Thanks, I appreciate the commentWell, this is just my opinion, but personally I think the website, and your comments to real estate agents, make you look more like a lowballer than a serious buyer, despite your desire to own in that building and your stated intention to bid on all of those units, even though they supposedly are too small for you. Personally, I'd only contact you (assuming I knew about your site) if you spelled out exactly what you were looking for and how much you were willing to pay, otherwise it seems like you are playing games.
On top of that, I would suspect that people won't be aware of your website, I'm thinking you might have more luck just posting a notice of what you are looking for on the building's message board, or delivering flyers to the condos there or something.
Either way, I wish you luck in finding a spot you guys love at a price you're happy with, and if the website works for you, I'll be glad to be wrong.
Thanks, I will work on my spellingGood luck on your endeavors Alex, certainly something that I don't see often.
Just a small point: You may want to spell-check your posts before putting it up on the site. The sentences don't have to be grammatically correct because English is not the first language for some of us but i think it is important to convey your message in a professional manner. It will also help when Google indexes your site and you have the correct terms and terminologies.
Thanks for the commentFrom what I gathered quickly looking at your site, you are offering to buy a unit net of commissions (around $150k). However, as a seller, why would I sell directly to you net of commissions? What benefit do I derive from this transaction? I cannot think of any. You get all the benefit - Lower cost of purchase, lower land transfer tax, and possibly lower property taxes in the future.
If you want to purchase a condo this way, I would suspect you would have to meet in the middle. Split the saving of commission in half, so offer $154k.
You may also want to get the square footage of each unit, and calculate a cost per square foot. $150k is the average, but it is based on different size units.
Also, your analysis is missing the 5% GST on the commission, so the WSG would be slightly lower.
A friend of mine did something similar. He targetted an area he wanted to live in, and delivered flyers to each home in the area. Ther flyers said he was interested in purchasing a home in the area and if the owner was interested in selling to contact him. He got a couple of calls and ended up buying a home. He did not set up a website.
Don't wait for someone to find your site on a google search. Doubtful that will happen. Your best bet will be to deliver flyers to each unit. Do you know the ratio of tenants? If it is a high tenant ratio, your flyers may end up mostly in the trash. You may want to try contacting the property manager to see if they will mail out your flyers directly to the owners (at your cost of course).
I have added all of the suggested pages and changed couple of phrases in my commentsWell, this is just my opinion, but personally I think the website, and your comments to real estate agents, make you look more like a lowballer than a serious buyer, despite your desire to own in that building and your stated intention to bid on all of those units, even though they supposedly are too small for you. Personally, I'd only contact you (assuming I knew about your site) if you spelled out exactly what you were looking for and how much you were willing to pay, otherwise it seems like you are playing games.
Thanks for the comment, I will try to emphasize the benefits to the seller moreI took a look at the new website, and tried to pretend I was seeing it for the first time. I still get the impression that you want it cheaper than market price, but there must be people sometime who need to sell fast, and in that case, your offer of a fast closing should resonate with those people. I definately think your odds are higher than the first version of your website.
Now you just need to wait for someone desperate enough to move fast to not wait for top dollar.
Thanks for the commentWere I a prospective vendor, you are giving me no reason to contact you. You want the condo at the lowest possible price, yet you still expect me to do all the work, as I still have to apply MY due diligence in protecting ME through the sale.
It appears that all the advantage falls to you, but none to me. This would also cause me to be even more cautious, as I now wonder how far I should trust you (other than savings on commissions, why else might you wish to avoid the scrutiny of a Realtor?)
For $100 / month, I can spell-check and grammar-check your site.
Called up a real estate friend. No, this is not true. GST is not payable on resale of the property. GST is payable only when it is a new constructed property.Also, your analysis is missing the 5% GST on the commission, so the WSG would be slightly lower.
I was talking about the GST payable on the commission, not the sale of the property. GST is payable on the real estate commission, regardless if it is a new home purchases or resale. So if the commission rate is 5%, the after tax commission is actually 5.25%.Called up a real estate friend. No, this is not true. GST is not payable on resale of the property. GST is payable only when it is a new constructed property.
Well, the idea was simple.The website might be a good idea to go along with the flyers but ranking high for an address doesn't mean a whole lot since the only people who might be searching on that address are probably prospective tenants.
Why on earth would a current owner be searching Google for info on their own building?
Thanks, I will do some recalculationsI was talking about the GST payable on the commission, not the sale of the property. GST is payable on the real estate commission, regardless if it is a new home purchases or resale. So if the commission rate is 5%, the after tax commission is actually 5.25%.
For example, house sells for $100. Commission is 5%, or $5. Add GST of 5% or $0.25. Net proceeds are 100 - 5 - 0.25 = $94.75. This is standard wording, unless you negotiate that the GST be included in the commission rate, which is effectively lowering the rate for the agents to around 4.76%, and you would be hard pressed to get that.
85 Emmett Avenue???Thanks for the comment
I will rephrase the reasoning for contacting myself and what are the advantages for the seller
Not sure what you mean by "due diligence" in protecting seller through the sale. A real estate contract is 5 page contract with schedule A on 1-2 pages and sometimes Schedule B on 1 page. I stated in the website if there something that is bothering the seller in the contract - they can take it to anyone they want to review and suggested that they may pay 200-500 if that will be required to feel more secure. See http://www.85emmettavenue.com/85-emmett-avenue-purpose/ at the bottom of the page
That is true, I saw that report in the news today.85 Emmett Avenue???
There seems to be a lot of "action" in that neighborhood. I've seen a lot of crimes lately in the news that happening there.
http://www.citynews.ca/news/news_35393.aspx
Cops Tightlipped About Fatal Stabbing At Scarlett Rd. And Eglinton Condo
Tuesday June 16, 2009
CityNews.ca Staff
Police are being very tightlipped about a fatal stabbing that left one man dead in the Scarlett Rd. and Eglinton area on Tuesday.
Toronto's latest murder was discovered sometime around 11am, but details are being kept under wraps. It appears someone from the Good Shepherd Mission asked police to go to the man's condo at 85 Emmett Ave. and check on the occupant.
When they arrived, they discovered a 74-year-old had been stabbed to death. But there's no word on how long he may have been there, what the motive may have been.
A tenant tells CityNews she knew the victim, whom she called a nice gentleman, and saw the 19th floor resident walking around the building on Monday night.
No names are being released as the case unfolds, and there are no suspects in custody. But investigators are reviewing video surveillance from the building to see if they can spot anything suspicious. The connection to the shelter is also unclear.
