Real Estate Newsletter
LATEST DECOR TREND:
Bye-Bye Minimalism! Hello Hollywood Glam!
THE ROARING 20'S SPRING TO LIFE!
After Two Years in Spartan Lockdown,
Sumptuous Surroundings Shine Again!
Minimalism is out. Make way for maximalism. The pendulum has swung, what was old is new again. Top design magazines tell us that glitz and glamour are taking centre stage again, simplicity is giving way to sophistication dripping with gold and silver.
Retro elegance, rich fabrics and opulent details are replacing stark, monochromatic, stripped-down modernism. Luxury in back in style. Roll out the red carpet for the latest décor trend, Hollywood Regency. Think Breakfast at Tiffany’s, Liberace or Marilyn Monroe. Get your glitter on. Here is how to create this glam look:
1. Dramatic Black and White Themes: Use bold patterns, high contrasts, zebra patterns, animal prints, geometric design, milk-white or high-gloss black walls as a backdrop for silver and gold accents, bronze and burnished trim create jewel box rooms,
2.Transitional Style: Mix modern with traditional design. Aristocratic furniture with contemporary flair. Updated, curved Louis XVI chairs, voluptuous tufted sofas, nail head upholstery, plump velvet ottomans, plush, textures, fur throws, classic brass bar carts, mirrored or glass tables. The theme is casual elegance with a romantic feminine vibe.
3. Metallic Accessories: Embellish each room with shiny finishes, gilt sunburst mirrors, ornate gold and silver knickknacks, shag rugs, oriental carpets, white and pink roses in crystal vases, cascading chandeliers, brandy decanters, silver candelabras. The mantra is: More is more.
Right at Home Realty Inc.
DIRECT: 416 252-2221
REAL ESTATE TRENDS
RECORD-BREAKING PRICES CONTINUE:
Market Surges After Early Covid Collapse
Lynn's Crystal Ball
Despite all predictions, Toronto real estate boomed during in 2021 while many other businesses languished. Cheap money and low inventory fueled skyrocketing real estate prices.
The average price for all housing types jumped to $1,160,000. by November 2021.This 19.3% increase added hundreds of thousands of dollars to the cost of a typical home since last year Detached homes in the GTA are even higher, fetching $1,540,000, up a jaw-dropping 27.7%, year over year.
After a slow start in 2020, condos rebounded in 2021. Bidding wars are common and the average price is currently approaching $700,000. Prices are exploding, but sizes are shrinking and the average new condo is a spartan 650 square feet.
Rapidly escalating values have created an affordability crunch, especially for first-time buyers. Incomes have not kept pace with home values. Historically, when prices become out of reach, the market hits a tipping point and the buying momentum slows. It is like the game of musical chairs. Prices peak and the music stops.
FORECAST FOR 2022.
TIPPING POINT COMING?
Statistics for the last quarter of 2021 showed that sales volumes are declining since their peak. Only time will tell if the current crazy-hot Toronto market is sustainable or if it will burst like a bubble.
Alas, my crystal ball has a Covid crack and it is impossible to predict with certainty what will happen next year. The pandemic has humbled all prognosticators, including me.
My hunch is that if interest rates and supply stay low, and the demon virus is tamed, the early months of 2022 will continue to favor sellers.
Price-resistance may trigger a gradual shift in 2022 to a Balanced Market, with stable demand and subdued single-digit appreciation. Two wild cards on the horizon are another deadly wave of Covid and government intervention to cool the market. Either factor would flatten real estate sales in the coming year.
I do not see a catastrophic crash, perhaps, at worst, a trend towards a Goldilocks' market, not too hot, not too cold.
Truth is, dear reader, nobody knows the future. The only thing I can forecast with absolute confidence is that if you are looking for affordability, I see Moose Jaw in your future.
LATEST DEVELOPMENT NEWS
New $5B Project in Mississauga
Mississauga has ambitious plans to transform the old Lakeview Power Station into a shimmering waterfront oasis. Think meadows, sunflowers, parks, trails, beaches and 20,000 new residents.
A consortium of planners, architects, conservationists, politicians, and developers, including Greenpark Homes, hatched a grand vision to convert the177 acre site at Dixie, West of Long Branch and East of Port Credit. The sprawling wetland parcel was purchased for $275M with 67 acres dedicated to parkland as part of the deal. Mayor, Bonnie Crombie was pleased.
Locals remember the giant smokestacks that dominated the western skyline for years and were referred to as the "Four Sisters." Not long after they were shut down and demolished, the story is that Councillor, James Covey, was walking his dog Jake and he had a jolting epiphany.
He glimpsed the future and saw a thriving new waterfront community with condos, homes, recreation, commerce and nature, in perfect harmony. His vision was bristling with creativity, innovation and cashflow. Like Walt Disney, he saw magic in a swamp.
Sadly, Jim did not live to see the Cinderella transformation of a grimy coal plant into a glittering satellite city. A Master Plan is now in place and visitors are invited to the new Discovery Centre to preview the epic project or you can visit the informative website: mylakeviewvillage.com Stay tuned and be prepared to be dazzled. Jim and Jake certainly had a nose for progress. (Story Source, Toronto Star)
STRATEGIES FOR DOWNSIZING
Moving is Easy ... Said Nobody, Ever.
There comes a moment in everyone's life when it is time to move on. In fact, 2022, is perhaps the best time in history to be a seller to capture the momentum of stratospheric prices. So, if you are thinking about downsizing or right-sizing, roll up your sleeves and get ready to leap into the next chapter of your destiny. Ready, set, go!
Transitions are inevitable but stressful. There are so many things to do, so many decisions and a nagging fear of the unknown. A few years back, I studied successful downsizers and wrote a graduate thesis at U. of T. on that subject. Here are four basic strategies which emerged from my interviews.
3. PURGE: Go room, by room and create a master inventory list of all your contents. Realistically evaluate each item and decide what to do with unwanted, unloved and unnecessary items. Do a quick Google search and you will find many all-inclusive services like Max Sold and Red Coats who handle the whole process from start to finish. I recently hired a professional assistant 3 hours, once a week, for 6 months. We systematically removed 103 large bags of clutter. The goal is to free yourself from the tyranny of stuff and dump the junk. The result is a Zen-like nirvana, akin to bliss.
4. PROFESSIONAL HELP: Downsizing, like any major change, can be overwhelming. Moving ranks in the top tier of lifestyle stressors. Reach out to experts and specialists in the field to help ease the trauma. Your downsizing team should include an experienced realtor, home stager, contractor, handyman, and ideally, a personal helper. Many hands make light work.
1. PLAN: Decide where you are going. Research alternative lifestyles: smaller condo, retirement community, country property, offshore haven, move in with family. Start organizing your move months in advance. Create an estimated budget. Set monthly goals. Schedule your weekly workflow, make daily to-do lists,
2. PREPARE YOUR HOME: Refresh each room and improve the exterior curb appeal to appeal to buyers, Sanitize and clean all visible surfaces, Modernize and update kitchen and bathroom deco. Neutralize strong colours, paint walls white, gray or beige. Maximize lighting and space. Minimize personal items and collections. Finalize repairs. Do a cheap and cheerful lipstick renovation of your home before listing.
LYNN'S FEATURED CONDO LISTING
KINGS LANDING,480 Queens Quay
Suite 203. Harbourfront, Toronto
Private Corner, South Lake/Park View. 2 Parking, Balcony for BBQ's, Closets Galore.
2400+ Sq. Ft. Rare 3 Bedroom, Luxe 5-Star Building. Every Amenity: Pool, Gym, Golf, Spa, Tennis!
LYNN'S PAST SALES
THINKING OF SELLING?
Sellers enjoy hundreds of thousands of dollars of appreciation in the current robust real estate market, but there are significant costs associated with the disposition of property. Here is a summary of estimated expenses:
1. REAL ESTATE COMMISSIONS - Fees are negotiable, depending on the services provided. Typically, full-service fees are 5% + HST, distributed 2.5% to the listing Brokerage and 2.5% to the selling Brokerage. If there is only one Brokerage involved and only one Realtor, the commission is often reduced to 3% or less. All agreements regarding fees must be in writing. Discount brokerages may offer reduced fees for limited listing services .
2. LAWYER FEES - Depending on the complexity of the transactions, legal fees generally range from $750.00 - $2000 plus disbursements. Ask your lawyer for a quotation in advance.
3. H.S.T. - A tax of 13% is charged on real estate commissions and legal fees which is paid back to the government. Sellers who are flipping pre-construction condos may incur HST liabilities. Ask your lawyer for details.
4. PRE-LISTING HOME INSPECTIONS - Professional home inspection reports cost from $400-$700 based on the size of the home and scope of work. A new home survey can cost $700-$5000.
5. STATUS CERTIFICATES - Cost $100-$125, usually paid by the seller and are required in almost all condominium sales.
6. STAGING, REPAIR, CLEANING, DE-CLUTTERING - This is a discretionary expense and will vary from a few hundred dollars to thousands. Get quotes in advance from various providers.
7. ADJUSTMENTS - These are the amounts due on closing that may be in arrears (taxes, condo fees, utilities) and are taken from the sale proceeds. Your lawyer prepares a detailed statement
8. MORTGAGE PENALTIES AND DISCHARGE FEES - These amounts can be significant, especially if you are breaking a closed mortgage. Verify these charges in advance with your lender.
9. MOVING COSTS - Vary considerably depending on services provided, as well as the time and distance involved. Get several flat-rate quotes. There may be security and elevator charges in condo moves.
10. TAXES DUE ON SALE - These include capital gains tax on investment property and taxes for non-resident sellers. These costs are sizeable, sometimes as much as 25% of the price. Consult a tax professional for expert guidance.
At Your Service ... Happy to Help :)
WHAT PEOPLE SAY ABOUT LYNN :
"Lynn Tribbling is in a class by herself. I work with realtors all day long, and no one is as creative and meticulous. She is unique and really understands the psyche of the high-end market. Her knowledge of condominiums is like an encyclopedia and her sense of humour really makes my day!" (Diane Verity, Post Newspaper)
“Lynn Tribbling is a dynamo with the Midas touch." (Vancouver Province Newspaper)
"I owe you a dozen roses, six kisses and a pocketful of thanks for all the real estate advice you gave me. You are a superb teacher and inspiring role model." (Irene Robinson, Investor)
THE LIGHTER SIDE
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Until next time dear friends and clients, stay well, stay safe, keep smiling !
Sales Representative, Right at Home Realty Brokerage
DIRECT: 416 252-2221 OFFICE: 416 383-9525
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(**DISCLAIMER: Not intended to solicit listed properties or buyers under contract. All information is approximate and subject to change. Non-proprietary photos courtesy of Google images.E.& O.E. )
ISSUE: Year End 2021
OTHER WEBSITE: www.ltribbling.com