June 1, 2012 Issue 49

MarketWatch June 1 2012 30/05/12 1:23 PM Page 1

June 1, 2012 - Vol 40

P R E S E N T E D

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Rob Rob Golfi Golfi Sales Sales Representative Representative

HOME EVALUATION NO COST • NO OBLIGATION

905-575-7700 • 905-945-0188

G O L F I

T E A M

MarketWatch June 1 2012 30/05/12 1:24 PM Page 2

Page 2

The GOLFI TEAM Real Estate Market Watch

Top 10 Mistakes Home Owners Make When Listing Their Home

About Rob Golfi

S

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

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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June 1, 2012

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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.

T

he goal of listing your house is obviously to sell it. Research shows that sellers make common mistakes that can make the selling process a lot longer (and much more stressful) than it needs to be. Here is my list of the top 10 mistakes sellers make when listing their home for sale: PRICED TOO HIGH Over pricing a property is the single most frequent mistake sellers make, according to top real estate agents. Market conditions change on a regular basis.

Good realtors really know the market and are the best at helping you determine what the market will bear in terms of pricing your home at the time of listing. It is far better to be competitive than even a bit too high. Homes priced too high result in fewer showings, less offers, more price reductions and take longer to sell.

PROFESSIONALS WHO ARE NOT A GOOD FIT - Do your homework before you hire anyone, including your Real Estate Agent, Home Inspector and Staging Professional. You want someone who understands you, your property, the market and the potential buyer for your property.

FSBO - Although “For Sale By Owner” may be a growing trend, it is one that is likely to do more harm than good for the seller’s interest. In fact, research shows that 88% of FSBO’s do not sell, and these sellers end up listing with a real estate agent in the long run.

LIST BEFORE YOUR HOME IS READY - Your biggest selling opportunity is the first five to ten days on the market. If you choose to try to sell your house before you stage it or tend to minor repairs you are missing the huge rush and buzz that your home gets as a fresh listing. You would never go to a job interview in casual clothes.

You need to dress your house up to show it off to your potential buyers.

MISS YOUR TARGET - One of the key essentials for preparing your house is to make sure you target the buyer who is most likely to be attracted to your home. Stagers do different things, depending on the specific target market. First time home buyers, families with young children, empty nesters or singles 25-35 years old all require specific, individual plans for the function of the home.

DRIVE BY’S THAT DON’T MAKE THE GRADE - Unattractive facades decrease the number of showings the home gets. Curb appeal is so important because it gives the buyer some quick clues about the home before it is even entered. Buyers notice the driveway, lawn, mailbox, lighting, house number, planters, front door and overall pride of ownership (or lack of) for the property. If your house number, exterior lighting and mailbox are dirty, old or dated it sends a message to the buyer that the inside of the home may also be uncared for or dated.

FAIL THE 10 SECOND RULE - I always tell sellers that the first 3 or 4 rooms upon entering the home are the most important. This usually means the whole main floor. If you can create a calm, pleasant feeling for buyers upon entering the home you will have the best opportunity to appeal to their emotions. If there are shoes at the front door and heavy, dated drapery on the windows making the living room and dining room look dark and a dog cage in the kitchen making it look way smaller than it really is, you will have already lost them before they see any more of the home.

BAD MLS PHOTOS - Research shows that over 90% of buyers start their home search online before they decide to view a property. If the photos don’t stack up you might not even get that showing booked! Photos with people or pets in them, pet dishes, clutter or if the photos themselves are dark, poor quality or misleading can be extremely detrimental to the number of showings that are booked.

POOR ROOM FUNCTION - This is number 1 or 2 on a stager’s top list of mistakes home sellers make. What is functional for how you live in your home may not show your home properly for selling. A bedroom shouldn’t show as an office, a sunroom shouldn’t show as a sewing/craft room, a dining room shouldn’t have a computer in it. If possible, every room should be set up as it was intended on the floor plans from the builder.

POOR FURNITURE LAYOUT - The key objective for showing your home should always be to make every room look as spacious as possible yet still show a logical amount of furniture. For example, a 4 bedroom house with a target market that is families with children, you want to show a dining or TV area with no less than 6 seats.

Statistically, you will have a family of 5 or 6 looking at that house with family dinners and movie nights in the hearts of the future buyers.

Addressing these common mistakes can increase your number of showings, increase your profit, increase your number of offers, decrease your days on market, eliminate price reductions and decrease the stress that often accompanies listing your home for sale.

Jacqueline Paradisi, CSP Universal Concepts Design and Staging Solutions 905-662-2678 www.universalconcepts.ca

www. GolfiTeam .com

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MarketWatch June 1 2012 30/05/12 1:24 PM Page 3

June 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 June 1 2012 30/05/12 1:24 PM Page 4

June 1, 2012

Rob Golfi*

The GOLFI TEAM Real Estate Market Watch

Page 4

Hamilton, Stoney Creek, Ancaster, Dundas & Glanbrook

YS! A D IN 8 D L SO $309,900 Stoney CReek 28 Durham Road

$77,000 Hamilton WeSt 1950 Main Street West

$189,900 Hamilton CtR 11 Greenaway Ave

$419,900 Stoney CReek 22 Valrose Drive

Side by side duplex! This well maintained 2 family home includes separate driveways w/attached garages, separate hydro & gas meters, both w/finished basements, fenced yards, shingles 6yrs new, new eaves, mostly vinyl windows, north unit w/oak cabinets & freshly painted. Great income!

Charming bachelor suite! Features 9’ ceilings, island kitchen with cozy breakfast nook, open & inviting living rm. Quiet building close to McMaster University & Hospital, Condo fee includes heat, hydro, water, building insurance & exterior maintenance & out- door parking space #93.

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.

Impressive all brick 2 storey home! Features gorgeous hardwd flrs through-out, beautiful oak kitchen cabinets w/granite counters, large sun filled master suite with walk-in closet and ensuite bath, and professionally finished basement w/inlaw set up. Fantastic Stoney Creek location!

Hamilton eaSt $519,900 711 Beach Blvd.

Stoney CReek $599,900 46 Lake Avenue Drive

Hamilton WeSt $139,900 36 James St. S, Unit 707

Live on the beach! Solid home on the Hamilton beach with a 2 bedroom self contained unit. Separate entrance and furnace. Gorgeous sun room with an amazing view of the lake. Huge fenced in yard, big drive way and large principle rooms. Minutes from Spencer Smith park and Joseph Brant Hospital.

ULTIMATE 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

Pigott building, 7th floor 1 BR! High ceilings, move in condition, furnishings included, indoor parking, locker, in-suite laundry, exercise room, pool table and secured building. A walk to everything and transit at the door. Move in a relax.

WATERFRONT

Stoney CReek $599,900 92 Fifty Road Nature's paradise with perfect view! Gorgeous 1acre side split sitting on the bench of Niagara Escarpment. Gleaming hardwood flrs, large, custom maple kitchen with granite counter tops, 6 bedrms with in-flr heating, 4 bthrms, steel roof, new windows, doors & much more. Call today!

CE! I R P ULL F R O SF Y A D IN 7 D L O S Hamilton WeSt $424,900 220 Queen Street South

Hamilton WeSt $319,900 230 Bowman Street

Hamilton CtR $259,900 15 Cedar Avenue

Hamilton mtn $199,900 2-15 Derby Street

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.

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.

Just finished! Enjoy this brand new home! Cherry cabinets w/granite counter tops, 24 inch ceramic tiles flrs, gorgeous hardwd w/8 inch baseboards & crown moulding & 9ft ceilings, oak railing w/wrought iron spindles, ensuite bath, concrete dble drive & patio, & walk out from basement.

1284 sq.ft. 3 bedroom, 2.5 bath townhouse w/a fully fenced yard. Updated roof (08), windows (‘06), fence & garage door (‘11). No carpet, all parquet flooring. All appliances included, electrical on breakers, huge master with walk-in closet and ensuite.

ICE! R P LL U F FOR D L SO Hamilton mtn $345,900 23 Vineberg Drive

Hamilton CtR $149,900 228 McAnulty Boulevard

Hamilton CtR $229,900 68 Holton Avenue South

Hamilton mtn $229,900 777 Queensdale Ave. E.

Over 2000 sq ft., 4 level backsplit! Family room w/fireplace, big kitchen w/oak cabinets & island, vaulted ceilings in LR/DR, open from kitchen to family rm, big rooms & walkout to covered patio w/3 year old hot tub. Turner park, shopping, & YMCA all within walking distance.

Nothing to do but move in! 2 BR bungalow freshly painted & updated. New flring throughout main flr, shingles ‘11, attic insulated w/R-50 insulation, new siding ‘10, basement insulated w/R-12 to R-20 insulation, kitch updated ‘12, bathrm updated ‘12 & much more take a look.

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.

What a beauty! Gorgeous updated kitchen with 4 stainless steel appliances and new 4 piece bath, refinished hardwood and new ceramic on main level, new berber carpet in lower level and interior freshly painted with Benjamin Moore paint. Shows 10+ move in and relax!

D IN L O S

YS! A D 45

Stoney CReek $424,900 5 Sandy Drive

Hamilton CtR $124,900 86 Rosemont Avenue

Hamilton mtn $319,900 14 Rowan Court

BRantfoRd $279,900 91 Osborn Avenue

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

Clean, bright & immaculate 3 bedrm all brick 2.5 storey home avail for immed possession.

Features updated kit. cabinets, spacious living & dinning rm w/neutral colour ceramics, 2 pc bath in basement with 2nd kitch, private side drive, fenced in yard, close to buses & shopping.

Court location. Updates include roof, garage door, hardwood floor, gas fireplace, downstairs bathroom, furnace and A/C, most windows, front entry door, concrete pad with shed.

Beautiful all brick 2 storey home! This home features Cherry hardwd flrs in hallway, kitchen & gathering area, kitchen w/island & upgraded backsplash, master bedroom w/walk-in closet & ensuite, rec room w/potlights & walkout to deck with a huge rear yard.

Includes C/vac, C/air and dishwasher.

www.GolfiTeam.com

MarketWatch June 1 2012 30/05/12 1:24 PM Page 5

June 1, 2012

The GOLFI TEAM Real Estate Market Watch

Page 5

Luxury Housing Sales Surge Forward

T

he Canadian appetite for all things luxury continues to fuel demand for high-end housing, with first quarter 2012 sales well ahead of 2011 figures for the same period in most markets across the country, according to a report released today by RE/MAX. The Upper-End Report found that 81 per cent (13) of the 16 major Canadian centres examined—including Victoria, Edmonton, Calgary, Regina, Saskatoon, London-St. Thomas, Kitchener-Waterloo, Hamilton-Burlington, Greater Toronto, Ottawa, Quebec City, Greater Montreal, and Halifax-Dartmouth—posted an increase in homebuying activity, with the vast majority reporting double-digit appreciation. Records were set for upperend sales in ten markets in Saskatchewan, Ontario, Quebec and Nova Scotia.

“While the ranks of the rich expand in both population and wealth, their impact on the Canadian residential landscape is undeniable,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada.

“Their confidence abounds from coastto-coast, irrespective of price point.

Starting prices range from a low of $500,000 in markets like St. John’s and Halifax-Dartmouth to a high of $2 million in Greater Vancouver, and affluent homebuyers are still prepared to up the ante—choosing to further renovate or altogether teardown and custom build to suit their needs.”

The greatest percentage increase was reported in Regina, where first quarter sales of luxury homes priced over $500,000 climbed 56 per cent year-over year (50 units vs. 32 units). Quebec City placed second, posting a 50 per cent (48 units vs. 32 units) upswing in activity, while Toronto followed closely with a 49 per cent gain (412 units vs. 277 units).

The mid-sized markets of London-St. Thomas (43 per cent) and KitchenerWaterloo (39 per cent) rounded out the Top Five—demonstrating that upper-end enthusiasm is not exclusive to Canada’s larger centres.

“Canadians recognize and appreciate the stability of real estate,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Given volatility in other areas, housing has emerged as a blue-chip asset among the country’s most affluent individuals. The capital gains exempt status ups the appeal, particularly as we see ongoing fluctuations in stocks and uncertainty in Europe. All the variables have come together to support an upper-end market firing on all cylinders.”

The report also noted that although the top end of the market represents only a small proportion of overall residential sales, when measured in terms of dollar volume, luxury sales are a much larger part of the equation. As such, the strong momentum out of the gate speaks to the overall confidence in real estate. Several factors have worked in tandem to fuel the surge in demand for high-end properties in 2012, among them: Equity Gains Price appreciation has been a serious catalyst fueling move-up activity in major Canadian markets in the past decade, providing current homeowners with the financial wherewithal to make more significant moves. In fact, from 2000 to 2010, average price gains in major Canadian markets ranged from a low of 68 per cent in London-St. Thomas to a high of 173 per cent in Regina. The same factor has pushed an increasing share of homes into upper-end price points.

Stock Market Volatility Recent volatility in the stock markets, particularly the TSX, has once again shifted the focus to bricks and mortar.

Investors continue to feel the pressure of serious headwinds (Economic signals from China appear worrisome and the fragile U.S. recovery continues to be dogged by weakness in the labour markets. Rising borrowing costs have threatened Spain, while austerity measures have fallen short in the U.K. Push back

continues in France and the Netherlands).

With equity markets quick to react to signs of stress, some are opting to shift money elsewhere.

Immigration Immigration has played a key role in bolstering Canada’s population of High Net Worth (HNW) Individuals. A recent BMO Harris Private Banking study showed that Canadians of foreign decent account for almost one-third of all high net worth wealth throughout Canada and that almost all (96 per cent) keep the bulk of their wealth in Canada. In 2010, Canada admitted roughly 154,000 business and investor immigrants who reportedly inject $2 billion into the Canadian economy each year.

Rebound in Global Wealth The number of high net worth individuals (HNWI), along with their overall financial wealth, increased once again in 2010, surpassing the 2007 pre-crisis peak in nearly every region, according to the Capgemini/Merrill Lynch World Wealth Report 2011. While North America is still home to the greatest portion of HNWI, the population of HNWI in Asia-Pacific is now the second-largest in the world, unseating Europe’s long-held position.

The segment of ultra-high net worth individuals is also on the upswing. The rising ranks of the world’s rich have driven up demand for luxury products.

“The strength of the upper-end is underpinned by solid fundamentals,” says Sylvain Dansereau, Executive Vice President, RE/MAX Quebec. “Most markets remain largely balanced across the board, with stable or modest price growth forecast in the luxury segment. Inventory levels have played a role in some multiple offer activity, with shortages notable in Montreal, throughout Ontario, and Winnipeg. While selection may be adequate in other markets, the demand and competition for quality stands out.

Buyers at this price level are very discriminating. They are raising the bar nationwide, altering the Canadian hous-

Call Today 905-575-7700

ing landscape in the process.”

Highlights: • Infill and teardowns continue unabated across the country, changing the Canadian landscape.

• Canadian upper-end homes are redefining luxury. When it comes to bells and whistles, toys and technology, the features homeowners are incorporating into their residences are becoming decidedly more progressive.

• While financing is not a huge concern for those spending multi-millions, purchasers at entry-level price points are ensuring peace of mind by locking in on five-year money.

• Canadian upper-end communities are an increasing reflection of Canada’s diverse multicultural and ethnic mosaic.

• Luxury condominiums continue to account for growing percentage of upper-end sales, with most rivaling the grandeur of single-family product. Case in point—units located in Greater Vancouver’s Westside and in Toronto’s Yorkville area, listed at $28.8 and $28 million respectively.

RE/MAX is Canada’s leading real estate organization with over 18,700 sales associates situated throughout its more than 720 independently-owned and operated offices in Canada. The RE/MAX network, now in its 38th year, is a global real estate system operating in 87 countries, with over 6,200 independentlyowned offices and over 87,000 member sales associates. RE/MAX realtors lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management. For more information, visit: www.remax.ca.

For more information: Christine Martysiewicz RE/MAX Ontario-Atlantic Canada 905.542.2400

MarketWatch June 1 2012 30/05/12 1:24 PM Page 6

Page 6

The GOLFI TEAM Real Estate Market Watch

June 1, 2012

What Does A Real Estate Lawyer Do? Understand what real estate lawyers do and why these attorneys are worth their cost.

W

hether you’re buying or selling a home, your team of expert advisors should include a real estate lawyer as well as a REALTOR®. Your REALTOR® can help you find the right house or the right buyer and negotiate a price and closing date that are right for you. Your lawyer can review any offer you make or receive and make sure that your rights are protected and your duties clearly defined.

If you’re ready to make or accept an offer on a property, and haven’t retained a lawyer yet, make the offer contingent on a lawyer’s review and approval before you sign a binder.

There are non-legal services that claim they can do all the legal work you need. If you’re tempted to save a few bucks this way, remember that lawyers belong to a regulated profession with standards they must meet and insurance to cover damages if they make an error or omission. You don’t necessarily have the same standards or recourse dealing with other advisors. And this isn’t the time to do-it-yourself. Although many legal forms used in real estate are similar, binder or purchase and sale agreement forms vary from state to state.

Further, some title insurance companies and mortgage lenders require you to use a lawyer to ensure that, among other things, the title is good, there are no liens against the property, and that the deal will close as anticipated.

A lawyer’s role can be as broad as you want. And while it is not typical in a real estate transaction, you can ask that your lawyer describe his or her work and fees in writing before you proceed.

If you’re buying a home, your lawyer should: • Help you understand the purchase contract, including how you will take title on the property.

• Check that there are no covenants, easements, liens, etc. registered against the property that will impede your use of it.

• Prepare and register all the legal documents.

• Clarify the terms of the mortgage and work with your bank, if necessary, to modify them.

• Scrutinize the adjustments, including taxes owing and utilities costs paid, prior to the transaction closing.

• Attend the closing and review all the papers you will be required to sign.

• Arrange title insurance protection to protect you from losses due to title defects.

• Ensure you receive a valid registered ownership subject only to the liabilities you have accepted.

If you’re selling a home, your lawyer should: • Review the binder and review or prepare the purchase and sale agreement,

Estate Clearing

including negotiating its terms.

• Prepare the deed and power of attorney if necessary.

• Deal with title issues as they arise and help correct them.

• Attend the closing and review all the papers you will be required to sign.

• Arrange for transfer of security deposits.

• Arrange for insurance certificates if needed.

How much does this all cost?

Typically, legal fees are higher when you buy than sell because the role of the

buyer’s lawyer is more extensive. Most fees range from $500 to $1,500 for an average home whether you’re the buyer or the seller.

Some lawyers charge a flat fee for specific services and others bill by the hour. If you are paying by the hour, make sure you understand what the final cost is likely to be and insist on a regular accounting for charges. Usually, a lawyer can easily estimate costs related to a real estate transaction and his or her fees will only go higher if something goes wrong.

Remember, even if your deal does not close, you’ll still owe your lawyer for his or her time.

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P045151CN 4/04

Crossword Puzzle (Solution on Page 11)

Across 1 5 9 10 11 13 14 17 20 21 22 23

Traveller's ID (8) Association of countries (4) Before (5) Toddler's enclosure (7) Shut up! Stuff with footwear? (3,1,4,2,2) City in Syria — lop ape (anag) (6) Buy quickly (4,2) Basket for an alfresco meal (6,6) A heavy — ball, say (7) Frayed (5) Catch sight of (4) Computer ID (8)

Down 1 2 3 4 6 7 8 12 15 16 18 19

Chrysalis (4) Sudden attack (7) Haitian capital (4-2-6) Eagle, hawk, falcon or owl — parrot (anag) (6) Pea relative with tall spikes of flowers (5) War memorial (8) A coin-operated timer found on town streets (7,5) Obvious (8) Guitar pickers — carp let (anag) (7) One of the Seven Wonders of the World, built on an island off Alexandria (6) Dolt (5) Wood pile for a funeral rite (4)

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MarketWatch June 1 2012 30/05/12 1:24 PM Page 7

June 1, 2012

The GOLFI TEAM Real Estate Market Watch

Page 7

Things to Watch for When Flipping a Condo

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any buyers of new GTA condos looking to cash in on the hot real estate market by flipping their units before the buildings close face an unusual legal situation — the standard purchase and sale contracts don’t apply.

The final closing on the building may come months after people move in.

In the meantime, you’re trying to sell something that you don’t legally own.

To deal with a growing issue, the Ontario Real Estate Association has developed a new form to make the process easier for everyone. It’s called an “assignment agreement” and here’s how it works: Let’s say you bought a condo from builder’s plans three years ago for $300,000. It is now ready for occupancy, but closing is six months away. You’ve received an offer for $350,000 and want to sell now.

Since you don’t own the unit yet, you must sell your interest in the contract that you have with the builder. Your buyer will then be taking your place in the agreement with the builder.

Here are some issues: Will the builder let you sell your agreement?

They don’t have to, but most builders will allow it and charge a fee. Make sure you get permission from the builder before advertising your unit for sale or signing any assignment agreement.

Is the land transfer tax based on $300,000 or $350,000?

The contract includes the total price the second buyer is paying. So that buyer will have to pay land transfer tax based on the price on $350,000. The original buyer will not have to pay any land transfer tax under this scenario.

However, the seller — i.e. the original buyer — will have to pay tax on the gain of $50,000.

Is the realtor’s commission based on $300,000 or $350,000?

The agent will expect to be paid on final price of $350,000. If you want to negotiate a different amount, make sure it is done before signing anything.

What happens to the deposits given to the builder?

The second buyer returns it to the seller. The agreement will provide options about how this is done. They can be returned in several ways: as soon as the assignment agreement is signed, on the date of occupancy, or just prior to the final closing.

Are there any HST issues?

The HST was probably included in the original builder agreement.

Therefore, if the new buyer is not moving in, he or she may have to pay the HST to the builder on final closing and then apply for a rebate from the Canada Revenue Agency.

The seller may have to charge HST on any profit, for instance the $50,000 in the above example, as well as on any deposits that are being paid back, if he or she originally bought the unit as an investment and never intended to move in.

Buyers should take a look at the original purchase agreement to see whether there are any additional adjustments on closing. There are often hidden charges that can sometimes add thousands of dollars to the final sale price. Under the assignment agreement, the final buyer must pay all these costs, even if they are not aware of them. If, as the final buyer, you want to change that, then an extra

There is so much condominium construction occurring in the GTA that flipping of sales agreements has become a common real estate transaction. However, it comes with particular legal difficulties. clause must be added to the assignment agreement.

If you are thinking of buying an assignment, make sure to check with your lender first to make sure that they will approve this kind of deal with the final price.

By understanding all the issues around assignment agreements, buyers, sellers and real estate agents will be better prepared for what is becoming a more frequent transaction in the industry.

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

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MarketWatch June 1 2012 30/05/12 1:24 PM Page 8

Page 8

The GOLFI TEAM Real Estate Market Watch

June 1, 2012

Grimsby, Lincoln West Lincoln & Niagara

Rob Golfi*

YER! U B ASH C R OU O T D SOL GRimSBy $379,900 15 Tamarack Court

GRimSBy $247,900 176 Livingston Ave, Unit #4

SmitHVille $399,900 146 Rock Street

GRimSBy $319,900 11 Tami Crescent

Outstanding & immaculate home on a quiet crescent with escarpment views! Features 2000 sqft. of beauty, spacious kitchen w/patio doors leading to landscaped & private fenced yard, family rm w/hardwd flrs, large sun filled master suite w/walk-in closet and ensuite bath.

3 BR townhome in Grimsby w/elegant finishes top to bottom. Lrg eat in kitch, formal DR, lrg LR w/walk out to private terrace. Master bedrm w/ensuite bath & two more good sized bedrms on the upper level. Lrg family rm w/laundry & plenty of storage space. Close to amenities

Outstanding & immaculate Custom built 2350 sq.ft. Facing park, loaded w/upgrades, features maple kitchen with antique finish and granite counters, gleaming hardwood flrs, porceline tile, California shutters, luxury ensuite master bedrm with French doors leading to 16x24 covered patio.

All brick 2 storey home w/3 spacious bedrooms and 2-1/2 baths. Totally finished! Featuring inground pool, hardwood flrs, walk-in closet, Main floor laundry. 2 car garage and potential in-law suite in lower level. Updated kitchen, baths, windows, roof, & flooring!

IN-LAW SETUP

DL O S

LE P I T MUL

RS! E F F O

GRimSBy $459,900 391 Kerman Avenue

BeamSVille $284,900 4503 Dufferin Avenue

GRimSBy $299,900 34 Juliana Road

Prestigious 2-storey will surprise you! 2750 sqft of luxury, maple & oak hardwd flrs, large family size kitchen with granite counters & breakfast island, showcase fireplace in family room, crown moulding, shingles 3yrs new, furnace & C/Air 2yrs new, landscaped yard with pond.

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 bedroom, 2 bathroom, raised ranch in fantastic condition & in great neighborhood, features new shingles 2011, furnace 2006, hardwood in living & dining room, vinyl windows finished basement, sun room, fenced yard, won’t last call today.

D IN L O S

WATERFRONT

SOLD

R! E Y U SH B A C UR TO O

GRimSBy $549,900 138 Lakeside Drive LAKESIDE! Charming raised ranch sitting on 61x156 ft lot w/incredible view overlooking Lake Ontario. Features a patio overlooking water’s edge, updates incl. new furnace & C/Air, new C/Vac System, windows ‘06, dble garage, & concrete drive. Shore protection in place.

WATERFRONT

YS! A D 30

BeamSVille $299,900 4176 Highland Park Drive

SmitHVille $469,900 14 Sarah Crescent

GRimSBy $649,900 7 Chestnut Drive

GRimSBy

$1,499,900 143 Lake Street

Charming 3+1 BR backsplit backing onto park like setting, features sparkling clean updated kitchen, hardwood floors, bright and spacious family room with gas fireplace and walk out to back yard. Updates include shingles 2007, & all vinyl windows. Fantastic lot size!

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

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.

Fabulous waterfront property! Custom built, 3000 sq ft home with lake views from every room. Maple hardwood floors, granite counters, master suite with access to back deck, ensuite and walk-in shower. Handicap adaptable!

GRimSBy $199,999 5 Kelson Avenue North

WeSt linColn $324,000 9407 Silver Street

St. CatHaRineS $274,900 15 Lakeside Drive, Unit 41

SteVenSVille $254,900 3669 Carver Street

Quiet location in Grimsby close to QEW, Go and shopping. This 3 bedroom bungalow needs TLC but has loads of potential. Windows done in 04/06, roof 09, kitchen has been refaced.

Good sized back yard.

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.

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.

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.

GRimSBy $1,250,000 134 Olive Street

BeamSVille $324,900 4034 Barry Drive

Vineland $289,900 3380 Dustan Street

GRimSBy $249,900 195 Main Street West

BEAUTIFUL WATERFRONT property in fantastic residential neighbourhood. 75 x 276 ft lot with updated shore protection. Features inlaw setup, nanny suite, 4+2 bedrooms, master with 6 piece ensuite, floor to ceiling windows and quick access to QEW.

Trendy, stylish raised ranch! This home features 9-ft ceilings w/bright big windows, hardwd flrs, kit. w/walk out to patio and renovated bathrm, sun filled basement w/family rm, gas FP & spare BR w/full bathrm. Fantastic escarpment neighbourhood w/an extra deep lot.

Cozy and stylish bungalow in peaceful lakefront community with access to beautiful walking paths, waterfront clubhouse & beach! Open concept living features 9ft ceilings, 2 full bathrms, large kitchen w/patio doors leading to back yard deck, main flr ldry.

Updated, trendy escarpment property in 2003.

Showcase gas fireplace in family rm, large master bedrm with hotel style ensuite, large kitchen with porcelain tiles, dinette w/patio doors leading to private deck overlooking escarpment.

WATERFRONT

www.golfiteam.com

MarketWatch June 1 2012 30/05/12 1:24 PM Page 9

June 1, 2012

The GOLFI TEAM Real Estate Market Watch

Page 9

Grimsby, Lincoln West Lincoln & Niagara

Rob Golfi* DUPLEX

D SOL

AYS D 5 IN 3

GRimSBy $244,900 15 Adelaide Street

GRimSBy $424,900 18 Manor Crescent

GRimSBy $174,900 49 Ontario Street, Unit#14

$274,900 Vineland 3951 Victoria Avenue North

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.

OUTSTANDING HOME IN FANTASTIC NEIGHBORHOOD! Features 4 large sunny bedrooms ensuite off of master, Wonderful family Size Kitchen leading to fenced yard, main flr den, spacious family rm with gas fireplace, well worth a look.

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 insururance, hydro, parking, & water.

This charming bungalow will surprise you!

Clean & bright 3+1 BR home features prof. finished basement w/in-law set up, hardwd flrs, kitchen w/dinette, beautifully landscaped yard w/pergola & hot tub. Updates include shingles 2009, vinyl windows, & central/vac.

BeamSVille $249,900 5143 Connor Drive

BeamSVille $339,900 4092 Mountain Street

BeamSVille $244,900 5137 Connor Drive

Fabulous end unit freehold Bungalow 1110 sqft avail. for 60-90 day closing. Come & visit our model home & wowed on this Energy Guide & Tested home. Incl. great size BRs w/4pc ensuite off master, kitchen area overlooking family rm, attached to neighbouring unit at the garage only.

Want quality, this house is for you! This one flr plan incl. $20,000 in extras, California knock down ceilings, rounded corners, 120 sq.ft. of hrdwd flrs, upgraded trim package, maple kit, asphalt drv & much more! Approx 1445 sq.ft. similar to be built.

2 Storey freehold town home 1386 sq.ft. Similar to be built. Features includes great sized BRs w/3pc ensuite & walk in closet off master, kit w/breakfast area overlooking family room, available for 60 day possession, access from garage to rear yard, & min to all amenities.

BUNGALOW

BeamSVille

$279,900

5132 Connor Drive, Unit 60 Fabulous end unit freehold! 2 storey, 1800 sq.ft. features 9 ft ceilings, great sized 3 or 4 bdrms, master with a 3 pc ensuite & walk in closet, kitchen w/breakfast/dinette area overlooking family rm, main flr ldry, access from garage to rear yard & mins to all amenities. To be built.

The Right Window Treatments Reduce Energy Consumption and are Eco-Friendly Too

I

f new window treatments are on your spring or summertime home spruce-up list and you want to make a more environmentally-friendly purchase, have no fear. There are a number of products on the market that can make eco-conscious shoppers smile.

Consumers are seeking out and choosing eco-friendlier products for their homes. People are becoming more informed about packaging practices, sustainable manufacturing, indoor air quality and energy efficiency. And all of these considerations can come into play when choosing the window covering that’s right for you. According to the Greendex 2010 study, Canada is among one of the 17 countries surveyed over a three-year period, since 2008, showing an increase in the number of consumers “engaging in energy-saving activities”. The survey also revealed that “cost is cited as the number-one reason for decreased household energy consumption” and that “among those who report decreased consumption of home energy, environmental concerns are one of the top two reasons for the reduction for four in ten consumers overall”. These results are echoed in our window treatment business: as the costs of heating and cooling our homes increases, we are getting more requests from clients who want energyefficient window coverings and that are made in a way that are kinder to the environment.

Eco-conscious homeowners should consider products that are certified for sustainability and energy standards. Our entire private label product line,

Signature Series by Budget Blinds® is certified by Green Built Home, a Wisconsin-based organization that reviews and certifies products and building products that meet these standards.

In addition to the Green Built Home certification, Budget Blinds’ Signature Series® products are manufactured in facilities that have adopted many ecofriendly practices, such as: using sawdust to fire kilns and heat the factory, re-circulating water in cooling systems that saves over 90 million gallons annually and recycling 75 percent of the total waste in one of its plants.

Low Indoor Emissions

Many people are making choices that not only beautify their homes but are healthier choices, too. There are numerous products that have been certified by the GREENGUARD Institute, an industry-independent organization that has established stringent standards regarding acceptable indoor air quality standards for indoor products, environments and buildings.

Consumers interested in these products should inquire about the following products: Shutters and wood blinds, Genesis II roller shades and panel tracks made from Sheerweave 2000, 2390 or 2500 or Mermet 3G material. Retractable screens are also made with this material.

Renewable or Recycled Resources

Some consumers choose products that are made with renewable or recycled

resources. Many window treatments and area rugs are made from reclaimed or sustainable materials.

Woven Wood Shades are made from renewable crops, such as: grasses, reeds, bamboo and jute. Certain wood shutters and wood blinds are made with wood obtained from a certified sustainable hardwood forest. Be sure to ask your window treatment expert if the wood used to make your shutters or blinds is harvested sustainably.

Energy Savings

Closing the window treatments in your home, particularly in south-facing and west-facing windows, blocks the sun and reduces heat gain. This allows your air conditioner to operate less during the

Call Today 905-945-0188

summer. Some window treatments prevent heat gain better than others, such as shutters, cellular shades, and exterior roller shades.

In short, if energy efficiency and environmental friendliness are important to you, then you should definitely consider window treatments that provide energy savings, are made from renewable resources or recycled materials, and keep the indoor air healthy. Even with all these considerations, there are plenty of beautiful window coverings to choose from.

David Cooper is the owner of the local Budget Blinds franchise and can be reached at dcooper@budgetblinds.com

MarketWatch June 1 2012 30/05/12 1:24 PM Page 10

June 1, 2012

The GOLFI TEAM Real Estate Market Watch

Page 10

Marketplace Tree Inspection - Disease Diagnosis Ornamental & Shade Tree Pruning Tree Surgery & Cabling Tree & Stump Removal Tree & Shrub Fertilization

Skid Steer Services Available Attachments Available Backhoe Post Hole Auger Tree Spade

Jeff Green Certified Arborist

Bus: 905-957-5818 Cell: 905-516-0640

Real estate lawyer

Paul lewis Settimi

Barrister, Solicitor and Notary Public 8 Main Street East, Suite 303 Hamilton, Ontario L8N 1E8 Bus: 905-527-0808 Fax: 905-527-0774

20 Main Street West Grimsby, Ontario L3M 1R4 Bus: 289-235-7500 Fax: 905-527-0774

paul.settimi@cogeco.net

DAVID COOPER Owner

BUDGET BLINDS OF G RIMSBY

Custom Made Wrought Iron • Railings • Fences • Gates • Spiral Staircases • New Modular Fencing • Pool Enclosures and more!

SERVING GRIMSBY, STONEY CREEK & Hamilton

905.309.0909 Shutters, Wood Blinds, Draperies and more!

An Independently Owned and Operated Franchise

dcooper@budgetblinds.com www.facebook.com/BudgetBlindsGrimsby www.twitter.com/BudgetBlindsGRM www.budgetblinds.com/Grimsby

10 Davidson St. • Unit 1 • St. Catharines • CALL 905.708.0069 www.dreamironworks.com

Brochures • Flyers • Booklets • Catalogues • Posters • Cards • Calendars

TAKE THE STRESS OUT OF MOVING! David Ryback Regional Sales Manager

t: 905.573.2502

32 Keefer Court, Hamilton ON L8E 4V4 tf: 1.800.265.0134 e: info@aulwardgraphics.com

Hamilton: 905-573-8776 Grimsby: 905-945-5540 www.harveymoving.com david@harveymoving.com

www.aulwardgraphics.com

Hardwood Floor Refinishing Jacqueline Paradisi The Quick, No-Sanding Solution for Beautiful Hardwood Floors

www.MrSandless.com

HOME STAGING

1-877-955-9663 • 905-304-3380 • hamilton@mrsandless.com

Advertise Here for information on advertising in the market Watch, contact

Rose Magro

email: rosaliemagro@yahoo.ca cell: 905-745-0122

www.golfiteam.com

MarketWatch June 1 2012 30/05/12 1:24 PM Page 11

Page 11

The GOLFI TEAM Real Estate Market Watch

June 1, 2012

Check Out Our New Website View any of the listings in this publication at

www.GolfiTeam.com Extra pictures, More details!

RECEIVE A STAINLESS STEEL UNDER MOUNT SINK & A FREE UPGRADED EDGE! *Minimum of 40 square feet, no cash value, 1 gift certificate per household.

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Some restrictions may apply.

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

Crossword Solution

MarketWatch June 1 2012 30/05/12 1:24 PM Page 12

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