptive offer set off a two-way bidding war at the end of January.

What They Got: This brick residence on a fenced 26-by-105-foot lot has classic features throughout, such as a front living room with a wood-burning fireplace and a formal dining room with French doors to a south-facing deck, which is also accessible from an updated galley kitchen.

Full bathrooms serve three bedrooms and a recreation room on the upper and lower levels respectively.

The Agent’s Take: “The proximity to Avenue Road was very important,” agent Elli Davis says. “The area is so sought after and there were very few listings, so that equals a very busy market.”

Older homes such as this are solid choices for many buyers. “It was a typical two-storey, but it showed very well. It had a renovated kitchen, washrooms and nice backyard,” Ms. Davis states. “So it had the older charm and newer interior, which appealed to many people.”