It’s Condolicious … !

By Amy Hoak
From MarketWatch

Buyers who do ask for deep discounts risk offending sellers to the point where they quash any deal. So before making an aggressive offer, some homework is in order, real-estate professionals say. And buyers will need to effectively explain why the price of a home should be lower.

… And there’s always an inherent danger in going too low. A low offer could insult the seller to the point that they’ll refuse to counter, Realtors say. And the seller could easily make the assumption that the buyer isn’t committed to making a deal.

“When you’re making the offer,” says Jon Boyd, Mr. O’Heron’s agent and president of the National Association of Exclusive Buyer Agents, “if you justify that offer with outside data, then it’s much less likely to be perceived as being an insult or [the buyer] not as serious.”

Here are three guidelines on how — and when — to make an aggressive bid:

1. Learn how motivated the seller is to make a deal.

Certain sellers are going to be more willing than others to negotiate a low offer — and there are several giveaways that might indicate more leeway on price.

For instance, if the sellers have already purchased another home and that sale has closed, they’re likely to be more willing to make a deal, says Dick Gaylord, president elect of the National Association of Realtors and a broker with Re/Max Real Estate Specialists in Long Beach, Calif.

If the property has been on the market for a long time, sellers will be interested in entertaining any offers, he adds.

Mr. Gaylord says he talks to the seller’s agent to get as many details as possible about how motivated the seller is.

2. Make your case with hard facts.

When putting together an aggressive offer for a client, Mr. Boyd doesn’t just hand the seller a purchase agreement with the price the buyer is willing to pay — he creates a cover letter explaining exactly where that number came from.

In addition to citing comparable sales in making the offer, it also could be important to include details regarding the amount of inventory in the immediate surrounding area, he says.

…

3. Prepare for the possibility of rejection or negotiation.

Ultimately, a real-estate agent working on behalf of a buyer needs to honor and facilitate the offer that the buyer wishes to make — even if it seems to be too low.

Mr. Gaylord warns buyers making very low offers that the seller might refuse to negotiate. On a “super aggressive offer,” Mr. Boyd says he might tell a client “there’s a one in five chance there will be a positive response.”

Still, there’s that potential for a seller to make a counteroffer, especially if there haven’t been many other bids.

Danielle Kennedy, a real-estate sales coach and author based in Pacific Palisades, Calif., advises sellers not to think of a low offer as an insult but as “a sign of interest.”

It “begins the dialogue regarding the purchase of your house,” she says.

Not all hope is lost even if a seller doesn’t bite immediately.

Sometimes after time elapses, the seller comes around and decides to negotiate, Mr. Boyd says. New information — such as the sale of a comparable home at a lower price — also can nudge a seller to give an aggressive offer a second look and open the negotiation process.

More home sellers are leaving their properties completely unfurnished while they sit on the market. Some argue that an empty house lets prospective buyers more easily picture their belongings in the space, take measurements, and examine recent improvements.However, real estate brokers warn that empty homes must be well maintained, as overgrown lawns could lead buyers to wonder what interior components have been neglected as well. They recommend that sellers keep vacant dwellings clean and in top-notch condition, as flaws cannot be camouflaged by furniture.

Some buyers seek out empty homes because they believe the owner is desperate to make a sale. Sellers unable to generate buyer interest are urged to bring in some furnishings to create a lived-in look.

Source: Virginian-Pilot, Joanne Cleaver (08/18/07)

It’s not often you get to walk through already-built suites for sale in a new Toronto condo building.

This project features 364 hectares of parkland across the street and the historic Inn on the Park next door.

Monarch has a handful of units available in Haven, the third and final phase of its Carrington development at Leslie and Eglinton, beside the historic Inn on the Park.

“You can see what you get,” says Linda Mitchell, vice-president of sales and marketing highrise for Monarch. “The site is built out, so there’s no more construction, no noise going on… it’s the last phase of three buildings. The landscaping, everything’s all completed.For those who don’t want to go through construction for the next three years or wait for their suite. There are a few left.”

Haven is one of three buildings in the development located a few minutes’ drive to the Don Valley Parkway and Highway 401.

“It’s not downtown and it’s not one of these new King West areas, it’s almost like a long-lost forgotten area without a lot of recent development in it,” Mitchell says. “If you like greenery and you want to be away from the hustle and bustle but close enough to it, it’s perfect for that.”

The available suites are spacious,, ranging from a 1,250 square foot two-bedroom unit to a 1,862 square foot two-bedroom plus den unit. Prices go from $391,990 to $643,990.

All remaining units come with two parking spots.

Units feature balconies with park views, nine-foot ceilings in principal rooms, pre-finished engineered hardwood flooring in the living/dining room, den, library and hallway, five-inch baseboards, granite kitchen countertops and double or single stainless steel under-mounted sinks and six brand name appliances and soaker tubs, as per plans.

In addition, the largest suite includes a six-foot whirlpool tub, stainless steel appliances, cornice moulding in the living and dining rooms and extended high kitchen cabinets.

Amenities include a party room with caterer’s kitchen and bar that opens to a landscaped patio, a fitness room, a theatre and sports lounge.

For more information, you can contact us here.

Source

Listings for all condos have been updated as of yesterday.

Also, the Residences of College Park (North Tower) at 763 Bay St. has been registered and now a handful of listings have already come to market.  You can take a look at them here.

Half of suites priced under $200,000

SYDNIA YU

To cater to the demand for more affordable housing in an urban setting, Monarch and Goldman Group have priced nearly half of the condo suites in their new building in Scarborough at less than $200,000.

The 40-storey tower, called Red, will have units ranging from one bedroom to two bedrooms with a den, starting as low as $153,990.

“A lot of the downtown core has gotten out of the price range for people to buy,” says Linda Mitchell, Monarch’s vice-president of high-rise sales and marketing.

“[Scarborough is] one of the last locations for affordable product … that offers all the shops, transportation and amenities that you’d see in a city centre.”

The 370-unit building will be officially launched tomorrow. It’s the latest addition to a master-planned community to the south of the Scarborough Town Centre, called Equinox. More than 500 units have been sold in 29- and 35-storey towers under construction, and over 600 units in two 37-storey high-rises are occupied.

Within a block of the site, a mall includes many retailers, restaurants and a movie theatre, and a Loblaw super store is planned for the area. The site will have easy access to the Scarborough rapid transit system and Highway 401.

Within Red, there will be such recreational amenities as a gym, sports lounge, a theatre with cinema-style seating, as well as a party room with a caterer’s kitchen, bar and billiards table.

Suites will have expansive windows, balconies and in some cases, solariums. Most layouts will have galley-style kitchens and principal rooms separating the bedrooms.

“The floor plans are more of a traditional and practical nature,” Ms. Mitchell says.

Standard features include strip laminate flooring, sisal carpeting or 40-ounce broadloom. Kitchens will have ceramic-tile backsplashes and granite countertops.

Green features will figure more prominently than in previous towers. Among them are low-E argon-filled windows, paints with low levels of toxic emissions, and an automated system to sort waste and recyclables.

Each unit will have individually metered hydro, five appliances — including an Energy Star fridge, built-in dishwasher and stacked washer — and low-flow showerheads and bathroom faucets.

Monarch will provide a car-sharing program, and buyers who do not purchase a parking spot will receive transferable TTC metro passes for one year.

Other conveniences will include a 24-hour concierge, guest suites and a car wash bay in the garage.