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Windsor, ON

Condo Trends - Cooling But Not Cold

Mark Tesolin Complete Source for Windsor Real Estate: Real Estate Agent in Windsor, ON

city, buildings, condosHeadlines in several Canadian newspapers report that consumers are nervous buying a condo out of fear that what they contracted for will not be built. A more substantial fear is that due to current oversupply, condominiums are getting harder to sell. In Toronto, 22,654 condos were sold in 2007, but only 16,000 are expected to be sold this year. While the long term outlook for the condo market is good, building starts are expected to decline by 6% as prices decline. For current owners in Ontario, this news should be only mildly upsetting as prices will actually increase by 3-5%. Western markets in Calgary and Vancouver, where housing is somewhat overvalued, may not only see an end to double digit inflation in condo prices but a 3-5% decrease.

Condominiums are popular in Canada because they meet the needs of a very urban population. As of 2006, 80% of Canada's population was centered in cities compare to 62% in 1951. Condos offer style and convenience in an environment-friend package that uses less land and resources. They sell for half the price of a detached bungalow in Vancouver and a third of one in Calgary and Ontario, as well as cost less to maintain. Since the median age of the population is increasing, the convenience of condo living has a secure future in Canada.

Though prices and supplies of condominiums might be declining, Toronto Real Estate Board President Maureen O'Neill is optimistic that the impact of these declines will be greater stability in the future.

For information about great places to live in Windsor, call your Prudential Select Real Estate Agent Mark Tesolin at (519) 972-5505 or visit http://marktesolin.com.

Negotiating Tips for Eager Buyers

Mark Tesolin Complete Source for Windsor Real Estate: Real Estate Agent in Windsor, ON

agent, real estate, sign, negotiateEveryone loves a bargain, especially in housing where a few percent off adds up to thousands of dollars. In a buyers' market, where some sellers who need to move their homes are facing the prospect so of having their time in the market longer and ultimately selling for less, it's tempting for buyers to overestimate how far down sellers will go.

So, as a buyer, what's the best way to get the best price?

Dream a little but be reasonable. Even in a buyers' market, it's unlikely that you will get a $500,000 home for $250,000. Doing a little neighborhood research will reveal what other comparable homes in the area have sold for. This should tip you off that you may get the home for $50,000 less. If a $450,000 is out of your pricing comfort zone, it's time to start looking at more affordable homes for your price range.

Don't insult the seller. Some sellers may overvalue their homes because of what they've put into them, what they speculated the home would be worth, or just because it's theirs. Few sellers react well to a buyer who comes in, exaggerates all the flaws in the home, and then makes a lowball offer. The seller may need a little reality therapy, but if you want the house, you are probably not the one to give it. (Here's the time to look to your agent.)

Consider the "negotiablity" factor. Economist Jonathan Miller out into words what everyone knows to be true. There's usually a difference between what homes list for and what they sell for because sellers usually list in anticipation of having to come down in price. Sellers have a price in mind that hope (or need) to clear. Occasionally a seller will say their price is "firm," but the buyer can reasonably expect a little wiggle room. How much depends on why the seller wants to move and his level of urgency. A seller who's been transferred, who's had the house on the market a long time, who's in financial difficulties, etc., might be more motivated to sell now than someone who just wants to upgrade.

Consider hiring a professional negotiator. Negotiating is a skill. Not all parties in a real estate transaction are natural negotiators who can remain impartial enough to persevere through the give and take. A professional negotiator not smitten with "house love" might be able to strike a better deal. There's some risk in negotiating - seller may take a better offer, may reconsider selling, or may refuse to yield - but a professional with less emotional stake in the house usually knows when to quite bargainling and when to suggest you pull out your checkbook if you want the house.

For information about great places to live in Windsor, call your Prudential Select Real Estate Agent Mark Tesolin at (519) 972-5505 or visit http://marktesolin.com.

Discounts at Disney

Mark Tesolin Complete Source for Windsor Real Estate: Real Estate Agent in Windsor, ON

If the economy makes you want to run to Fantasyland, now you can at discounted prices. With stock prices mouse, ears, mickey mouse, disneydropping 6.1%, income off 13%, and hotel bookings down, Disney amusement parks announced discounts on vacation packages to any of its parks. For vacations booked by December 20, a 7 day vacation is available for the price of a 4 day vacation - a 34% discount. Vacationers who visit between January - March, 2009 will also get a free $200 gift card redeemable for food and souvenirs. (All trips must be taken in 2009, with blackout periods around Easter vacation and part of the summer.) Thirty percent discounts are also available on hotels rooms (without tickets) for those who don't want to stay the whole week.

Discounts at Disney are unprecedented. Though the discounts do not affect the hefty daily ticket prices if purchased separately, they are applicable to the value priced rooms and vacation packages which makes a Disney vacation more affordable for families.

For information about great places to live in Windsor, call your Prudential Select Real Estate Agent Mark Tesolin at (519) 972-5505 or visit http://marktesolin.com

Detroit's Problems Challenge Windsor's Promise

Mark Tesolin Complete Source for Windsor Real Estate: Real Estate Agent in Windsor, ON

cars,truck, Recent good news reported here about the thriving Canadian auto industry is threatened by bad news from Detroit: the US auto is in such bad shape that the big three automakers are lobbying for a $25 billion low interest loan from the government. Without aid, predicts the Center for Automotive Research in Ann Arbor, MI, the US economy would lose over 2.5 million direct and indirect jobs plus $100-150 billion in taxes.

Over the past few years, the Canadian auto industry has regrouped through job cuts and increased efficiency measures. The cost reduction efforts are expected to result s in a $155 million profit this year - even though production is likely to be down by 4.6% and revenues down 10% due to falling demand. Improved efficiencies and cooperation from labor unions have brought projects such as the Dodge Hybrid minivan, the Nissan-Chrysler partnership, and electric car production to the Windsor horizon. By 2012, the industry is projected to earn profits of nearly $1.5 billion.

The plight of US automakers is due to slumping sales, the lowest in a decade, but the auto industry is a vital part of the world economy. Since Canada produces many goods for US automakers, further declines in the industry would impact the local economy as well. The research report from Ann Arbor suggests that further declines in Detroit would necessitate the involvement of Prime Minister Stephen Harper to preserve Canada's automotive sector.

For information about great places to live in Windsor, call your Prudential Select Real Estate Agent Mark Tesolin at (519) 972-5505 or visit http://marktesolin.com

For recent articles on developments in the Canadian auto industry, see A Secure Future for Windsor Assembly Jobs and Hybrid Minivans on Our Horizon.

Coming Soon - Enhanced Border Security

Mark Tesolin Complete Source for Windsor Real Estate: Real Estate Agent in Windsor, ON

map, us, canada, mexico,north americaFor the 92,999 cars and 22,300 trucks that cross the US-Canadian border each day, crossing the border will be more difficult once the Western Hemisphere Travel Initiative takes effect in June, 2009. A response to homeland security concerns, the US is installing scanners and radio frequency identification cards at each customs lane at the 39 ports of entry. These units will be operational by December, 2008 at most ports and by April at Sarnia and Sault Ste. Marie.

Those travelers who have NEXUS cards or enhanced driver's licenses embedded with a radio-frequency chip will present the card for scanning and the customs inspectors will know the citizenship, residency, biographical information, and photo of the driver before he reaches the booth. Other citizens will need to provide passports.

Customs inspectors will warn those without the proper documents of what to bring in the future. The border checks aim to detect security risks, but also facilitate legitimate travel. As Chief Ron Smith, head of boarder protection, Detroit field office of the Department of Homeland Security, put it "If we said ‘Your don't have this so you have to go home,' the border would shut down and we'd be hurting the economy." Those without the proper documents will be quizzed by customer officials to see if residency and citizenship can be determined and warned to bring the right documents the next time; if not, they will be turned away.

Currently, the states of Michigan, New York, Washington, Vermont, and Texas either offer enhanced driver's licenses or are preparing to. In Ontario, the issue is still under discussion in the legislation, but licenses and photo id's for non-drivers are expected to be available before spring.

For information about great places to live in Windsor, call your Prudential Select Real Estate Agent Mark Tesolin at (519) 972-5505 or visit http://marktesolin.com