From our friends at Spagnuolo & Company Real Estate Lawyers
2011 Property Taxes are due early July. If you have a purchase or sale closing around that time, make sure one of the parties claims the Home Owner Grant.
We have a file where the closing is scheduled for July 8, which is later than the due date for the Property Taxes. The Vendor is not eligible to claim the HOG but the Buyer is. We will have the Vendor pay the net taxes, so the HOG remains outstanding. Following completion the Buyer will claim the HOG of $770.00.
The Buyer will have to pay a 10% penalty on the HOG, but will be able to claim the full amount of the HOG of $770.00 after completion. The penalty is $77.00 but the Buyer will save $770.00.
Tuesday, June 28, 2011
Friday, June 24, 2011
Watermark Beach Resort lives up to its name
More like a retreat than a cottage by the lake, residents discover all needs are easily addressed
BY ALISON APPELBE
BY ALISON APPELBE
JUNE 24, 2011 5:01 PM
View listings and more info Vantage West Realty Featured Listings at Watermark Beach Resort
The resort’s patio wine bar is a favourite gathering place.
Project size/scope: On the west shore of Lake Osoyoos and at the foot of Main Street in the town centre. A full-ownership and strata-titled luxury resort, with one-, two- and three-bedroom view apartments in the main building, and two-storey and single-storey (top-floor) town houses along the lakefront. Buyers have the option of participating in income-generating rental by the full-service resort-hotel.
Prices: Pre-season pricing on one-bedrooms starting at $199,900; two-bedrooms at $389,900 and town houses at $569,900.
Developer: Osoyoos Shoreline Development Ltd.
Architect: Burrowes Huggins Architects, Vancouver
Interiors: Co-ordinated Hotel Interiors Ltd.
Sales Contact: Judith Hart
Tel: 1-866-453-9797, 604-723-5620
Website: www.ownwatermark.com
When Vancouverites Alan and Pam Skinner were raising their two sons, they made an annual trek to the South Okanagan — and specifically to Haynes Point Provincial Park, a campground that extends into Lake Osoyoos like a long finger.
“The kids loved it — and so did we,” says Alan Skinner of their summer stays at the popular campsite known for its exotic setting on a toasty lake, and rare (and threatened) creatures such as the Western small-footed bat, Spadefoot toad and Painted turtle.
The Skinners, whose sons are grown, were considering purchasing recreational property, so returned to Osoyoos and booked a few nights at the luxury Watermark Beach Resort, located on the lake at the foot of the main street of the town.
The full-ownership and strata-titled Watermark, opened in 2009, features a four-storey building facing the lake, with wings extending towards the water. A generous courtyard includes an L-shaped swimming pool, hot tubs and patio wine bar. A series of town houses extends along the lakefront. The complex looks east towards sage-covered hills and Anarchist Mountain.
If they choose, property owners can take part in a suite and town house rental program, maintained to resort-hotel standards, and earn some income.
The Skinners looked at the townhouses — both the ground-level two-storey units and the bungalow-style homes on the third level. But Skinner recalls that when they turned their attention to one of the penthouses, positioned directly above the lake and with views (and decks) on three sides: “We looked at each other and said, ‘we want this one.’ ”
Since making the purchase last June, they’ve made seven or eight visits. On one trip, they hosted three other couples for a few days of golf (and rented a one-bedroom suite at the resort for the added space).
The Skinners are happy with their purchase, in large part because it fits their needs. The couple wanted to avoid buying into a property on leased land (Skinner is a realtor). And while they favoured a site both on the lake and in town — “It’s more of a hotel than a ‘cottage at the lake’,” Skinner points out — he concedes that, from a real estate perspective, it has a niche appeal.
They also studied the rental aspect, and while Skinner admits that “it’s not the return we’d get from a good quality stock portfolio,” they were satisfied that, weighed against less tangible benefits, it would deliver a satisfactory return for a property they’d likely use only one-tenth of the year.
The Watermark complex, with commercial frontage facing Main Street, includes a small conference centre, a full-service spa, fitness facility and yoga studio. A gelato shop is open and a restaurant is planned; meanwhile, meals are served at the resort’s wine bar.
The more than 300-metre lakefront, above a beach, features a public pedestrian boardwalk. The resort’s pool and patio area includes a waterslide, hot pools for adults and children, communal barbecue facilities, and a “kids’ zone” and day camp.
Of the 153 units, 37 fully furnished suites and town houses, with various floor plans, remain available. One-bedrooms units, from 600 square feet, start at $199,900; and two bedroom units, from 836 square feet, at $389,900.
The two-storey townhouses and one top-floor “bungalow,” all with two bedrooms and between 1,208 and 1,230 square feet, start at $569,900.
Resort realtor Judith Hart reports that one of the town houses sold in 2007 for $750,000, illustrating the impact that the 2008-09 recession had on the Okanagan recreational real estate market.
At the same time, Hart and resort manager Ingrid Jarrett, who also chairs the Thompson Okanagan Tourism Association (TOTA), says that the Watermark Beach Resort has weathered two years of sluggish sales better than comparable regional properties.
“At this juncture, we’re doing very well,” Hart says. “We’re very secure in our financing, and from a real estate perspective, we’re very solid.”
The South Okanagan, with its ever-expanding wine culture and dry summer heat in what is said to be Canada’s only true desert, “is poised for success,” Hart claims.
There are 40 wineries within 30 kilometres of Osoyoos, many garnering widespread attention. Wines coming out of the Black Sage Bench to the east of the lake, and the Golden Mile Bench, on the west, are often exceptional.
Among the region’s particular success stories are the Osoyoos Indian Band’s Nk’Mip Cellars and associated Nk’Mip and Spirit Ridge resorts.
The Nk’Mip Desert Cultural Centre, together with the Desert Centre at Osoyoos, brings to public attention to the local “antelope brush ecosystem,” and ongoing efforts to create the South Okanagan-Lower Similkameen National Park Reserve.
The South Okanagan region boasts half a dozen golf courses, and extensive trails for walking, hiking and biking. Mount Baldy, east of Oliver, is an expanding ski resort. Osoyoos Lake, and smaller neighbouring lakes, draws anglers year-round.
However, the region may be best known for its agricultural output. Along with grapes coveted by wineries through the entire Okanagan, the south produces soft fruits such as cherries, apricots, peaches, pears and apples, and other farm produce. Osoyoos is developing a strong culinary scene.
TOTA chair Jarrett reports that European, Australian and New Zealand tourists are showing a growing interest in a South Okanagan noted for its cultural, ecological and soft adventure attractions, as well as for being “warm, clean and safe.”
And therefore eyeing double-digit tourism growth, she believes that Watermark Beach Resort rental income will increase.
Indeed, Skinner already sees an upward trend. “We didn’t buy the property to flip it. We’ll keep it for 10 years at a minimum,” he says. “And we’re pleasantly surprised with the returns we’re getting. I’m thinking that this year should be even better.”
Special to The Sun
The resort’s patio wine bar is a favourite gathering place.
Project size/scope: On the west shore of Lake Osoyoos and at the foot of Main Street in the town centre. A full-ownership and strata-titled luxury resort, with one-, two- and three-bedroom view apartments in the main building, and two-storey and single-storey (top-floor) town houses along the lakefront. Buyers have the option of participating in income-generating rental by the full-service resort-hotel.
Prices: Pre-season pricing on one-bedrooms starting at $199,900; two-bedrooms at $389,900 and town houses at $569,900.
Developer: Osoyoos Shoreline Development Ltd.
Architect: Burrowes Huggins Architects, Vancouver
Interiors: Co-ordinated Hotel Interiors Ltd.
Sales Contact: Judith Hart
Tel: 1-866-453-9797, 604-723-5620
Website: www.ownwatermark.com
When Vancouverites Alan and Pam Skinner were raising their two sons, they made an annual trek to the South Okanagan — and specifically to Haynes Point Provincial Park, a campground that extends into Lake Osoyoos like a long finger.
“The kids loved it — and so did we,” says Alan Skinner of their summer stays at the popular campsite known for its exotic setting on a toasty lake, and rare (and threatened) creatures such as the Western small-footed bat, Spadefoot toad and Painted turtle.
The Skinners, whose sons are grown, were considering purchasing recreational property, so returned to Osoyoos and booked a few nights at the luxury Watermark Beach Resort, located on the lake at the foot of the main street of the town.
The full-ownership and strata-titled Watermark, opened in 2009, features a four-storey building facing the lake, with wings extending towards the water. A generous courtyard includes an L-shaped swimming pool, hot tubs and patio wine bar. A series of town houses extends along the lakefront. The complex looks east towards sage-covered hills and Anarchist Mountain.
If they choose, property owners can take part in a suite and town house rental program, maintained to resort-hotel standards, and earn some income.
The Skinners looked at the townhouses — both the ground-level two-storey units and the bungalow-style homes on the third level. But Skinner recalls that when they turned their attention to one of the penthouses, positioned directly above the lake and with views (and decks) on three sides: “We looked at each other and said, ‘we want this one.’ ”
Since making the purchase last June, they’ve made seven or eight visits. On one trip, they hosted three other couples for a few days of golf (and rented a one-bedroom suite at the resort for the added space).
The Skinners are happy with their purchase, in large part because it fits their needs. The couple wanted to avoid buying into a property on leased land (Skinner is a realtor). And while they favoured a site both on the lake and in town — “It’s more of a hotel than a ‘cottage at the lake’,” Skinner points out — he concedes that, from a real estate perspective, it has a niche appeal.
They also studied the rental aspect, and while Skinner admits that “it’s not the return we’d get from a good quality stock portfolio,” they were satisfied that, weighed against less tangible benefits, it would deliver a satisfactory return for a property they’d likely use only one-tenth of the year.
The Watermark complex, with commercial frontage facing Main Street, includes a small conference centre, a full-service spa, fitness facility and yoga studio. A gelato shop is open and a restaurant is planned; meanwhile, meals are served at the resort’s wine bar.
The more than 300-metre lakefront, above a beach, features a public pedestrian boardwalk. The resort’s pool and patio area includes a waterslide, hot pools for adults and children, communal barbecue facilities, and a “kids’ zone” and day camp.
Of the 153 units, 37 fully furnished suites and town houses, with various floor plans, remain available. One-bedrooms units, from 600 square feet, start at $199,900; and two bedroom units, from 836 square feet, at $389,900.
The two-storey townhouses and one top-floor “bungalow,” all with two bedrooms and between 1,208 and 1,230 square feet, start at $569,900.
Resort realtor Judith Hart reports that one of the town houses sold in 2007 for $750,000, illustrating the impact that the 2008-09 recession had on the Okanagan recreational real estate market.
At the same time, Hart and resort manager Ingrid Jarrett, who also chairs the Thompson Okanagan Tourism Association (TOTA), says that the Watermark Beach Resort has weathered two years of sluggish sales better than comparable regional properties.
“At this juncture, we’re doing very well,” Hart says. “We’re very secure in our financing, and from a real estate perspective, we’re very solid.”
The South Okanagan, with its ever-expanding wine culture and dry summer heat in what is said to be Canada’s only true desert, “is poised for success,” Hart claims.
There are 40 wineries within 30 kilometres of Osoyoos, many garnering widespread attention. Wines coming out of the Black Sage Bench to the east of the lake, and the Golden Mile Bench, on the west, are often exceptional.
Among the region’s particular success stories are the Osoyoos Indian Band’s Nk’Mip Cellars and associated Nk’Mip and Spirit Ridge resorts.
The Nk’Mip Desert Cultural Centre, together with the Desert Centre at Osoyoos, brings to public attention to the local “antelope brush ecosystem,” and ongoing efforts to create the South Okanagan-Lower Similkameen National Park Reserve.
The South Okanagan region boasts half a dozen golf courses, and extensive trails for walking, hiking and biking. Mount Baldy, east of Oliver, is an expanding ski resort. Osoyoos Lake, and smaller neighbouring lakes, draws anglers year-round.
However, the region may be best known for its agricultural output. Along with grapes coveted by wineries through the entire Okanagan, the south produces soft fruits such as cherries, apricots, peaches, pears and apples, and other farm produce. Osoyoos is developing a strong culinary scene.
TOTA chair Jarrett reports that European, Australian and New Zealand tourists are showing a growing interest in a South Okanagan noted for its cultural, ecological and soft adventure attractions, as well as for being “warm, clean and safe.”
And therefore eyeing double-digit tourism growth, she believes that Watermark Beach Resort rental income will increase.
Indeed, Skinner already sees an upward trend. “We didn’t buy the property to flip it. We’ll keep it for 10 years at a minimum,” he says. “And we’re pleasantly surprised with the returns we’re getting. I’m thinking that this year should be even better.”
Special to The Sun
Tuesday, June 21, 2011
TOP 8 HOUSE HUNTING MISTAKES
Buying a home can be a very emotional process, and if you are not open to a more rational perspective on the home buying process, it can leave
you making many mistakes you just might regret.
There are 8 common emotional mistakes people make when purchasing a home. To help you find the best place to call home, avoiding these following common mistakes will help.
Mistake 1: Falling in Love With a House You Can't Afford
Once you see a house you’ve fallen in love with, it’s difficult to like anything else that's out there on the market. Your imagination starts running and you immediately start planning out where you’ll put your furniture or what the back yard will look like. However, if you can’t afford the house or even qualify for the mortgage, you’re setting yourself up for failure and disappointment. To avoid the potential heartache, it’s best to stick with homes in your price range and not waiver.
It’s a great idea to begin your search at the low end of your price range and work from there. Remember that for every $10,000 worth of house, you aren’t just paying $10,000, you are paying that price PLUS interest. That in turn may double or more in time. Ask yourself if it’s worth it.
Mistake 2: Assuming There's Nothing Better Out There
It may seem that there is nothing better out there once you set your sites on what you want, but what you may not realize is that most neighbourhoods have similar homes available as many developers created similar, if not the same floor plans. Even if you can’t find the same house, you may find homes that have some of the same features. The odds are also in your favour if you are considering a condo or a townhouse.
Even with a long list of must-haves, chances are there are many homes that can suit and meet your needs. If you do find one and there are issues such as major repairs, inflexible asking prices or possession dates, consider keeping your options open to looking further. It could save you money.
Mistake 3: Being Desperate
When you’ve been looking for awhile and can’t seem to find the house you want, or the ones you do want are getting outbid on, it’s easy for desperation to set in. You can’t wait to get into a new house right away and will probably end up settling for something you could end up hating because you settled in the first place. Transaction costs could end up costly, you’ll pay for agents’ commission ( up to 5-6% of the sale price) not to mention closing costs for the mortgage, all on a house you rushed on, end up hating or have spent tons of money in altering the house to your liking or renovate. It’s OK to take your time and wait for that house you really want (and can afford), in fact it’s worth it.
Mistake 4: Overlooking Important Flaws
It’s important to pay attention to any flaws of a house. That may seem logical, but again when emotions are involved, some may think a few flaws are ok, until reality sets in and end up dealing with a cracked foundation, major renovations to take care of, or worse. Remember that new houses come on the market everyday. Remind yourself of that and it may save you in the long run.
Mistake 5: Overestimating Your Handyman Skills
Fixer-uppers may sound appealing but before you eagerly get out the tool belt, make sure you keep in mind the factors of time, money, ability and the cost of tools and labor. Don’t buy a fixer-upper if it’s realistically more than you can handle. Be sure to be honest with your abilities and your budget and if you have the time to do the work or have it ready by your move in date.
Mistake 6: Rushing to Put In an Offer
In a hot market, it may be necessary to make quick decisions to put in an offer on a house. If you have some time, be sure to be diligent in researching the neighbourhood and possible noise issues such as being near an airport or the night time nearby train that will rattle your dishes. Having the knowledge of the area will give you an idea of what the property is really worth and an appropriate offer price.
Mistake 7: Dragging Your Feet
Contrary to rushing an offer, sometimes dragging your feet on an offer can be just as detrimental. It’s important to be careful in your decision, but waiting too long gives time for another potential buyer to scoop up the opportunity, not to mention how time-consuming and routine-disrupting house shopping can be. If you are self –employed, the longer you shop the more you are disrupting your valuable time and money.
Mistake 8: Offering Too Much
In a situation where there are multiple offers on a listing, it’s easy to get sucked in to a bidding war, or try to pre-empt a bidding war by offering a high price in the first place. There are potentially a few problems with this. First, if the house doesn’t appraise at or above the price of your offer, the bank won’t loan you the money unless the seller reduces the price or you pay cash for the difference. If this occurs, the shortfall on your offer as opposed to your mortgage will have to be paid from your pocket. Secondly, when you decide to sell your house, if the market conditions worsen or are similar than when you first purchased, you may find yourself upside down on your mortgage and unable to sell. Be sure that the purchase price for the home you buy is reasonable for both the house and the location by comparing recent sales in the area and speaking to your real estate agent before making the offer.
Conclusion
It is perfectly natural for emotion to come into play when looking for a home. It’s exciting. Buying a house is a big decision and is exactly why there must be rational decisions made rather than getting caught up in the notion of a dream home. Take your time, overcome the emotions and ultimately make a home buying decision that‘s good for your finances, feelings and future.
Thursday, June 9, 2011
$28M Toronto Condo sets Canadian Price Record
An international buyer has paid $28 million for a penthouse suite at the Four Seasons development in Toronto, the highest price ever paid for a condo in Canada.
The unnamed buyer stepped up with the eye-popping bid for the suite, which sits atop the 55-storey West Residence building in Toronto's tony Yorkville area. The suite has 9,038 square feet of living space and offers a panoramic view of the city with 3.6 metre cei
lings and four terraces.
It also comes with separate quarters for household staff.
The building is 85 per cent sold, developer Alan Menkes said. Prices in the 210-residence building start at $1.9 million for a 1,000-square-foot condo. First occupancies and the opening of the adjacent hotel are expected in the summer of 2012.
"The discerning international buyer of the penthouse suite was attracted to all that this landmark project has to offer," Menkes said, while declining to name the buyer.
Former BMO president Tony Comper used to hold the record for the most expensive condo in the city, laying down $15 million for the penthouse on 1 St. Thomas Street several years ago. But that was eclipsed by the $20 million billionaire Alex Shnaider reportedly paid for the penthouse at the yet-to-open Trump International Hotel & Tower.
Wednesday, June 1, 2011
The Best Times To Buy And Sell
In the long-term property prices tend to move in an upward trend with occasional stagnation and downturns along the way. There are times when asking prices are sky high and other times when they are slightly lower. However, what a lot of people don't realise is this is equally true in a shorter time frame, and there are times of the year that are better than others for buying and selling a home.
Let's start by looking at the best time of the year to buy a property. Obviously if you're looking for a potential property, then you obviously want to get the lowest price possible. Therefore the best time of the year to buy is when the market is at it's most quietest, ie when there are less potential buyers out there looking and competing for properties.
If there are fewer viewers looking at properties then there will obviously be fewer people bidding for them which means you are more likely to be able to get an offer accepted well below the asking price.
So when are the best times to buy?
Well the market is significantly quieter during the winter months, particularly during December and January so this is an excellent time to buy.
There are generally slightly fewer properties on the market at this time, but if you do see a house you like, then you are more likely to be able to pick up a bargain.
Another good time to buy, but to a slightly lesser extent, is during the holiday season, ie late July through to the end of August, when most potential buyers take a rest from looking at properties to concentrate on their holidays. In general though the winter months are the best time to buy.
Now let's look at the best times of the year to sell a home. Here we are obviously looking to receive the best price possible so we ideally want to put the house on the market when the market is most buoyant, so there are lots of people viewing and competing for properties, which drives the prices higher.
After the lull of the winter months, the market tends to pick up again from March onwards, so this is the time when you should be thinking about putting your house up for sale. In general, the spring and summer months up until the holiday season starts are the best times to sell because this is when the buyers are out in force and competing hard with each other.
This is good news for you as you can often set your asking price a little bit higher than the true market value knowing that there's a good chance that people will pay a slight premium and pay at or close to a higher asking price in order to fight off any other potential buyers.
The next best time to sell your house is during the autumn months when the kids are back at school and the holiday season is over, but the only problem is that if you don't sell during this time, you have to try and find a buyer and get a good price in the long winter months when the market is quieter.
So to conclude, if you're looking to buy then the best time to do so is during the winter months and late summer, and if you're looking to sell then you should have your home on the market during the spring and summer months if you want to achieve a higher asking price...
Let's start by looking at the best time of the year to buy a property. Obviously if you're looking for a potential property, then you obviously want to get the lowest price possible. Therefore the best time of the year to buy is when the market is at it's most quietest, ie when there are less potential buyers out there looking and competing for properties.
If there are fewer viewers looking at properties then there will obviously be fewer people bidding for them which means you are more likely to be able to get an offer accepted well below the asking price.
So when are the best times to buy?
Well the market is significantly quieter during the winter months, particularly during December and January so this is an excellent time to buy.
There are generally slightly fewer properties on the market at this time, but if you do see a house you like, then you are more likely to be able to pick up a bargain.
Another good time to buy, but to a slightly lesser extent, is during the holiday season, ie late July through to the end of August, when most potential buyers take a rest from looking at properties to concentrate on their holidays. In general though the winter months are the best time to buy.
Now let's look at the best times of the year to sell a home. Here we are obviously looking to receive the best price possible so we ideally want to put the house on the market when the market is most buoyant, so there are lots of people viewing and competing for properties, which drives the prices higher.
After the lull of the winter months, the market tends to pick up again from March onwards, so this is the time when you should be thinking about putting your house up for sale. In general, the spring and summer months up until the holiday season starts are the best times to sell because this is when the buyers are out in force and competing hard with each other.
This is good news for you as you can often set your asking price a little bit higher than the true market value knowing that there's a good chance that people will pay a slight premium and pay at or close to a higher asking price in order to fight off any other potential buyers.
The next best time to sell your house is during the autumn months when the kids are back at school and the holiday season is over, but the only problem is that if you don't sell during this time, you have to try and find a buyer and get a good price in the long winter months when the market is quieter.
So to conclude, if you're looking to buy then the best time to do so is during the winter months and late summer, and if you're looking to sell then you should have your home on the market during the spring and summer months if you want to achieve a higher asking price...
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