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Local Agent Missing

January 29th, 2011

The disappearance of two local men,  a high-profile real estate agent dealing in luxury homes and his client — is causing concern among the Greater Toronto Area’s Chinese community.

Missing is Jiangou (Tony) Han — a 44-year-old real estate agent with HomeLife/Landmark Realty in North York — and Jun (Johnny) Fei, 40. The two men were together last Wednesday at Fei’s 15-room, $2.4-million mansion in Mississauga, which Han had listed for sale.

Neighbours say Fei and his family lived in the house at 1801 Featherston Drive for about five years before it went on the market last fall. Police have a surveillance video that shows Han parking his Mercedes Wednesday at a Tim Hortons in the Don Mills area of north Toronto. In the video, Han is seen parking his car before being picked up by someone in another car and driving off.

Peel Police have not released the video and Const. Adam Minnion won’t say much about the investigation. He does say there are “… some areas of concern” for investigators. “Until we classify this as a crime scene or crime case, I have to be guarded about what I can say about the car,” Minnion said.

We will keep a close watch on this story.

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Wychwood Revitalization

January 14th, 2009

The Wychwood streetcar repair barns were once a major hub of the Toronto Civic Railway, the forerunner of the TTC. The site of the five attached brick structures — between Wychwood Avenue and Christie Street in what was then the city’s north end — also became a sort of mini Union Station in the decades after the buildings were completed in 1921.

According to Joe Mihevc, city councillor and current vice-chairman of the Toronto Transit Commission, local lore has it that on weekends and holidays, residents carrying picnic baskets took a tram to the Wychwood stop to catch streetcars to greener places.

Today, the barns are again a hub of activity — but of a different sort. They have been reincarnated as the Artscape Wychwood Barns, an impressive 60,000-square-foot complex incorporating rental housing and studios for artists, a covered street, a greenhouse, outdoor bake oven, theatre space and offices.

It’s also the first converted heritage building to be certified under the Leadership in Energy and Environmental Design (LEED) program.  Vacant since the mid-1980s, the barns were inspected by a group of city officials in 1998. One of them was Mr. Mihevc (Ward 21, St. Paul’s West).

“We were struck by their beauty,” he recalls, noting the barns’ high ceilings, the soft light filtering through skylights and the massive girders.

“Now the barns have been restored and reincarnated, and they own their history. Rather than drywall and plaster over everything, the majestic features are celebrated,” he says.

The project was launched in 2001, and involved a team of architects, consultants and community activists. One of those involved, Joe Lobko of du Toit Architects Ltd., says the team had to grapple with many different expectations.

“We were challenged to retain the memory of the railway and build on the great work that was done before,” he says. “There are a lot of sharp contrasts. … The challenge of a renovation like this is to incorporate what was done and give it fresh but still sustainable use — to take the feisty old character of the buildings and make them come to life.”

No one seems to know the identity of the original designers, but their work has captivated and impressed many of today’s architects. One of the project’s historical architects, Edwin Rouse of ERA Architects Inc., says the original barns, which were started in 1913, are considered prime examples of early industrial architecture.

“As historical architects, we have a lot of knowledge of traditional building styles,” Mr. Rouse says. “These barns are old treasures that by virtue of how they have survived have demonstrated their sustainability. They are part of our industrial heritage.

“We didn’t want to treat them with kid gloves,” he adds, but “we know a lot of excellent [tradespeople] who could repair brickwork, for example, and give an acceptable result.”

The historical preservation work is evident in features such as the brick walls, which have been carefully repaired in a way that respects the past.

“It isn’t that the repair work should be invisible,” Mr. Rouse explains. “But in 20 years, when everything has weathered, you won’t be able to see it.”

ERA colleague Jeff Hayes adds: “Where we cleaned the brick and blocks, the work was done so that a patina of paint still remained. In Canada, restoration doesn’t mean getting everything squeaky clean and Disneyfying it. The bricks we used are from England, made with subtle variations, not some type of fake ‘ye olde bricks.’”

Mr. Rouse notes: “Our architectural specifications read like old recipes. They focus a lot on colour and texture and placement. There are some terra cotta blocks that are part of the original barns and they look wonderful.”

With the complex completed, artist-residents can now do their own creating. Nadia Tasci, for instance, designs and makes glass beads and jewellery in one of the live-work studios, which she shares with partner Uros Jelic, a painter.

They left behind more costly and far less desirable premises to move into the one-bedroom unit.

“It is very exciting to be a part of this community,” Ms. Tasci says. “There will be a lot of opportunities for us, in meeting other artists and helping one another. The fact that the rent is geared to income means we can pursue our crafts full time.”  I love seeing older parts of the city revitalized to this kind of awesome use!

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8 Basic Real Estate Flipping Tips

March 7th, 2008

Just imagine that you are going to undertake the house flipping venture and you have no idea what this is about. In simple words property flipping means fast closing deals in buying and selling real estate. Below there are some tips for doing this professionally:

If you are on your way to making a fortune through house flipping, you need to have strategy and tactics for making good deals:

1. Save means earning. Investing in real estate is always beneficial and you’ll never experience a fault as real estate rarely loses its value unlike luxurious cars or jewelery. The higher the real estate price is, the more you can earn while flipping. Take this for granted.

2. Maintenance and renovation. Make the newly bought house an ideal place to live and spend time. of course, you may neglect this step and sell the house without doing necessary maintenance but this reduces the market value of real estate and considerable lowers your income while flipping.

3. Get a professional advice. If you save money on property inspectors you may lose important issues that you could then put forward while advertising your property. Professional assessors are read to value your house and give you legal acknowledgment of your house condition.

4. Set average price. Do not overestimate the house you are going to sell as this may turn out to be a pricy offer no one will lay his/her eye upon.

5. Impove the interior. Anyway, the most attractive will be a house that is equipped with modern furniture and a few items that make a house a real home. Spend some thousands on this and you will earn three times more after the house will be sold.

6. Mind the location. The surroundings mean a lot and if you are going to make a fortune out of flipping you are to think over the possible high revenue location and infrastructure.

7. Prepare quality advertisements. This is the most essential part of real estate flipping as how you prepare your ads and what facilities you are going to stumble upon mean that you either sell it for several thousands more or ten and higher thousands. You should know what your potential buyers are seeking for and compose such ads that will definitely satisfy even a sophisticated buyer.

8. Monitor the real estate market. Every day you are to look through hundreds of offers and be ready to dig into the details as well as pretend as a potential purchaser and call the sellers to find out more. Flipping doesn’t mean just buying and selling but also analyzing and rectifying.

Following these simple practical tips will definitely be of use to anyone interested in real estate flipping. Do not forget that the greater part of success is in your hands and your unique and innovative approach to any activity you are involved in.

Posted by admin in the Real Estate Commentary section 1 Comment

Local Scam Busted!

March 1st, 2008

In one of the largest ever local real estate scams, five Toronto-area residents face more than 100 fraud-related charges in an alleged real estate scam that sold parking spaces as condos to innocent investors, police say.

Bankers, developers, a lawyer and real estate agents allegedly worked together to defraud TD Bank of $3.8 million in bogus mortgage loans. The alleged scheme ran from 1998 to 2000. Police claim two brothers, Kam Cheung Chan and Patrick Chan, enticed their victims to invest in two condominiums.

Police said the Chan brothers had victims fill out a mortgage application but didn’t ask for any money up front, waiving the down payment.  Bank employees who were allegedly in on the scam made sure the mortgage loans sailed through. Then the suspects kept the cash. The thieves were apparently selling parking and storage spaces, not condos, for about $300,000 each.

Unsuspecting investors were promised a cut of profits when the properties sold. But they never got a penny. “Sometimes they were recruited off the street or at investment seminars,” Ellis said. “You have to realize these people were … unsophisticated (about) real estate transactions.”

Five suspects face 135 charges. Canada-wide warrants have been issued for two more suspects.

The TD Bank at Weston Rd. and Finch Ave. provided the funds for the mortgages. Bank officials blew the whistle on the case when problems arose with the accounts.

Kelly Heckler, spokesperson for Toronto Dominion, said the bank has re-evaluated its security measures. “We have long since tightened our procedures. We reviewed what happened and how it happened. But for security reasons I am not going to get into details.”  Heckler wouldn’t say whether the stolen funds were recovered.

Patrick Chan, 61, of Richmond Hill; Lascelles Williams, 36, of Pickering; Saquib Majeed Baig, 38, of Markham; Steven Mucha, 53, of Toronto; and Roland Williams, 70, of Mississauga face fraud and other charges. They are scheduled to appear in court on Feb. 25.

Canadawide warrants have been issued for Ling Ling Cho, 45, of Markham, and Kam Cheung Chan, 54, of Mississauga, who are also wanted on charges of fraud.  It is amazing the scam ran for such a long-time, great to see this one taken down.

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Dutch Real Estate Move

February 12th, 2008

ING Groep NV agreed to buy Dutch real estate investment trust KFN for more than 600 million euros ($887 million Canadian) to gain 80 office buildings, including the world famous Weena Tower in Rotterdam.

The purchase gives Amsterdam-based ING Real Estate, the world’s largest property fund manager, control of a company with assets of about 1.6 billion euros across the Netherlands.  The seller, Dutch pension fund Stichting Pensioenfonds ABP, will receive a 365 million euro stake in two ING property funds.

KFN’s properties have almost 600,000 square metres of space, are 94 per cent occupied and attracted interest from 14 companies, ING said. The company’s 10 biggest tenants include PricewaterhouseCoopers, Vodafone Group PLC and the Dutch government and account for more than a quarter of rental income.  Looks like another positive move my ING.

Posted by admin in the Word Real Estate, Breaking News, Commercial Real Estate section 1 Comment

Home in Bulgaria?

January 28th, 2008

In Bulgaria there are many signs of a country for sale. Its residential property, anyway. Everywhere you go, you see ads in English offering houses and apartments, existing and as-yet-unbuilt, for sale or rent at, by Toronto standards, bargain-basement prices. Less than $70,000 could put you in the market for a decent house on the outskirts of the capital, Sofia, or an apartment downtown. In a village “within easy driving distance” of the city, 70 grand might buy you two or even three places, though you might want to spend some of the money on a chauffeur.

The roads aren’t great and driving standards aren’t high. Property prices are usually quoted first in euros, then British pounds, then Bulgarian leva. Domestic buyers are not the prime target. The country, part of the European Union since last January, is hungry for foreign investment and with a little promotion and some hard work it just might get it.

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The Land Transfer Tax Rush

January 28th, 2008

Buyers racing to beat Toronto’s incoming land transfer tax created an unusual rise in home sales over the holiday season, but a slowdown is around-the-corner after the tax comes into effect.

As of Feb. 1, Toronto home buyers will pay a new fee to the city in addition to the existing provincial land transfer tax. It will nearly double the tax bill for home buyers, raising the tab on a $375,000 home to $7,575 from $4,100. Housing unit sales were up approximately 21 per cent in the GTA in the fourth quarter, compared with 7 per cent in surrounding areas, according to data from the Toronto Real Estate Board.

The strong fourth quarter helped the Toronto market shatter previous sales records in 2007, according to data released by Royal LePage. The average price of a two-storey detached home in the city hit $506,900, up 8 per cent from last year. The price of a detached bungalow rose 8.9 per cent to $413,375, and that of a condo unit rose 10.4 per cent to $280,505.

Two years ago a two-storey home in the city averaged $461,282, while a bungalow went for $362,611 and a condo unit $242,202. After the current wave of buyers subsides, both price gains and sales should start to decline. Let’s just hope the decline is not too steep.

Posted by admin in the Real Estate Laws, Toronto Real Estate section 2 Comments

Hello Toronto

December 29th, 2007

Thanks for dropping in on our new real estate themed blog.  This is where you will find news and commentary about what is happening in the world of real estate and also on our real estate portal.  Hope your stay is enjoyable.

Posted by admin in the Commercial Real Estate, Breaking News, Real Estate Commentary, Site News, Toronto Real Estate, Condo News, Real Estate News, Apartment News section No Comments