Real Estate Q & A

Our resident real estate expert, Pierre Carapetian, tackles your toughest market missives.

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Q: I live on the 11th floor and just found out that a high-rise is going up nearby that will block my view. Is this going to affect my resale value?

Pierre: There are a number of variables involved in answering this question. With a larger unit (i.e. over 900 square feet), you want to be able to offer a great view to prospective buyers. However, when it comes to smaller units—particularly in a city's downtown core—an obstructed view is not necessarily a detriment to resale.

I asked my real estate agent to show me a house that I found for sale, then learned that she took one of her other clients to see the house before she took me. Is that unethical behavior?

It is not unethical for an agent to show more than one client the same property. However, it would be unethical if the agent knew there was an offer on that property.

My boyfriend and I have been renting an apartment together for a while now and have been able to save up some money. People keep telling us we should use that savings to buy, but if we do, we'll have to downsize significantly. What do you suggest we do?

If you have the money to purchase a home (at least five percent down), you should do it. By renting, you are essentially throwing money away that you'll never see again.

I am looking to buy a condo in an 18-storey building that fronts onto a park. What will have higher resale value: a unit on a higher floor or one on a lower floor facing the park?

Higher-floor units often do trade at a premium, but in a busy city, a unit with a protected view can't be beat. If you were looking at two simliar-sized units in the same building — one with a protected (e.g. park) view and one without — I would advise you to go for the unit facing the park.

Somebody recently slipped a note under my door saying they would like to purchase my home. I had no intention to sell but the amount they are offering is significantly more than I paid so I am intrigued. Should I list my home to see if I can get more money or take the offer that has been presented to me?

Consult a real estate agent to find out what the fair market value of your home is before accepting any offer. For all you know, your home could be worth even more than you or your surprise solicitor thought!

Pierre Carapetian with Steven and Chris.Pierre Carapetian (416-486-5588) is a board-certified real estate agent in Toronto, specializing in urban condos and lofts.

 

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