Kingsway condo draws $121,000 over-asking

Two years ago, a two-bedroom suite in the Kingsway Regent sold for about $539,000, so this 1,685-square-foot version was listed for $579,900. Strong interest came from 40 groups and four competing offers were submitted, including one that was $121,000 over the asking price.

Amid million-dollar houses, this 12-year-old low-rise contains 26 luxury suites like this third floor model finished with nine-foot ceilings, crown mouldings, parquet hardwood floors and a gas fireplace flanked by Juliet balconies in the living area.

To enjoy formal or casual meals, there is an open dining area and a granite-topped peninsula with a breakfast bar off in the kitchen, which also features pot lights, tumbled marble backsplashes and stainless steel appliances.

For added convenience, there is a master suite with a walk-in closet and entry to one of two full bathrooms, as well as ensuite laundry and storage rooms, a ground-floor locker and two parking spots.

Each month, a fee of $535 goes toward the upkeep of a party room and guest suite in the building, which is also close to local attractions such as golf courses, parks and Humbertown Plaza.

 “It’s a boutique building with only four storeys, so units come up very rarely,” says agent Les Sohar. “Any other units that are available are significantly smaller – this was almost 1,700 square feet – so it’s very appealing to someone to downsize from a house into a condo without sacrificing too much space.”

The interior style also left a big impression on buyers. “I didn’t have to do any staging,” says Ms. Beléy. “It was beautifully decorated and professionally painted, so it was a cozy little place.”

Greeks, Italians burying cash as crisis fears grow

ATHENS/MILAN – Greeks and Italians are taking their money and running, moving it abroad or even burying it underground for fear the eurozone crisis will topple banks and wipe out what remains of their savings. Bankers in Greece say worries about the resilience of local banks, coupled with a rise in burglaries, has helped trigger a surge in demand for safe deposit boxes for those who have yet to set up accounts outside in the country. Some are even building their own. “There has been a big increase in rentals of safe deposit boxes, about fivefold compared with last year,” said one banker at a large, foreign-owned bank. “About 10% of the withdrawals we see are headed there. “The most extreme case was a client who told me he was building a safe under his pool.” Retail bank deposits in Greece have plunged to five-year lows as fears mount the stricken nation will fail to meet international lenders’ bailout terms and restructure loans by March, raising the spectre of a ditched euro, a return to the drachma and a sharp devaluation. With ordinary Greek grandmothers now joining the wealthy in seeking sanctuary from economic chaos, banks have embarked on an interest rate war, with some smaller institutions sweetening terms to up to seven percent to woo customers. Bankers said although clients were less panicky than during last September and October, demand remained brisk for foreign currencies such as the Swiss franc, U.S. and Australian dollars and even Norwegian crowns — or gold. BUILDING IN BERLIN The crisis engulfing Greece has already forced Ireland and Portugal to seek bailouts. It now also threatens the efforts of Italy, the currency bloc’s third largest economy, to raise 450-billion euros (US$584-billion) to finance its debt burden this year. Ordinary Italians are also losing trust in local banks. Some have sought a safe haven over the border in Switzerland, while others are putting their faith in the relative stability of eurozone leader Germany. Those priced out of property hot spots such as London are investing in Berlin instead, attracted by the German capital’s relatively low prices, low ownership rates and relatively stable growth prospects. Pensioners, doctors, film directors, architects, young couples and teachers, some of whom can afford to spend no more than 100,000 euros, are seeking apartments in Berlin, prompting local estate agents to brush up on Italian-language skills. “Sales skyrocketed in the last two months due to fears of a possible default of Italy, expectations of more property taxes and the possibility the country will fall into recession,” said Federico Racca, a manager at specialist estate agency Berlino Immobiliare. In the first week of December, Berlino Immobiliare’s network sold fifty properties, as much as it normally does in a single month. In November it sold 78. “They are arriving en masse. What we (are seeing) … has no comparisons with the last eight years,” said Annalisa Fornara, an estate agent at m2Square, a small property agency in Berlin. “There is an entire portion of the market that is moving for the Italians.” Some Italian bankers stress that the rising cost of living, falling incomes and Christmas spending are as much to blame for draining bank accounts as any flight of capital. Italy’s private sector deposits have fallen less dramatically than those of Greece, down 4% in the past year. A manager at a top asset management group in Bologna conceded that “dramatic” media coverage had worried people, adding that large clients had placed cash in safes and that deposit boxes in the area now had “no spare capacity.” “They’re worried about a default and a run on the banks Argentina-style,” he said. “I personally am managing to keep my clients though I must admit while I spent 10 minutes with them before, I am now spending a couple of hours to explain things.”

Condo Trends

When it comes to condos, staying on the cutting edge of style and decor is key. The general perception of what’s hot and what’s not can change daily, so choosing trendy yet timeless decorating styles and furniture pieces is the true challenge for the condo dweller. Always keep resale value in mind when you paint or make upgrades. Chances are, you won’t live in this condo forever and when you do sell, you want the place to be attractive to a wide demographic–rather than simply to those who share the same tastes you do.
What’s Hot:
Clutter-Free Living

The choice to live in a condo generally means one must commit to living clutter-free. Although most condos have a storage locker and at least one closet, the space for storage is quite limited compared to that of other types of homes. That’s why it’s so important to adopt a Zen-like approach to clutter and possessions. If you don’t need it, sell it, give it to charity or throw it out. If you don’t know where you’ll put it, don’t buy it. Life is much easier without too much stuff, and condos are much more attractive when they aren’t packed with useless possessions.
Flowing Decor
When decorating a condo, choose a theme and stick with it. Condos and condo townhouses are generally open-concept and fairly small, and introducing too many colour schemes will overpower the space. When painting, choose a colour that you can repeat–for example, paint your bedroom the same colour as your washroom to give the impression of an ensuite and then chose a lighter or darker version of the shade for the living area and kitchen.
Dramatic Wood Finishes
It’s tempting to go with deep, dark paint colours when seeking to add drama to your condo decor, but particularly in a small space, this is not a great idea. Instead, stain the floors a dark oak or cherrywood finish. Cupboards can be outfitted with dramatic finish as well and furniture in rich distressed black stain is another attractive way to add depth to your decorating.
Streamlined Storage
Maximize closet space by building shelves and installing closet organizers. Make every square foot count–even under the bed! Buy thin plastic storage boxes which slide easily into small spaces and use them to store seasonal clothing, wrapping paper, gift bags and more. Invest in drawer organizers and cupboard shelves, too.
What’s Not:
Garish Paint Colours
Lime green may be your favourite colour–and very in to boot–but that doesn’t mean lime is a wise paint colour choice. If you love it, don’t shy away completely, but don’t make it the main focus of your space, either, as rich colours tend to dominate. Instead, choose boldly-coloured accessories such as blankets, throws, candles and vases. If you simply must paint in a dramatic shade, choose a single wall to adorn with shocking colour.
Fading Floors
Even if you didn’t upgrade your floors, it’s important to keep them in great condition. Laminate floors should not be washed with water, because it can leak through cracks and cause bubbling. Instead, sweep well and spot clean with a damp cloth. If you have hardwood, keep it in mint condition by cleaning and waxing regularly. If you plan to sell, a floor sand and refinish may be a good investment.
Too Much Bulk
You may not plan to live in a condo forever, and thus would rather invest in furniture that will make the transition from condo to house with ease – but big, bulky, house-size furniture just doesn’t compute in a small condo. Choose your stuff wisely, and don’t break the bank on condo furniture. There are bargains to be had, especially on small, streamlined stuff.

Jerry Seinfeld's Home for sale.

  Amazing Mountain Retreat .




While he's best known as the star of a show about nothing, actor and comedian Jerry Seinfeld's Telluride home is really something. Listed for a hefty $18.25 million, the 14,200-square-foot estate is offered fully furnished and comes with 11 bedrooms, 14 bathrooms, a four-car garage and a 5,500-square-foot deck with stunning views of the San Juan Mountains. The home was originally built in 1991 but has been extensively updated in recent years, according to The Wall Street Journal. A manicured trail system and a tranquil creek wind through towering aspen and spruce trees on the 26-acre property.

Rihanna's Estate For Sale At a Bargain Price.

 Barbadian music sensation Rihanna has put her Los Angeles, California mansion up for sale. The Grammy Award-winning recording artist paid $6.9 million for the property back in 2009 and has since invested more than $7 million in the home. However, due to extensive water damage, the pop princess has listed the 8,520-square-foot property at the discounted price of $4.5 million. Nestled directly west of the Franklin Canyon Park, the 8 bedroom, 10 bathroom gated estate offers sprawling views of the canyon below and surrounding Hollywood hills. The three-story contemporary mansion is accentuated by two-story high windowed rooms that, along with a pool, spa and extended deck area, face out towards the canyon. Inside, the home itself includes three fireplaces, hardwood floors, a spacious kitchen, media room and master suite.

 

New Golf Community Concept

Turkey has always been known to be diverse in climate, lifestyle, culture and history. The Meditterranean coast, particularly a region that is plentiful in this array of diversity.
However no other region along the Mediterranean coast offers as much diversity in real estate. Many other regions are restricted to architectural design and concept.
In these areas you have the hilltops overlooking the sea with the similar style of architecture in all residential builds. This is not so in this particular region. There's something to suit everyone's taste as well as budget. From magnificent sea and mountain views to lush green pine forest views to snow covered hilltops; from small private bays to the massive Gulf ; from the Greek Islands to Marina views; and from large city skylines to small village views.

However, let's also not forget a long line of seaside First Class Championship Golf course views. In recent times, an interest in the game has proven well with a 17 per cent increase in rounds played in 2009, according to a survey by business consultancy KPMG.
Compared to that of other popular European golfing areas such as Spain, Turkey provides low-cost golf package holidays and fees, thereby drawing the interest of golf enthusiasts from around the globe. Accordign to an article from the Financial Times, this is already a busy golfing destination; there are  almost a dozen and a half courses on a 15km strip of coastal land making it the densest golf course cluster in the Mediterranean.
Having seen this potential in golf real estate, are two major golf investment projects within this region in the works. The up and coming Golf Club; as well as the other complex; which is still in the planning stages, but expected to surface by the end of the year. Both projects have one major feature in common that no other Golf project has provided until now.
Investors will be able to purchase real estate on a golf course. Where will these two projects be located? The Golf Club will be developed in an emerging part of Turkey.

Real Estate vs Stock Market

The question of whether people should invest in real estate or stocks is a rather complex topic of market dynamics and volatility. The decision should be based on future predictions determined by the fundamentals rather than past performance and short term media 'insight'. With this in mind, it is most likely best to be diversified and include both real estate and stocks in your portfolio. So now the real question is, what percentage should you allocate to real estate?
We must understand the basics of how the economy affects real estate and the stock market. Although they are linked through an intricacy of financial stocks and REITs, they are ultimately independent and have their own unique characteristics.

Taking Advantages of the Cycles

You must base your decision of how much capital you should allocate on real estate depending on your age and the current stage of the real estate business cycle. If you are young and looking for risky investments, there is probably an opportunity for you during any business cycle. However, if you are near retirement and are looking for a stable investment, you should probably stick to investing in real estate after a market adjustment for recession. Considering real estate is generally much more stable than the stock market, it is probably wise to allocate more money to real estate as you get closer to retirement or are currently in retirement. Real estate is often seen as a capital preservation vehicle.
You can determine the current business cycle by watching economic reports and the analysis of real estate performance. You should be looking to invest during a business cycle on the tail end of a recession or the beginning of an expansion.
Please do not confuse the cycle of stocks with the cycle of real estate. Although somewhat connected, they are not the same.

Interest Rates

In regards to commercial real estate, low interest rates make it easier for companies to expand by building more office and factories through borrowed funds from mortgage lenders. This in return, makes investing in real estate more profitable. High interest rates in contrast spark a lower amount of borrowing and real estate recession. This makes investing in real estate less favorable.
Although interest rates should not be the only factor in your decision, it should have some influence on it. Even if you are investing in commercial REIT's, where you are not directly affected by the interest rates, you will have a nice boost in performance with dropping interest rates.
Although these principles are not solid through all markets, they are good general rules.

Conclusion

In conclusion, investing in real estate should be an on-going pursuit, but the amount of capital you allocate to real estate should be determined by your age, risk tolerance, and the current business cycle.

Real estate is an excellent investment for people with a low tolerance for risk, nearing retirement, during a period of real estate business expansion.