About Ty Lacroix Broker of Record

I am the owner & Broker of Record with many years of experience in guiding Londoners to make wise real estate decisions and then get results!

Condo Buying in London Ontario Is Like Fashion, Changes Occur Rapidly

Are you spending countless hours searching the MLS, real estate magazines, classified ads &  real estate websites looking for the right condominium at the right price in a good neighbourhood in London Ontario?

searching for a condo in London Ontario

Going to Open Houses?

Have you missed out a few properties because they already have an offer or were sold before you even knew about it being for sale?

You may be missing out on some excellent properties that sell in a day or two or one priced so aggressively that it sells as soon as it comes on the market or in a specific area?

Is all that searching working for you or is that you wish to avoid a pesky or bothersome real estate person (don’t blame you)?

Or, perhaps you are curious, or you are in the ‘just thinking stage’ of real estate. Possibly to purchase or sell.

Like fashion, real estate changes quickly, people change, neighbourhoods change, real estate markets change, and the motivation of buyers and sellers change.

So how do I, as a real estate professional & problem solver help?

We view a lot of houses and condos every week. We do loads of searches daily for clients; we are continually researching properties, even For Sale By Owners.

Search Lpndon Ontario Condos For Sale

 

We are out looking at properties every day, we know the jungle, the alleys, the streets, avenues, crescents, what a reasonable price is, what junk is and what the games are that some play.

You won’t have to jump off any cliffs, scale any mountains, wrestle a crocodile, put up with a pushy real estate salesperson, cross-eyed lawyers, impotent mortgage lenders, near-sighted home inspectors, just put up with us!

Small price to pay to get what you want!

  These folks did, and they are still with us!

Two Bedroom Apartment For Sale Downtown London Ontario

Photo Link
Downtown London Ontario Luxury Residence 19 King Street

•  1700 Plus Square Feet, two bedroom plus a den apartment condominium , only 3 residences per floor for sale $379,900

Here is your chance to live in downtown London Ontario in desirable ‘Regency Towers’ at 19 King Street. This rare and spacious two bedroom plus den residence includes 1,700+ square feet of space and is one of only three units on the entire floor! With only 39 residence condominiums in the building, these apartments very seldom come up for sale as 19 King is a few minutes’ walk to Harris Park, London Museum, Budweiser Gardens, Covent Garden Market, superb restaurants, walking and biking trails and a tremendous serene view of the Thames River.

This apartment residence has two good sized balconies with fabulous views, an updated stylish kitchen and gleaming hardwood floors throughout — two spacious bedrooms including a large master with a walk-in closet and a large master ensuite with a rainfall glass shower. The second bedroom includes beautiful wood built-in shelving & a Murphy Bed, great as an office, yet, a guest bedroom as well.

Two convenient storage lockers, as well as two underground parking spaces, window coverings and an electric fireplace, are included.

The amenities that this adult building offers is a saltwater pool, a sauna, small library, an upscale lobby, a security system and the condo fees include ground and building maintenance, caretaker and cable. Average monthly costs for hydro and gas $90, Roger’s phone ($51.56), not included in condo fees, insurance about $45 and water heater rental approximately $32!

As you can see, the location is prime, the quality and size are there, the safety is superb, and the management is top notch. Why not book your viewing now and then start packing?

Property information

How To Price a London Ontario Condominium For Sale

How to price a London Ontario condominium for sale on MLS, or a house or any other type of real estate? I won’t go into the debate about “free advice,” you know, your hairdresser, co-worker, Uncle Ted who knows everything about everything, your financial advisor, or the “Free Market Evaluation” postcard or online generalities.

Selling a House in London Ontario

Below are a few things you may want to give considerable thought to when selling a house or a condominium in London Ontario:

  • Not choosing the right price when a property is first listed. In other words, thinking “We can always come down.”
  • Put your property for sale at a realistic price. A property must be priced on a comparative basis to the other features which are similar. (I should add, everyone thinks their home is different, but buyers and their Realtor do not think so.)
  • Relate the time to sell to your price. Generally, the quicker you want to sell, the less you should be willing to take.
  • Calculating brokerage fees on top of the sales price. A home is worth what it is worth, with or without a commission.
  • Thinking that buyers aren’t comparing your home, on a dollar-for-dollar basis, with every other house on the market
  • Do not add up all your credit card debt, car loans, a line of credit, mortgage, that one-month luxury cruise and then $20,000 just for the heck of it, and that is the price! Think I am joking? I was on a listing presentation, and the price they wanted was to be able to do the above.

 

I did not take the listing because they wanted $66,000 above the present market prices. In the end, they went through 3 Realtors and ten months and got $81,000 less than their original asking price!

There is a better way!

London Ontario Condominiums 2018 And What To Expect in 2019

One of the best ways to understand the condominium market in London Ontario is to look at how many days these were on the market before being sold and what was the sale price percentage versus the asking price.

condo sales in London Ontario

Our real estate board LSTAR ( The London St.Thomas Association of REALTORS*) breaks London down into three geographical areas, North, South and East. ( I know, why not the West?) I plead silence with my opinion on why!

Sold Condominiums in London Ontario  2018
Area % of Asking Price Average Days on Market
North 102.2% 22
South 104.92% 17
East 103.49% 24

What does all this mean? The inventory of townhomes and townhouses for sale is low, and with more buyers than sellers, we see bidding wars, hence, higher sale prices. Apartment condos remain strong as well, and where townhouses and townhomes used to dominate the market, apartments are catching up, not only in the volume of sales but in price as well.

Is this a good time to sell a condominium? Yes!

For buyers, be prepared to act as there are more buyers than sellers, but do your homework and do not let emotion override prudence and common sense.

The hottest segment right now is the one floor detached or attached bungalow townhouse with a two car garage, seconded by attached townhouses.

What will 2019 bring?

2019 prediction condominium sales London Ontario

  Building permits for new construction are higher than ever for both high-rise buildings and townhouses and townhomes. Affordability is a powerful motivator for first-time buyers and downsizers over single-family homes.

  Until I can walk on water and be exact, all condominiums in London Ontario and area will experience a rise in prices because of demand.

 

London Ontario Condominium Buyers, Common Sense or Impulse?

Mark Twain wrote that humans have a lot of common sense because they don’t use it very much! I was looking at the daily home sales in London Ontario today and saw some houses & townhouses in London Ontario sold at 110% – 125% over the asking price!

Mark Twain

It seems to me that home buyers either act on impulse or self-discipline! Impulsive action is emotion (keeping up with the Jones’s or fear of loss) rather than common sense.

Acting impulsively has consequences, and for a buyer of London Ontario real estate, that could mean, when it comes time to sell, the market has not kept up with inflation, being house poor and in turn, having to become more frugal in the other areas of their life.

In the heat of negotiating, counter offers and multiple offers, most buyers act impulsively, even their sales representative.

 How I think a buyer should act.

Be prepared! First, know the facts, neighbourhood prices, your financial limitations and lifestyle and secondly, psychological preparation.

Facts are the easy part and make sure they are facts and not opinions. Mentally being prepared to walk away takes courage and good old common sense.

With common sense, you’ll have more cents!

All our clients have more cents! Here’s proof!

Mortgages Explained When Buying a Condo In London Ontario

 Mortgages Explained When Buying a Condo In London Ontario

When purchasing a real estate property, be it a condo apartment or a townhouse, unless paying cash, consumers typically finance all or a portion of the purchase price. Financing means borrowing money from a financial institution to buy, using the intended house or condominium as collateral for the loan.

getting a Mortgage London Ontario

Mortgage payments include the principal (the amount borrowed), and the interested (the amount charged for borrowing the money). Payments can be made once a month, bi-weekly, or weekly, depending on availability from the lender. A typical mortgage is for an amount that does not go over 75% of the appraised value of the property or the purchase price, whichever is lower. That means 25% of the purchase price is the down payment. However, with a high-ratio mortgage, you may pay less than 25% of the cost of the home as a down payment.

Home mortgages are available from several types of lenders: banks, mortgage companies, trust companies and credit unions. Different mortgage lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price. You may also get a home loan through a mortgage broker. Brokers arrange financial transactions rather than lending money directly; in other words, they find a lender for you. A broker’s access to several lenders can mean a more comprehensive selection of loan products and terms from which you can choose.

Typically it takes a few days to receive approval for a mortgage. It is recommended to get pre-approval for before you start and go out looking at properties. When you put in your offer to buy, this is almost always on the condition of getting mortgage approval as this assures everyone involved that you can pay back the mortgage without defaulting.

Qualifying For A Mortgage

  The process involves submitting your financial paperwork to a potential lender and receiving approval for a pre-determined mortgage amount. The pre-approval agreement may also guarantee an interest rate for a mortgage taken out during the 60 to 90-day pre-approval term. The mortgage lender will inquire about such things as your marital status, some dependents, age, current employment (including how long you have worked there), salary, as well as other sources of income. They will ask for a list of your assets (i.e. vehicles, cash, etc.) and liabilities (i.e. credit card balances, car loans, etc.). Lenders also do a credit check to find out if you pay your bills on time.

 To qualify for a mortgage, the applicant’s gross annual income, credit history, and assets and liabilities (past or present) all impact the outcome. Here is a mortgage calculator to help you figure out the amount of mortgage you may get..

Types of Home Loans

 Types of Mortgages

Read More

New Downtown London Ontario Apartment Buildings

      Downtown London Ontario Highrise Apartment Buildings

Vertical living in downtown London Ontario is becoming more and more popular and proof of that is the existing properties being built or being planned.

Downtown London Ontario Apartment Condos

Rezoning: It means the city will allow it to be built on that site.

Site Plan: A proposal from the developer on how the development will be built, considered the final major hurdle before construction, necessary to get a building permit.

505 Talbot St.

  • Tricar Group
  • 29-storey, 200-unit luxury condo named Azure
  • Status: Complete

515 Richmond St.

  • Old Oak Properties
  • 32-storeys, 175-units.
  • Status: Under construction.

40 York St.

  • Tricar Group
  • 24 storeys, 212 units
  • Status: Under construction

131 King St.

  • York Developments
  • 30-storeys, 266 units
  • Status: Approved by city council. No site plan.

809 Dundas St.

  • Paramount Inc.
  • Twin, 24-storey towers, 480 units
  • Will offer 25 affordable housing units for 25 years,
  • Status: Approved by city council. No site plan.

147-149 Wellington St.

  • Jam Properties Inc.
  • 18-storey residential building
  • 0.44 hectares
  • Rezoned. No site plan.

195 Dundas St.

  • Danforth London Ltd.
  • Former London Mews at King and Clarence streets
  • $300-million, three-tower development
  • 700 units
  • The first tower: A 25-storey, 140-unit tower at 195 Dundas is the first of the three planned highrises.
  • Status: Rezoned. A site plan application has been submitted.

391 South Street

  • Medallion Corp.
  • 19 and 23 storeys proposed for the SoHo area on the site of the former Victoria Hospital lands
  • The first phase of proposed multi-phase development
  • About 600 units.
  • Status: Zoning approved. No site plan.

479-489 Talbot St.

  • Rygar Properties
  • $300 million, 700-units.
  • A nine-storey building flanked by towers of 38 and 29 stories between Fullarton street and Dufferin Avenue.
  • On the site of the former Camden Terrace
  • Status: Rezoned. There is a site plan application.

661 and 667 Talbot St.

  • Drewlo Holdings
  • 16-storeys, 236-units
  • Locust Mount Estate site.
  • Status: Rezoned. No site plan application.

560-562 Wellington Street

  • Auburn Developments
  • 22-storey tower, 151 units
  • Wellington Street at Wolfe Street, across from Victoria Park.
  • Status: City staff recommended denying the application. It has been referred back to staff.

96 Ridout St. S.

  • Tricar Group
  • 22-storey, 191 units.
  • Status: Zoning approved. No site plan application.

455 Clarence St.

  • Landowner George Anastasiadis
  • 32-storey, 182-units.
  • Status: Rezoned. No site plan.

183 King St.

  • Southside Group
  • 25-storey, 200-units.
  • Status: No zoning approved. No site plan. A dispute over building demolition.

50 King St.

  • Middlesex County
  • 30-storey, 200-units.
  • Status: Rezoned. No site plan.

Mid-size in the core

Richmond and York

  • 36 unit apartment, on site of former New Yorker cinema
  • For Youth Opportunities Unlimited (YOU)
  • Status: Site plan is in, YOU is still fundraising

356 Dundas St.

  • 69 affordable housing units
  • Status: Under construction

The above was reported by The London Free Press on Saturday, November 24, 2018, here is the article

Existing Downtown London Ontario Apartments For Sale

When Buying a Condo in London Ontario, Are Buyers Still Overpaying?

Are buyers still overpaying when buying a condo in London Ontario? In 61% of the time, yes!

Overpaying for real estate in London Ontario over the past few months is happening quite often and I have heard the following from buyers and their Realtors.

do not overpay for a home in London Ontario

 

  • “There is nothing I can do about it”.
  • “That’s just the way the real estate market is right now.”
  • “It is what it is”
  • “Get with the times”

Really? So, you are just going to sit there and take it?

Learned helplessness is a condition in which  buyers adapt to a scarcity mindset,  with the fear of loss being huge and instant gratification a must & not thinking of the second and third consequences of overpaying for a home in London Ontario and feeling that there is nothing they can do about it.

That their offer and the acceptance of the offer is totally out of their control.

Yes, the real estate market in London Ontario is vibrant and as a home owner, that is quite positive, yet the consequences of overzealous buyers and their Realtor’s actions will have a negative long term  effect , as history has proven over and over and that the axiom “What goes up must come down”, holds true.

As a home buyer in London Ontario, you have choices and there are strategies you can take to ensure you do not over pay and get caught up in the frenzy.

Let me know if you do not want to overpay, I won’t let you!

Problem Solvers Or Just A London Ontario Realtor?

 People buy or sell a home in London Ontario for one reason and one reason only, to solve a problem! So when you want guidance from a London Ontario Realtor, you sure as heck do not want any more problems, do you?

  Our happy buyers & sellers

  • Tired of Renting? -Solve the problem by buying a house or a condo

  • House or condo too small?Too big? Solve the problem by buying something bigger or smaller

  • Too Expensive? Solve ……..
  • Relocating? Solve …….
  • Don’t like the neighbourhood? Solve ……
  • Divorced? Living Together? Getting Married? Solve ……
  • Fill in the blanks ___________________? Solve ………

I have been a Realtor for quite a few years and own a real estate brokerage and have learned that people do not hire us because we are just a Realtor who can help buy or sell a home, anybody can do that, that is what the average do.

People hire us because we solve problems, we identify them, take a focused view and solve the problem, end of story!

  Find a solution that works!

You don’t hire  a Realtor because you need a taxi driver,  or because they are pretty, ugly, skinny, fat, bald, young or old, you have a problem(which can be good or bad) and you want someone to listen and solve the problem quickly and save some money as well.

And, can back it up with proof, not talk!

Selling a Townhouse In London Ontario Quicker?

When thinking about selling a townhouse in London Ontario & area, where do you start?

Ask about selling a condo in London Ontario

When do you start?

Is there a difference if it is a townhouse or an apartment?

A freehold or a regular condo corporation?

How would you feel if you knew some surefire ways to prepare before selling a townhouse or a town home or an apartment condo in downtown London, if you knew about the timely steps to take, the questions to ask, the caveats to be aware of?

From experience of selling 100’s of condominiums in London Ontario, this will get you thinking and keep you on track before, during and after you list your condo for sale on MLS

   Here it Is!