144 Park St. In Waterloo - First Condos in the area over 1M

(artists rendering)

CIty staff to back condos – Proposal goes to council June 1 TheRecord.com – Local – City staff to back condos

Liz Monteiro,RECORD STAFF (from The Record)

WATERLOO

Residents who live near a proposed condo development in the core area say their concerns about traffic and increased density have been ignored by the developer.

But Randy Kinat, who is co-developing the property at 21 Allen St. W. with Mady Development Corporation of Markham, said “every study possible has been done to ensure our project meets all the requirements.

“When the project is completed, they will find there is no reason for any concern,” Kinat said yesterday in an interview.

“The luxury we are doing will increase the property values of the uptown area,” Kinat said.
Kinat said the $60-million luxury condo development will feature concierge services and private elevators in the brownstones.

The 19-storey condo development — 144 Park — at the corner of Park and Allen streets comes before council for approval on June 1.

The condo tower will have 149 units as well as eight three-storey brick townhouses.
The development will feature 160 parking spaces, 71 of them underground and a three-storey above-ground garage.

Construction is expected to begin in May 2010, Kinat said.

The plan includes tearing down the existing 95-year-old building, Ontario Table and Chair Co., said city planner Trevor Hawkins.

The factory, built in 1913, was the original home of the Quality Mattress Co. The name changed to Waterloo Bedding Co. in 1921. The building is not designated as a heritage property, nor is it recognized for its cultural value.

Hawkins said the developer has not yet applied for a demolition permit.

City staff will be recommending the developer’s proposal to council be approved, Hawkins said.

The plan includes a zone change for the property, which is about one-third of a hectare in area, from industrial to multi-residential and an increase in density.

The developer wants to increase the density to 465 units per hectare from 250 units per hectare.
Hawkins said in exchange for increasing the density, the city will be asking the developer for additional streetscape improvements, including benches, landscaping and bicycle parking.

As well, the city will be asking for improvements along the Iron Horse Trail which is near the development and a piece of public art at the value of one per cent of construction costs.

Tanem Developments, which is building a 175-unit condo development at King Street and University Avenue, gave the city $165,000 for the public square in exchange for approved higher densities.
Hawkins said the cost of the public art has not yet been finalized.

Bill Kauffeldt, who lives in the nearby Catalina townhouse development, said he’s concerned about the increased traffic and the lack of sunshine because of the tower building.

Becky Shaw, who lives on Allen Street, said the face of the neighbourhood will change with a second condo tower.

The Bauer Lofts at Park and King streets are set to open in July.

“They haven’t taken community input into consideration. It seems that community input doesn’t matter,” she said.

Shaw said she’s also worried about the traffic volume and increased density.



More, courtesy of the National Post last week:

Price range: From the mid-$200,000s to over $1-million

Location: Park Street and Allen Street, Waterloo

Featuring a brick, stone and glass exterior by Turner Fleischer Architects, 144 Park – Uptown Waterloo is a new project by Mady Development Corp. Rising 19 storeys, with nine townhouses at its base, the building features 150 units in total, and backs on to the Iron Horse Trail, part of the Trans Canada Trail system. The site is in pre-registration.

Builder/developer: Mady Development Corp.

Building: 19 storeys, with nine three-storey townhouses at its base

Suites: One-bedroom, one-bedroom-plus-den, two-bedroom, two-bedroom-plus-den and three-bedroom layouts

Size 690 to 2,700 square feet

Occupancy: Winter, 2011/2012

Target market: Young professionals and empty nesters, many coming from the local area

Features: Units include nine-foot ceilings, granite kitchen countertops, engineered hardwood, ceramic tile and carpet flooring, low-flow showers and toilets, stainless steel Energy Star appliances and optional gas fireplaces.

Amenities: The project features an executive concierge, guest suite, fitness centre, and party room featuring a 2,500-sq.-ft. terrace with barbecues, a theatre space, a carwash bay and a bicycle storage area.

Standouts: The site backs on to the Iron Horse Trail, part of the Trans Canada Trail system. Cafés, shops and other amenities are also a short walk away.

I have a current price list and unit availablility, give me a call to discuss this interesting project. They have been quite flexible about unit configuration too, so you can alter floor plans if need be! Give me, Jonathan Knight, a call on my cell phone at 519-722-9095.

Waterloo Region Affordable Home Ownership Program

Good news everyone,

Our government has continued the program for Affordable Home Ownership...

Basically if you meet the criteria, you are eligible for 5% of the purchase price of a brand new home in the region, interest free.

If you stay in the home for 20 years, you don't even have to pay it back. If you sell earlier, then you have to pay back the 5% plus a small portion of your capital gains, but with prices escalating in this area, particularly for new homes, there should be plenty of gains to divvy up.

Its an excellent way to get into the real estate market and time is limited. Also Eastforest homes, one of the prominent home builders in the area is slated for a $10,000 price increase in the next little while due to increased lot levies, so now is a good time to find a new house that still eligible...The purchase price must be below $231,000.

Check out my website with info all about it www.kwfirsttimebuyersprogram.com
I can walk you through the application process.

The basic eligibility criteria are:

• Qualify for a mortgage,
• Have a maximum household income of$69,500,
• Be at least 18 years of age and currently renting,
• Not own or have an interest in a home,
• Not owe money to a community housing landlord,
• Be a legal resident of Canada, and
• Intend to have this home as your one and only residence.

Furnaces!

Some clients of mine recently purchased an older bungalow with the original furnace. The original was about 30 years old (yes it still worked) and was a conventional furnace, which lacks the efficiency of a modern day high-efficiency unit...
After the home inspection we had some concerns about whether the heat exchanger was in good order, so we asked to have the opportunity to get a furnace inspector in (at the buyers expense) just to have a look at it. After all, we didn't want CO fumes in the basement due to a cracked heat exchanger.

Heres where things got a little complicated, when we called the local utilities to get them to send someone out, we were informed that only the homeowner could order someone. This is because in the event of a cracked exchanger or damaged furnace they would be legally obligated to shut off the gas flow to the furnace... but the buyers didn't own the house yet!
We could, however, order a third party inspection from a licensed HVAC installer.

Just to run through the scenario for you, if the offer on the house was still conditional, and the buyers ordered the inspection of the furnace, and the gas was shut off - then the buyers decided not to go through with the inspection - then the seller would be left with no heat and no sale!

Certainly not a good proposition for the sellers....

However, if the buyers decided to order the inspection, inspectors shut off the furnace, and the buyers still followed through with the transaction, the sellers would be obligated to repair the furnace at their own expense, as under the Agreement of Purchase and Sale all fixtures, if included, are deemed to be working, unless specified otherwise.

In this case the furnace checked out okay, but in actuality it would have been favorable for the furnace to have been defective and mandatorily shut off.

- Jonathan Knight

The top 22 things Realtors recommend to sell houses quicker and for more money!

The Exterior

Curb Appeal is a vitally important aspect when selling a home. It is what prospective buyers see first and a seller’s first chance to make an impression. When preparing the exterior of a home for sale sellers should focus on beautifying the driveway, entrance, landscaping and even the front door.

1.Manicure the shrubs and lawn and ensure the garden areas are mulched.
2.Take away all clutter from the front lawn.
3.Repair any cracks in the walkway or driveway.
4.Ensure that the gutters and downspouts are clean and functioning properly.
5.Remove any chipped or frayed paint on window frames and doors with fresh paint added.
6.Paint and / or replace the front door if needed.
7.Paint the exterior of the home if it is needed.

The Interior

1.All walls should be cleaned with no visible dirt or smudge marks. If there is any dingy paint the walls should be repainted. Lighter colors will make the house appear to be larger.
2.Carpets should be clean and in good condition or they should be replaced.
3.All windows should be thoroughly cleaned because buyers like to look outside. The screen doors and windows should open and close easily and be in good condition. (take a q-tip and clean out the black grime from the tracks of your windows, its an eyesore and is a visual cue as to whether or not they've been well maintained)
4.Remove all clutter.
5.Place all clothes neatly in drawers and closets.
6.Clean the kitchen thoroughly. That includes the cabinets, appliances and counters. They should spotless with all clutter removed. Glasses and dishes should be neatly placed in cupboards and never leave any dirty dishes on the counter or in the sink.
7.Reorganize closets to make them appear large by removing clothing if needed.
8.Remove excess furniture and place it in storage or in the basement. This will help the home appear larger. The home should NEVER be difficult to walk through and between rooms in the home so clear the pathways.
9.Make sure that the plumbing and electrical items are in working order.
10.Any appliances which are broken should be repaired.
11.Ensure that the garage door is in perfect working order.
12.Ensure that any curtains are open, window blinds or shades are up and lights are always on when the home is being shown. This includes during the day because the combination of artificial lighting and natural light sources give the impression of a larger and more open home.
13.The scent used most frequently in builder’s model homes is vanilla because a fresh scent will appeal to home buyers senses. These can be purchased from places like Home Depot and placed directly on your air filter to disperse throughout the home. The smell of baking cookies works well too!
14.Eliminate any and all pet odors. If you have cat litter boxes, after cleaning them (which should be done before any showings) sprinkle baking soda in the box.
15.When buyers are shown the property ensure there is soft music or classical music playing in the background.

A word of advice! Never do excessive expensive work!

Too many times sellers think that more upgrades will return a higher price which is not necessarily true. When sellers go beyond the needed fix ups it becomes easy to start wasting money. Do not do unnecessary fix ups before selling the Kitchener/ Waterloo area home.

My hope is that you found this information valuable. As your local real estate professional I am here to answer any additional questions or questions specific to your situation which you may have. Call me for advice anytime.

Power of Sale?

While such properties can often be had at a bargain, and I've personally had the rewards of seeing satisfied clients purchase a power of sale and have an excellent experience on many occasions, the truth is that Power of Sale properties might not be for everyone....

The first thing to remember is, in many cases, the place will be in need of renovation. Cosmetically these homes are often in need of carpet, flooring, drywall repairs, plumbing and sometimes even electrical repairs. If you're in a position to do the work yourself and aren't afraid to put a little sweat into it then you'll be in a better position to take advantage of the potential financial benefits of a Power of Sale.

Another thing to understand is that power of sale properties are sold “as is”. It’s not a matter of negotiation, as the vendor’s required schedule to accompany any agreement of purchase and sale will indicate. Also, the seller will specifically indicate that all chattels and fixtures are "as-is" and will not give any warranty as to the fitness of such items.

Other issues to consider are that the seller will reserve the right to postpone your closing up to 60 days with virtually no notice. So if the power of sale you purchased was closing on August 1st, on July 31st you could find out that the closing has been pushed to October 1st. Even after you move in, you're not necessarily guaranteed ownership of chattels, for example, the appliances – the previous owner has a specific window of time to attempt to reclaim those possessions.

All of these “non-guarantees”, on a legal level, are to allow the defaulting time to come up with the money to reclaim lost assets. Banks and other lending institutions will not make improvements to a property that may revert back to the original owner. So what does all this mean? It means that if you’re considering a power of sale you must take into account the additional expenses (renovations, possibly appliances, and potential rental costs). Remember, since the closing can be pushed, not everyone is in a position to take advantage of power of sale properties. Most people would shy away from 60 days of renting.

Having said all of that, I have yet to see appliances be seized, (I did see a piano seized though!) the closing to be pushed, or a buyer dissatisfied with a power of sale. While much of that can be attributed to proper research and analysis, the fact remains that while the darker scenarios can be classified as unlikely they remain, nevertheless, possible.

Would you buy this dump??

Now this is what I call crazy! There is a website called BuyMyDump.com, apparently the owner of this house in Houston, Texas, needs to sell his investment property which is worth $80K for about $38K.

The owner claims that this house was trashed by his tenant and his insurer is not willing to pay for the damages caused! Are you willing to fix it up? I know I wouldn't! I had to pinch my nose while I looked at the pics!

www.buymydump.com

Ontario affordable home ownership program - lets continue it!

Check out my latest webpage,
www.kwfirsttimebuyersprogram.com

Are you eligible to apply?
If you are interested in the Affordable Home Ownership Program and would like to apply, you must:
Qualify for a mortgage,
Have a maximum household income of $68,000,
Be at least 18 years old and currently renting,
Not own or have an interest in a home,
Not owe money to a community housing landlord,
Be a legal resident of Canada, and
Intend to have this home as your one and only residence (you cannot transfer or lease it to someone else).
There are a number of details regarding this program that we can help you with. Contact me for details....

Jonathan Knight
Sales Representative
Re/Max Twin City Realty Inc., Brokerage
Phone: 519-579-4110 Office
Phone: 519-722-9095 Mobile
email: jknighthomes@gmail.com

HST, Potentially very bad for real estate

Ontario’s new homebuyers would face a massive tax grab under the proposed harmonization of the federal GST and Ontario PST, a new report released today concludes.
The report on the implications for sales tax harmonization on new home buyers in Ontario was written by veteran housing analyst Frank Clayton, PhD, of Canada’s largest independent real estate consulting and advisory firm Altus Group, for the Building Industry and Land Development Association (BILD). BILD is the Greater GTA affiliate of the Ontario Home Builders’ Association.

The report looked at nine Ontario municipalities and three different home types. It revealed tax increases for single detached homes ranging from $8,957 (Windsor) to $17,049 (Ottawa) in markets outside the GTA, and from $24,566 (Mississauga) to a whopping $46,676 (Toronto) within the GTA.

“All told, harmonization of PST and GST without any offsetting measures by the provincial government would rip $2.4 billon dollars out of the pockets of new home buyers, slamming the homeownership door shut in the face of many Ontarians,” said Stephen Dupuis, President and CEO of BILD.

BILD Chair Leith Moore added that the proposal for GST/PST harmonization couldn’t come at a worse time and runs completely contrary to the Province’s efforts to stimulate spending and jobs.

"There's no point putting the gas pedal to the metal from a stimulus standpoint while braking equally hard with the other foot, but that's what harmonizing the sales tax on housing amounts to," Moore said.

Meanwhile, Ontario Home Builders’ Association president Frank Giannone said harmonization is a “poison pill” for housing. “Housing is the only product that keeps on paying property tax after it is consumed. So to cripple the new home buyer market at this time not only damages the provincial economy, it also hurts governments in terms of revenues. In addition, the HST would also add additional tax to future renovation projects, and we all know tax increases drive consumers into the underground economy and into cash deals. It makes no sense,” he said.
Dupuis explained that builders are not fighting harmonization, but fighting for fair treatment of housing under a harmonized sales tax regime. “The reason housing gets hit so hard is that it is the biggest of the big ticket items and it’s not currently directly subject to PST, for good reason,” he said.

“As matters currently stand, builders are paying an average of two per cent PST embodied in the price of each new home and they’re prepared to keep on paying at that rate, notwithstanding all the other taxes, fees and levies they must endure.
“What home builders are not prepared to do is to sit idly by while home buyers are hammered to the tune of $2.4 billion due to harmonization. That's not on," Dupuis concluded.

Environment audits becoming mandatory?

Ontario REALTORS® agree with the principle of energy efficiency for homes expressed in the Government of Ontario’s proposed mandatory home energy audit, but they say that the additional costs will hurt homeowners, especially in these economic times.

“This mandatory government regulation will impose a significant cost on home sellers. As with most Canadians, we don’t believe in green at any cost,” said Gerry Weir, President of the Ontario Real Estate Association. “It’s not the initial cost of these audits that concerns us,” he said. “Rather, the results of these audits will be used by home buyers as bargaining chips to significantly reduce the final selling price.

“Today’s economic downturn is a terrible time to introduce this measure. Home sellers are already worried about lost equity in their homes. A move like this, which will reduce their value even further, will not help them in any way,” Mr. Weir said.

REALTORS® favour government encouragement of energy efficiency in homes through expanded tax breaks and other measures.

In addition, REALTORS® point out that there is no one standard for energy audits. Different firms arrive at different assessments of the same house. “EnerGuide ratings of an existing home can and do vary between energy auditors, depending on the assumptions they make and the extent of data they collect on the building’s actual construction,” Mr. Weir said.

Furthermore, since there is no regulation of energy auditors, a conflict of interest can arise if a contractor conducts the audit. There is a natural inclination for that contractor to find problems that he can offer to repair for the homeowner.

Many details of the energy audit proposal have not been released. For instance, the government has not said if an energy audit will be required if a property is transferred between family members. Nor have they said how long an energy audit will be recognized as valid.