Condos are still in demand

Why demand for condos is still strong

TARA PERKINS - REAL ESTATE REPORTER
THE GLOBE AND MAIL
Last updated Wednesday, Dec. 04 2013, 7:48 AM EST

The CityPlace condominium development in downtown Toronto has a mix of commercial storefronts and residential units above. (Fred Lum/The Globe and Mail)
    
Two new reports suggest that a number of factors, ranging from expensive single-family homes to delayed childbearing, are increasing the demand for condos in the Greater Toronto Area.

Condominiums are being constructed faster than demographic needs would suggest, but several factors are increasing demand while construction will “likely” slow, says a Royal LePage report to be released on Tuesday. Those factors include increased traffic and transit congestion, which are spurring people to live closer to where they work, delayed marriage and childbirth, and immigration from countries where people are used to living in more confined quarters.

“The high volume of construction activity seen during the past decade can be explained as a reasonable outcome given the existing conditions,” Will Dunning, a housing market analyst who is also the chief economist for Canada’s mortgage broker association, writes in the report, which looks at the condo markets in Toronto, Montreal and Vancouver.

“That said, it is likely that activity will decelerate during the coming years, to something closer to the ‘demographic requirements,’” the report adds. “It is possible that the transition will have some bumps. “We might be on the verge of a period in which new units become available for occupancy very rapidly, which results in downward pressure on prices – but I emphasize that there is uncertainty about the future pace of completions and this negative scenario is far from being guaranteed … it is quite possible that completions will continue to occur at sustainable rates, or that any acceleration of completions will be moderate and have only moderate impacts.”

More condo projects have been started than finished of late, suggesting there are bottlenecks in the construction process that are limiting the number of units that are being completed, the report says.

It estimates that the number of condo units required in the Toronto area will be about 12,800 to 15,800 annually between 2011 to 2021, depending on how quickly factors such as delayed marriage increase the number of people living in condos rather than houses.

Upward of 20,000 condo units are expected to come on stream annually over the next three years, according to Shaun Hildebrand, senior vice-president at condo research firm Urbanation. But Mr. Dunning’s report for Royal LePage estimates that demand will shift toward condos, while the pace of condo construction will slow.

The report argues that Finance Minister Jim Flaherty heightened the risks in the market when he tightened the mortgage insurance rules last year. “By reducing demand relative to supply, at a critical time in the condominium housing market (when the supply of newly completed units is expanding rapidly), the policy changes are raising risks in the housing market and by extension in the broader economy,” the report said.

Another report, released Monday by the Pembina Institute and Royal Bank of Canada, said demand is shifting toward multi-unit homes, such as condos, because of a scarcity of affordable single-family dwellings in good locations in the Toronto area.

“Many home buyers are being ‘priced out’ of established neighbourhoods and are faced with a tradeoff: condominium-style living in transit-accessible neighbourhoods or owning a single-family home located in car-dependent neighbourhoods,” the Pembina report said.

While there is no shortage of land on which to build single-family houses in the Greater Toronto Area, most of that is far from downtown.

“The majority of the condominium boom in Toronto is located in desirable central neighbourhoods that are walkable and well served by transit,” the Pembina report noted. “The demand for compact, transit-accessible development is likely being supported by the growing trend, particularly among both a younger and growing senior demographic, to live in location-efficient neighbourhoods.”

The Pembina Institute, a think-tank that advocates clean energy, makes a number of recommendations including encouraging more family-friendly condos to be built.

Check Out This Beautiful Home!!

This home is located in Lackawaxen, PA. At 189 Westcolang Rd.

It is a beautiful home tucked neatly in the woods, on one acre of land.

Provided as a courtesy of

Nicole R Boo

Keller Williams Real Estate Hawley
2523 Route 6
Suite 2
Hawley, PA 18428
Local - (570) 226-9200
Direct - (570) 226-9200
Cell - (845) 234-3345
nicolerboo@gmail.com
http://www.homesofhawley.com

Check Out This Interesting Article! Would You Buy A Haunted House??

More than half of home buyers are open to buying a haunted house, according to realtor.com’s 2013 Haunted Housing Report. Also, 35 percent of the nearly 1,400 people who took the survey say they have lived in a haunted home.

Today realtor.com released the results of its Haunted Housing Report, which ran on realtor.com from Sept. 25 to Oct. 1 and explored consumer sentiments around haunted real estate. Survey results reveal consumer thresholds for purchasing haunted houses for sale, past experiences with spooky homes, popular “warning signs” of a haunted home, expected discounts when buying haunted houses for sale and intolerable scary occurrences.

“When purchasing a home, buyers want to know what they are getting into and that includes anything potentially spooky,” said Alison Schwartz, vice president of corporate communications for Move Inc., which operates realtor.com. “Our data reveals that while the majority of consumers are open to purchasing a haunted home, many buyers conduct research on a home’s history to be aware of any weird incidences. Additionally, realtor.com data finds that while some respondents are willing to purchase a haunted home at a discounted price, many say levitating objects, ghost sightings and objects moving from one place to another would deter them from purchasing a home.”

Sentiment regarding a haunted home purchase:
• 26 percent indicated they would consider purchasing a haunted house for sale;
• 36 percent might consider a haunted home purchase;
• 38 percent would not consider a haunted home purchase.

Consumer experiences with haunted real estate:
• 51 percent heard about someone else’s haunted home experience;
• 35 percent lived in a home they suspected to be haunted;
• 25 percent have researched a home’s history to find out any eerie past incidents.

Most popular warning signs a home could be haunted:
• 61 percent thought a cemetery on the property could be an indication;
• 50 percent thought homes over 100 years old could be haunted;
• 45 percent considered quick transitions in owners could be a sign;
• 45 percent believe that an unexplainable low price on the home is alarming;
• 43 percent suspected homes in close proximity to a battlefield could be haunted.

Of the respondents who would consider purchasing a haunted home, many indicated that they would expect  discounts on a property:
• 12 percent would pay full market value or more for a haunted house for sale;
• 34 percent would purchase a haunted home if it were discounted 1 to 30 percent;
• 22 percent would purchase a haunted home if it were discounted 31 to 50 percent;
• 19 percent would purchase a haunted home if it were discounted 51 percent or more.

Among the respondents who would contemplate purchasing a haunted home, the following spooky occurrences would scare them away:
• 75 percent, levitating objects;
• 63 percent, objects being moved from where they were placed;
• 63 percent, ghost sightings;
• 61 percent, supernatural sensations;
• 61 percent, flickering lights/appliances;
• 60 percent, strange noises (footsteps, doors slamming);
• 34 percent, warm or cold spots.




source: http://www.realtor.com/news/survey-most-people-open-to-buying-a-haunted-house/

Check Out This Interesting Article! Would You Buy A Haunted House??

More than half of home buyers are open to buying a haunted house, according to realtor.com’s 2013 Haunted Housing Report. Also, 35 percent of the nearly 1,400 people who took the survey say they have lived in a haunted home.

Today realtor.com released the results of its Haunted Housing Report, which ran on realtor.com from Sept. 25 to Oct. 1 and explored consumer sentiments around haunted real estate. Survey results reveal consumer thresholds for purchasing haunted houses for sale, past experiences with spooky homes, popular “warning signs” of a haunted home, expected discounts when buying haunted houses for sale and intolerable scary occurrences.

“When purchasing a home, buyers want to know what they are getting into and that includes anything potentially spooky,” said Alison Schwartz, vice president of corporate communications for Move Inc., which operates realtor.com. “Our data reveals that while the majority of consumers are open to purchasing a haunted home, many buyers conduct research on a home’s history to be aware of any weird incidences. Additionally, realtor.com data finds that while some respondents are willing to purchase a haunted home at a discounted price, many say levitating objects, ghost sightings and objects moving from one place to another would deter them from purchasing a home.”

Sentiment regarding a haunted home purchase:
• 26 percent indicated they would consider purchasing a haunted house for sale;
• 36 percent might consider a haunted home purchase;
• 38 percent would not consider a haunted home purchase.

Consumer experiences with haunted real estate:
• 51 percent heard about someone else’s haunted home experience;
• 35 percent lived in a home they suspected to be haunted;
• 25 percent have researched a home’s history to find out any eerie past incidents.

Most popular warning signs a home could be haunted:
• 61 percent thought a cemetery on the property could be an indication;
• 50 percent thought homes over 100 years old could be haunted;
• 45 percent considered quick transitions in owners could be a sign;
• 45 percent believe that an unexplainable low price on the home is alarming;
• 43 percent suspected homes in close proximity to a battlefield could be haunted.

Of the respondents who would consider purchasing a haunted home, many indicated that they would expect  discounts on a property:
• 12 percent would pay full market value or more for a haunted house for sale;
• 34 percent would purchase a haunted home if it were discounted 1 to 30 percent;
• 22 percent would purchase a haunted home if it were discounted 31 to 50 percent;
• 19 percent would purchase a haunted home if it were discounted 51 percent or more.

Among the respondents who would contemplate purchasing a haunted home, the following spooky occurrences would scare them away:
• 75 percent, levitating objects;
• 63 percent, objects being moved from where they were placed;
• 63 percent, ghost sightings;
• 61 percent, supernatural sensations;
• 61 percent, flickering lights/appliances;
• 60 percent, strange noises (footsteps, doors slamming);
• 34 percent, warm or cold spots.

Check Out These Five Things To Look At When Buying A Home!!

Looking for a new home can be exciting and frustrating. You can help alleviate the frustration by paying close attention to five key areas of the homes you're considering buying; it may save you money in the long run.

Don Walker is an inspector and owner of Ace Home Inspections. He says there are five areas in homes that he frequently reports problems with. They are electrical, foundation, plumbing, the attic, and landscaping.

 

 

Electrical
Walker says sometimes homeowners assume with newer homes that all will work just fine but that's often not the case. "I [inspected] a brand new house -- four years old but the electrical was all done incorrectly," says Walker.

Having a complete home inspection will help to rule out any problems and point out any areas of concern. However, even as you're browsing homes, buyers can start to make note of the key areas that Walker mentioned, such as the foundation.  

 

 

Foundation Walker says a four-year-old home he inspected recently was already showing trouble signs which could result in a costly repair project. "It was a model home. What [the homeowners] did was plant trees for shade to make it look really nice, but they planted the wrong trees and they're going to crack the foundation and it's going to cut the property value down by $50,000," says Walker.

Walker says in the case of that home, the trees were causing micro-fractures in the tile in various locations of the home. "As you walk through the house, 21 feet in and 30 feet deep, there's just too much root invasion and it's going to ruin their tile," explains Walker.

He says some tell-tale signs with this home were the minor cracks in the foundation that were causing a lifting and separation of the foundation. Also, the windows were not opening and closing properly, "which means the foundation is moving."

However, just because you see cracks doesn't mean there is a foundation problem. "Most people don't understand that there are natural cracks in a house. That's why when we do an inspection report we have to look at it and say 'Okay, this is a typical crack and this one is an untypical crack,'" says Walker. He says some cracks may lead to other problems while others won't.      

 

 

 

   Plumbing Walker says another big area of concern is the plumbing. It's an area that you can't always spot as easily but it can create expensive repairs if plumbing issues go either undetected or are not properly fixed. "Mold forms underneath sinks when people have a leak and they fix the pipe but they don't take care of the mold," says Walker.

He says things like caulking the sink can help prevent mold. "That's my number one thing I always find -- bad sinks," says Walker.

He says that when you look at the sink, look behind it and most of the time you will discover a little crack. "What happens is, when you wash dishes or you wash your hands in the bathroom or the kitchen, the water gets in that crack and seeps down. Once the water gets behind the cabinet it's in a perfect position to create mold," says Walker. The dampness, humidity, and lack of light can turn that area beneath the sink into a mold-breeding ground.

 

 

Attic "You can tell everything about the house by the attic," says Walker. He says other areas of the home can be covered up if a repair had occurred. For instance, if there was a leak and it damaged a wall, with the right contractors and repairs it can be made to look like new and, hopefully, function like new. But Walker says the attic is sort of the eyes to the soul of the home. "In the attic you can tell where all the damage has been," says Walker.

"If you're in a 20-year-old house and you see that the insulation is brand new, you know that there was a water leak because it had to be replaced," says Walker. He adds, "You can tell if the roof is good because you can look right at the wood."

 

 

Landscaping "There should not be moisture or plants next to your house," says Walker. He says there should be a 12 inch barrier between the landscape and the house. Walker says otherwise you run the risk of having the foundation crack and affect the home. What happens is, as the landscape that is too close to the home is watered, the foundation and soil expand. Then, when no watering occurs, the foundation dries up and shrinks and this can cause it to crack.

Remember, knowledge is power, so learning about the home before you close the deal on it will keep you from making a mistake that may cost you extra out-of-pocket

 

 

 

 

 

 

Source:http://www.realtor.com/home-finance/real-estate/buyers/five-key-areas-to-pay-attention-to-when-buying-a-house.aspx?source=web

Get Ready For The Winter!!

It's about to start getting cold outside again and there is nothing better than turning up the heat to make a toasty retreat.
Have you prepared your furnace for Winter? Southern California Gas Co. offers some handy help in keeping your appliances working well and safely. Improperly maintained units can be a health and safety hazard!  

"Now is the time to perform maintenance on your home-heating appliances to check that they can be operated safely and efficiently," said Jimmie Cho, vice president of field services for SoCalGas. "Customers are beginning to turn on their furnaces for the first time in months. Heating appliances should be serviced annually to keep them operating safely and efficiently. A licensed heating contractor or SoCalGas can provide this service for you."
Here are their tried and true safety tips:

1. Have natural gas furnaces checked at least once a year by a licensed heating contractor or SoCalGas.  
2. Vacuum and clean regularly in and around the furnace, particularly around the burner compartment to prevent a build-up of dust and lint.  
3. Never store items in, on or around the appliance that can obstruct airflow.  
4. Most forced-air units have a filter that cleans the air before heating and circulating it throughout the home. Check furnace filters every month during the heating season and clean or replace the filter when necessary.  
5. When installing a new or cleaned furnace filter, be sure to re-install the front panel door of the furnace properly so it fits snugly; never operate the furnace without the front-panel door properly in place because doing so may create the risk of carbon monoxide poisoning.  
6. Check the appearance of the flame. If the flame is yellow, large and unsteady, the furnace needs to be inspected immediately by a licensed heating contractor or SoCalGas to have the condition corrected.  
7. Using an unvented gas heater in your home is dangerous and a violation of the California Health and Safety Code.  
8. Never use your oven, range or outdoor barbecue to heat your home because these appliances are not designed for this purpose.

Keeping your furnace in good working order is about more than just saving money on heating costs, although it will do that. It's also about keeping your family safe.
Your first line of defense is to prevent carbon monoxide poisoning and it's symptoms of nausea, drowsiness, flu-like symptoms, and even death by keeping up on the maintenance and safety tips above. Next, consider installing a carbon monoxide detector in your home to monitor CO levels.
It's about keeping your home...and family... in good working order.


                    Provided By: http://realtytimes.com/consumeradvice/homeownersadvice1/item/26366-20131014-preparing-your-furnace-for-winter

Where The Ruffalo Roam: The first story..

      So as I've told you guys before, I come from a family with five kids, and I moved 655 miles away from them. Well today October second, was one of my little sisters birthdays. So being hundreds of miles away I couldn't physically wake up, give her a hug and tell her happy birthday before school. I could however send her a card in the mail, I sent it weeks ago just to make sure that it was there the morning she turned seven. I also woke up at six a.m. to call her before school and she said that she loved my card! She was very excited that I had sent her a card and called here. However, she was even more excited when I told her that I was traveling down to North Carolina for Thanksgiving! I could hear her smile on the phone, I could imagine the look on her beautiful little face as her voice got high with excitement. She then immediately asked me if I'd gat school while I was down and eat lunch with her at school and of course I told her I'd be there. Now let me tell you about my other little sister, Caroline Elise. Sometime last January, I had noticed my parents had been acting a little bit strange, it wasn't to different than how they normally acted. If I hadn't been living with them for seventeen years at that point I would have never noticed, just I could tell something just wasn't the same. I couldn't think of what was going on, they weren't arguing, there was nothing going on in the family that I knew of. So one night my father comes home from work, and proceeds to do his usual routine, he goes to the kitchen gets some coffee, and walks around the house to see how everyone's doing, and ends up on the couch. That night though once he got to the couch he sat down, and told all of us to come into the living room, now usually when he called everyone into the living room it meant that we were going to talk about something serious. So I go and sit on the couch opposite of my parents with my three little siblings. Now I knew that they were going to tell us why they had been acting strange. So my father starts, " Now kids, you know your mother and I love all of you the same amount..." I didn't have to listen anymore, I knew exactly what that sentence was leading up too. I had heard that opening sentence three other times in the past, that was the opening to him telling us that my mother was pregnant. I was surprised, I didn't expect to ever hear that sentence again, but sure enough my wonderful mother at the age of 38 was expecting her fifth child. It was a girl, and she was born at 11: 23 p.m. on July 25, 2013. That's the same day as another one of my siblings, Christopher. They were born on the same day ten years apart. What are the chances of  a mother having two children ten years apart on the exact same day?