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London Ontario Real Estate Blog
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• 2,200 sq. ft., 3 bath, 4 bdrm 2 story "All Brick" -  MLS® $649,000 CAD - Great Price Lobo Siding, Lobo - Horse farm 21 acres backing onto golf course ,five minutes west of Hyde Park, fifteen minutes to University of Western Ontario & Downtown London Ontario. Five minutes to Komoka and Byron,Great neighbors ,comunity and close to preferred schools with busing from the drive way .This is a unique real estate offering ! Large 7 stall barn, 70 foot by 168 foot indoor arena with heated tack & viewing room, outdoor 200 x 100 riding ring, three large pasture fields. Beautiful hardwood bush with trails, all brick four-bedroom three bath two-story home in excellent condition. If you have horses or want horses : this is the property for you ! Don`t delay this hard-to-find property will not last long. Property information
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Kilworth, London - Announcing a price reduction on 20 Earlscourt Kilworth, a 3,200 sq. ft., 4 bath, 4 bdrm single story. Now $625,000 CAD - Below Replacement. Property information
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Glen Cairn Woods, London - Announcing a price reduction on 183 EMERSON AV, a 2 bath, 2 bdrm single story "Great First Time Buyer". Now MLS® $156,000 CAD - Wow .. why so cheap ?. Property information
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Okay here we go for a $129,00 Condominium listing .This was originally written for an investor client of mine new to investing in Ontario, however whether you are an investor or first-time home buyer hopefully this will prove illustrative of the buying process. Keep in mind this is for informational purposes only . Purchase Price of $125,000 with 20 % down payment or $ 31,250 ,first mortgage of $ 93,750,taxes of $1410\year($117.5\mnth),condo fee $ 4020\year($335/mnth) tenants pay all utilities and contents insurance .Keep in mind that typically lenders will require mortgage loan insurance if a borrower has a down payment of less than 20% of the purchase price of the home.For more information regarding mortgage insurance go to the link below . for investment options check out this link Closing costs Lawyer approx.$2200 including Land transfer tax Partial break down of costs Title Insurance $270 Search $125 Actual Lawyers Fee $500 for land transfer tax and mortgage calculations go here for interest rates Payments before management,vacancy and maintenance (at least 1 mnths rent for expences) | Loan Amount: | $93,750.00 | | | | Loan Insurance ( 0%): | $0.00 | | | | Total Loan(Mortgage) Amount: | | $93,750.00 | | | | | | | | Principal & Interest: | $583.20 | | | | Homeowners Insurance: | $0.00 | | | | Property Taxes: | $117.50 | | | | Condo Fees: | $335.00 | | | | Monthly Loan Insurance (0%): | $0.00 | | | | Total Monthly Payment: | | $1,035.70 | |
Thus Income $ 1600.00 Less Payments $ 1035.70 Monthly Cash Flow $ 564.30 I didn't go into detail regarding expenses such as property management, maintenance and vacancy due to the wide variants in expenses for individual small condominium units such as the unit this unit was based on. Specifics such as the age of the unit and its appliances etc. very widely and as I mentioned in previous correspondence the physical location would have a strong bearing on the vacancy and management costs .
If you have further questions please feel free to contact me.
Regards
Jim Straughan
Sales Representative
Century 21 First Canadian
voice 519 641 4355
Email jim@straughan.ca
London & Middlesex Real Estate
www.straughan.ca
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Recently I penned this paragraph in response to a request for information from one of my clients. Keep in mind this was written specifically in regards to the student rental investment for the London market specific to the University of Western Ontario. However the core theme of these rules I believe it can be applied to different investment scenarios . Let me know what you think! Before my children were born I had student rentals, I sold them shortly after the birth of my children i.e. my twins as time did not allow for proper management . If I had been able to stay with my plan for purchasing rentals I would be in a position of semiretirement at present if I so chose. I had a number of rules for investment which served me well at the time and I believe are still very valid today. Over the past 19 years having watched numerous people come and go in the student rental investment endeavor, I am more convinced than ever that these following rules will keep any investor out of trouble and on the road to making money over the long term with minimal aggravation. Firstly, familiarize yourself with the geographic location that will allow you to charge the higher end of the market rents and which will allow you to keep the units rented year-round minimizing vacancy. As well, units that are in more difficult areas to rent will incur higher management costs as well as greater periods of negative cash flow due to vacancy. Secondly, have a plan in terms of how long you're going to hold these properties and stick to it as money is made in this game over time, the more time in, the more money you make. An old Chinese saying is that it is never wrong time to buy property only a wrong time to sell . Third and perhaps most important of all work with an agent or realtor\property manager who you can trust in terms of knowledge, experience and professionalism. Fourth and final rule, do not break rule number 1, 2, 3 or 4, there is no point in having a plan if you do not execute it !
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I thought I would post this e-mail I sent to buyer from Tel Aviv Israel who is looking to purchase investment properties in London. Recently I have been getting increase and working with people from all around the world who are looking to purchase properties in London. The reasons they mention for being interested in our fair city and surrounding area is that it's a very stable market , the vacancy rates are low and the prices versus income compared to other areas of Ontario are very attractive to them. As well I have dealt with buyers recently from other parts of Canada, notably Western Canada. Greetings The following summary is based on the purchase of a $215,000 building in London under two years of age. The first set of costs would relate to the actual purchase cost and the second would relate to the ongoing annual expenses. Although I put a dollar figure in for maintenance but considering these homes are approximately 2 years old maintenance should be very little for the first few years. Property management can be 6 or 7% or anywhere from one month rent to 1 1/2 months rent. My fee is usually paid by the seller. Closing Costs Land Transfer Tax $ 1875 Lawyers fee and disbursements $ 800 Home Inspection ( optional ) $ 400 Mortgage Fees depend on the company and may be waived by some. Title insurance $ 500 $3,575 Expenses & Pro Forma House insurance $ 400 Vacancy 5% of $1200 a month times 12 multiplied by 5% equals $720 Property Tax $2279 Maintenance investors typically have different numbers or percentages for analysis purposes $ 500 Property Management $1200 $ 5,099 monthly rent $1200 x 12 = $ 14,400 - $ 5,099 (expenses) = net income of approximately $9301 yearly before mortgage and income tax In regards to which is the better option a multifamily unit renting to students or newer single-family homes... a tough question ! I would say it probably boils down to more of a preference versus which is better or less risky. If one can find a multifamily unit close enough to say the University of Western Ontario or Fanshawe College you vacancy rate should be relatively low to nonexistent. However your maintenance costs and management expenses would be considerably more. Which of the two would have a better appreciation or price increase or the years? Again really tough question, it would depend on where you are in the real estate cycle I have seen new homes that we have built(I work with a builder) gain as much as $20-$30000 in one to two years. As well I have seen investment properties jump in price rather steeply over short period of time, depending when you're looking at the price graph. However most wise investors look at real estate as a long-term investment and as such I would say the two options are relatively equal. If I was going to speculate which is always a risky endeavor I would say homes that are being built new at present have the best chance for short-term appreciation if one knows where to look. I hope the above answers your questions, if you have any other requests for information on any property please feel free to e-mail me . I look forward to meeting and working with you in ! Regards
Jim Straughan
Sales Representative
Century 21 First Canadian
voice 519 641 4355
Email jim@straughan.ca
London & Middlesex Real Estate
www.straughan.ca
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Central Location
• 5,000 sq. ft. single story - MLS® #409835 $359,000 CAD - Below Replacement Downtown London, London - Mailing address 209 Horton. Was Burkes Flowers business, not for sale. Great location for new Flower Shop. Close to downtown. Available immediately. Purchaser to verify all measurements & information supplied by listing agent. Also for lease at $6.5/sq ft. Suitable for various uses .Motivated vendor. Property information
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. . Well we've all heard the horror stories about people losing their homes south of our Canadian border and recently a client from British Columbia who is thinking of buying an investment property in London Ontario asks me about the American mortgage meltdown affecting Canadian real estate markets. Although I do not profess to have a crystal ball and certainly the bottom line is we will have to wait and see , however my opinion it appears unlikely that we will be an affected by the Americans misfortune at least in the short term. Canada mortgage and housing and other nongovernment sources are predicting steady growth for 2008. However the rate of growth will not likely be what we have seen in the last few years. The general consensus is that the market will remain healthy and continue a sellers market in 2008. Don't forget get to check out the real estate statistics on my main website. Jim
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Although recent media attention has focused on the ups and downs of single-family residential housing south of our border this recent sale shows investor confidence in residential real estate. This sale may actually be the world's biggest real estate deal to date ! Tishman Speyer offered MetLife $5.4 billion for Manhattan's Stuyvesant Town - an 11,000-unit, 110-building multifamily complex housing about 25,000 people. You may be thinking what's this got to do with London Ontario real estate ? Well, my answer to this would be that the type of people who paid $5.4 billion for residential multifamily real estate have resources for research that you and I most likely do not have. And if they see the future for residential multifamily units as being positive who are we to argue ? At the very least it gives one pause for reflection. Hey I may not have any $5.4 billion properties in my pocket but if you're looking for an investment property be it a duplex or a larger apartment building give me a shout and we can talk Cap Rates ! In the past I owned a number of investment properties which I sold prematurely as a result of time restrictions due to having two jobs, twins who were having medical problems , and a partner who became greedy and unbalanced. I mention the above for two reasons 1. To indicate that not only do I have experience in selling properties for other people but in buying and managing for myself . 2. So you can learn from my misfortune, the point being that if I still owned those properties which I sold approximately 19 years ago I would be able to retire at this early point in my life and comfortably live off the income from my investment properties. And if by chance you do have $5.4 billion kicking around to invest I will work real hard to find you an appropriate investment property. Cheers for now, I look forward to talking to you soon! Jim
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| Residential(single family) Activity by AreaFor the London St. Thomas Real Estate Board, this would include areas such as Komoka Kilworth Ilderton Mt. Bridges Delaware, Arva and all of Middlesex County. [OCTOBER 2007 ] |
| | | 2007 | 2006 |
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| Listings | Sales | Sales/Listings Ratio | Average Sale Price | Listings | Sales | Sales/Listings Ratio | Average Sale Price |
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| Area | Month | YTD | Month | YTD | Month | YTD | Month | 12 Month | Month | YTD | Month | YTD | Month | YTD | Month | 12 Month |
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| N | 158 | 1959 | 89 | 1196 | 56% | 61% | $282,459 | $268,934 | 165 | 1910 | 85 | 1091 | 52% | 57% | $257,423 | $252,399 |
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| S | 222 | 2638 | 111 | 1567 | 50% | 59% | $236,909 | $234,870 | 216 | 2337 | 143 | 1395 | 66% | 60% | $218,441 | $217,242 |
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| E | 189 | 2069 | 106 | 1424 | 56% | 69% | $178,678 | $180,318 | 190 | 2178 | 117 | 1431 | 62% | 66% | $170,794 | $166,366 |
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| ST | 74 | 909 | 52 | 700 | 70% | 77% | $175,711 | $170,942 | 84 | 929 | 55 | 605 | 65% | 65% | $163,174 | $160,131 |
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| SR | 39 | 388 | 19 | 224 | 49% | 58% | $174,674 | $182,467 | 31 | 326 | 17 | 205 | 55% | 63% | $195,318 | $174,384 |
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| TI | 4 | 34 | 0 | 8 | 0% | 24% | $ | $194,889 | 3 | 16 | 1 | 8 | 33% | 50% | $389,000 | $237,378 |
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| Total | 686 | 7997 | 377 | 5119 | 55% | 64% | $219,712 | $216,646 | 689 | 7696 | 418 | 4735 | 61% | 62% | $205,227 | $200,724 |
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| Average Sales YTD 2007 | $216,345 | Average Sales YTD 2006 | $201,523 |
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| Month:OCTOBER 2007 | Month: OCTOBER 2006 | | YTD: JANUARY 2007 - OCTOBER 2007 | YTD: JANUARY 2006- OCTOBER 2006 | | 12 Month: NOVEMBER 2006 - OCTOBER 2007 | 12 Month: NOVEMBER 2005 - OCTOBER 2006 |
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Note that this information is outdated. . Year-to-date, number of sales and average prices for London were: Year-to-date, number of sales and average prices were: Total Detached 5,554 $216,632 7.2% Total Condo 1,455 $145,460 4.4% Total Residential 7,009 $201,857 6.7% In terms of house style, for the month of August: In terms of house style, for the month of August: 2-story 185 $271,891 Bungalow 136 $153,425 Ranches 88 $252,583 . Year-to-date, number of sales and average prices for London were: Year-to-date, number of sales and average prices were: Total Detached 5,554 $216,632 7.2% Total Condo 1,455 $145,460 4.4% Total Residential 7,009 $201,857 6.7% In terms of house style, for the month of August: In terms of house style, for the month of August: 2-story 185 $271,891 Bungalow 136 $153,425 Ranches 88 $252,583 Townhouse Condo 94 $138,647
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September 20, 2007 RE/MAX Realty agency files for Chapter 11 By BARRY FLYNN
Business Writer DAYTONA BEACH -- A real estate agency owned by Felix Amon and his wife, Ursula, developers of oceanfront condominiums, has filed for Chapter 11 bankruptcy protection. The filing by RX Realty Inc., which operates as RE/MAX Realty here, swiftly followed the decision of an arbitrator to award a former agent of the company more than $400,000 in unpaid real estate commissions.
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If you've seen or heard a good joke lately feel free to add it to the comments section. Actual stupid questions askedThe below excerpts appeared in the Salt Lake Tribune. They were taken from real court records.Now doctor, isn't it true that when a person dies in his sleep, in most cases he just passes quietly away and doesn't know anything about it until the next morning?
Q: What happened then?
A: He told me, he says, "I have to kill you because you can identify me."
Q: Did he kill you?
Was it you or your brother that was killed in the war?
The youngest son, the 20-year-old, how old is he?
Q: She had three children, right?
A: Yes.
Q: How many were boys?
A: None.
Q: Were there any girls?
Were you alone or by yourself?
Q: I show you Exhibit 3 and ask you if you recognize that picture?
A: That's me.
Q: Were you present when that picture was taken?
Were you present in court this morning when you were sworn in?
Q: You say that the stairs went down to the basement?
A: Yes.
Q: And these stairs, did they go up also?
Q: Now then, Mrs. Johnson, how was your first marriage terminated?
A: By death.
Q: And by whose death was it terminated?
Q: Do you know how far pregnant you are now?
A: I'll be three months on March 12th.
Q: Apparently then, the date of conception was around January 12th?
A: Yes.
Q: What were you doing at that time?
Do you have any children or anything of that kind?
Was that the same nose you broke as a child?
Q: Mrs. Jones, do you believe you are emotionally stable?
A: I used to be.
Q: How many times have you committed suicide?
So, you were gone until you returned?
You don't know what it was, and you didn't know what it looked like, but can you describe it?
Q: Have you lived in this town all your life?
A: Not yet.
A Texas attorney, realizing he was on the verge of unleashing a stupid question, interrupted himself and said, "Your Honor, I'd like to strike the next question."
Q: Do you recall approximately the time that you examined that body of Mr. Huntington at St. Mary's Hospital?
A: It was in the evening. The autopsy started about 5:30 P.M.
Q: And Mr. Huntington was dead at the time, is that correct?
A: No, you idiot, he was sitting on the table wondering why I was performing an autopsy on him! Free advice at social affairs?A doctor and a lawyer were attending a cocktail party when the doctor was approached by a man who asked advice on how to handle his ulcer. The doctor mumbled some medical advice, then turned to the lawyer and remarked, "I never know how to handle the situation when I'm asked for medical advice during a social function. Is it acceptable to send a bill for such advice?" The lawyer replied that it was certainly acceptable to do so.
The next day, the doctor sent the ulcer-stricken man a bill. The lawyer also sent one to the doctor.
A Doctor Joke
Excess billing hoursA Doctor died and arrived at the pearly gates. To his dismay, there were thousands of people ahead of him in line to see St. Peter. But, to his surprise, St. Peter left his desk at the gate and came down the long line to where the Doctor was standing. St. Peter greeted him warmly. Then St. Peter and one of his assistants took the Doctor by the hands and guided him up to the front of the line into a comfortable chair by his desk.
The Doc said, "I don't mind all this attention, but what makes me so special?"
St. Peter replied, "Well, I've added up all the hours for which you billed your clients, and by my calculation you must be about 193 years old Realtor Joke Eating the piece of fruitTwo new Real Estate Agents from Toronto were taking their first train trip to British Columbia on the train. A vendor came down the corridor selling bananas which they'd never seen before. Each bought one.
The first one eagerly peeled the banana and bit into it just as the train went into a tunnel. When the train emerged from the tunnel, he looked across to his friend and said, "I wouldn't eat that if I were you."
"Why not?"
"I took one bite and went blind for half a minute." Why English is toughTwenty-one reasons why English is hard to learn.
1. The bandage was wound around the wound.
2. The farm was used to produce produce.
3. The dump was so full it had to refuse more refuse.
4. We must polish the Polish furniture.
5. He could lead if he would get the lead out.
6. The soldier decided to desert his dessert in the desert.
7. Since there was no time like the present, he thought it was time to present the present.
8. A bass was painted on the head of the bass drum.
9. When shot at, the dove dove into the bushes.
10. I did not object to the object.
11. The insurance was invalid for the invalid.
12. There was a row among the oarsmen on how to row.
13. They were too close to the door to close it.
14. The buck does funny things when does are present.
15. A seamstress and a sewer fell down into a sewer line.
16. To help with planting, the farmer taught his sow to sow.
17. The wind was too strong to wind the sail.
18. After a number of injections my jaw got number.
19. Upon seeing the tear in the painting I shed a tear.
20. I had to subject the subject to a series of tests.
21. How can I intimate this to my most intimate friend?
Just something to make you smile for a minute..
Some guy bought a new fridge for his house. To get rid of his old fridge, he put it in his front yard and hung a sign on it saying: "Free To good home. You want it, you take it." For three days the fridge sat there without even one person looking twice at it. He eventually decided that people were too un-trusting of this deal. It looked too good to be true, so he changed the sign to read: "Fridge for sale $50." The next day someone stole it.
One day I was walking down the beach with some friends when someone shouted...."Look at that dead bird!" Someone looked up at the sky and said..."where???"
I used to work in technical support for a 24/7 call center. One day I got a call from an individual who asked what hours the call center was open. I told him, "The number you dialed is open 24 hours a day, 7 days a week." He responded, "Is that Eastern or Pacific time?" Wanting to end the call quickly, I said, "Uh, Pacific" . .
My colleague and I were eating our lunch in our cafeteria, when we overheard one of the administrative assistants talking about the sunburn she got on her weekend drive to the shore. She drove down in a convertible, but "didn't think she'd get sunburned because the car was moving".
I told the girl at the steakhouse register that I wanted the half pound sirloin. She informed me they only had an 8 ounce sirloin. Not wanting to make a scene, I told her I would take the 8 ounce steak instead of the half-pounder.
My sister has a lifesaving tool in her car it's designed to cut through a seat belt if she gets trapped. She keeps it in the trunk...
I was hanging out with a friend when we saw a woman with a nose ring attached to an earring by a chain. My friend said, "Wouldn't the chain rip out every time she turned her head?" I had to explain that a person's nose and ear remain the same distance apart no matter which way the head is turned...
I couldn't find my luggage at the airport baggage area. So I went to the lost luggage office and told the woman there that my bags never showed up. She smiled and told me not to worry because she was a trained professional and I was in good hands. "Now," she asked me, "Has your plane arrived yet?"...
While working at a pizza parlor I observed a man ordering a small pizza to go. He appeared to be alone and the cook asked him if he would like it cut into 4 pieces or 6. He thought about it for some time before responding. "Just cut it into 4 pieces; I don't think I'm hungry enough to eat 6 pieces.
Sent by my cowboy friend Murray M.barrell racer extraordinaire!
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NEW YORK, Jan 25 (Reuters Life!) - If you're looking for a new home and have $155 million to spare, you could be the proud owner of the world's most expensive abodes. Forbes.com, the online site of Forbes magazine, on Thursday said timber and real estate baron Tim Blixseth has just upped the ante in the price of the world's most expensive home, planning to build and sell a home for $155 million. The 53,000-square-foot stone and wood mansion will be built at the Yellowstone Club, a members-only, residential ski and golf resort near Bozeman, Montana developed by Blixseth. That tops the $139 million asking price for Updown Court in Windlesham, England, which was listed No. 1 in the Forbes.com list of the world's most expensive homes in 2006. It also exceeds the $125 million that U.S. media mogul and reality TV star Donald Trump is asking for the renovated estate he owns in Palm Beach, Florida. Blixseth, who ranks No. 322 in the 2006 Forbes 400 list with a $1.2 billion fortune, said he had already received interest in the home. "Some of (the world's richest) just have to have the best. Price is not an issue," he told Forbes.com. The 10-bedroom mansion will sit on 160 acres and will come with a private gondola-like chairlift that will carry residents to the Yellowstone Club's private ski slopes, an indoor/outdoor swimming pool, and a home movie theater, and it is fully furnished.
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Note that this information is outdated.
The pace of new home construction slowed in November in the
London Census Metropolitan Area (CMA), according to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC).
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