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Gourmet Appetizers and Open Houses – A Good Combination?

September 27, 2010 By 5 Comments

Photo: Deya Bautista

I follow some industry blogs from the US, and I was amazed at the way some agencies go about organizing open houses, offering a whole range of catered food. Specially in New York, I’ve seen posts from Open Houses that actually offers a menu of appetizers. Gourmet Food in Open Houses. I find the idea fascinating, but I wonder how effective it really is.

In Montreal, we often use the wine and cheese events, as well as catered food for project openings, and/or corporate events, but I have not seen the first single residential listing “Open House” giving away gourmet food. Not yet, anyway.

I’ve had opportunity to visit homes whose agent offered coffee, hot chocolate and biscuits. And that’s as far as I’ve seen. In the summer time I’ve set up open houses with a table full of Italian pastries, juice and lemonade, nothing too elaborate.

When I see the menus from these agencies in New York and L.A offering caviar, beef tartar and other fancy treats, it makes me wonder: does it really work?

The purpose of an open house to show off the home itself and get the visitors acquaintance with the space. It is said, the longer the visitor stays inside the home, the better chances for a sale to happen.
Do these potential buyers stay longer because of the food? I wouldn’t think so. Then again, there must be a good reason why these trend is becoming more and more popular in certain cities.

Have you attended an open house serving food? Did you stay longer because of it?
I’d love to hear your comments!

Filed Under: General Info, Selling Real Estate Tagged With:

Friday Fun: On toilets and Flower Arches

September 24, 2010 By 1 Comment

BathroomChapel.JPG

For the record, this is not a decoration tip, neither we are trying to set a new trend. I found the bathroom already decorated with (fake) flowers on (what it looks like) a wedding arch, in a gas station on the way to New York.

Whose idea was it? We don’t know. But we do know that whoever came up with it must have been a bit bitter about marriage. Either that or he/she has an inclination for avant-garde bathroom decoration.

If you have a passion for toilets and you also love flower arches, why not combine the two?
Hey, it might become a new trend. Or not.

Also notice the two toilet bowl brushes on the side. A sign of a clean bathroom keeper. AND and and..let’s not forget the watering can…for the (plastic) flowers!! This person is really thoughtful.

The first comment I got from friends while looking at this picture:
“Jeez, Im confused. I don’t know whether to take a dump or to get married. ”

And: “oh wow, now my poo smells like flowers”

The list of remarks can go on, but I rather read yours…

I found the bathroom already decorated with (fake) flowers on (what it looks like) a wedding arch, in a gas station on the way to New York. … ” And: “oh wow, now my poo smells like flowers” The list of remarks can go on, but I rather read yours…take it on!

( And have a fantastic weekend! )

Filed Under: Just for fun

MLS® Barometer: Montreal 2nd Quarter 2010

September 23, 2010 By 1 Comment

barometer2010-Q2.png

The complete report on Montreal Market for the second quarter 2010 is now available for download. This report, has a detailed description of each section of Montreal, with 38 pages of up to date information on prices, sales, and average days on the market.

Also with detailed information on economic indicators such as: Mortgage rates, annual inflation rates in canada, and housing starts.

To view the new report, click here

Filed Under: Montreal Market Report Tagged With: ,

Renovations that generates the best return on investment

September 20, 2010 By Leave a Comment

Everyone would like to maximize the sale of their house, but do you know where you should be starting?
It’s imperative to prepare well in order to succeed and that requires a bit of time, a bit of money and some effort.

In this article, I would like to cover the PRE home staging steps, namely the renovation work – which projects are more important, when and what will be your return on investment?

The first and foremost question is whether you are planning to live in your house for a while and enjoy the fruits of your labour or are you ready to move out.
If you will be living in the house for a few more years, go ahead and renovate, keeping in mind the projects which will increase the resale value of your home in the future. In 2008, all energy saving and GREEN home improvements were a big hit!

The Appraisal Institute of Canada released the following numbers:
Renovations which generate best return on investment

  • Bathroom renovation: 75 to 100%
  • Kitchen: 75 to 100%
  • Interior and exterior plastering and paint: 50 to 100%

Renovations which generate average return on investment

  • New roof: 50 to 80%
  • Replacing heating system : 50 to 80%
  • Finished basement: 50 to 75%
  • Adding of a family room: 50 to 75%
  • Adding fireplace: 50 to 75%
  • Installing hardwood flooring: 50 to 75%
  • Adding a garage: 50 to 75%
  • Replacing doors and windows (unless energy saving, then higher): 50 to 75%
  • Adding a deck: 50 to 75%
  • Central AC: 25 to 75%

But if you are ready to put your house on the market now, your strategy should be different: you should focus on some cosmetic improvements only which will increase the resale value of your property.

As per www.homegain.com survey of 2 000 real estate agents in the USA in 2009, here are some examples of recommended improvements as well as their return on investment:

  • Decluttering and a major clean up – 874%
  • Improving and updating lighting – 586%
  • Minor Landscaping – 473%
  • Electrical and plumbing repairs – over 300%
  • Interior paint – 250%

As you can tell, it’s possible to accomplish quite a bit on a reasonable budget. A home staging professional will help you decide on the priorities and the budget required to get your house sale ready. This is a crucial step before the home staging per say which is certain to give your house a WOW factor you are looking for!

Filed Under: Home Staging Tagged With: , ,

Interesting: Développements McGill Family Investment Program

September 16, 2010 By Leave a Comment

I came across this great new program for young buyers in Old Montreal, specifically for students (and their parents) wanting to purchase a condo with low downpayment. Développements McGill created a new Family Investment Program that offers a fantastic purchase options. Here are the details:

“We have formed an partnership with the Royal Bank (RBC) to enable families with children aged over 18 studying or working in Montreal to enrich their family assets by buying a new condo in a booming neighbourhood with one of the highest value appreciation rates on the Island of Montreal,” said Stéphane Côté, President of DevMcGill.

The partnership lets DevMcGill offer first-time buyers very advantageous terms, including:

  • joint mortgage application by parents and children, if desired, making it easier to get a pre-approved loan;
  • the child’s name only on the property deed, qualifying the condo as a principal residence and exempting it from capital gains tax when it is resold;
  • very modest down payment (starting at 5% of the selling price);
  • guaranteed interest rate until construction is completed to shelter the buyer against any rate increases;
  • $1,000 rebate on notary’s fees when the transaction closes.

To read the full press release visit their website: English version. Version Français

For more information on the Family Investment Program and the M9-3 project, visit the sales gallery at 800 Wellington St. in Montreal or the DevMcGill.com site.

About Développements McGill: For 10 years, Développements McGill has been building intelligent living spaces for tomorrow. Its award-winning projects, including Le Couvent Outremont at the base of Mount Royal, Le Caverhill, Le 777 and Le Orléans in Old Montreal, and Square Benny in Notre-Dame-de-Grâce, speak to the imagination.

Filed Under: Development & Construction, Old Montreal Tagged With: , ,

Montreal Market Update: August 2010 – Properties Selling Faster

September 15, 2010 By 1 Comment

Properties in the Montréal Metropolitan Area were selling faster in August 2010 compared to the same period last year according to the Greater Montréal Real Estate Board’s (GMREB) MLS® statistics.

In August 2010, single-family homes in the Montreal area sold in an average of 69 days, 10 days faster than in August 2009. Condominiums sold in an average of 79 days, a decrease of 11 days. Plexes sold the fastest with an average sale time of 62 days, 29 fewer days compared to the same period last year.

“The real estate market in the Montréal area is currently a seller’s market: average selling times are very short and the number of properties available on the market decreased for the thirteenth consecutive month in August, leaving slightly less choice for buyers,” said Diane Ménard, Vice-President of the Board of Directors of the GMREB. “Because market conditions are tighter, property prices in the Montréal area continued to increase,” she added.

The median price of single-family homes in the Montréal area reached $254,000 in August 2010, a 7 per cent increase compared to August 2009. The median price of condominiums increased by 9 per cent to reach $215,000, while that of plexes increased by 14 per cent to reach $395,000.

In terms of sales, the market slowed in August 2010 as the number of residential sales in the Montréal area decreased by 16 per cent compared to August 2009. Sales of single-family homes decreased by 16 per cent, sales of condominiums decreased by 13 per cent, and sales of plexes fell by 22 per cent.

Geographically, all areas posted a decrease in sales similar to that of the Montréal Metropolitan Area as a whole. The North Shore had the smallest decrease in sales, at 11 per cent, while the Island of Montréal posted a 16 per cent decrease in sales. Laval, Vaudreuil-Soulanges and the South Shore posted decreases of 18, 17 and 18 per cent, respectively.

“Summer is always a slower period for the real estate market. Last year, however, the market was more active than usual as we were emerging from the recession,” said Ms. Ménard. “It is therefore too early to talk of a market downturn, particularly since year-to-date sales are up by 8 per cent. It will be interesting to see how the market performs in the fall, which is normally a more active period,” she added.

As at August 31, 2010, the number of active listings on the MLS® system decreased by 3 per cent in comparison with the same date last year.

Source: Greater Montreal Real Estate Board

Filed Under: Montreal Market Report Tagged With: , ,

News, Home Prices Drops and Readers Bite Back

September 13, 2010 By 2 Comments

You can always count on the media and the “Market experts” to make an issue out of something small, like the 0.1% decrease the new home prices in July.

CTV News [Edmonton] reports: “The price of new homes fell 0.1 per cent in July after a 0.1 per cent increase in June — the first drop in more than a year, according to Statistics Canada’s latest report.”

So Statistics Canada comes out with a report that shows a 0.01% price decrease, while another report by the CHMC mentions: “housing starts slipped three per cent in August“.

If I were to read this without taking in consideration the latest market updates for Montreal, I would think our city is also suffering from the same malady as the rest of the Canadian cities involved in this price-drop ordeal. But it just happens that we recently got the numbers from the previous month’s sales and price changes. Sure it wasn’t from the CMHC and Statistics Canada but from a local source like the Montreal Real Estate Board, and even if we haven’t received the news on the August market performance yet, we have a good price increase during the previous summer months.

Something the so-called market experts forget to consider is that Summer Months are usually slower than the rest of the seasons. People take vacations, enjoy time with their families and the last thing on most of their priority list is to buy or get involved with real estate transactions. This is a cyclical industry, and summer is the slowest point of the yearly cycle.

Yet the media is spreading the panic without shame. But readers are biting back!
My favorites are from the CTV News comments, here are a couple:

Dean in Abby says:
I can’t wait for the “experts” to come out with some doom and gloom philosophy about supply and demand. Oh my god, we must be heading into a dreaded recession again! Come on experts, give us your best. We can take your negativity and your 2.5 minutes in the sun.

Chris in Ottawa says:
Thank you, media, for making an issue out of 0.1 % that is really only an impact in 1/2 dozen cities throughout the whole country. Let’s continue to try to scare Canadians into another downturn. Come on… enough already

David says:
Wow! 0.1%! The sky is falling. Can you imagine the margin of error in all the statistics of home sales when the same homes don’t sell every month. A home in the same neighbourhood next to the one that sold last month can vary by a few hundred thousand. So is it a price reduction or just a different price? 0.1% indeed.

and this one has to be my favorite of all:

Honest Ed says:
Do these “experts” actually ever get out to check what they say? I read the article today, and over the radio (in Montreal) the same story about Montreal housing was mentioned. House construction wad down from last year, and fewer homes were being sold. As I was driving home, guess what? Within a 5 KM distance from my house, there were 3 excavators excavating holes in the ground, and 2 signs for preliminary condo selling. In my area of town (Western Montreal), a house sells within 2-4 weeks after having being listed.

So where do these experts get their data? And do they ever get out form their offices, or are they simply reading whatever is placed on the Net?

Aside from the fact that the article from my perspective seems faulted, I’m getting tired of experts and their “expert” opinions which seem to be projected more as fact than as opinion.

Filed Under: Canadian Real Estate, Headline News Tagged With: ,
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