Housing market

[highwater]

Here in Westdale, houses that are priced right are going quickly and even going into competition. The only ones sitting around are the ones priced unrealistically, usually after some quick and dirty cosmetic 'improvements'.

[Millstone]

Units in my building and surrounding aren't selling that well/at all. According to an agent, March was pretty good and April is seeing a decline.

[mic67]

I did an unscientific survey of MLS listings within about a 2 KM range of center mall and it appeared there were about 200 houses for sale, And I do know for a fact that all houses for sale do not have a for sale sign in front, and that some of those houses have been on the market for years. Until recently I haven seen many SOLD signs, not to say there are lots now but more than in the early part of the year.

To buy in Hamilton you better know hamilton rather well, and dont rely on a real estate agent opinion for reviews on location and or area.

[mic67]

Home sales jump in April
Third straight monthly increase puts numbers up 32 per cent from January's decade-long low, but still far below last year

HEATHER SCOFFIELD

Globe and Mail Update

May 14, 2009 at 12:54 PM EDT

http://business.theglobeandmail.com/.../Business/home

-----------------------------

I still regularly look at the MLS listing in Ham. in the $100,000 and less, and in the last year or so there have been very few bargins maybe about 6 or less that I may have been interested in - I guess those bargins are to be had in other price ranges. Unscientifically (from what I can tell) I think you can get a decent house in the lower city for around $150K, remember area and location, not just the house really matters. And you should really know the areas really well before buying.

Forclosed house in Canada are not being sold like they are in the US, they are being held on to -which says plenty!

Mic67

[mic67]

Well, just a few thoughts.

According to the style of house, the relative location (time) and area to downtown and the relative distance to local services ie. grocery store, cleaners, hardware, etc..

If I were to buy a comparable house in Toronto it would cost - as of May 2009 about $350K in toronto vs about 65k in Hamilton. Today could you find that house in Hamilton? Maybe, remember asking price is not selling price. The house I bought was sold for about $15K less than asking. You really have to know the market - never -ever - rely on an agent, their interest is in their commission, that is NOT to say there arent any good agent out there.

And I bought before the general media decided to reveal the real estate meltdown.

Hard to believe, yep. Believe what you want.

mic67

[mic67]

http://www.realtor.ca/propertyDetail...ertyId=8444016

Location Description
KING & HESS ST

For Sale: $34,900

Maintenance Fees
: $308.00&nbspmonthly

"General Description

Schedules to be included in all offers. Offers to be negotiated after July 2/09. Allow 48 bus. hrs on offers. Tenanted. Allow 24 hrs notice for showings. Property sold "as is" where is. Good location. Spacious 1 bdrm, kitchen & dinr m, 4 pce bth."

Kitchen Main level 10 ft x 10 ft

Dining room Main level 15 ft x 12 ft

Living room Main level 15 ft x 12 ft

Bedroom Main level 12 ft x 12 ft

4pc Bathroom Main level n/a

Hot water radiator heat

---------------------

Oh ya.......OMG

I do give a lot of credit to the Agent who decided to post images of this place, in the short - it ought to save him lots of time. BTW this "condition" of premises is not that far off from what you get - generally - at the bottom end of the real estate market in Hamilton that I have actually seen. And actually I have seen worst - you may ask how that can be - think dogs,,,,,,,

But a good cleaning and splash of paint would result in significant return....

I know where this building is, basically Hess village aka George street is the backyard to this building.

mic67

[mic67]

http://www.realtor.ca/propertyDetail...ertyId=8444016

285 KING Street West - 25
HAMILTON, ON L8P 1B2

NOTE Same building as the other APT.

For Sale: $118,900

"General Description

BEAUTIFUL RENOVATED 1 BEDROOM CONDO UNIT NEAR HESS VILLAGE AND DOWNTOWN HAMILTON. TOP FLOOR, CORNER UNIT, VERY QUIET. MOST WALLS RE-DRYWALLED, SOUNDPROOF INSULATION I THE JOINING WALL, NEW KITCHEN & BATHROOM. CROWN MOLDING, FRESHLY PAINTED, TASTEFUL DECOR. UPDATED PLUMBING AND WIRING. ABSOLUTELY GORGEOUS! CALL ANA FOR APPOINTMENT
Location Description

JUST WEST OF HESS ST"

Foyer Main level 8 ft ,6 in x 7 ft ,8 in

4pc Bathroom Main level n/a

Kitchen Main level 10 ft ,8 in x 6 ft ,6 in

Living room Main level 12 ft ,9 in x 11 ft ,9 in

Bedroom Main level 12 ft ,9 in x 9 ft ,3 in

Dining room Main level 11 ft ,5 in x 8 ft ,11 in

Maintenance Fees
: $308.02&nbspmonthly

----------------------

Also a 1 bedroom apt. For Sale: $118,900 in the same building as the previous posted offering for For Sale: $34,900

Mic67

[matt602]

Ouch at the bathroom pic of the place at Hess. Wow. Almost looks like they tried to make it look as bad as possible.

[omro]

Ok, that's pretty gnarly.

As an aside, can you post these in the Housing Market threads rather than this one though?

[SteelTown]

Looks like a crackhouse.

[omro]

btw this is the correct link for the clean appartment in that building...

H3014428

[mic67]

http://www.realtor.ca/propertyDetail...ertyId=8444016

is 285 KING Street West - 14
HAMILTON, ON L8P 1B2

For Sale: $34,900

------------------------
http://www.realtor.ca/PropertyDetail...ertyID=8267878

Location
: 285 KING Street West - 25
HAMILTON, ON L8P 1B2

For Sale: $118,900
---------------------

With such a price difference for the same sized apt. - in the same building no less.... Had you thinking??? Omro.

Look at the images for the main front door - the same too!

Above was a snip and paste of info from those urls.

BTW the details of the reno'd apt give clue's and details of the building. This building is right on King st just west of Jackson square (James st) 7min24sec walk away. Now if you go on mls and search - center hamilton price range from 0 -$100,000 you will notice quite a few apt for sale in the low $40k on King St (something like 1734 King st east??? - which would be somewhere around Kenilworth??? a pretty decent areas and a south address and King is way less busy there) all in what appears to be the same building - coincidences happens for a reason. I have seen this before where there are a number of apts all in the same building go on sale at or about the same time - same owner???unknown...same reason for the vendors to be selling - would seem likely - regardless dont ever expect the truth.

While looking to move to Ham. I looked at an apt. building near the delta and right on Main St. - facing the street, I doubt I would have stayed there long.

Even though I lived in Ham. before, you really have to know Ham. to buy here... you can easily buy in the wrong area or miss out on an enclave - though there are fewer of those.

Mic67

[omro]

Originally Posted by mic67

With such a price difference for the same sized apt. - in the same building no less.... Had you thinking??? Omro.

In a way. But at the same time, I'm not really in a position to do house flipping.

[mic67]

Well it will have anyone thinking :
-one is over priced and the other is underpriced...remember these are asking prices the one for $118k has been on the market for quite some time as I recall???

Now the one for $34k just came on the market and it is now June 28 - it states offers are not considered till July2 the purpose being they are hoping for multi offers to possibly create bidding. Now the maintenance fee - likely does not include property tax, it is also necessary to determine if it is a co-op or condo, big difference especially if you try and get a mortage with a co-op property. I think this is a condo and not a co-op but it is one of the questions that must be asked, usually if it is a co-op it is stated, but never count on it nor any advice or opinion herein provided, as always YMMV.

In the last 1 1/2 years there has only been one bargin in my price and that was the Place - semi on John St south of Barton for $79K asking...huge bargin...you saw the place Omro. If I didnt own a place I would have probably bought it. And I was actually seriously considering being a second house owner, but given what has gone on in the house market...why bother.

There have been and probably are some decent buys in the $150K to $100K range, but location , location, location matters the most. You can always make a house better - improve it, but the same can not be said about the location a house is in. Actually it is important to make the distinction between good location ie. say relative to shopping, transport, schools, etc. verses a good area ie well kept houses, sort of like the north vs south Hamilton divide. There is such a thing as a good location in a bad area, although over time in such instances the area tends to improve ie. cabbagetown in Toronto 40+ years it took, but dont count on it.



mic67

[omro]

Buying to flip or rent and buying to own are two different sets of criteria.

When you are buying to own, you concentrate on making a home and what is right for you. The location, location, location criteria differ.

[SteelTown]

Realtors found June hot, hot, hot

July 07, 2009
Meredith Macleod
The Hamilton Spectator
http://www.thespec.com/News/Business/article/595404

The local real estate market doesn't seem to know there's a recession going on.

In fact, June was a record month for Hamilton and Burlington residential realtors who sold 1,560 homes and condos.

That surpassed "the record number sold in May 2007 during that year's scorching market," explained Bruce King, president of the Realtors Association of Hamilton-Burlington.

Home prices are also up over June of 2008.

Sales of homes and businesses were up 18.6 per cent in June over the same month last year, according to numbers released yesterday by the realtors association.

The 1,604 transactions, including 44 sales of businesses and industrial, farm and vacant land, also marked a jump of 18.5 per cent over May's figures.

"We were expecting a rebound but not this much," said King.

June marked the sixth straight month of increased sales.

"Hamilton and Burlington's home market has always been very strong and the current economic situation doesn't seem to have changed that at all," said King.

The recession has pushed total unit sales for the first six months of 2009 down 10 per cent over the same period last year. New unit listings are also 7.8 per cent lower for the year to date.

But King expects the sales momentum will continue.

"I don't think we'll do better than 2007 or 2008, but there is every reason to think the economic situation won't hit us nearly as hard as we might have thought," said King.

The average price of freehold residential properties sold in June was $315,055, an increase of 1.9 per cent over June last year.

In the condominium market, the average price in June was $219,547, an increase of 1.4 per cent over last year.

Listings remain slow, with the total number of units listed for sale during June at 1,835, down 1.6 per cent from 2008.

Figures released yesterday by the City of Hamilton's building division also show positive signs.

The city issued 450 building permits in June for construction valued at $123 million.

Half of the value comes from industrial development, especially ongoing work at the McMaster Innovation Park.

Residential construction accounted for another quarter of construction value.

While construction value is down 40 per cent over the same value last year, 2008 and 2007 were boom years for local construction. The 12-month numbers for June 2008 to June 2009 beat both 2005 and 2006.

[SteelTown]

Local real estate shows bounce
House prices rise in second quarter

July 08, 2009
Steve Arnold
The Hamilton Spectator
http://www.thespec.com/News/Business/article/596064

A new report shows house prices rising across Hamilton in the second quarter of this year.

The study by real estate giant Royal LePage shows rising prices across the city's neighbourhoods -- with only a tiny drop in one area. Hamilton's central area led the increases with a rise in values of almost 36 per cent.

Joe Ferrante, broker of record at Royal LePage State Realty, attributed the bounce in prices to buyers finally deciding to take advantage of low-interest-rate mortgages.

"People are recognizing that there are great values out there," he said. "I still read the papers and read about deficits and layoffs so I'm not sure we can call what happened in June a recovery, but it's still nice to see."

Royal LePage president Phil Soper said several forces are helping the real estate market recover -- the business usually picks up in the second quarter of the year and the 2009 figures are being compared to an especially bad 2008.

"We saw a very sharp drop in prices through the winter, but the recovery was equally impressive starting in March," he said.

The study measures changes in the price of both a standard two- storey house and a detached bungalow in Hamilton's Mountain, East, West and Centre areas. Changes are shown for the April-June quarter over the January-March first quarter and over the same quarter last year.

It shows the average price of a detached bungalow on the Mountain was $212,191 during the April-June period, up 2.3 per cent from the same quarter last year. During the first quarter of this year, the same class sold for an average $209,006.

A west end bungalow averaged $245,900 during the second quarter, up 4 per cent from the same period last year. In the first quarter, that property type sold for $229,706. In the east end, a bungalow averaged $167,885, up 0.5 per cent from last year and also rising sharply from $155,560 in the first quarter.

The centre of Hamilton was the big winner, showing an average price of $153,932 during the second quarter, soaring almost 36 per cent from both last year and the $113,150 average reported in the first quarter.

Soper said spikes like that usually result from contractors bidding up the price of the land under houses they want to demolish and replace, or consumers bidding for houses they plan to extensively renovate.

The story for standard two-storey houses across the four regions is largely the same -- a house in that class on the Mountain averaged $304,484 during the second quarter, down 0.1 per cent from the same period last year. This segment was up sharply from the $277,525 average reported in the first quarter.

Standard houses in the west end averaged $279,141 during the second quarter, up 4 per cent from the same period last year, also rising from $229,706 in the first quarter of this year. In the centre area, the standard house averaged $154,896. That's up 9.2 per cent from the same quarter last year and also up from the $135,743 average reported in the first three months of this year.

In the east end, this class averaged $260,711, a 7.2 per cent increase from the same period last year and also up from the $227,111 average in the first quarter.

[Berklon]

I wouldn't trust any data coming from a real estate firm.

[BrianE]

The numbers are probably accurate. Cheap money usualy results in a run on houses. Where these reports fail is in interpolating this level of house buying into the future. This level of sales activity cannot possibly be sustained for much longer, prices should continue their downward trend pretty soon.

[mic67]

Confessions of a Slum Lord, Ontario Housing Tribunal Part 1

http://www.youtube.com/watch?v=QaIQBYbApAY

2,373 views

"After renting a Home I was assured would be cleaned and repaired by the time I moved in a month later, I was greeted by these sights. The audio is the Landlord chocking to explain it all away and d..."

Well I was doing research for videos on YOUTUBE on Hamilton, like Hess village and the like and I saw this...actually watched both parts.

This is beyond OMG..... and I thought I had seen some nasty places!!