Neighbourhood Corner; Yonge & St Clair, Best Kept Secrets

I’m passionate about Yonge & St Clair because I’ve been living in this neighbourhood for over 25 years now and I still love it. Centrally located in the heart of Toronto. Although there is a thriving business community right at the intersection, most people don’t know Yonge & St Clair is a friendly community.

Rosehill Reservoir where you can escape the city noise and then immerse yourself in the in ravine called the David Belford Park Trail. http://goo.gl/maps/rKppg definitely not necessary to drive north for a walk.

Glen Elm Ave. just behind the beautiful York Minister Baptist Church park. This is a quiet dead end residential street just off Yonge St. with a few homes, one condominium building with spacious suites for under $500 per sq. ft. and a couple of well priced rental apartments. Just a 3 minute walk to the shops and restaurants.

Hidden inside the Delisle Court is ‘Sushi Garden” always fresh Japanese, great price and has been in this location for over 25 years and XOCOCAVA, best homemade chocolates, ice cream and desserts.

Check it out on my “Toronto Neighbourhood Tour” Yonge & St Clair http://www.youtube.com/user/evagil31

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Don't Hesitate To  Upgrade Your Home or Condo for Higher Resale Value

Whether you are living in a very outdated condo in an older building or just purchased a newly constructed unit, it does add value to renovate or upgrade your unit.

Most buyers purchasing a newly constructed condo don’t realize that the super fab model suite the builder is showing you are primarily upgrades which would be purchased separately. It is well worth the investment to add upgrades to a unit such as hardwood floors throughout, an under mounted sink, upgraded facets, lighting etc.  A simple upgrade especially to a newly constructed unit makes all the difference when selling the unit. Click to view my “Executive Furnished Suite’ which I decorated. Painting, adding new lighting, curtains, closet organizers, believe it, upgrades like this will draw buyers quickly to a property for faster sales. www.2230lakeshoreblvdsuite2404.com

Real Estate Fraud continues to be a serious issue for the real estate industry.  The two most common types of fraud are; Mortgage Fraud involves acquiring property and then artificially increasing the property’s value through a series of sales and resale’s between the fraudster and someone in cooperation with them. A mortgage is then secured on the property based on the price that has been artificially inflated. Title Fraud affects the the individual homeowners. Stolen or forged documents are used to transfer a registered owner’s title to another person, who then obtains a mortgage on the property or the property is then sold quickly. It is important to get advice from your solicitor prior to final closing about ‘Title Insurance”. Defrauded homeowners with title insurance can recover title or be compensated for their losses, or both. For more info; Stuart Title Guaranty Company. http://www.stewart.ca/en-CA/Residential.html

Eva Bonomolo, Gossip Real Estate

Price Per Sq Ft Comparison Condo Resale Versus Condo New Development;

Before you decide on purchasing into a new development, let me inform you of price per sq. ft. comparison for resale condo suites versus future new development. For example, at Yonge & St. Clair, where I live, existing luxury condo buildings on Delisle, Granite Place, Deer Park, Avoca and the surrounding area, are selling price per sq. ft. in today’s market (November 2012) from  $600.00 - $700.00 per sq. ft. Compare this to the new development such as “The Avendale”, “Imperial Plaza” and “609 Avenue” all selling in the range from $800.00 per sq. ft. to over $1,000. You may be paying for future value with a new development, as a realtor we cannot predict the future value of a property, but I can certainly inform you of the value in today’s real estate market. Remember, buyer's dictate market value.

Eva Bonomolo, Gossip Real Estate

The Ontario and Toronto Land Transfer Tax is a significant consideration when purchasing a property in the City of Toronto. Remember to include this additional cost to your purchasing budget. I recently had a client with a price range of $1.7 million for a home in central Toronto. The Toronto and Ontario Land Transfer Tax on a $1.7 million home is $60,200. With this in mind my client must purchase a property under his original purchase price. I negotiated the home he chose for $1,645,000 with land transfer costs totalling $58,000. Always keep in mind the additional costs over and above of the purchase price. A $400,000 condo now in the City of Toronto will cost $8,200 for the land transfer taxes plus legal fees of approx. $2,000. If you would like to help the Toronto Real Estate Board abolish this tax, please visit,

“Let”s Get This Right Toronto” http://www.letsgetthisrighttoronto.ca/learn/

Eva Bonomolo,

Gossip Real Estate

If you are visiting a new construction sales office and suddenly have the need to purchase a new condo/home, because the sales office has decorated the model suite using all upgraded materials, (none of which are included in the purchase price) then please run with the agreement to your lawyer. By law you have 10 days to change your mind. Ask the lawyer to cap the closing adjustments. If the builder does not allow it, you may want to reconsider the purchase. I know of a builder who slapped a $20,000 adjustment in addition to the purchase price and other closing expenses at closing. This could be a big shock, when it is just a couple of days before closing and you have to come up with the money. Builders will not take no for an answer.

Eva Bonomolo,

Gossip Real Estate

I just encountered another private sale mess. The seller is flip flopping about the price of his home and the buyer’s legal bill is adding up. The seller increased the price and the buyer decides not to pay the increased price. As a result there is no sale.

Beware of listings appearing on Craigslist which indicate that if you buy from the seller they will give a better then market value price. A realtor has access to many tools which educate the seller to establish a market value selling price. When the property is listed by a realtor and exposed on the MLS there could be many buyers interested in the property which in turn could increase the value of the property due to the demand. If there is very little interest from buyers and the property has no offers for a few months, the price and marketing should be reviewed and adjusted to draw new buyers.

The buyers determine the market value and you will only know that when you expose your home to the world of real estate.

Gossip Real Estate,

Eva Bonomolo

Many Buyer’s Caught without Assignment Clause from Builder

It is becoming more common that a purchaser buys a unit from a builder and then a couple of years later, life has changed and now the purchaser does want or cannot afford to pay for the property upon the date that the builder states the property will be ready for occupancy.  If you are rushing to be the first in line to buy into a particular project one of the most important detail to keep in mind is the “10 day cooling off " It is crucial to consult with a real estate lawyer familiar with a builder’s “Agreement of Purchase & Sale to check for an “Assignment Clause”. This clause may allow the purchaser to assign the existing agreement from the builder to another person who will then conclude the purchase when the building is ready for occupancy and then final closing.

But caution! You still need the builders consent regarding the new purchaser and Realtors Can Not lease or advertise the suite for sale on the MLS prior to the title transfer.

Another caution regarding “Adjustments”: please have your lawyer review the builder’s Agreement of Purchase & Sale” during the “10 day cooling off period” for final closing adjustment costs. These costs could be substantial and you don't want a surprise during final closing.

Gossip Real Estate,

Eva Bonomolo

The Well Kept Secret Behind the New Four Seasons Hotel, Yorkville

 As the construction nears completion this fall and occupants of the Four Seasons Hotel and Private Residences start to move in, the residents of 40 Scollard St directly behind the Four Seasons are grateful they purchased their condo unit a while back. Granted there are no hotel services available at 40 Scollard but the location is identical. The purchasers who bought on the north side of The Four Season’s Residences are facing 40 Scollard and the residences living on the south side of 40 Scollard are facing The Four Season’s in other words ‘no view” no matter which building you live in up to the 16th floor. The Four Seasons Residences have sold in the range of $1,200 and $1,800 per sq. ft. whereas a one bedroom in 40 Scollard recently sold for $353,000 approx.  $500 per sq. ft.

So, if your'e ok without the hotel services and amenities of “The Four Seasons Hotel and are willing to settle for a little suite updating, a concierge, gym, sauna and squash court then, let me know and I will find you a suite at 40 Scollard St.

Please visit my You Tube Channel for my “Toronto Neighbourhood Tour of Yorkville and some home prices. 

You Tube Channel http://www.youtube.com/user/evagil31?ob=0&feature=results_main

Eva Bonomolo, Gossip Real Estate

• The Toronto Real Estate Board and it’s realtors are trying to maintain the professional status and privacy of MLS. A recent poll shows 75% of Ontarians believe that personal information such as name, final sale price and mortgage information should be kept confidential by REALTOR® professionals. Commissioner Aitken of the Competition Bureau wants to release this information publically on the internet.

What is your opinion?

Please visit http://protectyourprivacy.ca/

Gossip Real Estate, Eva Bonomolo