Simplycondos - Toronto Condos and Real Estate Blog

Taxation on Rental Property Income For Snowbirds

2012-01-28T06:52:00.002-05:00

Charles Hanes January 28, 2012 Every year many fortunate Canadians and northern States residence motor on down to south Florida to avoid those harsh winters. I understand that this winter has been abnormally warm but one or two degrees above freezing, to me, is not what I consider warm. Many Snowbirds choose to rent while others prefer to buy properties down here and many of those who choose

A Follow Up on my Blog January 25th Buying/Investing In Florida: "Cross Border Trust vs Florida Land Trust"

2012-01-27T05:32:00.076-05:00

Charles Hanes January 27, 2012 Hi Charles,Could you give us a source for this? According to the IRS website there is only a 10% withholding tax: http://www.irs.gov/businesses/small/international/article/0,,id=105000,00.html. I'm assuming you are talking about FIRPTA.Also, I don't really understand what withholding tax has to do with buying properties. It is when you sell that it matters as a

CIBC Report: "Toronto Top Performing Economy Amongst 25 Canadian Cities"

2012-01-26T05:53:00.055-05:00

Charles Hanes January 26, 2012 I've been telling you that Toronto is on fire for quite some time now and a recent CIBC World Markets' report supports my argument saying that "Toronto continues to lead the country, thanks to steady growth in population, employment and housing starts". This is the second time in a row that Canada's largest city and Financial core has topped CIBC's Canadian

Buying/Investing In Florida: "Cross Border Trust vs Florida Land Trust"

2012-01-25T06:02:00.088-05:00

Charles Hanes January 25, 2012 A number of recent studies show that 25% of all sales in Florida during the past couple years have been to Canadian Buyer’s. With exchange rates floating around 1% above par (US$1.00 / Cdn$1.01),Candians are taking the two fold advantage of both the exchange rate as well as the opportunity to buy at historically low prices. The challenge is to decide which is

I Can NOT Over-Emphasize How Important Having A "Qualified" Buyer's Agent Working With You Is

2012-01-24T05:54:00.087-05:00

Charles Hanes January 24, 2012 This is sort of a continuation of yesterday's blog where I addressed notable shortcomings that I have observed recently with the "transactional brokerage" concept being employed in Florida. I am planning on expanding simplycondos.com into Florida and to do so I have to get licensed as a Realtor in the State. While doing my preliminary research regarding licensing

Florida's "Transactional Brokerage" Is Something That You Want To Fully Understand Before Buying In Florida

2012-01-23T06:06:00.130-05:00

Charles Hanes January 23, 2012 If you've been reading my blog over the past decades you will know that I'm a recovering high pressure salesman. In the old days, developers would hire me any time they got in trouble with a condo project as I have the training and ability to literally manipulate you into buying a condo even though you don't want to buy it! For the record I must inform you that

Wildwood At Deer Creek Proving To Be One Of The Best Investments Out There

2012-01-22T06:06:00.040-05:00

Charles Hanes January 22, 2012 I've been writing about Wildwood at Deer Creek (one of the better golf and country club courses in south east Florida) for a few years now. If you've been reading my blog you will know that I bought my Snowbird residence there, a large 4 bedroom townhouse with low monthly maintenance fees because, as a Snowbird, away for 6 months of the year these HOA fees make a

Don't Believe All Those Stories About Florida Property At Pennies On The Dollar

2012-01-21T05:57:00.058-05:00

Charles Hanes January 21, 2012 Many of you who have been reading my blog for the past few years will already know that I balance my business between Toronto and Florida condos. Ever since the bubble burst in Florida due to the Sub-Prime debacle newspapers and blogs in Canada have been writing about how you can buy Florida properties for pennies on the dollar. Those familiar with my web site

New National Association of Realtors Report Says 89% of Real Estate Buyers Using Realtors

2012-01-20T06:13:00.064-05:00

Charles Hanes January 20, 2012 The latest NAR Profile of Home Buyers and Sellers showed a growing trend among recent buyers. The latest figures show that 89% (almost 9 out of 10) of buyers purchased their home with the help of a real estate broker. This is an increase from just 10 years ago when it was only 69%. This is quite understandable as this industry takes expertise for buyers and

Economist Publishes Report Saying 2012 May Be The Year That The U.S.'s Real Estate Mess Turns The Corner

2012-01-19T05:29:00.063-05:00

Charles Hanes January 19, 2012 A recent CoreLogic report tells us that America's housing statistics and the duration of the downturn to date indicates that 2012 may be the year that the housing market begins to turn the corner. Now, turn the corner can mean different things to different people, but I've been impressed lately to see, first hand, how many properties in south Florida are selling.

How To Select A Realtor To Represent You

2012-01-18T05:07:00.078-05:00

Charles Hanes January 18, 2012 When you are looking at spending/investing somewhere around a Half Million Dollars (the average price of a condo in Toronto is $460,000) you had better know what you are doing. It is difficult to do research on your own despite or more accurately because of the Internet. Many Realtors today buy editorial content to dress up their web site. You can subscribe to

Republicans, A Party Without A Host

2012-01-17T05:04:00.080-05:00

Charles Hanes January 17, 2012 I've always been fascinated with politics. Not so much as an attraction to it but rather an amazement with just how disingenuous you have to be and how good at being disingenuous you have to be to be successful at it. The most amazing aspect of the entire process to me, is how the masses lap up the disingenuous blatherings of the candidates! The ongoing race for

The Main Challenge In Finding Investment Properties And/Or Snowbird Winter Homes Is Weeding Through The Masses That Are Out There

2012-01-16T05:10:00.037-05:00

Charles Hanes January 16, 2012 We are working with a number of clients to find properties in south Florida and I'm just amazed by the physical number of options out there. One of these clients is looking for a detached house, although as a Snowbird residence, issues like security (leaving a detached house vacant for six or seven month introduces risk of break-ins) maintenance (Florida is a

That's Why I'm A Condo Specialist

2012-01-15T05:04:00.068-05:00

Charles Hanes January 15, 2012 Trading in detached houses is substantively different than trading (industry terminology for buying/selling) in condos, lofts and townhouses! That's why I've specialized in condos for the past three and a half decades and kept away from houses. When it comes to detached houses, I really haven't got a lot to offer a client other than to set appointments, drive

Snowbird Thinking ? ? ? Here's Some Tips

2012-01-14T04:45:00.050-05:00

Charles Hanes January 14, 2012 A lot of my inquiries these days are from Snowbirds considering a winter home, and quite frankly, I can't blame them! With old man winter pounding northerners these days while a short, three hour flight from Toronto it's sunny and eighty degrees, well - need I say more. With eight flights a day to and from Toronto to Fort Lauderdale International Airport and the

Being A Buyer's Agent Is A Whole Lot More Than Getting Paid Commissions

2012-01-13T04:33:00.061-05:00

Charles Hanes January 13, 2012 Far too often I see buyers thinking that they are doing a Realtor a favor by using them to buy a property, and possibly in some instances that may be true, but not with me or anyone that works for me. When you Register with simplycondos.com, you get a very dedicated team of professionals who are absolutely committed to making sure that you get the best property,

There Are Early Indications That The Florida Market May Be Turning Around

2012-01-12T05:54:00.026-05:00

Charles Hanes January 12, 2012 I long said that the only reliable feedback when it comes to investing in condos, rests in "first hand accounts" of what is going on on the ground. Despite media reports of still unprecedented inventories of "under water mortgages" and "record foreclosures" still in the pipeline, my first hand analysis suggests an undercurrent of sales activity that, to me,

In Florida There Is So Many Properties For Sale You Get Dizzy Looking For One

2012-01-11T06:05:00.074-05:00

Charles Hanes January 11, 2012 I've spent almost two full years researching the Florida market for condos and detached houses and I've got to admit that it's mind boggling because there are just so many properties on the market. For a good example I picked up the Palm Beach Homes and Land magazine for Palm Beach (not all of Florida, just Palm Beach and not all of Palm Beach county, just near

Toronto Remaining Strong Into The New Year

2012-01-10T05:08:00.045-05:00

Charles Hanes January 10, 2012 For literally decades now the Press has been pronouncing that the Toronto condo market is a bubble about to burst. I guess if you wait long enough they will, one day, be right! I would imagine that nay sayers in Manhattan a decade or so back were saying the same thing, yet property values in that great city have continued to grow, as has Toronto. So, is there a

Florida - So Many Properties For Sale That It's Mind Boggling

2012-01-09T06:34:00.044-05:00

Charles Hanes January 9, 2012 I'm working with a number of clients right now who want to buy into the depressed Florida prices game and if you are looking for that Snowbird escape from Ontario's bitter cold winter, now is not a bad time to make the move. The challenge is that there are just so many properties no the market that you become almost overwhelmed when trying to work your way through

Apparently Even Though My Blog Is Followed Daily By Condo Investors All Over The Globe, Not Everyone Reads It Before Buying A Condo

2012-01-08T06:41:00.180-05:00

Charles Hanes January 8, 2012 It is absolutely amazing to me that anyone would spend even a handful of their hard earned money let alone millions of dollars on hype, based on the name of a flimflam man cared "The Donald"! I have to give Donald Trump credit for being an effective self promoter but that says more about consumer's fixation on celebrity than any merits of the man! But that's

With Three And A Half Decades Of Hands-on Experience At This I Can Usually Tell You When That Light At The End Of The Tunnel Is A Freight Train!

2012-01-07T05:57:00.116-05:00

Charles Hanes January 7, 2012 For years now I've been publishing articles warning the public at large of what I saw as an impending doom scenario at Trump International Hotel & Residences. Now it's not that Trump International Hotel & Residences is the only shell game that's come along in the 3 1/2 decades that I've been doing this. When 1 Bloor East's first attempted pre-selling under a

As Republican Wanna Be's Seek Him Out As Their Guru . . . Trump's Condo Buyers Are Just Seeking To Get Out Of Their Deals

2012-01-06T04:25:00.082-05:00

Charles Hanes January 6, 2012 I guess this would be a good time to gloat if I was oriented that way! But I'm not a gloater and I genuinely feel sorry for buyers in Trump International Hotel and Residences in Toronto. I've written a number of articles about this guy and the wake of bankrupt condo projects running from Sunny Isles Florida, to almost every state in which he's ever set foot. And

Watch Out For Toronto Realtors Selling Florida Properties

2012-01-05T05:45:00.040-05:00

Charles Hanes January 5, 2012 I've noticed a lot of Toronto Realtors promoting Florida properties recently and I would offer a word of caution from a buyer's perspective as, at best, these Realtors are "Seller's Agents", and are therefore NOT representing your ("buyer") best interests. I've preached long and hard here against even considering using a Seller's agent to buy property as they hold

Explaining Taxes and Closing Costs When Buying In Florida

2012-01-04T06:06:00.071-05:00

Charles Hanes January 4, 2011 A lot of readers have been emailing me recently asking about rumors that they've heard about Canadians and non-resident Americans facing excessive taxes on properties they've purchased as winter homes and/or investments here in South Florida. In Toronto for example buyers/investors face a literal barrage of costs at closing. Admittedly, the core areas of Toronto