Aug. 1, 2012 Issue 53

MarketWatch August A 2012 28/07/12 3:26 PM Page 1

August 1, 2012 - Vol 42

P R E S E N T E D

B Y

T H E

G O L F I

T E A M

Movie Night entertains over 1000 in Grimsby!

Big Success for the local Food Bank!

See pictures on pages 6 & 7.

HOME EVALUATION NO COST • NO OBLIGATION

905-575-7700 • 905-945-0188

MarketWatch August A 2012 28/07/12 3:26 PM Page 2

Page 2

The Golfi Team Real Estate Market Watch

Does a Minute Matter in a Real Estate Deal?

About Rob Golfi

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ince the inception of his career in 1997, Rob Golfi has recognized that understanding his clients’ needs is essential to providing excellent service.

As business grew, Rob assembled the Golfi Team in an effort to maintain the same level of professionalism clients have come to expect. Shortly thereafter in 2003, the team received the prestigious honour of being among the top 100 Real Estate Teams for RE/MAX Canada, and this status continues to date.

Rob’s experience and aggressive negotiating skills have earned him every major honour awarded by RE/MAX, including President’s Club, 100% Club, Platinum Club, Chairman’s Club, Hall of Fame in 2003, the Lifetime Achievement Award in 2006, his SRES® designation in 2009 and the Diamond Club Award in 2010. Having worked with

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many of the industry’s professionals over the years, he has the necessary edge to best negotiate the sale of your home.

Any agent can list your house, but Rob’s knowledge, extensive marketing background and dedication gives clients peace of mind when dealing with the single most important investment in their lives. With years of combined experience, the Golfi Team can provide your home with a level of exposure that most agents cannot. Utilizing a team approach also means that they will likely find a purchaser to buy your home sooner, rather than waiting for other agents to approach you with potential buyers.

Ranked in the top 5 of nearly 2,000 sales agents in the Hamilton-Burlington and Niagara areas, listing with Rob and the Golfi Team is the right choice when choosing someone to represent your best interest. -Å

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August 1, 2012

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he standard Ontario real estate contract says deals must be concluded no later than 6 p.m. on the day of closing. But if you’re a minute late, will that kill the deal?

On Friday, Nov. 30, 2007, lawyer Michael Gatien went to the Cornwall, Ont., registry office to register a deed on behalf of his client, who had just bought a plaza. He had wired the purchase funds to the trust account of the seller’s lawyer just after 4 p.m. and received the final go-ahead to register the deed at 4:53 p.m. But when he tried to register the deed, he missed the 5 p.m. deadline by one minute.

The registration system would not accept anything after 5 p.m.

The seller then tried to cancel the deal, claiming the deed was not registered in time. The buyer’s lawyer argued that since all steps had been taken to close the deal, the deed registration could take place when the registry office reopened on Monday.

The sale had involved difficult negotiations and there were some hard feelings, which all contributed to the seller trying to cancel the deal. It went to court in March 2009 and a judge ruled the seller could not refuse to close.

Normally, real estate deals close when the money has been delivered from the buyer’s lawyer to the seller’s lawyer and title has been transferred to the buyer. Funds are usually sent by wire transfer. The seller’s lawyer releases the deed for transfer on the government computer registry system and the buyer’s lawyer then completes the computer registration.

Why does the standard agreement say that deals can be completed by 6 p.m. if the computers close down at 5 p.m.?

In order for the computer registration process to operate efficiently, lawyers for the buyer and seller sign an agreement that says all the money will be held in escrow until the deed gets registered. In many cases, buyers are waiting for their own sale deal to close in order to get the money to close their purchase. As a result, there is often not enough time to get the money wired into the trust account and to complete the electronic registration before 5 p.m. This is especially true at the end of the month, when many deals are closing on the same day.

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The Solution Fill in the grid above, so that each row of 9 squares, each column of nine and each section of nine (three squares by three) contains the numbers 1 through 9 in any order. There is only one solution for the puzzle and the numbers shown can NOT be changed.

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As a result, in many cases the deal closes after 5 p.m. “in escrow.”

The lawyers agree that even though the deed is not registered, the buyers can move into the home, the seller’s lawyer will hold the money overnight in their trust account and the deed will be registered the next morning.

This escrow agreement is typically completed before 6 p.m.

Can a seller get out of the deal if the money is not delivered to their lawyer before 5 p.m.?

While this did not occur in the above case, a judge will also look at the local practice of how real estate deals are conducted.

In another case, a buyer’s lawyer was late getting the cheque to the seller’s lawyer. The seller tried to cancel the deal. The court found that the seller contributed to the deal closing late by delaying the final closing visit of the buyer and not giving the buyer’s lawyer instructions as to how to make the cheques payable until late in the afternoon.

Another question that arises on closing is when does a seller have to let the buyer into the house?

This should happen as soon as title registration takes place and not later than 6 p.m. if it is an escrow arrangement. In one case, a buyer’s movers sat in the driveway from 6 p.m. on the day of closing until 9 p.m., waiting for the sellers to leave.

It cost the sellers more than $1,000 to pay for the buyer’s additional moving costs, since they were late leaving the home.

Sellers also cannot leave junk in the house on closing. If they do, the buyer can sue to pay for the cost of removing it.

Sellers, vacate your home early on the date of closing and take everything with you. If you need more time, make changes in the contract at the time you sell it.

Buyers and sellers, do not try to change your mind and cancel a deal because a deed cannot be registered in time. Let your lawyers complete the escrow and move on.

Mark Weisleder is a Toronto real estate lawyer. Contact him at mark@markweisleder.com

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MarketWatch August A 2012 28/07/12 3:26 PM Page 3

August 1, 2012

The Golfi Team Real Estate Market Watch

Page 3

Facts About the GOLFI TEAM… 3 Over $60 Million in Sales Annually** 3 #1 Real Estate Office in Hamilton-Burlington* 3 Amongst the Top Sales Reps in Ontario** 3 Ranked Top 50 Teams in Canada for ** 3 Ranked Top 100 Teams world wide**

1998

Rob Golfi Sales Representative

2003

2003

2006

2010

OVER $460 MILLION IN REAL ESTATE SALES *#1 Brokerage in the Realtors Association of Hamilton Burlington MLS from 1994 to 2010 consecutively. **Year End Standings for 2010, based on residential commissions paid. Rankings are compiled from figures submitted by regional offices.

Rob Golfi

Sharon Stafford

Sales Representative

Mike McNeil

Sales Representative

Hans Marcellissen

Heather Reid

Sales Representative

Sales Representative

Kristina King

Sales Representative

Wendy Murray-Nicholson Sales Representative

Sales Representative

Vince Lazaruk

Sales Representative

Rosemarie Fournier Listing Co-ordinator

Together Delivering More...

HOME EVALUATION NO COST • NO OBLIGATION

905-575-7700 • 905-945-0188 Call Today 905-575-7700

MarketWatch August A 2012 28/07/12 3:26 PM Page 4

Page 4

The Golfi Team Real Estate Market Watch

August 1, 2012

Vacancy Rate in Seniors’ Housing Residences at 10.6 per cent

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he vacancy rate for standard spaces for seniors across the country was 10.6 per cent this spring, relatively unchanged from 10.7 per cent in 2011, according to Canada Mortgage and Housing Corporation’s Seniors’ Housing Report, Canada Highlights edition.

“While the total number of spaces for seniors increased in 2012, the number of standard spaces actually declined over the same period,” said Mathieu Laberge, Deputy Chief Economist at CMHC. “Combined with an increase in the total

number of residents, this led to a relative stability in the overall vacancy rate, from 9.7 per cent in 2011 to 9.5 per cent in 2012.”

Vacancy rates varied across the country, from a high of 38.7 per cent in Newfoundland and Labrador to a low of 4.8 per cent in Manitoba. The vacancy rates for standard spaces in Ontario (14.4 per cent), British Columbia (12.6 per cent) and Alberta (11.3 per cent) were above the national average. The rates in Saskatchewan (6.7 per cent), Nova Scotia (6.9 per cent), New Brunswick (7.7 per

cent), Prince Edward Island (8.2 per cent) and Quebec (8.4 per cent), were below the national average.

The average rent for bachelor units and private rooms, where at least one meal is included in the rent, was $1,966 per month in 2012, up from $1,903 in 2011. Quebec posted the lowest average rent at $1,410, while Ontario posted the highest average rent at $2,699.

According to the survey, 202,091 seniors lived in the 2,586 residences surveyed. Across the country, 204,496 spaces were on the market, of which the

vast majority (81.8 per cent) were standard spaces.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

Home prices in Ontario up 17% in four years

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verage Ontario home prices have risen 17 per cent over the past four years, with the most significant growth seen in the province’s north, according to a report released Tuesday.

The Municipal Property Assessment Corporation, which tracked home sale prices in Ontario between Jan. 1, 2008 and Jan. 1, 2012, said the figures are good news for Ontario homeowners as they suggest a strong real estate market.

“Increasing property values reflect positive economic circumstances,” said MPAC’s Chief Assessor Larry Hummel.

However, rising home prices make it difficult for first-time homebuyers to enter the market and many in some of Ontario’s most expensive cities like Toronto are opting for condos, a market that many economists have warned could soon be at risk of a downturn.

The figures reflect average price trends in local markets, which can vary greatly from one another.

To illustrate the 17 per cent average provincial increase, the report said if a property sold for $350,000 on Jan. 1, 2008, the average sale price for that same property on Jan. 1, 2012 would be $409,500.

“This is a reflection of obviously a lot of sale data,” Hummel said of the

report’s figures.

The report noted some of the most significant growth in Ottawa and in cities in Northern Ontario.

The country’s capital saw home prices rise 24 per cent over the last few years, according to the report, which notes the city has a stable and fairly diverse economy which contributes to a steady increase in prices.

Meanwhile, in Northern Ontario, the report found a 29 per cent jump in home prices in the Timmins area, a 25 per cent increase in the Sault Ste. Marie area and a 19 per cent rise in sale prices in the Sudbury area.

Higher resource prices which contributed to a mining boom and the diversification of local economies are behind the price increases in the north, said Hummel.

Population increases related to the mining industry have been driving infrastructure development and have had a ripple effect on the real estate market, he said.

“The north is coming off a very low base,” he said. “Their house prices — up until this last five- or six-year period — were very low relative to the rest of Ontario.”

Those home prices are still comparatively lower than those found in southern

Ontario, the report notes. In Sault Ste. Marie for example, an 1,100-square foot bungalow sold for an average of $152,616 in 2011.

Further south, the report found average home sale prices in Toronto jumped 23 per cent over the four-year period.

Other municipalities saw more modest increases, with home prices in London rising seven per cent and those in Barrie increasing six per cent over the same four-year period.

MPAC analysed actual sale prices of similar properties to help establish the assessed value of residential properties.

The location, quality of construction, lot dimensions, any renovations or additions, as well as number of bathrooms were some of the factors that played into a property’s assessment.

The report released Monday was MPAC’s first such document on residential sale price trends, which Hummel said is laying a foundation for a home price assessment update later this year.

One of MPAC’s goals with the report was to take the temperature of the Ontario real estate market so homeowners are better informed.

“We want to give them a sense of where the price for their home is heading,” said Hummel. “We wanted to make people aware of what is going to happen

Crossword Puzzle (Solution on Page 11)

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Drag a leg (4) Abridge (3,5) Expertise (4-3) Radioactive gas, linked to granite (5) Demolish (5) Colonnade (6) Renovation (13) Leading light (informal) (3,3) Scoundrel (5) Someone from Muscat? (5) Distinctive inner nature of person or thing (7) Taking no notice (8) Second letter of Greek alphabet (4)

Tepid (8) American elk (5) Reluctance (13) Gesture of indifference (5) Relating to the past (3-4) Shade (4) Close-fitting necklace (6) And the rest (Latin) (2,6) Film that has been shot (7) Belief that rejects the orthodox tenets of a religion (6) 18 Bore — exercise (5) 20 Magical being who carries out a person's wishes (5) 21 Blunt weapon (4)

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in the marketplace.”

Canada’s real estate market is showing signs of cooling off following a postrecession boom sparked by a move to ultra-low interest rates. Both national home sales and the average home price were down year-over-year last month, indicators that the national market could be slowing.

The national average home price in June was $369,339, down 0.8 per cent from the same month last year, the Canadian Real Estate Association said.

But prices increased in Calgary, remained strong in Toronto and continued to slow in Vancouver.

MarketWatch August A 2012 28/07/12 3:27 PM Page 5

August 1, 2012

The Golfi Team Real Estate Market Watch

Page 5

Grimsby, Lincoln West Lincoln & Niagara

Rob Golfi*

BeAMSvILLe $262,900 4887 Adam court

GRIMSBY $459,900 23 Tunbridge Crescent

GRIMSBY $259,900 218 Livingston Avenue

GRIMSBY $324,900 69 Colonial Crescent

9 year old One Floor Beauty. Open concept home features hrdwd, cer & carptd bed. Main flr family room with walkout to fenced in back yard with spacious deck.

Basement is professionally finished with oversized recroom, bathroom, bedrooms & office space

Fabulous Location! 3 Bedrm side split w/amazing views of the escarpment, most windows replaced in Feb 12, A/C ‘05.

Walk out from the basement to the rear fully fenced yard.

Lrg updated eat in kitchen, hardwd flring in LR. Close to QEW, go bus, shopping, arenas, & schools.

GREAT VALUE! Large 4 level backsplit finished on all levels. 3+1 bedrooms and two full bathrooms. Perfect for the growing family. Large eat-in kitchen leading to the backyard that is fully fenced in.

FREEHOLD TOWNHOUSE. Immediate Possession for this stunning 3 bedroom townhouse. Nicely appointed with hardwood, ceramics, dark maple cabinetry and generous backyard. Close to parks, shopping and highway access.

$1836.92 per/mth P&I / O.A.C.

$1038.08 per/mth P&I / O.A.C.

$1297.70 per/mth P&I / O.A.C.

$1050.07 per/mth P&I / O.A.C.

ITH W D SOL

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DUPLEX

YS A D 10 N I D SOL GRIMSBY $529,900 135 Olive Street

GRIMSBY $629,900 7 Chestnut Drive

Fantastic Investment Opportunity, Duplex within the downtown core. 2 bedrm unit on main level & 1 bedroom unit on upper level. Gross income of $1885/mth. Includes large double car garage, shingles approx 4 yrs new, and new furnace 2011. Please allow 24 Hrs for showings.

SUNRISE to LAKEVIEWS! 2 stry all-brick home w/beautiful hardwd flrs, upgraded trim & crown moulding, ensuite w/glass shower & roman tub, kitchen w/over-sized island & granite counters, 50 bottle wine rack, finished basement w/theater room, & underground sprinkler system.

PURE LUXURY! Over 3000 sqft. flourished w/upgrades, lrg kitch w/Caesar stone throughout, hardwd in great rm & dining rm, lrg master bedrm w/upgraded ensuite w/oversized glass shower, 2 stainless steel gas fireplaces, oak handrails w/aluminum spindles, 9 ft ceilings.

$978.17 per/mth P&I / O.A.C.

SOLD

$2515.92 per/mth P&I / O.A.C.

GRIMSBY $359,900 82 Griffith Drive

GRIMSBY $244,900 15 Adelaide Street

A PLACE WITH SPACE! 11 yrs new, beautifully maintained 3 bedrm home features kitchen refaced with breakfast island, showcase fireplace in sunken family rm, hardwd & ceramic flrs, freshly painted, ensuite bath & walk in closet, fenced yard.

SOLD

AYS D 0 IN 2 D L SO BeAMSvILLe $399,900 4841 John Street

GRIMSBY $479,900 288 Kemp Rd. W

STevenSvILLe $254,900 3669 Carver Street

GRIMSBY $319,900 382 Kerman Avenue

NEW HOUSE BUT BETTER! Features 9’ ceilings, gorgeous open stair case, wonderful family size kitchen with 8ft patio and sliding doors leading to 12x24 ft deck with hot tub and fence yard, oversized family room with showcase gas fireplace, and finished basement.

Unique property zoned for priv. club recreational use; suitable for many types of organizations on priv. 25 acres of land w/mutual picnic area. Banquet/dance hall 2500 sq. ft with 12’ ceilings, FP, full kit facilities, bar area, coat check, bthrms & spacious bsmt for storage.

Beautifully maintained 7 yr old, 2 BR bungalow. Large open concept living room/dining room w/cathedral ceilings complete with a home office/den. Completely finished basement w/corner gas fireplace, wet bar and a 2 piece bathroom. Loads of upgrades.

ULTIMATE LIVING! Private master bedroom with updated ensuite bathroom and heated floors, new furnace and C/air, hardwood floors, mostly all updated vinyl windows, garden doors leading to covered porch with hot tub, beautiful picturesque private back yard and quick access to QEW.

$1597.27 per/mth P&I / O.A.C.

$1896.83 per/mth P&I / O.A.C.

$1018.11 per/mth P&I / O.A.C.

SOLD

9% 9 R D FO L O S

ING K S OF A

GRIMSBY $474,900 53 Sumner Crescent

ST. CATHARIneS $274,900 15 Lakeside Drive, Unit 41

SMITHvILLe $469,900 14 Sarah Crescent

DYNAMITE DEAL IN GRIMSBY! 5 BR home including laundry rm, all on second flr. Features gorgeous hardwood floors, grand foyer w/oak spiral staircase, maple kitchen cabinets, rich hotel style ensuite bath w/glass enclosed shower, & a professionally finished basement w/9ft ceilings.

BeAMSvILLe $405,900 4844 Northgate Crescent

2 BR townhome w/amazing views of the lake. Resort style living. Lrg eat-in kitch, formal DR, LR w/corner gas FP. Hardwd in DR/LR & new hardwd in the master BR. Beautifully decorated, inground pool, lrg courtyard, priv. deck off patio doors, lower level is finished.

LAVISH TOP TO BOTTOM! 2400 sqft. of luxury this 4 bdrm home features gorgeous hardwood, main flr laundry, oak staircase w/balcony overlooking great rm, crown mouldings, over sized maple kitchen w/granite & island, ,RI-bath in basement, $1000s in upgrades, shows like a dream!

Station Meadows Beauty. 2600 sq ft, 4 bdrm. Incl main laundry, soaring ceilings in the main flr family rm, oversized eat-in kitc & w/o to deck & pool-sized yard. Basement fin w/ rec room & additional rms for bedrms or office

$1896.83 per/mth P&I / O.A.C.

$1098.00 per/mth P&I / O.A.C.

SOLD

$1876.86 per/mth P&I / O.A.C.

IN-LAW SETUP

9% 9 R D FO L O S

ING K S OF A

WeST LInCOLn $319,900 9407 Silver Street

BeAMSvILLe $284,900 4503 Dufferin Avenue

GRIMSBY $349,900 81 Colonial Crescent

GRIMSBY $159,900 49 Ontario Street, Unit#14

Amazing home on 100 x 200ft lot, built in 1953, has an open concept LR/DR w/hrdwd flrs, huge master suite, new HighEff gas furnance/CA, updated bath, entry doors, & water cond.. Bonus rm over the garage.

Raised Ranch with 4+1 bedrms ideal for in-law setup, double garage, walk out from finished basement, renovated kitchen with oak cabinets, island with granite counter, new C/air 2011, shingles 2005. All vinyl windows, great neighborhood.

3 bed home features open main floor plan, Jewel stone finish flooring in liv/din room, hardwood & walk out to backyard oasis, oversized deck, above ground pool & views of the Escarpment. Basement is fully finished with a 3 pc bath.

Stunning townhome! Quality finishes throughout incl. hardwd flring, kit w/breakfast bar, oversized master BR, walk-in closet, & a main floor bath. Condo fees are $290.00/month & incl. C/Air, & exterior maintenance, building insurance, hydro, parking, & water.

$1277.73 per/mth P&I / O.A.C.

$1337.94 per/mth P&I / O.A.C.

SOLD

$638.67 per/mth P&I / O.A.C.

Call Today 905-945-0188

MarketWatch August A 2012 28/07/12 3:27 PM Page 6

outdoor Movie night was a Great S over 1000 in attendance, 2200 lbs

A “BIG ThAnk you” to our Corporate S

Giant Tiger Grimsby • Family Video Grimsby • Fortino’s Stoney Creek • New Sun Coo Sobeys Grimsby • Canadian Tire Grimsby • Food Basics Grimsby • State Farm Beamsvill The Dressing Room Salon & Dayspa Grimsby • Metcalfe Electric Grimsby • MacGirr’s Country Meat Market Stoney Creek • ED Smith Winona • Bozzo Specialty Foods Grims

www.golfiteam.com

MarketWatch August A 2012 28/07/12 3:27 PM Page 7

at Success for the local Food Bank... lbs of food & $700 cash donated!!!

All photography

by Vince Magro

ate Sponsors and Everyone in Attendance!

un Cookies Stoney Creek • Voortmans Cookies Burlington • Walmart Stoney Creek • amsville • Robert Bruno - KIA of Hamilton • Fortino’s Hamilton • Canada Trust Grimsby • cGirr’s Home Hardware Grimsby • Pioneer Gas Station Grimsby • Salon 63 Grimsby • s Grimsby • Subway Smithville • Gino’s Pizza Smithville • Turkstra Lumber Smithville

Call Today 905-575-7700

MarketWatch August A 2012 28/07/12 3:27 PM Page 8

Page 8

The Golfi Team Real Estate Market Watch

Rob Golfi*

August 1, 2012

Hamilton, Stoney Creek, Ancaster, Dundas & Glanbrook

STOneY CReek $479,900 371 Montreal Circle

BuRLInGTOn $119,900 1-1167 North Shore Blvd.

HAMILTOn CTR $387,900 43 Hepburn Crescent

QUIET LAKESIDE NEIGHBOURHOOD! Prestigious 2 Storey home built by Marz Homes in 2009 – features fantastic open flr plan with gorgeous walnut hardwd flrs Stylish kitchen with granite counters & ceramics, large master suite with walk in closet and rich hotel style ensuite.

Great opportunity to own on North Shore Blvd just steps away from Spencer Smith Park & quick access to QEW. Bring your paint brush & tools & make this your own unit.

Co-op fee of $345.35 includes taxes, heat, water, & exterior maintenance. No dogs, no renting allowed.

METICULOUSLY MAINTAINED! Finished top to bottom this 2 storey home shows like a dream! Features gorgeous hardwd flrs, stylish kitchen w/maple cabinets, master bedrm w/rich hotel style ensuite bath, professionally finished basement w/3pc bath, patterned concrete drive, fenced yard.

INVESTMENT OPPORTUNITY! Close to MAC University. Has six rooms, two kitchens and two bathrooms.

Front bedroom was garage and can be converted back for parking. Big lot with loads of updates. Close to amenities.

Place shows well.

$1916.80 per/mth P&I / O.A.C.

$478.90 per/mth P&I / O.A.C.

$1549.34 per/mth P&I / O.A.C.

$1078.02 per/mth P&I / O.A.C.

HAMILTOn WeST $269,900 72 Whitney Avenue

TOO NEW FOR PHOTO HAMILTOn MTn $219,900 651 Upper Ottawa Street

STOneY CReek $299,900 135 MacIntosh Drive

HAMILTOn MTn $299,900 47 Belvidere Avenue

YOUR OWN PRIVATE PARK. Huge well landscaped rear yard, fully fenced with a big deck and walkout from the dining room. Mostly hardwood on the main floor and updated windows. New furnace 2011. rec room with bar and gas fireplace. Double concrete drive good for 4 cars.

GET INTO THIS ONE FAST! This outstanding, immaculate home features gorgeous updated kitchen with granite like counter tops & ceramic back splash, updated bathrm, beautiful hardwood floors throughout main level, new vinyl windows, shingles, furnace and C/Air all 6 yrs new.

Great mountain location 3+1 bedroom brick bungalow, steps to the Hamilton escarpment. Updates include kitchen, bathrooms, fin. basement, roof, windows, doors, furnace, and C/A. Granny suite possibility in basement. Very quiet and private backyard with beautiful perennial gardens.

Fabulous 3 bedroom, 2-1/2 bathroom, 2 storey townhouse backing onto parkette in Binbrook. Features master with ensuite bathroom. Open concept main floor and fully fenced back yard. Get inside today.

$787.32 per/mth P&I / O.A.C.

$1197.85 per/mth P&I / O.A.C.

$1197.85 per/mth P&I / O.A.C.

$1038.08 per/mth P&I / O.A.C.

AY! D E ON N I D SOL

OF % 8 9 FOR D L O S

HAMILTOn $349,900 183 Bolzano Drive

BRAnTFORD $279,900 91 Osborne Avenue

BInBROOk $259,900 32 Gowland Avenue

AYS D 7 G IN N I K S A

HAMILTOn eAST $132,900 127 Hope Avenue

STOneY CReek $329,900 134 Cove Crescent

CHARMING BUNGALOW TAKES YOU BY SURPRISE! This 14 year new home features gorgeous hardwd flrs, cathedral ceilings in family rm, professionally finished basement w/2 bedrm in-law set up, 2 yr new furnace, fenced yard w/large patio deck off family room, & oversized garage.

Beautiful all brick home features Cherry hardwd flrs in hall, kitchen & gathering area, kitchen w/island & upgraded backsplash, master bedrm w/walk-in closet & ensuite, rec room w/potlights & walkout to deck with huge yard. Incl.

C/V, C/A and dishwasher. JUST MOVE IN!

OPPORTUNITY AWAITS! Nicely finished one floor plan with no carpet. Shows 10+. Updated windows, wiring, plumbing, furnace, tank less water heater & waterproofed basement with 4 big windows. A walk to center mall, & easy highway access.

2 Stry, 3 BR home linked underground & features master w/ensuite & walk-in closet, LR/DR, eat-in kit w/walkout to a lrg concrete patio & fenced in yard. Basement recently refreshed w/new carpet & 3pc bath. Updates incl. windows, roof, furnace & A/C.

SOLD

$1117.97 per/mth P&I / O.A.C.

SOLD

$1317.67 per/mth P&I / O.A.C.

HAMILTOn $199,900 75 London Street North

HAMILTOn $189,900 214 Rosslyn Avenue North

STOneY CReek $418,900 5 Sandy Drive

Charming 3 bedroom Gem! Updates incl. electrical, plumbing, roof, most windows, & furnace all in ‘06, updated kitchen ‘07, rear deck & french doors ’09, flooring on main level & rear fence ’10, pool pump & liner ’12, & finished basement w/new carpet. A must see!

2 1/2 storey, double brick, 5 bedroom home. Includes: 200 amp service, 3 piece bath, and eat-in kitchen in basement with side door. All major updates have been done, shingles, all windows, central air, furnace, front door & railings front and back. Just move in and relax!

Prestigious 4 bdrm 2700 sqft 2 storey. Grand foyer with oak staircase, kitch w/large island & built in appliances, hardwd in formal dining rm, updated carpet & under pad in all bedrooms, family room with showcase fireplace, master bedroom w/ensuite & large walk in closet. New shingles (‘12)

$798.43 per/mth P&I / O.A.C.

$758.49 per/mth P&I / O.A.C.

$1673.15 per/mth P&I / O.A.C.

HAMILTOn $269,900 30 Hollydene Place IMMACULATE & UPDATED, one floor plan with possible in-law setup. In ground pool takes up only part of backyard, lots of useable space left. Big driveway with rolling gate to lock up camper or car. Shows very nice. Updated furnace, windows, central air, bathroom, & flooring. $1078.02 per/mth P&I / O.A.C.

Home evaluation No Cost or Obligation

Call Rob Golfi today!

905-575-7700

MarketWatch August A 2012 28/07/12 3:27 PM Page 9

August 1, 2012

Rob Golfi*

SOLD

The Golfi Team Real Estate Market Watch

Page 9

Hamilton, Stoney Creek, Ancaster, Dundas & Glanbrook

DAYS 0 1 IN

HAMILTOn $179,000 108 London Street North

STOneY CReek 295,000 322 Jones Road

HAMILTOn $219,900 57 Highcliffe Avenue

HAMILTOn $374,900 90 Strawberry Drive

4 bedroom family home in a popular area. Mechanics dream garage 15x22 w/hydro, parking for 4 cars. Large kitchen connected to dining room, 2 bedrooms on main level, 2 bedrooms upper level. Updates include roof (’09), furnace (’08), updated kitchen, updated windows, 2 encl. porches.

Huge 4 BR home waiting for finishing touch!!! Updates: siding(06), c/a(11), windows(04), insulation, drywall, doors, ceramics, bathroom w/ jacuzzi tub & separate shower, 3 car garage w/ rear exit! Inlaw suite 70% finished w/duplex zoning, 2 hydro meters, 2 driveways, & parking for 10!

AWESOME LOCATION! Walk to Sam Lawrence Park.

Cute 2 BR home on a deep 182 ft. lot. Loads of updates: carpet, bathrm, some windows, & boiler (09). Sit in the den & look out over mature trees into private yard. Located in the back is a shop/cabana w/hydro. Great for entertaining.

RAVINE LOT! Beautiful all brick 4+2 bedrm w/3.5 baths features walk-up from basement with in-law potential, main flr ldry, main flr family rm w/fireplace, eat-in kitchen, separate dining room. New furnace/central air & carpet in basement. Great location, a walk to shopping & park.

SOLD

$1178.28 per/mth P&I / O.A.C.

$878.32 per/mth P&I / O.A.C.

$1497.41 per/mth P&I / O.A.C.

FOR D L O S

AYS D 0 1 G IN N I K S FA 98% O

HAMILTOn MTn $179,900 446 Upper Sherman Avenue

HAMILTOn eAST $124,900 6 Jerome Crescent

STOneY CReek $274,900 82 Whitefish Crescent

HAMILTOn MTn $229,900 22 East 39th

Parking for 6 through the double width mutual drive. 3 BR home w/main flr bedrm & ldry. Over 1000 sq.ft. of new flooring. Move in ready. Backs onto park, close to hospital & on bus route. Cozy gas FP, C/A, vinyl windows, furnace/roof (approx. 5), workshop with hydro.

Great Location! Freshly painted, rec room in bsmt with loads of storage. Laminate flooring and ceramics. Great for kids, a walk to school, shopping, and major bus line. Shows nice!

Well kept and clean.

TRENDY AND STYLISH 2 STOREY! This move in ready 3 BR freehold townhome is in super clean condition & features incredible space plus fin. basement, bright master bedrm w/ensuite & walk in closet, wonderful size kitchen, oak stair case & is located across from Seabreeze Park.

GARAGE DREAM & LOCATION! Walk to Mountain Brow Park, Juravinski Hospital, shopping on Concession St., & mtn access. Loads of updates include windows, shingles, garage door, & C/A. Big dbl garage with concrete floor and hydro.

One bedroom used as dining rm (wall still there).

$718.55 per/mth P&I / O.A.C.

$498.87 per/mth P&I / O.A.C.

SOLD

$918.26 per/mth P&I / O.A.C.

SOLD

AYS D 7 IN

HAMILTOn MTn $204,900 4 Ben Lomond Place

STOneY CReek $349,999 161 Halifax Street

HAMILTOn MTn $229,900 830 Upper Wellington Street

HAMILTOn MTn $199,900 60 East 24th Street

Shows 10++. Renovated in 2004. 3 bedroom plus den w/walkout to rear yard. Master on main floor w/4pc bath & laundry. Updated, windows, shingles, flooring, kitchen, bathrooms, & new drywall. A walk to parks, shopping & Juravinski hospital.

ADORABLE AFFORDABLE! Immaculate 3 bedrm home in super clean condition on premium lot, features maple kitchen cabinets w/endless storage for cook-ware and dishes, spacious family room w/showcase fireplace with hook up for Plasma TV, fenced yard & quick access to QEW.

Large principle rooms, big garage with hydro, long driveway. Loads of updates! Updates include: bathroom, kitchen, and some flooring. Huge family room with big windows overlooking yard. Lots of storage in crawl space.

Walkup from bsmt to nice yard.

Big 4 BR home located on the mountain. This home features a main flr BR, family rm, LR/DR & a lrg eat in kitch.

Updates incl: roof ‘11, most windows ‘10, C/A ‘08, furnace ‘07, 1.5 baths, & has been freshly painted. Lrg 34.29 x 133 lot. Parking in front & rear drive for 5 vehicles.

SOLD

$1397.56 per/mth P&I / O.A.C.

$938.23 per/mth P&I / O.A.C.

798.43 per/mth P&I / O.A.C.

YER U B ASH C R OU O T D SOL HAMILTOn CTR $189,900 11 Greenaway Ave

STOneY CReek $599,900 46 Lake Avenue Drive

HAMILTOn WeST $319,900 230 Bowman Street

HAMILTOn CTR $154,900 38 Stirton Street

Beautiful all brick 2.5 storey single family home.

Features 5 bedrooms & lots of possibilities! Newer hardwd flrs, updated kitch & baths, clean & fresh décor, nothing to do but move in! Includes single garage w/lots of parking & close to public transit.

CLASSIC HOME! Double brick home sitting on 107.5 x 390.25 ft lot and features original hardwd floors & trim, new bathroom on 2nd level, finished loft w/plumbing, complete house re- wired w/200 amp service, copper plumbing, 63 new windows, 35x19 ft 3 car garage, Zoning MR1.

Fantastic Location! 3+1 BRs, 1 1/2 baths, new roof May 2012, new front porch, updated water line, bath tub reglazed, new toilet, orig. hardwd flrs, single car detached garage w/parking for 2 cars. Tenanted until August 31, 2012.

Wonderful big family home! 2.5 storey, move in condition.

Huge family sized Oak kitchen with walkout to party deck, front drive or rear parking if needed, beautiful hardwood floors, 4 or 5 bedrooms, new boiler in 2011 and very clean.

$758.49 per/mth P&I / O.A.C.

$2396.10 per/mth P&I / O.A.C.

$1277.73 per/mth P&I / O.A.C.

SOLD

WATERFRONT

YER U B ASH C R OU O T D SOL

HAMILTOn WeST $399,900 220 Queen Street South

HAMILTOn eAST $479,900 711 Beach Blvd.

HAMILTOn CTR $224,900 68 Holton Avenue South

STOneY CReek $219,900 216 Gray Road

Charm & Character best describes this 3 bedrm beauty with fully finished basement ideal for in-law set up, features gorgeous hardwood, new kitchen & baths, vinyl windows, close to trendy lock st. Bay front & downtown shopping.

Live on the beach! Solid home on the Hamilton beach with a 2 bedroom self-contained unit. Separate entrance and furnace. Gorgeous sunroom with amazing view of the lake.

Huge fenced yard, big drive way & large principle rooms.

Minuts from Spencer Smith Park and Joseph Brant Hospital.

Attention Investors! Big home used as two family! Main level one BR, kitchen, living room, dining room, 4pc bath rented $875/mo w/utilities included. 2nd & 3rd floor has 4 BRs rented $400/mo ea. & share living room, bthrm & kitchen. Laundry room in the basement.

Beautifully maintained 3 bedroom home ready to move in.

Features main floor laundry, main floor family room, all vinyl windows, updated kitchen w/ceramics, refinished hardwood floors, updated copper wiring, new shingles ‘03, lots of parking, close to schools, and shopping.

$1597.27 per/mth P&I / O.A.C.

$1916.80 per/mth P&I / O.A.C.

$898.29 per/mth P&I / O.A.C.

SOLD

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MarketWatch August A 2012 28/07/12 3:27 PM Page 10

Page 10

The Golfi Team Real Estate Market Watch

August 1, 2012

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MarketWatch August A 2012 28/07/12 3:27 PM Page 11

August 1, 2012

The Golfi Team Real Estate Market Watch

Page 11

How could Somebody pay $90,000 Over Asking?

O

ne of t h e bestr e a d Moneyville stories last week was the article about the couple who bid $90,000 over the asking price on a $1-million Toronto home in the belief that they were in a bidding war. They were shocked to find out they were the only bidders.

The seller was eventually persuaded to accept half that — $45,000 over asking, but the question remains: how did this happen?

According to the law, in a bidding war, the agent must tell everyone how many offers have been received for house. But the agent is not allowed to give out the buyers’ names or say how much they have bid.

In Toronto, a practice has developed whereby the buyer’s agent calls the seller’s agent and tells him that they plan to bring in a formal offer later that day. But that doesn’t mean they have to do it. If the would-be buyer changes his mind, he doesn’t have to bid.

What this means is that the seller may get a handful of these so-called “registered offers” during the day — with no guarantee any will be actually presented later. Even so, the listing agent, to create a sense of urgency, will usually tell potential buyers he is expecting offers.

Buyers should understand this and safeguard themselves.

I developed a bidding war clause a few years ago that is widely used. The clause says the buyer is presenting his offer based on the assumption that multiple offers will be presented to the seller that same evening. The clause goes on to say that if the seller receives no other offers by a certain time, say 10 p.m., the buyer can change his mind, cancel the deal or change the price.

If the seller accepts the buyer’s offer, he must provide the buyer with proof he has received another offer.

This means providing, at minimum, the name, address and phone number of the real estate agent who presented the rival offer.

By using this clause, the buyer has assurance that if his offer is accepted, the seller will have to prove that he indeed did have at least one other offer available.

If this kind of clause had been used in the recent case in which the buyers offered $90,000 over the asking price, then the buyers would have been able to cancel their offer once they found out that no other bids had been received.

So could these buyers have complained about the behaviour of the seller’s agent?

In my opinion, if the seller’s agent knew that other offers were not coming in and that the buyers mistakenly believed that they were in a bidding war, that’s unethical. You cannot mislead a buyer just to get a higher price.

Could the buyers have cancelled the deal? This is a difficult area of the law. If the buyers could prove that the seller misled them, maybe. Or if it could be proved that the seller knew the buyers were mistaken when they pre-

sented the offer, it is possible the buyers could claim this was a legal mistake.

However, this will involve legal fees to attempt to sort it all out.

In this recent case, the parties settled the matter by having the buyers agree to pay $45,000 over asking. This was probably better than paying lawyers to figure it all out. Still, by using a bidding war clause whenever you are suspicious about the possibility of a bidding war, you can successfully avoid this happening to you.

Mark Weisleder is a Toronto real estate lawyer. Contact him at mark@markweisleder.com

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