Sara Kareer Century 21 Millennium Inc Brampton Mississauga Vaughan Real Estate

* My wife & I can't decide between a regular home or a condo. Are there any differences between the two that may not be obvious to most buyers?

This was a great question. My condensed response was printed in the Brampton Guardian on October 7, 2009. As promised, here is the full response:

Great question. These are two different types of ownership.

With a "regular" freehold home, you own the land and the property. As such, you are responsible for the maintenance and repairs to your property (roof, windows, snow removal, lawn maintenance, etc).

When you purchase a Condominium, you own everything within the walls of your own dwelling; and a proportionate share of the common elements (eg. Roof, windows, hallways, pool, party room, recreation room, grass, etc). In a Condominium, there is a Board of Directors, comprised of unit owners within the complex, who make spending decisions regarding the common elements. These expenditures are then allocated proportionally to all of the condo owners, known as condo maintenance fees. Buyers should be aware that these monthly condo fees are in addition to your monthly mortgage payments and taxes.

Typically, condominium maintenance fees include exterior maintenance (roofs, windows, doors, exterior walls, etc.), grounds maintenance (snow removal, grass cutting, etc.), building insurance (the exterior structure of the building), property insurance (liability insurance for the common areas, protecting against slip & fall lawsuits, etc.), and property management fees (most condo boards hire a property management company to look after the day-to-day operation of these contracts). Condo fees can also include things like recreation facilities (some condos have exercise rooms, pools, saunas, etc.), and they can sometimes include some or all utilities (hydro, water, heat, cable, etc.).

Condominiums are a good choice for people who don't want to be bothered by the upkeep of a traditional home. Many first time buyers choose a condominium because it's often less expensive than a freehold home -- and this allows them to get into the housing market sooner.


Please keep in mind that if you are buying a Condominium, your agent should make your Offer conditional upon your Lawyer reviewing the Status Certificate to ensure the Condominium Corporation has an adequate Reserve Fund.

Whether you're thinking of buying a freehold home or a condominium, I can walk you through the process and help you make the right move.

All Buyers receive a FREE 7-NIGHT RESORT GETAWAY when they buy a Home or Condo with SARA!

TORONTO REAL ESTATE BOARD (TREB) MARKET WATCH REPORT FOR SEPTEMBER 2009

GTA Housing Market Rebound Continues in September

In September 2009, Greater Toronto REALTORS® reported 8,196 sales, up 28 per cent from September 2008. The average price for September transactions was $406,877 – up by 10 per cent compared to the same month last year.

“We have experienced an increasing rate of existing home price growth in the GTA as sales have continued to outpace 2008 results,” said TREB President Tom Lebour. “Consumers have remained confident in ownership housing as a long-term investment.” Year-to-date sales, at 66,437 were up 4.5 per cent compared to the first nine months of 2008. Average price, at $388,417 was up by almost 1.5 per cent.

“Existing home sales will finish strong this year, pushing through the 80,000 mark and moving in line with some of the best years on record under the current TREB market area,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis.

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Median Price In September, the median price was $347,000, from the $322,000 recorded during September of 2008.


If you would like a copy of the full report courtesy of TREB, please email me!

Do you have a good memory? Are you getting enough sleep?


"Executive Skills", like memory, are the first to go when you're tired.

This test assesses your ability to remember who/what you saw, and how long ago you saw it.



The test consists of three parts:

Part 1:
You'll be shown 12 photos; then asked to take a 5 minute break.

Part 2:
You'll be shown another 12 photos; then asked to take a 5 minute break.

Part 3:
Now, you'll be shown 48 photos and will be asked to identify if you saw the photograph in the first part, the second part - or never saw them at all.

When you have finished the third part, your results will be provided to you.

If you're too tired, you won't do well on this test...try it out and see how you score!

Click the link to begin: Face Memory Test

All Buyers receive a FREE 7-Night RESORT GETAWAY when they buy ANY Home or Condo with Sara!

Average price rises to new August record!

The MLS® average residential price for homes sold in the area served by the Mississauga Real Estate Board climbed to the highest level for the month of August in 2009. Sales activity also remained strong.

According to the Board’s statistics, the average price for MLS® home sales was $362,436 in August 2009, the highest average price for this month on record. This represents a five per cent increase from a year earlier.

MLS® home sales numbered 1,059 units in August 2009, rising 19 per cent from the same month last year. This marks the third consecutive year-over-year increase, all of which have been more than 15 per cent. “August was another strong month for sales, as consumer confidence continues to rise,” said Judi Lloyd, President of the Mississauga Real Estate Board. “Improved demand and fewer listings are drawing down inventories and stabilizing prices.”

The total value of all MLS® residential sales was $383.8 million in August 2009, climbing 25 per cent from year-ago levels. This is the third consecutive month in which the dollar volume has risen year-over-year by more than 20 per cent. New listings on the MLS® system for the Mississauga area were down 14 per cent from a year earlier to 1,326 units in August 2009, the second decline in as many months. New residential listings have fallen from year-ago levels in seven of the past eight months.

The number of active listings in August was down from year-ago levels for the fifth consecutive month. Falling 40 per cent from levels recorded in August 2008, this is the third consecutive decrease of more than 30 per cent, and a bigger decline than in any other month in more than seven years. Active residential listings on the MLS® system for Mississauga numbered 1,679 units at the end of August 2009.

The number of months of inventory stood at 1.6 months in August 2009, on par with the previous two months. This is the lowest level since May 2007, and is down significantly from the recessionary peak of 7.3 months in January. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Source: CREA



Looking to buy or sell in Mississauga? Call me today!

Sincerely,

Sara Kareer
Century 21 Millennium Inc.,

All Buyers receive a FREE 7-Night RESORT GETAWAY when they buy ANY home with Sara!

Market Statistics - BRAMPTON VALES OF CASTLEMORE - HOMES FOR SALE

Here are the latest statistics of homes for sale in the BRAMPTON VALES OF CASTLEMORE area as of August 31, 2009:

* There are only 9 homes for sale in The VALES OF CASTLEMORE ranging in price from $304,900 to 699,999

* 7 Detached homes
* 1 Semi-Detached
* The average home in this area is priced at $496,238

* 3 homes have undergone a recent price reduction.




If you are interested in moving into this sought-after area of the VALES OF CASTLEMORE, give me a call and I will be happy to provide further information.

If you're thinking of selling your home in this area, call someone who knows your neighbourhood... call me today!

Sincerely,


Sara Kareer, YOUR TRUSTED FRIEND IN THE BUSINESS
Sales Representative
Century 21 Millennium Inc., Brokerage
(tel) 905-450-8300
(toll-free) 1-888-450-8301

(web) www.SaraKareer.com
(web) www.century21.ca/sara.kareer