http://www.nationalpost.com/homes/story.html?id=1338575

Classic Beach-Style Home
The Beach
National Post Published: Saturday, February 28, 2009
Related Topics
Emily Norris
Simon Milberry


191 Balsam Ave. (Kingston and Victoria Park roads)
Asking price: $1.259-million
Sold for: $1.2-million
Sold for: $875,000 (2005)
Sold for: $550,000 (1999)
Taxes: $7,489 (2008)
Bedrooms: 5
Bathrooms: 5
Time on the market: 34 days
This home "embraces the authentic charm of the classic Beach-style along with rejuvenated modern details," says listing agent Emily Norris. "It was featured on the cover of House & Home magazine in 2006."
The five-bedroom, fivebathroom brick home has a fireplace and french doors in the living room, a plate rail and bow window in the dining room and a pantry in the renovated eat-in kitchen.
French doors in the main-floor family room and a four-piece ensuite bathroom in the third-floor master suite are other highlights. The lower level has a nanny's suite with a fireplace.
The 67x42-foot irregular lot has parking for two cars.
Listing Broker: Re/Max Hallmark Realty Ltd. (Emily Norris and Simon Milberry)

Room of the Week

Fresh Mix, Spring Fix

Just in time for the big seasonal thaw that WILL be here soon (!), we thought it would be fun to profile a fabulous Room of the Week on our blog. You know, to help inspire the starting or finishing of a neglected room, to pick up an idea or two, or to simply gaze at how the other half live. I know that I, for one, am planning on a fairly involved Spring Project that involves expanding our home in preparation for our ever expanding family. Yup, since baby #3 will be here any day now, we really can't prolong the inevidable crunch for space any longer. But, back to the room here -- it's really just beautiful. I love the palette of soft cream and the punch of blue, and the mixing of casual cozy pieces with more formal and exotic ones. Layering rugs has always been a personal favourite detail of mine, especially a classic zebra over soft sisal. I hope you like what you see here too. Look forward to more coming soon! By the way -- there are some serious deals to be had in the Toronto real estate market these days, don't hesitate to call myself or Simon to discover those gems too!

Competition creeping back in to Toronto market

Notwithstanding current economic woes, the fundamental principle of supply and demand is having its impact on the Toronto real estate market. Overall, prices may continue to slip, but in certain neighbourhoods the dominant characteristic of the re-sale market is a shortage of supply. This is resulting in periodic bouts of competition for quality listings. Without a doubt there are still plenty of 'dumps and deals' out there, and those houses are selling for well below their list price. However, I couldn't help but notice a handful of 'bidding wars' among recent sales. I looked at a few districts and found these competition/sale ratios (houses only) since the beginning of February:

E01: 1/14 E02: 4/20 E03: 4/33
C01: 2/9 C03: 1/9
W01: 2/10 W02: 2/16

Listing prices are being adjusted to the new levels (lower than the highs of 2007/2008). That's great, but it's not the point. The point is that there are buyers out there who want to buy houses, but there just aren't enough sellers - which is understandable, given the overall state of things.

This is a natural corrective action that occurs in any normal market - and there's nothing abnormal about periodic recessions and/or market corrections. The result will be a firming up of prices. That, in turn, will bring more sellers back to the market, and a return to a more stable market. The bottom line is that the dip in the Toronto real estate market is already showing signs of coming to an end. We still need another couple of months to clear out the remaining sitting inventory, but good new listings are selling.

Once the GTA-wide supply comes down, the strength already showing in popular areas like downtown, Riverdale, and the Beach will spread to other neighbourhoods. By then, we just might be out of the woods! For now, depending upon where you are buying, you may have to be prepared for competition. Fortunately, the nature of that competition seems to be different. Most of the sales I looked at today showed prices $2,000 - 10,000 above asking, with only a couple going for more than that. It seems that today's buyers are taking a more cautious approach to bidding wars.

Style & Staging Tip #12

Great Outdoors

Whether you are selling a small condo with a tiny patio or sprawling ranch with acres of land, it's important to emphasis the "great" in your outdoor spaces. The tiny abode shown above is the perfect example of a very modest garden space that has everything a potential buyer may be looking for -- a place to relax with a good book, some plants and flowers to tend, a decent level of privacy with the surrounding fence, plus it's looking pretty low maintenance which loads of people want these days. Of course for many (larger families especially) it wouldn't be big enough, but it's an example of not only showcasing, but emphasising the positive. That's what it's all about when staging for a quick, profitable sale.

Reassuring words from Newsweek.com about the Canadian banking system and economy

With all the ongoing media hysteria about the economy, it's a relief to read some complimentary words about Canada. Fareed Zakaria writes for Newsweek.com. In his article 'Worthwhile Canadian Initiative' he explains how and why we have managed to keep our collective heads above water as the rest of the world economy circles the drain. It's worth noting that he emphasizes how our political/diplomatic/business leaders are pushing our global partners to be, well, a little more Canadian in their banking habits!

Thanks to Money Gal (http://twitter.com/MoneyGal) for this tip. Here's the article: http://www.newsweek.com/id/183670.

When we read about the reasons for the US housing market meltdown, contrasted with how we do things, it becomes obvious that, while our economy is being side-swiped by global events, we still have a great economy and housing market. We are well-positioned for a strong recovery (see Bank of Canada Governor Mark Carney's comments here: http://www.financialpost.com/news/story.html?id=1273258).

I've said it before (and I'll say it again!): the buying opportunity in the Toronto real estate market will be very short-lived. We have maybe another 6 months....

Style & Staging Tip #11

On The Wall

There are a few lessons in this picture (from Domino magazine) but what interests me is the very effective use of artwork. Many homes have little or nothing adorning their walls, and great artwork and photography is a perfect way to make a room truly sing. One easy fix is to hit an Ikea or HomeSense and invest, inexpensively, in a few big bold pieces for the walls. Remember to hang them at eye level, not too high. Or, my favourite idea, is to rent some really amazing art from one of the many fantastic galleries about town. Art Interiors is one of my personal favourites (on Spadina Rd.) but there are galleries everywhere. Go in and negotiate a price to rent the pieces and perhaps even ask for some help to hang them. Trios of framed photography are always good looking, but stay away from too many personal photos. Try framing beautiful remnants of fabric or wallpaper for a real on-the-cheap solution for your walls. The options are endless, so go for it and stay tuned for more tips.

RE/MAX Hallmark adds 2 offices

RE/MAX Hallmark Realty Ltd. announced on Feb 4th the acquisition of two new offices in Richmond Hill and Oak Ridges, allowing Hallmark to expand its presence north of Steeles Ave. into York Region. RE/MAX Executive Realty offices located at 8 Weldrick Rd. W. in Richmond Hill and 13321 Yonge St. in Oak Ridges will operate under the RE/MAX Hallmark banner, effective immediately. The move brings the number of RE/MAX Hallmark offices to eight and the total number of sales associates to more than 500, making the company one of the largest in the RE/MAX Ontario-Atlantic Canada franchise network.

The new offices give RE/MAX Hallmark greater visibility in Richmond Hill and provide the company's sales associates working at other Hallmark locations with a stronger connection to their real estate clientele in the northern part of the Greater Toronto Area. Prior to this move, RE/MAX Hallmark was already in the Top Ten companies for transactions closed in RH; RE/MAX Executive was in the Top Five, so combining our efforts will have an immediate impact on Hallmark's market share.

If you plan to buy or sell in the Richmond Hill area, or have family or friends who do, call us today and let us put our ever-expanding Hallmark system to work for you!