VaughanBlog.com makeover
I like change. It’s the only constant in life after all.
I recently decided to change the look of VaughanBlog.com by adopting a BrianGardener.com Wordpress theme. Aside from the sleek look, there are some great embedded features in this template. Brian’s credo that “the first way to stand out in a crowd is to have a brilliant and unique design for your blog or website” is one which I subscribe to, although I stress the word first. Nothing, and I mean NOTHING, is more important than the content one provides to readers.
Nonetheless, it’s nice to slip into a new suit once in a while.
Hope you like the new digs. Let me know what you think.
Finished basements…A value proposition
Vaughanblog.com welcomes your thoughts, opinions and questions. Feedback is a hallmark of my philosophy to improve quality and service in virtually all aspects of business and life.
I particular enjoy answering questions you may have and while I cannot guarantee I will always have a satisfactory answer, I can promise you that I will do my best to research the answer.
You can click on the button to the right which will provide you with a convenient submission form for your question.
That said, a reader of VaughanBlog.com recently submitted the following question:
Hi Carl, this question is regarding finishing the basement. When purchasing our house in Woodbridge we bought a house with separate entrance to the basement with the thought of resale at the time, we did not need it as it’s only my wife and I. Are there any benefits to finishing the basement and does it add any value to the potential resale?
As this may be a common question among home owners, I thought I would share my response:
Thank you for your question above. In the case of a two-storey house (which is probably likely in Woodbridge), one third of the potential living space is in the basement. If it’s a bungalow, it’s generally half. To your question, does it add value? In most cases, there would definitely be added value, all else being equal when compared to a similar home without. The more interesting question is what is the relationship between the cost to finish and the added value that results. Most realtors will probably agree that unless there is a significant amount of “sweat equity” (i.e. the work is done by the homeowner), improvements made to a home generally do not recoup full cost. The real benefit however, is that such improvements definitely add to the marketability of a home. If you engage a listing Realtor to sell your home, he or she should be able to prepare a comparative market analysis based on comparable properties that are for sale or have recently sold in your neighbourhood. This may assist in the determination of the value impact of similar homes with and without basements. I’ve recently been dealing with a few new home buyers who typically are looking into modestly sized starter homes. With smaller ground floorplates, access to finished living space is high on their priority list for example. An interesting study completed on behalf of the National Association of Realtors (the American counterparts to the Canadian Real Estate Association), suggests that on average, a midrange basement remodel project resulted in a return of value of about 75% of the original cost. You can visit the study @ http://www.costvsvalue.com/index.html for more information. Keep in mind it is an average only and represents a different market, so caution should be used in interpretation.
Hope that helps.
There may be many other considerations involved so before you roll up your sleeves, seek some professional advice.
Princess Margaret Hospital Home Lottery features Woodbridge grandprize homes
It’s back and better than ever. The Princess Margaret Hospital Foundation is once again hosting their Home Lottery for Cancer Research. Taking part and purchasing your ticket(s) is a very small way to help support one of the top 5 cancer research hospitals in the world.
Among the prizes to be raffled are 7 grandprize showcases. Each of the grandprizes include a lavishly decorated Greenpark custom decorated and furnished home and Mercedez-Benz automobile.
The two largest homes are located in Woodbridge and are situated nextdoor to each other. I had a chance to “drop by” the homes …and that is precisely what my jaw did when I did. Each home was absolutely magnificent.
Here’s the website description of one of the grandprize home:
95 Grand Vellore Crescent, Woodbridge – 6,255 sq. ft.
A stunning foyer leads to the spectacular two-storey centre hall with circular staircase. Overlooking the balcony and rear yard is a sun-filled breakfast room and irresistible island kitchen with granite countertops, top-of-the-line Miele appliances and built-in espresso machine. Connecting kitchen to formal dining room is a convenient servery with walk-in pantry.
There’s a gas fireplace in the family room and in both living and dining room is a beautiful two-way gas fireplace. An elegant, circular staircase leads to the family quarters including a sumptuous master suite with his-and-hers walk-in closets and a spa-like ensuite with whirlpool tub with wood paneled surround.
Now, here’s the Virtual Tour
Don’t delay, early bird ticket sales deadline is midnight, Thursday April 17. Homes are now available for viewing and tickets can be ordered on-site, on-line or by phone.
$100 each and 3 for $250.
Help Conquer Cancer
For more information, visit HERE
Kortright Centre: Sweet Oasis
If you’ve never made the trek to visit the Kortright Centre in Woodbridge Ontario, this March Break is as good a time as any. The Kortright Centre for Conservation is described as a natural oasis located on 324 hectares of pristine woodlands along the Humber River Valley. It’s truly a gorgeous piece of natural real estate.
The Kortright Centre is currently hosting the Sugarbush Maple Syrup 40th Anniversary Festival and runs from March 7th to April 6th, 2008 and marks one of the sure signs of Spring here in Vaughan. 
Events include demonstrations, wagon rides, activities and, of course, pancakes and maple syrup! Special March Break and Easter activities are also promised.
For further information, click on the image ->
Be wary of March Madness pools
There are no shortages of homes with pools in many neighbourhoods within Vaughan. They seem to be growing in popularity and probably in part due to demographics. For the busy Boomers, it’s often a sensible alternative to escalating vacation real estate prices. Why leave your home for the cottage, when you can create a cottage at your home, some will argue. (I’m not one of them).
Buying a re-sale home with a swimming pool at this time of year can be a contentious issue to deal with when it comes to satisfying yourself of the pool’s working order and condition.
As a buyer you are faced with a predicament because unlike the rest of the home, the pool will not be a component of the home inspection.
There are two straightforward reasons for this:
1. A complete and proper inspection of a pool and associated equipment cannot take place until it has been opened and is operating.
2. Pool inspections are beyond the normal scope of expertise of traditional home inspectors.
So what are some of your options you ask? Well, there are several and every situation is a unique one.
One approach would be to include a conditional offer clause in the agreement of purchase and sale which is subject to a professional pool inspection. Unlike traditional home inspectors, there are a number of companies which offer these services. Quite often, they are representatives and/or principles of a larger pool installation company.
The problem with this solution again relates to #1 above. If the closing date of a home you are considering is anytime before the pool can be opened, this approach is not possible. By definition, a sale cannot close until all conditions are met or waived.
Another approach would be to include a seller’s representation and warranty on the working condition of the pool and equipment. The downside to this approach is that unlike a conditional inspection, the use of this clause does not provide an inherent mechanism for terminating the agreement of purchase and sale. The only recourse for the buyer here would generally be a good-faith settlement and agreement or civil lawsuit. The advantage of this approach is that it avoids a condition in the agreement which can extend for months (ie until the pool is opened) and thereby arms the buyer with a more appealing offer, all other things being equal.
These are simply two options one can take and there is no all-encompassing method for handling this issue. There are many variables to consider and the guidance of your real estate representative and/or lawyer is certainly well advised.
Cannonball!!!
Sleepingrich.com: Insomniacs need not apply
At first, I thought the above site was connected with the folks at particiPaction who are cleverly tackling the crisis of inactivity among our youth with TV ads such as THIS
I was wrong.
It’s yet another clue to understanding why I rarely see any more childhood hockey scrums in my local neighbourhood of Woodbridge.
I wonder if this chap is going to use the money to fund his education. He’s a shoe-in for a political life.
Click on the Image to see for yourself.
rssHugger… because all Blogs can use a Hugg now and then
On a tip from Mary McKnight over at rsspieces.com, I decided to check out a new website aimed at promoting your Blog.
rssHugger founder Collin LaHay notes that rssHugger is “an easy-to-use way to promote their blogs by sending them traffic, building backlinks for search engine optimization, as well as attracting new rss subscribers…”
One of the more noteable items about the site is that it effectively provides for a one-way backlink to your Blog, all for the bargain basement price of NIL, ZIP, NADA, ZILCH.
At the time of this post, there were 1210 feeds registered. Colin’s goal is to hit 250,000 feeds, which I can see happening given the potential for viral reach.
Multiple Representation: A Manifesto for Legalized Conflict of Interest
In Ontario, real estate agency is governed by the Real Estate Business and Brokers Act (”REBBA”). Under the provisions of the Act, a real estate brokerage may act on behalf of BOTH a Seller and a Buyer in respect of the same trade in real estate, provided all parties consent to this in writing and appropriate disclosures are made by the brokerage.
The situation is referred to as Multiple Representation.
According to Ontario Regulation 580/05 (made under REBBA) which forms the Code of Ethics, Section 16 reads as follows in respect of Disclosure before Multiple representation:
A brokerage shall not represent more than one client in respect of the same trade in real estate unless it has disclosed the following matters to the clients or prospective clients at the earliest practicable opportunity:
1. The fact that the brokerage proposes to represent more than one client in respect of the same trade.
2. The differences between the obligations the brokerage would have if it represented only one client in respect of the trade and the obligations the brokerage would have if it represented more than one client in respect of the trade, including any differences relating to the disclosure of information or the services that the brokerage would provide.
Clients must fully understand the impact of such representation on information provided to them and services offered. Brokerages set out these details in the representation agreement describing what salespersons in a multiple representation role will and will not do. The scope of such limitations will vary according to brokerage policy.
The Ontario Real Estate Association’s prescribed Buyer representation agreement includes the following language in respect of Multiple Representation disclosure:
“The Buyer understands and acknowledges that the Brokerage must be impartial when representing both the Buyer and the seller and equally protect the interests of the Buyer and the seller in the transaction. The Buyer understands and acknowledges that when representing both the Buyer and the seller, the Brokerage shall have a duty of full disclosure to both the Buyer and the seller, including a requirement to disclose all factual information about the property known to the Brokerage.
However, The Buyer further understands and acknowledges that the Brokerage shall not disclose:
• that the seller may or will accept less than the listed price, unless otherwise instructed in writing by the seller;
• that the Buyer may or will pay more than the offered price, unless otherwise instructed in writing by the Buyer;
• the motivation of or personal information about the Buyer or seller, unless otherwise instructed in writing by the party to which the information applies or unless failure to disclose would constitute fraudulent, unlawful or unethical practice;
• the price the Buyer should offer or the price the seller should accept; and
• the Brokerage shall not disclose to the Buyer the terms of any other offer.
However, it is understood that factual market information about comparable properties and information known to the Brokerage concerning potential uses for the property will be disclosed to both Buyer and seller to assist them to come to their own conclusions.”
So what does all this mean?
In a nutshell, it’s a Manifesto for the Legalization of the Conflict of Interest hidden in a blanket of greed affectionately known as the ”double-dip”. I’ve coined my own phrase, namely the “2-1-0″…Getting paid Twice, for One transaction, and serving Zero parties.
The most obvious analogy would be akin to having a lawyer act in capacity for both a defendant and plaintiff. The Relevant Rule of Professional Conduct of the Law Society of Upper Canada reads:
“Conflict of Interest, Rule 5
The lawyer must not advise or represent both sides of a dispute and, save after adequate disclosure to and with the consent of the client or prospective client concerned, should not act or continue to act in a matter when there is or there is likely to be a conflicting interest.”
Even though the real estate industry has provided for these very specific requirements when it comes to multiple representation, the substance over form still wreaks of conflict. It is quite arguably one of the biggest strikes against the Real Estate profession insofar as public perception is concerned, in my humble opinion.
What can you the consumer do about this?
Thankfully, our Democracy still provides for consumer choice. Since written consent is one of the prerequisites to multiple representation, you can simply refuse to agree. This does not mean you necessarily have to refuse the unilateral service of the Realtor in question, but only to the extent he or she is also acting for someone else.
Keep in mind also, that situations involving two Realtors from the same Brokerage also are considered to be Multiple Representation situations since it is technically the “Brokerage” that is the agent in the transaction. The individual broker or sales representative is merely granted authority to bind the Brokerage in the transaction. It follows then, that multiple representation is far less likely an occurrence in smaller brokerages.
Caveat Emptor…Excerise your Options.
Vaughan real estate sales dip; Prices rise
While snow fell in almost record amounts, Toronto Real Estate Board Members recorded a respectable 6,015 sales during the month of February, TREB President Maureen O’Neill announced today.
“While sales were down over 2007 (11 per cent), they are in line with historical levels for the month, and they should increase substantially as the GTA eases into Spring.”
Prices rose in February, with the average climbing to $382,048, up four per cent from the $367,687 recorded in February of last year. Days-on-Market stood at 30 days, and the list-to-sale price ratio was 99 per cent.
In Vaughan, the real estate trends were ever more dramatic. In Vaughan District (N08), the average number of months’ inventory (Active Listings to Total Sales ratio) as at February was 3.3. The total number of sales for February was down 15.8% compared to the same period in 2007. Average price however, was up 13.7% from February 2007.
Activity within the City of Toronto generally matched that of the broader GTA. Sales moderated 14 per cent in the city to 2,310 from last year’s figure of 2,697. Prices rose two per cent to $424,235.
Breaking down the total, 2,358 sales were reported in TREB’s 28 West districts and averaged $357,884; 1,017 sales were reported in the 14 Central districts and averaged $522,480; 1,185 sales were reported in the 23 North districts and averaged $409,155; and 1,455 sales were reported in TREB’s 21 East districts and averaged $300,975.
Click HERE for a complete copy of TREB February Market Watch
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