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Zoocasa Launches Zoopraisals: The End of Realtors is Nigh?

Rogers-owned real estate  portal Zoocasa launched a new service this week called “Zoopraisals“. CTV News quoted me in a story they posted on their website which you can read here if you like. They offer anyone a free home appraisal instantly over the internet without any strings attached. This brings Zoocasa one step closer to becoming Canada’s version of Zillow.com which is an extremely powerful real estate search engine in the U.S. and they have been providing property owners “Zestimates” for several years now.

The big question always is, do services and innovations like this mean the end of Realtors as we know it? Will technology and the internet ultimately replace the traditional real estate agent model of buying and selling real estate? Will commissions soon be a thing of the past?

My answer to all these questions is obviously ‘no’. While I give kudos to Zoocasa for creating great tools for the consumer, these tools only serve to highlight the fact that any service professional who can’t prove themselves more useful than a computer model or add any more value to a transaction than an online classified ad will soon be out of business. However, those professionals who are experts in their market niches and understand the many complex variables to go into every single real estate transaction will continue to thrive for many many years. I think you know which group I plan on being a part of!

This is also a great time to plug my own condo evaluation service, which like Zoocasa’s is also free, however unlike Zoocasa it actually contains more than just a single number on a screen as it takes into account my extensive knowledge and experience working in the downtown condo market! If you’d like to know what your condo is worth, please contact me.

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CBC Radio “World at 6″ Interview

Yesterday I was featured on a CBC national radio program, “The World at 6″, talking once again about the small condo phenomenon in Toronto. Have a listen! Questions or comments? Contact me.

CBC Radio Interview from Andrew la Fleur on Vimeo.

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Charles Adler Interview About The Smallest Condo in Toronto

OK. This will be the last post on this subject-I hope! I just had to share an interview I did yesterday with Charles Adler on his nationally syndicated radio program (AM640 in Toronto) about “The Smallest Condo in Toronto”.

Charles and I talked for about 6 minutes about the “micro-condo” phenomenon in Toronto. I had a lot of fun doing it and I hope you enjoy the listen! Questions or comments? Please contact me.

CLICK TO LISTEN ->Charles Adler – Sep 29th 2011 – Interview

To download the podcast in iTunes, go here.

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Sympatico.ca Picks up the Smallest Condo in Toronto Story

Just 24 hours after TheStar.com wrote their article, Sympatico.ca and Yourmoney.ca picked up the story too. You can read it here.

While the articles were a fun read, what I found most interesting were the comments section of each article.

The article on TheStar.com framed me as a landlord and Realtor. The comments were mostly personal attacks on me, essentially calling me an evil, greedy slumlord and that I should be locked up for even thinking about renting out such a horrible, God-forsaken shoeb0x of a condo at such an exorbitant and oppressive monthly rate. “How dare you!”

The article on Sympatico.ca framed it as my own apartment that I would be living in (even though the author knew that it is an investment unit). The comments section on this article are full of praise for me as a smart and even ecologically sound home owner who is living within my means and not being wasteful. “Good for you for making it work!”

This contrast between the two comments’ sections provides a fascinating glimpse into the human physche, but the point I want to make is that it really underscores my belief that investing in real estate is not for everyone. Many people do not and will never understand real estate, and specifically how it can be a vehicle for wealth creation. Some of us ‘get it’. Some of us don’t. I wrote a couple blog posts last year about the difference between those who get it and those who don’t.

Questions or comments? Please contact me.

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What Does The Smallest Condo In Toronto Look Like?

I never envisioned my face would be plastered on the front page of TheStar.com right next to a picture of Rob Ford laughing diabolically, but here we are. Check out this cute little article-with video- that Susan Pigg (The Star’s new real estate reporter) wrote about my investment unit at One Park West. What is interesting or ‘newsworthy’ of this condo is that it is possibly the smallest condo in the entire city at 301 square feet.

I guess you could say I put my money where my mouth is when it comes to the Regent Park revitalization project. I first started blogging several years ago about One Cole, then last year it was One Park West, now this week it’s Paintbox. It’s no secret I am a believer in the redevelopment that is happening in Regent Park, and I’m happy to say my own piece of the puzzle has turned out fantastic.

I know that many people within the real estate industry in Toronto are still highly skeptical that Regent Park will overcome it’s stigma and reputation as a ‘bad’ area, built progressively over the last 50+ years, but I’m not one of them. I believe when the redevelopment is complete in around 5-7 years this area will be a great middle-class, family-type neighbourhood in the heart of downtown. Something unique and an affordable area that people will not only want to live in, but also spend their free time in.

Questions or comments? Please contact me.

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Wall Street Journal Chimes in on the Toronto Condo Market

I guess this makes it official: everyone is talking about the Toronto condo market. I was interviewed a couple weeks ago for an article on our condo market by a writer for the Wall Street Journal, and today that article hit wsj.com. Read the entire article here. See what people on Twitter are saying about the article here.

The article certainly has a bearish slant to it, with the basic thesis being: the market has been booming for so long it therefore must crash. Certainly not something we haven’t heard before many times over the last decade, but should this article give individual investors pause as to whether or not they should be buying a condo in Toronto right now?

I was asked my opinion on the market and the prospects for a ‘correction’. What I told the writer was the same thing I’ve been saying on this blog for a while now: the likelihood for a correction in the short term is very low, the fundamentals right now are strong. However, even the most bullish investor must admit that a key driver to this market has been the lower-than-low interest rates we have had over the last few years. If rates continue to stay low, demand will continue to be strong, prices will continue to rise, and thus, the potential for a correction will grow. In other words, no market can rise at 6-8% per year ad infinitum, but as long as money is cheap, the market will likely keep its momentum.

I would love to hear your comments. Leave one below or email me.

Graphic above taken from the wsj.com article.

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Time to get Creative

The market is hot. Sellers are still driving the bus in this market and so when I’m working with buyers I often have to get very creative to get my clients what they are looking for. After viewing 6-8 condos with my buyer clients, I can usually figure out exactly what condo would be perfect for my buyer client. But what if this condo is not for sale? How do you buy a property that is not for sale?

I’ve been working with one buyer downtown for the past few months. Let’s call him MJ. MJ owns a condo townhouse near Yonge and Eglinton that has appreciated significantly since he bought it and he’s looking to sell and move downtown. After seeing several units in different buildings and in different areas, MJ narrowed it down to 2-3 buildings he liked and was looking for a 2 bedroom unit up to around the mid $500s. Problem was, there was nothing available for sale. We waited. We waited some more. Nothing was coming up in these buildings. Frustration was starting to set in. Time to get creative.

Some agents will solicit listings by  flyering or directly sending letters to specific units in specific buildings. The message being, “I have a buyer who will buy your condo for top dollar!”. I suspect this approach is not very effective as it inherently reeks of ‘spam’ mail. I decided to take a different approach.

There just so happened to be a unit FOR LEASE in the exact building that MJ was very keen on, and this unit’s floor plan was one he had seen before and liked it. I called up the listing agent for this unit that was for lease and asked if the seller had any interest in selling instead of leasing it. He said unlikely since he just bought the unit last year. I let him know MJ was a serious buyer, and low and behold after a few phone calls back and forth, we submitted an offer in writing and that offer was accepted! MJ was thrilled that he found a great condo in a great building and he did not have to go through the pain of a bidding war to get it! He’s now getting his townhouse at Yonge and Eglinton ready for sale.

Thinking of buying or selling a condo this spring? I’d love to help you achieve your real estate goals. Contact me to discuss.

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Imitation is the Sincerest Form of Flattery, But Plagiarism Bites

This has been an ongoing issue with my website almost since day one, so I thought I would finally write a blog post about it. I have had so many cases of other Realtors blatantly ripping off my website that I have lost count. I’m not talking about agents stealing concepts or general ideas that are on this site, I’m talking about flat out word-for-word (and in some cases, source code-for-source code) copying.

The most recent case was an email that I received from a prospective client. He forwarded me an email that he received from another Realtor (whom I have never met) about Theatre Park. The client was confused at the origin of the email and thought I was involved with it somehow. Reading through it I realized that the words of the email were copied and pasted from my recent blog post about Theatre Park. Brutal!

I know that the Toronto condo market is the NFL of condo markets, and that I am part of a hyper-competitive industry (30,000 Realtors in the Toronto Real Estate Board). We all copy each other to some extent (myself included), but when imitation crosses over into plagiarism, I can’t help but throw up a flag and call a foul.

So I wanted to put it to my loyal readers and followers: what should I do about these plagiarizers? Should I expose them publicly on this blog or some other forum? Should I threaten legal action (or actually pursue it) where warranted? Should I stop taking myself and my blog so seriously and ‘get over it’?

The angle I have taken to date has to simply ignore them, keep my eyes locked in the forward position, and concentrate my energies on creating the best, most informative, most BS-free, and most insightful Toronto condo blog on the Internet. What say you readers??

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My Response to Haiti

Like most Canadians, I have been watching the news and updates surrounding the earthquake in Haiti with a sense of shock and sadness. The images and scenes are horrific and overwhelming. And like most Canadians, I feel like it is my responsibility to do something to help.

The immediate needs are obvious: people need food, shelter and water desperately. I have faith in the International Community to provide for these basic needs in the weeks to come. But when the dust settles and all the bodies are buried, Haiti will need to literally rebuild itself. This will take years and probably hundreds of  millions of dollars.

This is why I have decided that for the next 30 days, for every client of mine who buys or sells a property, I will donate $1 for every $1000 spent to a charity of their choice to help the relief efforts in Haiti. For example, a purchase/sale of a $300,000 condo will mean a $300 donation. The charity must be directly involved on the ground with the relief work that is happening in Haiti. And to be clear, the donation will be made in the name of the buyer/seller – so there is no financial benefit for me personally.

I realize this will be more of a gesture of good will than any major significant contribution to the cause, but I feel like I have to do something more than just give personally, and I see an opportunity here for my business (helping people buy and sell real estate) to do some good.

And just a thought to all the Toronto Realtors out there who are reading this blog: if you want to join with me and do the same with your clients, I think that would be great. With a little momentum, we could start to make a significant difference. If you have any questions please feel free to contact me.

Update 1: 24 Hours after posting this I am happy to announce that 3 other Realtors have joined in the cause. Katy Galica of Re/Max Condos Plus, Kenny Shim of Re/Max Condos Plus, and Mark Savel of Re/Max Realtron.

Update 2: I’ve joined the Toronto Works For Haiti team. Toronto Works for Haiti is a collective of Toronto area small business owners who are offering services in exchange for donations to the relief efforts in Haiti. It’s all about raising money and awareness for Haiti so I am all for pooling resources and joining this group.

I would like to highlight one organization’s efforts in Haiti: Habitat for Humanity.

Habitat’s early response to the earthquake is threefold:

• Cleanup
  To clear the way for home repair and construction, Habitat will assist in the cleanup by mobilizing people to remove debris and salvage materials that can be recycled in new shelter.
• Shelter kits
  Shelter kits include building materials and tools and are designed to help families and neighborhoods make immediate repairs to damaged homes. The kits typically include items such as wall panels, roofing sheets, hurricane straps and a hammer and nails. Habitat also has a cadre of certified masons and carpenters to assist families with immediate repairs.
• Transitional shelter
  Small transitional shelters can be built quickly and provide permanent base structures that can be expanded over time. The shelters will meet humanitarian standards of adequate living space and provision of water and sanitation. The structures will also be designed with hurricane- and earthquake-resistant features

Other organizations who were very active in Haiti before the earthquake and will be there for years to come include:

• World Vision
• Red Cross
• Oxfam
• Doctors without Borders (MSF)

Consider giving to one or more of these organizations if you have not already.

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January Market Update from Re/Max Condos Plus

I am part of one of the best condo brokerages downtown – Re/Max Condos Plus. Our broker of record is Jamie Johnston. Jamie has been in this business a long time and he’s a very sharp cat. Follow him on Twitter and check out our company blog which Jamie writes. Jamie just put out his latest market forecast and as usual he has some pretty strong opinions. Keep reading after the jump for the full report and let me know what you think in the comments section or send me an email.

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