Lynn Tribbling
Award-Winning Sales Representative
Right At Home Realty Brokerage
Office: 416 383-9525 Direct: 416 252-2221
Lynn Tribbling
Fall Newsletter
Exceptional Real Estate ... Exceptional Realtor
Photo Source: www.homedit.com
Email:
ltribbling@sympatico.ca
Phone: 416-252-2221
Award-Winning Sales Rep.
Right at Home Realty Inc.
Brokerage
Lynn received the prestigious Directors Club Award for outstanding sales achievement in 2018, top 5% of 4000 realtors.
FALL MARKET UPDATE:
Sales Bounce Back
Prices Edge Up, Inventory Shrinks, Condos Shine
The arrows are all pointing up again. Sales volumes climbed in August and prices are inching north. Bidding wars and aggressive bully offers are back in style. Entry-level condos around $500,000 are especially on fire and are snapped up instantly. I recently sold a waterfront condo in Humber Bay in days for a record-breaking, over-asking price, nearly *$900. per square foot.
Along with investors, Millennials and Empty-Nesters are fuelling the condominium boom. Ironically, two separate generations are competing for the same scarce inventory.
Buyers are vigorously returning after a pullback early in the year. Increased sales volumes and prices tell us the tide has turned into a robust Sellers' Market. Vendors are smiling, buyers are grumbling. Now is an excellent time to sell to capture the market momentum. Finding bargains in this market is challenginng and requires expert detective skills.
Affordability is a growing challenge for many buyers. One million dollars buys a shabby starter-home in prime GTA locations and luxury downtown condos routinely fetch more than $1000. per square foot. Rents are skyrocketing too. I currently have a listing, a glam waterfront penthouse, for $19000. per month. Yes, you read that right. Prices are escalating wildly and Toronto is Manhattanizing.
There are two golden rules of real estate: buy low and sell high and timing is everything. Lately there has been noticeable volatility in the Toronto market as sales sputter, then surge.Your best friend is seasoned realtor experienced in market fluctuations. Find a warrior who has seen it all, ups and downs, twists and turns, booms and busts.Her name might be Lynn.
After 20 successful years in the business, I am at the peak of my game. I know stuff and am still turbo-charged to help buyers and sellers. Don't hesitate to call me. I speak fluent real estate and promise to be an exceptional survival guide in this changing market. I would be honoured and delighted to help.
Warm Regards,
Lynn
MARKET REPORT
Toronto Sales Volumes Jump in August, 13.4% Year Over Year
Recent statistics show that the market has recovered from an earlier slump this year, although sales volumes have not yet reached the peaks of 2016.The average price for all properties sold in August was $792,611. This represents nearly a $30,000 hike in prices compared with last year or a moderate 3.1% appreciation rate overall.
Toronto Sales Volumes for all Property Types Increased Year Over Year
Condo Prices Increased 6.1%.
Condos are in high demand and continued to appreciate , often outperforming other housing types. The average GTA condo price is now over $600,000. The condo surge is largely the result of the high price of single family homes and lack of affordability in Toronto. They will stay popular as long as condo prices do not breach the affordability wall. Stay tuned ...
In summer, sales bounced back. Buyers returned and jumped into bidding wars to capture scarce inventory. Fall promises to be a strong market that again gives sellers the advantage and challenges purchasers in most prime areas.
CONDO PRICE GRAPH
HOME STAGING BY LYNN
BEFORE STAGING
I recently listed a huge, 3 bedroom luxury condo where the owner had moverd overseas. The empty rooms looked stark, abandoned and uninviting. Often, buyers have a hard time invisioning a finished product. Staging was the logical answer to add appeal to the soulless suite. Adding furniture, accessories and lighting can turn an ordinary room into a stunning showcase.
AFTER PHYSICAL AND VIRTUAL STAGING
Viola! The transition was amazing. The dull and empty rooms now look elegant and inviting. The rounded furniture was chosen to harmonized with the curved architecture of the livingroom, Notice, the window treatment was also virtually staged to illustrate to buyers how low-floor street views could be enhanced and neutralized. With some skillful computer wizardry, the photo above shows how a simple application of window film could potentially add privacy and beauty. Physical staging, along with creative digital concepts, are powerful marketing tools which I offer in my real estate services.
TRIB'S TRIP TO TINSEL TOWN:
REAL ESTATE SUPER-STAR RETREAT IN VEGAS
2 WEEKS, 4 HOTELS , 6 BUFFETS, 14 COCKTAILS 110 DEGREES AND 4000 REALTORS IN LAS VEGAS!
By Lynn Tribbling, July 2019
In my real estate world, Mike Ferry is a high-voltage Rock Star. He conducts motivational conferences for annoyingly ambitious realtors like myself. We come to get stoked and catapult our careers into the stratosphere. I came mostly for the tax write-off and the remote possibility of meeting a Ryan Gosling lookalike.
I haven't travelled much in a dozen years. Been too busy looking after Mom. Last time I was in Vegas, Wayne Newton was the heart throb and pina coladas were 3 bucks. So this seemed like a good opportunity to update my adventure resume.
The first thing that struck me is how massive and sprawling this little dessert town has become. Shimmering high rise towers are everywhere, along with gnarly traffic gridlock, and thousands of giddy, rubber-necked tourists gawking at all the neon delights. The growth is staggering. Vegas now has 1,000,000. residents, 38,000,000. visitors each year and 14 of the15 largest hotels in the USA are in Vegas.
The age range has changed too. Semi-naked, breeding, millennials crowded every bar and lobby. Vegas is now for thrill-seeking kids, riding Zip Lines and swilling shooters in wet t-shirt pool parties. Hardly a fully-clothed, aging beauty like myself in sight. I have a theory that all that gyrating and jiggling flesh in Vegas is contributing to the seismic shock waves along the west coast.
Something else that was new was the Vegas Hustle: everybody is selling something from time share condos, show tickets, tours, helicopter rides, buffet coupons and selfies with strippers. These earnest hucksters stop you in the street with uninvited pitches. Even in the fancy hotel lobbies, you are stalked by fast-talking sales people who lure you in with little packets of face cream to try their miracle wrinkle concoction for only $300 USD ( Bought some. Didn't work )
For me, the biggest change in a decade was that Vegas is no longer cheap. Gone are the bargain buffets where gluttony used to cost $10. for all-you-can-eat feasts. The lunch buffet at the posh Wynn Hotel and Casino sets you back about $100. Designer cocktails at happy hour are pushing $25.CDN.
Independently operated hotels have vanished on the Strip, gobbled up by huge conglomerates who set high daily prices. Another surprise, was Resort Fees, which adds 50 bucks daily to your stay. Room prices are controlled by scavenging corporate algorithms and prices are steep. End of grumbling.
What was impressive about my trip? Two words: opulence and excess. If you have the money and inclination, you can find the best of everything in Vegas. The Venetian Hotel where I stayed for the conference was world-class with spacious, elegant suites, impeccable service and superb facilities. There are ultra-lux gourmet restaurants, a caviar bar, champagne cellar, designer shops from Tiffany to Cartier.
I stayed a few days at the Mirage Hotel which was fabulous. I loved the lush tropical jungle theme, dolphin pools and the magnificent white tigers. The Sigfrid and Roy Garden offered a rare moment of Zen tranquiility in a city of frenzy and raging adrenalin.
Want to see the world's biggest gold nugget or buy a million dollar diamond ring? It is all waiting for you on The Strip. Who knew you could take a gondola ride in the desert. Where else but Vegas can you visit, Paris, Venice Cairo and Serengeti in one afternoon? How about a shockingly skimpy string bathing suit pictured below for a paltry $500.
Vegas is a brassy miracle in the desert, a tribute to man's ingenuity, enterprise and craziness. It is where luxury meets tacky. Vegas is exciting, hedonistic and outrageous. This glittering town in the Mojave Desert pushes all the buttons, feeds all our apetites. It is the world's largest playground for grownup children, an impossible oasis of pleasure and titilation. Sin City looks like heaven on a Saturday night. As hotel mogul Steve Wynn summarized:,"Vegas is sort of how God would do it if he had money."
Did I mention the real estate conference was excellent ?Alas, didn't meet Ryan Gosling, but I'm stoked. :)
FIVE CONDO TRENDS CONTINUE IN 2019
1. Condos are booming! The popularity of vertical living now attracts nearly 50% of all buyers, whereas a few years ago, the condo market comprised only 30% of sales. Typically, well-priced condos are snapped up with multiple offers and over-asking bids.
2. Prices are surging. The average condo price in the GTA is over $600,000. This offers an affordable alternative to million-dollar detached houses. New condos fetch north of $1000 per square foot, a record-breaking benchmark price.The average price is about $750 per square foot. Monhly maintenance fees are climbing to approximately 74 cents and in some buildings are nearly $1. per square foot.
3. Condos are shrinking. The average size of new condos is under 800 square feet compared with 900 square feet a few years ago. Dinning rooms have disappeared and 3-bedroom suites are virtually extinct. Parking spaces and lockers are expensive add-ons and often not included in the purchase price of downtown condos where parking spaces command $50,000 and up.
4. Condos are becoming family-oriented. Traditionally, first-time buyers and mature empty-nesters drove the condo market. Currently, young families are buying condos as an affordable housing alternative. Many new buildings are child-friendly, offering daycare services and playgrounds.
5. Condo rents are spiking. It is rare to find a basic downtown rental under $2000 per month, whereas a 1-bedroom suite previously rented for under $1500 per month. Two bedrooms are fetching $2500 or more.Three bedroom units are as rare as unicorns and when you find them, expect to pay rents of $3000. to $5000.
FEATURED LISTING FOR SALE
KINGS LANDING
480 Queens Quay W
Suite 203 W $1,990,000
5-Star Building in Habourfront
Every Amenity: Pool, Gym, Golf, Spa, Tennis!
Spacious 2500 sq.ft. Rare 3 Bedroom, 3 Bath
Tree-top and Music Garden View.
LYNN'S RECENT SALES
NEW RESTAURANT OPENING
SCADDABUSH
COMES TO HUMBER BAY
Casually stylish decor and two distinct eating areas: one lively communal seating at the front for families and friends and a quieter section with private booths at the back for conversations and date-night.
Food is reasonably priced with a rustic Italian flair: There is a tempting selection of delicious gastro-pub fare. Scaddabush means a little bit of this and a little of that.
Been three times and loved the flatbread pizza, crispy calamari and monster meatball. Service was genuinely friendly and the outdoor patio is awesome with firepits and mood lighting. Nice.
This place has a lively, downtown vibe, very trendy and urban. Our Humber Bay hood is rapidly transforming into a hot destination for foodies and the glam crowd.. MIMICO ROCKS!
RESERVATIONS ADVISED
122 Marine Parade Drive
416-251-0288
Visit www.scaddabush.com/mimico/
THE LIGHTER SIDE
All it needs is a coat of paint, some air freshener, and perhaps a direct hit from a short-range ballistic missile.
Four bedrooms, two bathrooms, a games room, and
a fully equipped medieval sex dungeon for your enjoyment.
(Photo Source: terriblerealestateagentphotos.com)
Lynn Tribbling,
Sales Representative, Right at Home Realty Brokerage
DIRECT: 416 252-2221 OFFICE: 416 391-3232
EMAIL: ltribbling@sympatico.ca
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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. )