Lynn Tribbling
Award-Winning Sales Representative
Right At Home Realty Brokerage
Office: 416 383-9525 Direct: 416 252-2221
Lynn Tribbling
Fall Newsletter
Exceptional Real Estate ... Exceptional Realtor
Humber Bay Shores, Autumn
Source: Google Images
Email:
ltribbling@sympatico.ca
Phone: 416-252-2221
Award-Winning Sales Rep.
Right at Home Realty Inc.
Brokerage
FALL MARKET UPDATE:
Sales Bounce Back After Stumbling in Spring,
Prices Jump and Inventory Falls
In my last newsletter, I predicted that the April slump was probably a blip rather than a bust. I opined: "The party is over ... at least for a while and I advise buyers to act fast to take advantage of the lull. It will not last forever."
From my lips to God's ear. And so it was. The arrows all point up again. Sales volumes jumped in August and prices are inching north. Bidding wars and aggressive bully offers are back in style. Entry-level properties, around $500,000 are especially on fire and are snapped up instantly.
Despite rising interest rates, tighter mortgage rules and an affordability challenge, buyers are cautiously returning after a pullback early in the year. Increased sales volumes and prices indicate that the trend is tipping back into a robust Sellers' Market. Vendors are smiling, buyers are grumbling.
Are you contemplating buying or selling soon? A studious understanding of market conditions is vital. Timing is everything. You will need a seasoned realtor experienced in market fluctuations. Find a real estate warrior who has seen it all, ups and downs, twists and turns, booms and busts.
After 20 successful years in the business, I am still floating down here in my penthouse by the lake in Humber Bay. Don't hesitate to call me. I speak fluent real estate and promise to be an exceptional survival guide in this changing market. I would be honoured and delighted to help.
Warm Regards,
Lynn
MARKET REPORT
Toronto Sales Volumes Up in August 8.5% Year Over Year
Toronto Real Estate market has been volatile this year, starting out with a bang then sputtering in Spring as sales volumes sank by double digits in April. Recent statistics show that the market has recovered from an earlier slump although not yet reaching the peaks of 2016.The average price for all properties sold in August was $765,270. This represents a $35,000 hike in prices compared with last year and a 4.7% appreciation rate overall.
In summer, sales bounced back. Buyers returned and jumped into bidding wars to capture scarce inventory. Fall promises to be a strong market that again gives sellers the advantage and challenges purchasers in most prime areas.
Housing Costs on the Raise Again by 4.7%
Toronto Sales Volumes for all Property Types Increased Year Over Year
GTA Condos Increased by 6.5%.
After a 2 month slowdown, values rebounded. The average detached home in the GTA is currently $1,240,000, up 12.3%, year over year.
Condos are in high demand as well, and continued to appreciate , often outperforming other housing types. The average GTA condo price is now $603,480. Experts are forecasting a strong finish to the year with increasing prices reflecting low inventory and consumer confidence in a robust economy.
FIVE CONDO TRENDS IN 2018
4. Condos are becoming family-oriented. Traditionally, first-time buyers and mature empty-nesters drove the condo market. Currently, young families are buying condos as an affordable housing alternative. Many new buildings are child-friendly, offering daycare services and playgrounds.
5. Condo rents are spiking. It is rare to find a basic downtown rental under $2000 per month, whereas a 1-bedroom suite previously rented for under $1500 per month. Two bedrooms are fetching $2500 or more.
What is the future for condos? The key factor triggering recent trends is affordability. Compared with detached homes at $1,000,000, condos are relative bargains, at least for now.
My prediction is that the condo frenzy may fade a little when buyers hit an affordability wall. The sky is not falling, but as prices escalate, wildly outpacing incomes, condo sales may soon return to a normal market with moderate, rational appreciation.
Stay tuned …
1. Condos are booming! The popularity of vertical living now attracts nearly 50% of all buyers, whereas a few years ago, the condo market comprised only 30% of sales. Typically, condos are snapped up with multiple offers and aggressive over-asking bids.
2. Prices are surging. The average condo price in the GTA is over $600,000. This offers an affordable alternative to million-dollar detached houses. New condos fetch north of $1000 per square foot, a record-breaking benchmark price.
3. Condos are shrinking. The average size of new condos is under 800 square feet compared with 900 square feet a few years ago. Dinning rooms have disappeared and 3-bedroom suites are virtually extinct. Parking spaces and lockers are expensive add-ons and often not included in the purchase price of downtown condos where parking spaces command $50,000 and up.
LIFESTYLES OF THE RICH & FAMOUS
For my 7-day stay in Rome, I booked a fabulous Palazzo in the heart of the eternal city, a posh boutique hotel called, Residenzia Ruspoli Boneparte. Have a look at these jaw-dropping photos. Each spectacular room resonates opulence beyond words. Hope they don't throw me out for wearing Walmart sneakers .
Built in 1586, this regal residence was home to Queen Hortence and her ambitious little boy Napoleon Bonaparte III. Handel, the composer, lived there for a while and a genuine Prince and Princess still live upstairs. Nice to know in case I run out of laundry detergent. I can just nip upstairs and borrow a cup of royal Tide.
I can't wait to see the rich silk tapestries, gilded Baroque mirrors, plump feather-stuffed sofas, glittering Empire chandeliers and magnificent renaissance art. I can imagine wandering through my 3000 square foot suite, channeling past nobility who shared this space over the past 5 centuries and thinking I hope they dusted.
I promise a full report of my adventure when I return. If you do not hear from me for a while, don't worry. I am probably stomping grapes in Tuscany, sampling Ouzo in Corfu or swilling Slivovica in Dubrovnik. Most likely,
I won't find Ryan Gosling but a flirtation with a sun-tanned goat-herder in Slovenia might be fun. At my age, I have a gratitude attitude.
CHAMPAGNE ODYSSEY: MY GRAND TOUR OF EUROPE COMING SOON
By Lynn Tribbling, September 2018
Last time I checked, my blood wasn't blue. But I am convinced that somewhere in my ancestral DNA is a scintilla of royalty. If you exclude 3 generations of Irish horse thieves, I am sure there is an allele, a chromosome, a smidgen of aristocracy lurking in the swampy Tribbling genetic pool.
Hence, the motivation for my upcoming bucket-list trip is to search for my roots, mingle with the rich and famous. I might even find a distant cousin or an annoyingly wealthy soulmate. (Think Ryan Gosling with class, pedigree and Swiss bank account)
Inspired by the poet Tennyson, to drink life to the lees and follow knowledge like a sinking star, the plan is to spend 4-weeks, enjoying a land and sea tour of Italy and Greece, with stops in Croatia, Montenegro and Slovenia aboard the 5-star luxury Cunard cruise ship, Queen Victoria. The goal is a splendid voyage of discovery, exploring the best things in life: art, antiquity, architecture and Prosecco.
It has been more that a dozen years since my last holiday. I spent the past decade lovingly caring for my dear mother. I was at her side daily, helping her fend off the obscene ravages of old age. Mom is gone. It is my time now. Tick Tock. Carpe diem,Baby.
HOME STAGING
5 TIPS FOR ACCESSORIZING YOUR HOME
I recently showed a client several luxury condos, all of which had been professionally staged. He commented that they all looked the same, a monotonous, monochromatic and predictable array of gray walls, white sofas and minimalist decor. The remark that really resonated was that the these showcase suites had
"no soul"
Accessories add soul. They are the jewelry of every room, adding glamour, vitality and punch. Without carefully curated details, your home looks plain, drab and lacks personality. Accents transform ordinary into WOW!
The main purpose of accessories is to tell a story about the happy, relaxed and joyful lifestyle that takes place in the home.
Objects are the props and cues creating a narrative, recounting your biography, your philosophy and pleasures. They evoke a warm and friendly atmosphere inviting visitors to stay, explore and bond.
To prepare your home for sale, follow these tips to visually enrich the space and enchant buyers by adding soul.
1. USE SYMBOLIC OBJECTS - items that imply love, family, togetherness, celebrations, feasting, joy and relaxation.
2. HARMONIZE COLOURS - add punch to neutral furniture with assorted accessories like pillows, throws, lamps that are in the same colour family.
3. LESS IS MORE - avoid clutter, arrange items in groups of 3 or maximum 5. Use restraint so that each object tells a story or has a purpose
4. USE INEXPENSIVE ACCENTS - my signature staging accents include candles, magazines, books, candies, fruit, flowers, 2 glasses and a bottle of wine. I have even used twigs and an outdoor snowman that cost nothing.
5. MODERN TOUCHES - update decor with a single piece contemporary art, bold patterns, new towels and kitchen ware. Accessories can instantly refresh the look of your home.
FEATURED LISTING
PALACE PLACE
Humber Bay Shores., Suite 4308
Toronto $759,000
Rare High Floor, 5-Star Building
Every Amenity: Pool, Gym, Golf, Spa, Guest Suites, Valet Parking, Private Shuttle Bus to downtown.
Spacious 1200 sq.ft. 2 Bedroom, 2 Bath
Spectacular southwest shoreline and
city views!
Drone Video of Humber Bay Shores. (Source Karl Cats)
LYNN'S RECENT SALES
NEW RESTAURANT OPENING
FANTASTIC NEW RESTAURANT COMES TO LAKE SHORE!
RUSTIC SOCIAL HOUSE
2083 Lake Shore Blvd W.
An exciting new Gastro-Pub offers fair prices, energetic servers and a lively vibe.
Been twice and really enjoyed their creative menu, home-made kettle chips, wild boar terrine and excellent selection of Proseccos.
Snazzy high-tech billing system, you sign with your finger on an iPad. Very hip. Welcome to our hood! MIMICO ROCKS!
GRAND OPENING IN SEPTEMBER
Reservations 416-251-5100
Visit www.rusticsocial.ca
THE LIGHTER SIDE
Lynn Tribbling,
Sales Representative, Right at Home Realty Brokerage
DIRECT: 416 252-2221 OFFICE: 416 391-3232
EMAIL: ltribbling@sympatico.ca
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(**DISCLAIMER: Not intended to solicit listed properties or buyers under contract. All information is approximate and subject to change. Non-proprietary photos courtesy of Google images.E.& O.E. )