5 YR Fixed Rate down to 2.99%. 10 YR as low as 3.85% !!!

Mortgage Rates have dropped again! There has never been a better time to buy or refinance. Anyone who chooses to rent and not own today is NUTS. If you are a first time buyer, call me for complete details, and a FREE copy of my 125 page book, “Everything You Ever Wanted To Know About Real Estate But Were Afraid To Ask!” . ..If you are a homeowner, I can connect you with one of our Mortgage Experts to show you how to refinance and take advantage of these low rates . .  best is info@reccanada.com or 416.443.0300 for complete details.

Tridel’s Parkside Condos Opening Soon. Reserve Your Suite Now.

Parkside at Atria is Tridel’s newest release in North York at Sheppard Avenue, east of Hwy 404. Take advantage of this exclusive opportunity for you purchase first at this brand new condominium development featuring views of the beautifully landscaped inner courtyard or lush green park. Starting as low as $285,000 this is an excellent option for first time buyers, especially with mortgage rates as low as 2.99% for 5 Years. Call or email me now for complete details. .  .info@reccanada.com . . ..

Asking Price for NYC Penthouse jumps to record $110M

The developer of One57, slated to become New York City’s tallest residential building, raised the asking price for the six-bedroom penthouse overlooking Central Park by 12 percent, to $110 million.

The previous price for the 11,000-square-foot (1,020-square-meter) unit, which will take up the tower’s 89th and 90th floors, was $98.5 million, according to Gary Barnett, president of the Extell Development Co. Prices have gone up an average of 3.9 percent for the building’s 95 condominiums since sales began about a month ago, he said.

“We’re reflecting the sales in the marketplace,” Barnett said today in a telephone interview. “Given where the market is, we’re being very conservative on pricing.”

A sale at that price would make it the most expensive deal for a single residence ever in Manhattan, according to Jonathan Miller, president of New York appraiser Miller Samuel Inc. The full-floor penthouse at 15 Central Park West owned by Sanford Weill, former chairman of Citigroup Inc. is being purchased for the daughter of Russian billionaire Dmitry Rybolovlev, according to Alan Basiev, a spokesman for Rybolovlev. The 6,744-square-foot condo was listed for $88 million.

The prior record for a Manhattan residence was the $53 million sale of a townhouse to private-equity investor J. Christopher Flowers in 2006, Miller said.

The asking price for the One57 penthouse was reported earlier today by the Wall Street Journal.

Apartments in the tower across West 57th Street fromCarnegie Hall, scheduled for completion in 2013, begin at about $6.5 million for a two-bedroom unit, according to Barnett.

Extell also increased the price for a 13,500-square-foot condo on the 75th and 76th floors from $98.5 million to $105 million, Barnett said. That unit, known as the “winter garden duplex,” has room for either a 2,500-square-foot, glass-enclosed garden or a swimming pool, he said.

Toronto penthouses, which average $1000  – $2000 a foot, are now starting to look like a bargain, eh?

Source: www.Bloomberg.com

A Timeless Message from Charlie Chaplin

Everyone should view this scene from Charlie Chaplin’s Classic film, The Great Dictator. Originally, McCarthy era politicians accused him of being a Communist, but when you hear his message, he was nothing short of brilliant, and nothing but a humanist. Enjoy.

Click on the photo, or click here:  http://youtu.be/M8C-qIgbP9o

Gadhafi Penthouse May Soon Be Up For Sale

Saadi Gadhafi, son of Moammar, owns a $1.6 million penthouse in downtown Toronto. The son of the late Libyan dictator apparently purchased the condominium at 10 Navy Wharf in May of 2008, according to an investigation by the National Post.

Saadi, a one-time professional soccer player and full time playboy, left the job of being his father’s right-hand-man to his brother, Saif Al-Islam.

According to the Post, Saadi visited Toronto about once a year to conduct business, revel in the city’s nightlife and once hosted a party during the Toronto International Film Festival.

Oddly enough, he preferred to stay and party in hotels, despite owning the million-dollar condo.

Plans were initially made to spirit Saadi to Canada after the Libyan revolution began in February. Unfortunately for him, the RCMP would have arrested him on the spot. A second scheme to get him to Mexico also failed because the Mexican government refused to provide proper documents to travel to a villa near Puerto Vallarta dubbed “Casa Gadhafi“.

Though he won’t be around to take advantage of it any time soon, the Post reports that the condo “atop the Harbor View Estates building on the Toronto  waterfront comes with a view of Lake Ontario and access to a 25-metre  swimming pool, squash, basketball and tennis courts and a bowling alley.”

“Residents of the condo tower were stunned to hear the high-profile  playboy and late dictator’s son could have lived among them. Showed a  photo of Mr. Gaddafi, they said they had not seen him around the  building.”

Should I Wait Until Spring to List My Home?

As we roll through the holidays and into winter, many would-be sellers will be holding off on listing their home, waiting for the spring “selling season” to put their home on the market.  But if you’re ready to sell your home now, is waiting until spring the best strategy?  Not according to the data, it isn’t. (Thanks to the folks at redfin for the following US Data, and we dug deeper, we found similiar results across Canada):

Homes listed in winter sell faster: 46 days in winter vs. 55 days in summer

Homes listed in winter are more likely to sell: 59.2% sell in winter vs. 53.1% sell in summer

Homes listed in winter sell closest to their original price: a 2.7% drop from the final price in winter vs. a 5.2% drop from the final price in summer, worth more than $10,000 on a $400,000 home.

Spring wins in one category: Speed.  Homes listed in spring sell the fastest, sitting on the market for 15% less time than the median.

Apparently not many sellers are on to this pattern, because winter has twenty percent fewer listings added than the spring. Keep in mind that we’re measuring correlation here, not causation.  Listing in the winter won’t guarantee that your home sells faster, for more money, or that it will sell at all.  That said, the data does seem to indicate that winter gets a bad rap for no good reason.

When is the best time to sell? When YOU are ready to move. And of course, it depends on the type of property, why you’re moving, and of course where you’re moving to . .. If you are thinking about moving, give us a call, and of our expert team will help you understand what’s happening in YOUR local market, and how to time the move to get the most price for your home, AND minimize stress. We’re homeowners too, and we know first-hand the stress of selling a home and moving.

Check out the redfin analysis here:

Work Underway to Create Acceleration Plan for the Port Lands

Waterfront Toronto and the City of Toronto have started work to create a development and implementation plan for the Port Lands and are inviting members of the public to be part of the process.

The goal of the initiative is to deliver a high-level road map for accelerating the development and maximizing the value of the Port Lands as a city legacy. The undertaking, the result of Toronto City Council`s September 21 unanimous decision for Waterfront Toronto to lead a review of the Port Lands, will be informed by extensive public consultation.

An initial public meeting was held from 6:30pm to 9:00pm on Monday, December 12 at the Toronto Reference Library, 789 Yonge Street. The meeting included a summary of the process and goals for the Port Lands initiative, and an overview of challenges and opportunities in accelerating development. As well, the meeting gave everyone the chance to ask questions and discuss their goals and ideas for accelerating development of the Port Lands.

Development of this site is long overdue, but inevitable now that the Pan Am Games are set for 2015.

Early Christmas Gift For Toronto Home Buyers

In an interview with CP24 Political Specialist Stephen LeDrew, Ford said the land transfer tax will be reduced in 2012 and completely eliminated by 2015.

The tax, first introduced by David Miller in 2008, pumps about $204 million into city coffers annually.

It is added onto the cost of all real estate purchases and is levied in addition to a provincial land transfer tax.

“I campaigned I would abolish it by the end of my term and I am sticking to my promise,” Ford said. “I can’t say we will wipe it all out this year, but we are going to do it piece by piece and you will see a portion of the land transfer tax gone by next year.”

In a wide ranging interview , Ford talked at length about spending at city hall, the mounting deficit, his handling of ‘Occupy Toronto’ and public transit.

Exciting New Project Coming Soon

A phenomenal new residence is rising above it all at the gateway to the city. TEN YORK, Tridel’s proposed condominium tower at the corner of York and Harbour is scheduled to launch in the Spring of 2012. Don’t miss your opportunity to own in the most iconic new building this city has ever seen.

To Pre-Register for advanced selection, and VIP Pricing, call 416.366.9090 or go to www.TheRealEstateTalkShow.ca

Check out the photos below . . .

 

GTA Realtors® Create Affordable Housing

GTA Realtors® are teaming up with local politicians and Habitat for Humanity to build a home for the less fortunate. Located at 4572 Kingston Road in Scarborough, this house will be the 7th home TREB members have helped build in recent years. The Hon. Margaret Best, Minister of Consumer Services and M.P.P. for Scarborough-Guildwood and the Hon. John Mckay, M.P. for Scarborough-Guildwood will take part in the events as well.

“Working with elected officials, at all levels, to find ways to create affordable housing so that as many people as possible can achieve the dream of home ownership has always been a priority for REALTORS®. Usually, our affordable housing work with governments involves providing valuable input on policies and legislation; this time, our work together may be a bit harder on our backs as we pick up hammers, paint brushes, and shovels to get the job done,” said Richard Silver, President of the Toronto Real Estate Board.

TREB members have always been active towards giving back to the community through their REALTORS® Care Foundation. The foundation offered more than $178,000 worth of grants, last year alone.