Nov. 5, 2012 Issue 59

November 5, 2012 - Vol 45

P R E S E N T E D

B Y

T H E

G O L F I

T E A M

Lest We Forget

Rob Rob Golfi Golfi Sales Sales Representative Representative

HOME EVALUATION NO COST • NO OBLIGATION

905-575-7700 • 905-945-0188

Page 2

The Golfi Team Real Estate Market Watch

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

SUDOKU 4 8 5

9 5 1

9 6

4 8

2 5 4

3

8

9

1

7 6

3 4 3

2 7

7 9 1

November 5, 2012

Payback for “Shelling It Out” on those Leaky Windows

T

his summer, Mike and I finally bit the bullet. We bought new windows. We figured it was time when we noticed that our daughter, Rachel, was wearing a raincoat to bed every time it rained.

She said the towels she placed all over her bed weren’t cutting it anymore because they didn’t stop the rain that was splashing on her face. I admit we had been putting it off, but who wants to put in new windows? They are expensive ($20,000 in our case) and they aren’t fun like a hot tub or an outdoor kitchen. But Mike convinced me that if they weren’t fixed, other damage would occur.

I had to remember that our house is one of our most valuable assets and we need to take care of it. Mike and I aren’t alone. For most of us, our home is our biggest investment, so we need to plan and prepare for capital improvements.

Sometimes your house will tell you what capital improvements need to be made, like our leaking windows. Before this happens, however, it is a good idea to sit down and assess what capital projects might be necessary down the road and what improvements you might like to add to the top of your wish list.

Before you start dreaming about the hot tub and home theatre, you’ll want to consider any repair projects that will need to be done to maintain the integrity of the home. Structural items such as the roof, exterior painting, windows, furnace or electrical work. These projects need to be done first. Putting in a home theatre when your roof is leaking is like rearranging deck chairs on the Titanic.

Ask any lender and they’ll tell you the improvements they value most are structural. They know buyers will be looking at the bones of the house. While it

is true that decor might pull at buyers’ heartstrings and inspire them to put in an offer, structural issues will scupper the deal once the home inspection is complete.

While you want to make renovations that you’ll enjoy, you want to consider how they will improve the value of your house when you go to sell it. In other words, what is the rate of return on this renovation?

The Appraisers Institute of Canada came up with a list of renovations and their rates of return. Here are the top 10.

• Interior painting and decor: 73 per cent • Kitchen renovation: 72 per cent • Bathroom renovation: 68 per cent • Exterior paint: 65 per cent • Flooring upgrades: 62 per cent • Window/door replacement: 57 per cent • Main-floor family-room addition: 51 per cent • Fireplace addition: 50 per cent • Basement renovation: 49 per cent • Furnace/heating-system replacement: 48 per cent As you can see from this list, renovations do not have to be extensive or expensive to earn a decent rate of return.

Mortgage renewal time is a great time to review your plan because it is at this time that you will have access to your home equity with no extra fees. You can work with your mortgage agent to crunch the numbers to see if using your home equity for that particular reno makes economic sense.

Julie Shea is a mortgage broker with The Personal Mortgage Group in Hamilton and can be reached at jshea@personalmortgage.ca.

9 8

8

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.

Call the Golfi Team for a FREE Market Evaluation

Your home could be worth more than you think!

905-575-7700

www. GolfiTeam .com

9

7

3

6

8

2

7

1

4

5

6

9

1

4

5

8

2

3

1 5 4 2 3 8 9 7 6

3 4 1 6 8 2 5 9 7

8 2 9 5 1 7 3 6 4

5 7 6 3 9 4 2 1 8

6 1 7 4 2 5 8 3 9

2 9 3 8 7 1 6 4 5

4 8 5 9 6 3 7 2 1

November 5, 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...

Call Today 905-575-7700

Page 4

The Golfi Team Real Estate Market Watch

November 5, 2012

Performance Mercedes-Benz Dealer of the Year 2012

371 Ontario Street, St. Catharines 905-685-3838 | 1-800-567-1101 performancemercedes.ca

How to Protect Yourself when Buying a Home from a Bank

W

hen a mortgage goes into default in Canada, the most likely remedy that the lender will pursue is power of sale.

This is a right contained in every mortgage and permits the bank to sell the property to recover the amount owing.

If there are insufficient funds from the sale to pay the debt, the bank can sue the borrower for the difference. If the sale yields excess funds, the bank must send the extra money to the borrower. For example, if the mortgage debt is $250,000 and the bank sells the property, pays all the expenses and is left with $225,000, the bank can sue the borrower for $25,000. If the bank nets $300,000, the bank sends $50,000 to the borrower.

How does a power of sale work? In Ontario, once a mortgage has been in default for a minimum of 15 days, the lender may issue a power of sale notice. This is like a warning and gives the owner 35 days to put the mortgage into good

standing. If the owner fails to pay the arrears, the lender has the right to list and sell the property. During the 35 days, the lender is not permitted to take any steps to sell the property, including having the house appraised, sign any listing agreement or advertise the property for sale.

Lenders have a legal obligation to act reasonably in obtaining a fair price for the property. The law indicates that on the date the lender signs an unconditional agreement of purchase and sale with a buyer, the original borrower has no further legal right to pay off his mortgage. But the borrower’s rights may be extended by the lender in certain circumstances.

If you try to buy a home under power of sale from a bank, you’ll face two difficulties. First, the bank will always include a provision that the home is being sold on an “as is” basis and that they accept no responsibility for any damage or missing items that may occur before closing. In addition, if there is a tenant on the property, they give you no guarantees as to what the lease with the tenant contains. Finally, they will usually add a provision stating that if the original borrower comes up with the money to pay off the mortgage in full on or before closing, they get their house back. You’ll be in a very difficult position if you’ve already sold your current house.

The banks include this final provision to protect themselves against a lawsuit from the borrow-

er who may claim that the bank sold the property too cheaply.

When you buy from a bank under power of sale, it is most important to make the transaction conditional on a home inspection report and, if possible, an up-todate survey of the property. That is because in most power of sale deals, you’ll receive no real disclosure. Also include a pre-closing visit so that you can check the status of all appliances and systems right up until closing.

Sometimes a property may be listed by both the borrower’s listing agent and the lender’s listing salesperson. In other words, two different brokerages are trying to sell the same property at the same time, one on behalf of the owner and the other on behalf of the bank. If you face this choice, I recommend that you make your offer to the owner, but make it conditional on the lender providing its consent as well. You won’t have to accept an “as is” clause, since the

owner can control the property until closing, and you won’t have to worry about losing the property on the last day if the owner comes up with the arrears.

If you are buying directly from a bank in a power of sale and the bank insists on the clause permitting the borrower to pay up the mortgage loan up until closing, then I recommend that you close the transaction as quickly as possible, once you have completed all of your required inspections, to reduce the risk of your losing the property just prior to closing.

By understanding what is involved in a power of sale transaction, buyers can safely protect themselves from unwelcome surprises, either just prior to or immediately after closing.

Mark Weisleder is a lawyer, author, course developer and public speaker for the real estate industry. Visit him online at www.markweisleder.com.

FREE HoME EvaluaTion No Cost or Obligation

Call Rob Golfi Today!

905-575-7700 / 905-945-0188 www.golfiteam.com

November 5, 2012

The Golfi Team Real Estate Market Watch

Page 5

Grimsby, Lincoln West Lincoln & Niagara

Rob Golfi*

BeaMSVille $379,900 4495 Frances Crescent PRESTIGIOUS 2 STOREY – Only 4 yrs new, features grand foyer, oak stair case, gleaming hardwd flrs in family rm w/showcase fireplace, maple kitch w/breakfast bar island, transom windows on main level, professionally finished basement, beautifully landscaped yard w/fenced yard.

GRiMSBY $319,900 683 Ridge Road West

Vineland $649,900 3274 King Street

Beautifully decorated 3+1 bedroom bungalow. Updates include granite kitchen counters, newer roof, furnace 07, updated windows, entry doors, and patio door. Large 16 x 28ft. deck off kitchen. Rec room with wood burning fireplace, office area, great room, laundry, and storage.

Spectacular, luxurious & Immaculate best describes this awesome beauty sitting on 1.3 acres on the bench of the escarpment with panoramic views of Lake Ontario surrounded by vineyards and neighbouring ranch, 4 bedrms, 4 car garage, granite, hardwd flrs, + + + shows like a dream.

Spectacular Stately home sitting on 1.26 acres minutes to downtown Grimsby. Features 3+2 bedrooms, 3 bathrooms, gorgeous, updated, new designer kitchen, all season sunroom, professionally finished basement. Nothing has been spared. A must see.

$1517.38 per/mth P&i / O.a.C.

$1277.73 per/mth P&i / O.a.C.

$2595.81 per/mth P&i / O.a.C.

$2795.51 per/mth P&i / O.a.C.

Vineland $185,000 3933 Durban Lane

WeSt linCOln $639,900 8729 Twenty Road

Get inside to see this lovely home! Generous foyer opens to the comfortable living room. Eat-in kitchen w/sliding doors to large deck. Buyer to be approved by Landlord. Land lease fee $328.84/mth. Estimated taxes $160.37/mth.

Maintenance plan Gold $162/mth or $105/mth.

Just under 3 acre property beside Twenty Mile Creek. Home has been renovated with quality finishes. Updates include kitchen, laundry/mudroom, 3 bathrooms, flooring (carpet, hardwood, ceramics), fireplace insert, most windows, major landscaping, sump pump (duo), roof, cedar exterior entrance.

LEGAL DUPLEX – In the core of Grimsby! Rare find, this beautifully maintained 2 self-contained: 2 BR & 3 BR units, sitting on 84x106 ft. lot, 2 new furnace & c/air 2006, all updated vinyl windows 2010, new shingles 2001, & a professionally finished basement.

$738.92 per/mth P&i / O.a.C.

$2555.86 per/mth P&i / O.a.C.

1317.67 per/mth P&i / O.a.C.

ONE R E TH O N DA SOL

GRiMSBY $329,900 39 Mountain Street

Call the Golfi Team for a FREE Market Evaluation

BeaMSVille $241,900 4571 Leawood Court Huge pie-shaped lot! Updated semi on a court location.

Walkup from basement to side yard. New driveway (’12), furnace/AC, front windows, 2 exterior doors (’11), laminate flooring (’10), Carpet, and updated downstairs bathroom (’09).

SOld

Your home could be worth more than you think!

905-945-0188

GRiMSBY

$699,900 253 Ridge Rd

jORdan $547,000 2869 Prince William Street Full of Charm & character – a two-family home with upper floor fully rented, sitting on large lot in in the heart of Jordan Station, features hardwood floors, Cathedral ceilings, includes 3 kitchens and 4 bathrms, quick access to QEW. $2184.81 per/mth P&i / O.a.C.

YER U B SH A C OUR O T D SOL St. CatHaRineS $274,900 15 Lakeside Drive, Unit 41 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.

SOld

GRiMSBY $849,900 2 Shoreline Crescent

Vineland $249,950 3380 Tallman Drive

GRiMSBY $459,900 23 Tunbridge Crescent

GRiMSBY $479,900 288 Kemp Rd. W

LAVISH TOP TO BOTTOM - Elegant home on Lakeside Crescent. The new owner will reap the benefits of this over improved custom reno’d home w/waterfront views. Features entrance w/marble floors, designer kitchen w/oak cabinets, granite counters, stone backsplash, cherry hardwood floors.

Large 4+1 BR family home feat. a lrg eat in kitch, LR, beautiful dream bathrm w/jacuzzi tub, glass shower & dble sinks, recrm, ldry, & storage area. Single attached garage & a fully fenced rear yard. Perfect for the growing family.

Quick HWY access & along the wine route

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

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.

$3394.64 per/mth P&i / O.a.C.

$1247.93 per/mth P&i / O.a.C.

1836.92 per/mth P&i / O.a.C.

$1896.83 per/mth P&i / O.a.C.

BUNGALOW

NE O R THE O N DA SOL

GRiMSBY $474,900 53 Sumner Crescent

BeaMSVille $249,900 5143 Connor Drive

SMitHVille $469,900 14 Sarah Crescent

WeSt linCOln $315,900 9407 Silver Street

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.

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

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

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.

$1876.86 per/mth P&i / O.a.C.

$1277.73 per/mth P&i / O.a.C.

$1896.83 per/mth P&i / O.a.C.

SOld

Call Today 905-945-0188

Page 6

The Golfi Team Real Estate Market Watch

November 5, 2012

Showcase Homes

WeSt linCOln

$639,900

8729 Twenty Road TRANQUILITY! This lovely renovated home nestled beside Twenty Mile Creek sits on just under 3 acres of pure perfection. Close proximity to Grimsby, Stoney Creek and Hamilton with easy access to the highway. The exterior main entrance has recently been redone in solid cedar. Entering the home you will find the interior has been updated with a stylish open concept kitchen/family room. The large mudroom/laundry has been reconfigured to allow for a 2 piece bathroom on the main floor. Picture yourself during winter entertaining in the living room with large windows looking out to the creek with the fire burning in your fire place with the new Jotul airtight insert.

Basement is finished with in-law potential and separate entrance walk-up. Extensive landscaping includes new retaining wall, interlock patio/walkways and 23x21ft cedar deck. A wonderful family home!

Call Rob Golfi today at 905-945-0188 for a private viewing.

GRiMSBY

$699,900

253 Ridge Road West SPECTACULAR STATELY HOME sitting on 1.26 acres and located minutes from downtown Grimsby!

This home features 3+2 bedrooms, 3 updated bathrooms, triple car garage, gorgeous updated designer kitchen with breakfast bar, all season sunroom with cathedral ceilings overlooking private yard with limestone patio, in-ground pool and hot tub, gorgeous hardwood floors, professionally finished basement with showcase fireplace and built in book shelves. Other updates include vinyl windows, in-floor heating, shingles 2011, and new central air in 2010. Nothing has been spared. Shows like a dream!

Call Rob Golfi today at 905-945-0188 for a private viewing.

www.golfiteam.com

November 5, 2012

The Golfi Team Real Estate Market Watch

What to do when Several Students Move in Next Door How would you feel if the day after you moved into your new home on what you thought was a quiet street, you found out that a house three doors down had been converted into a student residence?

Ten students are living there and they have late night parties every weekend. This issue has caused battles all over Ontario, as local governments try to balance the rights of students to housing, investors and homeowners who see their property values fall as a result of these “rooming houses.”

A home located in St. Catharines was renovated into a six-bedroom student residence. A local homeowner complained to the building department and an inspector visited the property. He found that it had been converted from a “dwelling unit” as defined under the Ontario Building Code, into a “rooming, lodging or boarding house.”

This conversion meant the owner needed more exits, smoke alarms and mechanical ventilation. These would not be required if it was occupied by a family.

A St. Catharines judge decided that the home did not need any additional renovations and could be rented to students as is.

The judge looked at similar cases, and in particular, a single story home in Ottawa which was converted into a three-storey 14 bedroom, four bathroom student residence. The court found the conversion was a boarding house, partly based on the fact that the owner had done substantial renovations. Each Ottawa tenant had a separate lease, there was no sharing of utilities, one student acted as a superintendent and the owner’s son lived on the third floor in a unit that was not accessible to the other students.

In the St. Catharines case, the lease was between the six students and the landlord. It was a single lease, rather than six separate ones, for a total rent of $2,160. Each student paid $360, but was also responsible for payment of the entire monthly rent.

Utilities were split equally and each tenant had access to the entire property. The judge found that the house had not been substantially renovated. He decided that the owner did not have to make costly repairs.

But it is still not that simple.

There have been other cases, where the definition of a “dwelling unit” has been interpreted differently. In another case, complaints were made against the owners of over 20 homes.

It was alleged that each of these homes had been converted into a lodging house, which contravened zoning bylaws.

A judge found that the intent of the words “single housekeeping establishment” in the zoning bylaw meant a typical family or other similar basic social unit. But this was held not to include students who only shared sleeping quarters and facilities on a rental basis. The ruling meant the homes could not be used as strictly student housing.

In an R1 zone, it is permitted for an owner to rent units in their home to a maximum of two students.

Problems occur when more than 2 students are involved, including major renovations of the home itself.

In Toronto, all rooming houses need to be licensed by the Municipal Standards department. In addition, be aware that any time you rent a unit in your home for the first time, you must inform your insurer. If you do not and a fire or other damage later occurs, you will probably not be covered.

These cases raise many issues for

Crossword Puzzle

Page 7

Before

After

Our Name Says It All We Manufacture and Install

Call Us

905-560-3338 buyers and sellers 1. Buyers should always research the area that they are considering moving into in advance to make sure that there are no surprises such as local rooming houses.

2. If you are buying a student rental property or rooming house, consult with a private planner in advance to make sure that the property does satisfy all local city zoning and fire code requirements and that if

a license is required, it has been issued.

3. Any time you rent additional space in your home to a student, you need to inform your insurance company as this will increase your risk.

Mark Weisleder is a lawyer, author, course developer and public speaker for the real estate industry.

Visit him online at www.markweisleder.com.

(Solution on Page 11)

Across

Down

1 Place to change or store clothes (8,4) 9 Cause mirth — distract (5) 10 When night and day are of the same length (7) 11 Title of respect in central Asia (for a descendant of Genghis?) (4) 12 Printed title of newspaper or magazine (8) 14 Cover for centre of a car's wheel (6) 15 Boxing or soccer manoeuvre (3-3) 18 Corporation (3,5) 20 Unable to speak (4) 22 Part of a chair, perhaps (7) 23 Crusoe's creator (5) 24 Small African antelope — sprig per kiln (anag) (12)

2

Call Today 905-575-7700

3 4 5 6 7 8 13 16 17 19 21

Word repeated by actors to simulate conversation (7) Large amount — killed intentionally (4) Cold mass permanently covering the polar regions or mountain peaks (3,3) A deadly sin (8) Unit of weight (5) Tennis for ladies and gents (5,7) Be forced over the side of a pirate ship (4,3,5) Unidentified — lacking personal distinction (8) Edible subterranean fungus (7) Overcoat — result (anag) (6) Musical speeds or rhythms (5) Supreme Norse deity (4)

Page 8

The Golfi Team Real Estate Market Watch

November 5, 2012

Have your ever Fantasized about Winning a Lottery Dream Mansion?

E

veryone may want to win a luxury dream home, but once the keys are passed over and reality sets in, most people opt for a for-sale sign over a moving van.

Jean McKay, a nurse in Sudbury, was at work when she learned she had won an Oakville show home through the Princess Margaret Welcome Home Sweepstakes. She pretty much flipped, as would most people if they found out their $100 ticket had landed them a prize valued at more than $3-million.

The 6,500-square-foot house on a leafy street with wide green lawns in tony southeast Oakville was inspired by vacation homes in the Hamptons and came fully furnished, decorated and landscaped, with House & Home magazine founder and publisher Lynda Reeves overseeing every detail.

Whoever wins the Oakville luxury home in this year’s lottery – whose prizes also include a Muskoka cottage, a Toronto condo, a townhouse in Collingwood, several cars, vacations and home electronics – will likely follow in the footsteps of former winners and opt to sell the property.

The dream of owning a multimillion dollar home may be a fantasy many people love to indulge in, but most winners choose otherwise when faced with the practicalities of calling a dream house home.

If this year’s winner does sell, perhaps the most important thing to consider is that winning the house valued at $4.3-million will likely not mean pocketing a cheque for anything near that amount. Over the past four years, houses have sold for much less – sometimes close to half – their estimated value.

It was fun to entertain the fantasy of calling the house home, but McKay and her husband Niel, who is part-owner of a jewellery store, never seriously considered uprooting their lives and moving to Oakville.

“You wouldn’t have a mortgage but you’d have all the other expenses,” says McKay, 52, who won the house in 2010. “We’d both have to find jobs. Our family is here, our friends are here.”

Nor did the McKays want to pay property taxes that at the current rate would run you about $27,000. They opted to sell the home, becoming millionaires as a result. They are not the only ones.

Christine Lasky, vice-president of strategic initiatives for the Princess Margaret Cancer Foundation, acknowledges that most of the show homes end up for sale, but, she says, “I haven’t seen an unhappy winner.”

Once the title is transferred to the lucky ticket holder, the house and all its furnishings – the Michel Zelnik coffee table in the living room, the distressed dining table that seats eight, the floor lamps from Crate & Barrel – are theirs to do with as they please. The Princess Margaret covers all the land transfer taxes, real estate fees and legal fees. Winners of this

year’s show home will receive $25,000 cash to spend at their discretion, whether for moving costs or covering property taxes while the home is for sale.

Through its lotteries, the Princess Margaret has raised $237-million for cancer research since 1966. It is absolutely vital fund-raising, Lasky points out. And homes are a compelling draw for many people, capturing the imagination – and media attention – much more than a cash prize would.

“It’s everybody’s dream.

Whether it’s a young family starting out or people new to this country, their dream is to own their own home,” Lasky says.

So far, 227,500 tickets, or 70 per cent of those available, have been sold in this year’s sweepstakes, and approximately 50,000 people are expected to tour the grand prize show home. Some might be ticket holders, others might become ticket holders after visiting, although it’s safe to say most are there to satisfy their curiosity about just what a big-time show home looks like. Promoting the dream of living in a luxury home is key to why the Princess Margaret does not offer a cash option to winners.

“Programs like that have run in other provinces and they were a bust.

You don’t get the dream factor and just the imagination that runs wild,” Lasky says.

But don’t let your imagination run too wild, cautions the 2010 winner. With the house valued $3,638,000 in the lottery’s marketing materials, the McKays decided to put it up for sale with an asking price of $2.6-million.

“We thought, wow, a million dollars off, that’s fantastic,” McKay says.

The house stayed on the market for nearly a year, until the McKays, beginning the think they might be “too pie in the sky,” brought in an appraiser, who valued the house at $1.9-million. Shortly afterward, they sold it for $1.87-million.

Other past winners have similarly seen their homes sell for much less than their estimated value. Last year’s Oakville home, valued at $3,999,000, was sold in August for $2,150,000.

The 2009 home, valued at $3,560,000, sold the next March for $2-million. The home from fall 2008, valued at $3,035,000, sold shortly afterward for $1,825,000.

“The pricing is basically all the money we have spent building these homes and decorating them and the real estate,” which usually includes the cost of buying an older home and tearing it down, Ms. Lasky says.

Of course, not every former winner believed they would pocket a cheque for the same value estimated by the foundation, which made the process of selling the home significantly easier than it was for the McKays.

“It never occurred to me that the stated value would translate dollar to

dollar,” says Elizabeth Brooks, a teacher in Toronto who won the draw in 2008. “This was our philosophy: It cost us $100. If we sold it for $200 we got a 100-per-cent return on our investment.”

Moving into the home would have been “too much of an upheaval for us,” Brooks says, adding, “It’s a beautiful house.” The 5,000-squarefoot home featured high ceilings and a basement kitted out with a pool table and home theatre. “My kids, they loved it,” she says. (They kept the pool table and most of the furniture).

The house was listed in January, 2009 – when the market had taken a nosedive. Brooks and her husband set the asking price below that of comparable homes at the time. “We didn’t quibble about a lot of things because it was essentially free,” she says. A

buyer was found in just a few weeks.

“Who could complain? You buy a ticket because you want to do something good and then you hit the jackpot.”

Former winners who sold may not have got full market value for their houses, but they all stress that winning made them rich and that they have nothing but good things to say about the Princess Margaret.

McKay, her husband and their children are “set for life” because of the win, she says. They live mortgage-free in the same house they bought for $135,000 two decades ago.

“We’re going to renovate when we get around to it,” she says. “The kitchen really needs to be done.”

Posted by: RE/MAX Escarpment Realty Inc.

amoRTiZaTioN CHaRT Monthly payment per $1,000 Length of Mortgage (Amortization Period) Example $150,000 at 20yr at 3.0%: 150 x 5.54 = $831.00 /month Interest Rate (%) 5 yr

10 yr

15 yr

20 yr

25 yr

30 yr

35 yr

3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50 8.00 8.50 9.00 9.50 10.00 10.50 11.00 11.50 12.00

9.65 9.88 10.11 10.34 10.58 10.82 11.07 11.31 11.56 11.81 12.06 12.32 12.58 12.84 13.10 13.37 13.64 13.91 14.18

6.90 7.14 7.38 7.63 7.88 8.14 8.40 8.66 8.93 9.21 9.48 9.76 10.05 10.33 10.62 10.92 11.21 11.51 11.82

5.54 5.79 6.04 6.30 6.57 6.84 7.12 7.41 7.69 7.99 8.28 8.59 8.89 9.20 9.52 9.83 10.16 10.48 10.81

4.73 4.99 5.26 5.53 5.82 6.10 6.40 6.70 7.00 7.32 7.63 7.95 8.28 8.61 8.94 9.28 9.63 9.97 10.32

4.21 4.48 4.76 5.04 5.34 5.64 5.95 6.26 6.59 6.91 7.25 7.59 7.93 8.28 8.63 8.98 9.34 9.70 10.06

3.84 4.12 4.41 4.71 5.01 5.33 5.65 5.98 6.32 6.66 7.01 7.36 7.72 8.08 8.44 8.81 9.18 9.55 9.93

17.96 18.18 18.40 18.62 18.85 19.07 19.30 19.53 19.75 19.98 20.21 20.45 20.68 20.91 21.15 21.38 21.62 21.86 22.10

www.golfiteam.com

November 5, 2012

Rob Golfi*

The Golfi Team Real Estate Market Watch

Page 9

Hamilton, Stoney Creek, Ancaster, Dundas & Glanbrook SOLD

ONE R E H ANOT

HaMiltOn Mtn $449,900 84 Onyx Drive

HaMiltOn WeSt $329,900 163 Caroline Street South

HaMiltOn Mtn $309,900 51 Laurier Ave.

HaMiltOn $299,900 29 Marlowe Drive

Incredible 2600 sq.ft. 2-storey, 4 bedroom home with gorgeous hardwood floors, maple kitchen with granite counter tops and breakfast island. Spa-like ensuite off master bedroom and large walk-in closet. Fantastic size dining room with showcase fireplace in family room.

First time on the market, ever!!! Very unique layout featuring an updated kitchen, boiler, roof, wiring, flooring, electrical panel, windows, doors, bathroom, main floor laundry & beautiful den/sun room with updated skylights overlooking private yard!! Bonus double width driveway.

Location! Location! Solid brick bungalow beautifully kept in very desirable Buchanan Park Location. Updated kitch w/granite counter tops and back splash, new spa style bathrm with thousands spent, new vinyl windows & doors, new furnace 2007, shingles 2012, & finished basement.

LOCATION ROCKS! This property is located on the West Mountain, close to shopping and a walk to Mohawk College. Basement is fully finished with a 3 piece bath.

Updated windows, kitchen, and shingles. Fully fenced rear yard. Separate entrance for in-law potential. Shows 10+!

$1796.97 per/mth P&i / O.a.C.

$1317.67 per/mth P&i / O.a.C.

SOld

$1197.85 per/mth P&i / O.a.C.

ONE R E NOTH A D SOL HaMiltOn $164,900 36 Poplar Avenue

StOneY CReeK $324,900 11 ClydebankPlace

BinBROOK $249,900 32 Gowland Avenue

HaMiltOn eaSt $219,900 542 Corbett Street

LOCATION, LOCATION! Walk to Juravinski, steps to mountain brow & shopping. Loads of character and perfect for a young couple! This property features beamed ceilings, private back yard, front and back porch, updated 100 amp panel, and kitchen. Great rental location! Don’t miss out!

Court Location! Centrally located 2 storey, 3 bedrms.

Updates: most large windows, garden doors, roof, furnace, flooring, refreshed main bath, redone basement with new carpet and 3pc bath, & backyard deck. Backyard paradise great for entertaining with in-ground pool, & composite deck.

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.

Very large raised ranch with high ceilings in the finished basement. 2 full bathrooms and in-law potential! Attached garage with inside entry and new 10x12 shed built in 2012.

3 bedrooms with hardwood floors. Updated roof, furnace & C/A.

$658.64 per/mth P&i / O.a.C.

SOld

$998.14 per/mth P&i / O.a.C.

$918.25 per/mth P&i / O.a.C.

Call the Golfi Team for a FREE Market Evaluation

StOneY CReeK Mtn $385,000 21 Summerfield Avenue Great Stoney Creek mountain location! 3+1 bedrooms w/spacious rooms, master with ensuite and walk-in closet, updated hardwood flooring in living & dining room, and eatin kitchen with oak cabinets. Beautifully landscaped lot with 15 x 29 in-ground pool and large deck great for entertaining.

Your home could be worth more than you think!

905-575-7700

$1537.75 per/mth P&i / O.a.C.

StOneY CReeK $254,900 107 Teal Avenue Backing Onto Turtle Pond! Great location to build your dream home. Value is in the land. Showings after 6:30pm during weekday and anytime Saturday and Sunday. $1018.11 per/mth P&i / O.a.C

ONE R E H NOT A D SOL anCaSteR $224,900 150 Wilson St. W., Unit #306 FABULOUS FIND – This outstanding & immaculate condo features updated bathroom with granite counter, oak kitchen with updated new countertops & backsplash, in-suite laundry, new windows and sliding doors, covered patio overlooking trees & manicured grounds.

SOld

HaMiltOn CtR $169,900 35 Stirton Street

StOneY CReeK $249,900 79 Spartan Ave.

UPDATES GALORE! SHOWS 10++ with loads of room for a big family. New kitchen & bathrooms. Owner is downsizing, house is very clean. 3rd floor can be play area or family room or 2 more bedrooms. Private rear yard with a fabulous deck, and a big front porch. Appliances included.

Just listed!!! Large 4 bedroom, 1.5 bathroom backsplit in lower Stoney Creek. Family room with fireplace & walk out to backyard. Updated windows & shingles. Close to schools & buses. Easy access to QEW.

$678.61 per/mth P&i / O.a.C.

$998.14 per/mth P&i / O.a.C.

SOLD

StOneY CReeK $364,900 39 Kilbourn Avenue OUTSTANDING IMMACULATE HOME! Completely redone top to bottom gorgeous new kitchen w/granite counters & tumble marble backsplash, updated bathrooms, new trim, pot lights, new gleaming hardwood floors, updated vinyl windows, fin. basement w/new Berber carpet. $1457.47 per/mth P&i / O.a.C.

ONE R E H ANOT

StOneY CReeK $349,900 1364 Highway #8

HaMiltOn $359,900 90 Strawberry Drive

HaMiltOn Mtn $269,900 387 East 19th Street

HaMiltOn CtR $179,900 11 Greenaway Ave

CHARMING BUNGALOW TAKES YOU BY SURPRISE – this 2100 sq.ft. home sitting on park like setting country lot 85x187 ft. backing onto wooded green space, features gorgeous oak kitchen cabinets w/granite counters tops, beautiful hardwood floors, and close to all amenities.

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.

MOVE RIGHT IN! Spacious all brick 3 BR bungalow with many updates. Shingles & windows 2005, new plumbing, 100 amp on breakers, new flooring, freshly painted, finished rec-room, 2 full bathrooms, and a single detached garage.

Close to Hill Park school and a nice walk to Limeridge Mall.

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.

$1397.56 per/mth P&i / O.a.C.

$1497.41 per/mth P&i / O.a.C.

SOld

$718.55 per/mth P&i / O.a.C.

Call Today 905-575-7700

Page 10

The Golfi Team Real Estate Market Watch

November 5, 2012

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

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

State Farm Providing Insurance and Financial Services ®

Canadian Head Offices: Aurora, Ontario

Craig Budd Ins Agcy Ltd Craig Budd, Agent 4289 Hixon Street Beamsville, ON L0R 1B7 Bus: 905-563-3453 Toll Free: 866-252-0035

P045151CN 4/04

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

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

Advertise Here For information on advertising in the Market Watch, contact

Rose Magro

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

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

Steve Hudson Appliance Consultant Ned Topic Service Professional Major home appliance sales, service, installation & parts

Phone: 905-309-7412 Toll Free: 1-800-482-1815 SAvE 10% Off pARTS WHEN Email: info@topicappliances.com YOU mENTiON THiS AD Web: www.topicappliances.com Best Price for End of Line & Scratch & Dent Landlord Multiplex Discount 395 Ontario St. (Henley Plaza), St. Catharines, ON L2N 7N6

www.golfiteam.com

November 5, 2012

The Golfi Team Real Estate Market Watch

Page 11

Selling Hamilton in Toronto

Skeptical Torontonians at Property Show listen intently as Hamilton explains why they should invest in real estate here

A

t a crowded hotel in the heart of Toronto, everyone's talking about

Hamilton.

Residents from Toronto and beyond came to the Hyatt Regency Hotel Saturday for the Property Show, a conference and investment seminar geared toward those looking to sink some cash into the real estate market.

There, developer Harry Stinson, city urban renewal manager Glen Norton and realtor Mark Loeffler told the crowd why they should set their sights on Hamilton.

“You can buy a nice home for $200,000, $300,000. Here (in Toronto), that will get you a studio apartment,” Stinson said.

Saturday's panel had some of the highest pre-registration numbers of the conference, Norton said — so high that the panel was moved from one of the smaller rooms to a large ballroom.

Much of the discussion at the panel revolved around things Hamiltonians already know — the city's move away from manufacturing, the urban art scene on James Street North, the ambitious plans for the waterfront. The city's affordable real estate prices also loomed large over the hour-long panel.

“You've got a market in Toronto

— it's just so expensive and scary now. People are pausing; $400,000 for a studio apartment just doesn't seem right,” said Stinson. “And then they see in Hamilton, for $400,000 they can buy two large homes. A lot of times, they start off buying because it's a cheap investment — then they realize ‘You know, this is kind of a cool city.'”

Still, it was clear from the crowd's questions that many who live outside Hamilton still see it as a steel town.

Norton said the conference came at the end of a two-month advertising blitz in the GTA that challenged that sort of stereotypical idea about Hamilton.

“We spent over $80,000 in Toronto in September and October — we're just winding it to a close now — to change that perception and to make them aware of what we are,” Norton said. “The timing of this show is very good — but clearly, more needs to be done.”

Several members of the crowd got the message. Toronto resident Mark Dooley said he is planning to buy property in Hamilton.

“Right now, with my wife, we've decided that we're going to attack and buy some investment property.

So I wanted to get to know a little bit more about the city,” he said. “I'm

Harry Stinson is pictured here at his desk. Stinson has two high-profile condo developments in the works — the Stinson School and the Hamilton Grand.

John Rennison/The Hamilton Spectator

convinced now, even more so.”

Oakville resident Chris Parrish spent five years in Hamilton as a student. He and his wife, Jenn, already own property near St. Joseph's Hospital and are now considering more.

“It's always good to get some new perspectives and hear from the experts,” he said.

Crossword Solution

Emma Reilly, The Spec

289-969-6532

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

Must present this post card at time of ordering.

Contract must be signed before January 31, 2013, in order to redeem certificate.

Some restrictions may apply.

ER M M SU IAL SPEC

VISIT OUR SHOWROOM TO MEET WITH A MEMBER OF OUR FRIENDLY AND KNOWLEDGEABLE SALES TEAM

Call Today 905-945-0188

Executive Freehold Towns

e l l i v s m a e B Stylish 2-Storey 1,460 sq. ft. Towns with 9 ft. ceilings, nestled within a brand new community park!

Stadelbauer Dr.

King St.

Connor Dr. Sales Office

South Service Rd.

246,900

$

King St.

Mountain St.

South Service Rd.

QEW

Ontario St.

QEW

from

Cassandra Dr. Hillside Dr.

Sales Office Hours: Tues & Thurs 1-5pm, Sat & Sun 1-5pm Monday, Wednesday & Friday by appointment

www.GolfiTeam.com | 905-945-0188