Joey Virgilio is a Real Estate Agent with the Toronto Livings Team at Sage Real Estate. Born and raised as a GTA native, his knowledge of the geography and market mixed with exceptional real estate services will leave you feeling nothing but confidence with your decision to hire him and the Toronto Livings Team.
Living in Toronto and entering the real estate market is scary to say the least! Housing is expensive and buying a home requires experience and honest insight.
Having someone like Mark on your side does make a huge difference. He WILL notice what others don’t. He WILL do whatever he can to get you what you want for the most fair price possible. He operates with integeity, as a business professional and as a human being. Because of the effort he put into the purchase of our home we were able to buy and renovate our house into our home and we love it.
So, thank you Mark, for making our dream a reality.
I’ve worked with Mark and Joey for almost 10 years now and recommend them to everyone. Mark helped me find my first condo back in 2016, and as a first time home buyer gave me invaluable advice. I most recently worked with Joey who helped me find my new space and rent out my original condo. These guys are absolute pros, and made every step as seamless and stress free as possible. They live and breathe the industry and Toronto as a whole. Just check out the podcast if you have doubts!
I had the pleasure of working with Mark on what can be described as a unique and challenging real estate transaction that spanned nine months. As a fellow realtor, I was impressed by his professionalism, transparency, and dedication throughout the process. He was always responsive, answering every question I had, no matter how often I called. And at one point, I was calling weekly for updates! He answered every phone call, provided clear answers, and kept everything upfront and transparent.
Working with him felt like a true collaboration with no egos, no pressure, just a shared goal of overcoming challenges together. Mark’s professionalism and reliability stands out in an industry where those qualities are rare. Everything he promised, he delivered. Trust is earned, and after this experience, I can confidently say I trust Mark. What truly sets Mark apart is his integrity and willingness to go above and beyond. Even though the purchaser wasn’t his client, he went the extra mile by professionally cleaning the unit and addressing minor issues not required by our “Agreement of Purchase and Sale”. This wasn’t something he was obligated to do, but he went out of his way purely out of kindness.
These thoughtful actions made a huge difference, especially for myself and my client, who’s a first-time homebuyer. If you’re considering Mark as your realtor, don’t hesitate. He’s exceptional, and I couldn’t have asked for a better partner in this transaction. Highly recommend!
As a fellow Realtor, I had the pleasure of working with Mark Savel on a recent transaction, and I couldn’t be more impressed! He consistently demonstrated the highest level of professionalism, always putting his clients’ best interests at the forefront. His prompt responses and attention to detail made the process seamless for everyone involved. It was clear that he truly cares about his clients, representing them with respect and integrity every step of the way. He was also just such a joy – always friendly and cooperative! I look forward to working with him again in the future and highly recommend him to anyone seeking a dedicated and trustworthy realtor!
Purchasing or selling a property can be a daunting task, even under the easiest circumstances. When you add a tenant into that mix, the complexities increase significantly. In this blog post, we delve deep into the intricacies of dealing with tenanted properties, unraveling what both buyers and sellers need to consider to ensure a smooth transaction.
Tenant Rights and Types of Leases
When it comes to tenanted properties, understanding tenant rights is the key starting point. There are typically two types of leases: fixed term leases, such as a one-year lease and month-to-month leases. With fixed term leases, the tenant has the right to stay until their term ends, which means the buyer cannot move in until the lease period is completed. On the other hand, a month-to-month lease offers more flexibility as the property owner can issue a 60-day notice if they plan to sell.
Challenges with Tenanted Properties
One of the significant challenges when dealing with a tenanted property is the unpredictability of the situation. For instance, even if you’ve set a closing date months in advance, issues may arise if the tenant refuses to leave. In such cases, the buyer is faced with three options: assuming the tenant, canceling the purchase, or negotiating for an extension on the closing date.
Cash for Keys: A Controversial Solution
A controversial yet sometimes necessary solution is the practice known as “cash for keys.” This involves compensating tenants to vacate the property, thus avoiding long legal battles or expensive delays. While this may expedite the process, it comes with its own set of ethical and financial dilemmas, making it a contentious strategy. VERY IMPORTANT TO ONLY TAKE THIS PATH WITH THE HELP OF AN EXPERT
Expert Advice for Buyers
If you’re considering buying a property that’s tenanted, make sure you’re clear about the type of lease the tenant holds. Request to see signed agreements such as an N11 or an N9, which show that the tenant has agreed to vacate. This reduces the risk involved and ensures a smoother transaction.
Tips for Sellers
For sellers, addressing the tenancy issue before listing the property might save a lot of headaches. Guidance from a real estate professional suggests having a candid discussion with the tenant well in advance, so they are aware of the impending sale and have time to find alternative accommodation. Sellers should aim to deliver the property vacant unless they are prepared to lower the selling price or face potential difficulties during the sale process.
Conclusion
Buying or selling tenanted properties demands an added layer of caution and planning. By understanding the rights of tenants, the type of leases involved, and the nuances of negotiation within this context, both buyers and sellers can mitigate risks and ensure a smoother transaction. Whether you are a buyer or a seller, being well-informed and prepared to handle tenant-related issues will facilitate a successful real estate experience.
Mark and the team were amazing to work with, would strongly recommend them. They were informative about all the factors that played into the unique situation of any property. They adjusted things with us when necessary. There were always available for questions and general communication.
Thank you so much for all of your help in this transaction, Mark! We first worked with you when I was pregnant and now our daughter is turning 11 this summer! We really appreciate everything you’ve done for us. We have high expectations for professionalism and competence in a real estate agent and you’ve always exceeded it. I am sad to be in the real estate market outside of Ontario, without your support. No one compares.
Another great and successful experience with Mark Savel and the TorontoLivings team. Mark is incredibly professional, knowledgeable and genuinely cares about ensuring his client(s) are in the best possible position to buy or sell a property. Mark ensured the process of our purchase was very smooth and at a price we felt comfortable with. Questions are always answered promptly and real estate concepts are explained so that we could easily understand. If you are looking to buy or sell real estate, please ensure you hire Mark and the TorontoLivings team. You will not regret it!!
Toronto, a city known for its diversity, energy, and cultural richness, offers an array of housing options. One intriguing choice gaining popularity is the hotel/condo lifestyle. Blending the comforts of a hotel with the conveniences of a condo, this unique living arrangement comes with both advantages and challenges. In this blog post, we’ll explore the pros and cons and take a closer look at what living in a hotel/condo is all about!
Pros
Amenities Galore:
Luxurious Facilities: Hotel/condo living often provides access to upscale amenities such as fitness centers, spa services, concierge services, and sometimes even housekeeping. The spas are a big perk for us, as many hotel/condos have some of the best in the city!
Restaurants and Bars: Some developments feature on-site restaurants and bars, offering residents the convenience of dining options right in their building
Convenience and Services:
Concierge Assistance: The presence of a concierge can simplify daily tasks, from handling packages to making reservations or arranging for maintenance.
Housekeeping Services: Depending on the arrangement, residents may have the option to avail themselves of housekeeping services, reducing the burden of chores (at an extra cost)
Central Location:
Prime Locations: In Toronto – Hotel/condo developments are situated in prime, downtown locations within the city, offering easy access to entertainment, business districts, and cultural attractions.
Security:
24/7 Security: Enhanced security measures, including 24/7 concierge and surveillance, provide residents with a sense of safety and peace of mind.
Cons
Cost:
Higher Price Tag: The luxurious amenities and central location come at a cost. Living in a hotel/condo can be more expensive compared to traditional apartment living in Toronto. Plus, all the added services typically result in higher maintenance fees
Financing: Banks often treat hotel/condos as a higher risk, and as a result require higher downpayment compared to condos without a hotel component.
Limited Personalization:
Decor Restrictions: Residents may face restrictions on personalizing their living spaces due to furnished units or condominium rules, limiting the ability to make the space truly their own.
Potentially Transient Environment:
Changing Neighbors: The nature of short-term leases and the transient nature of hotel/condo living may result in a constantly changing community, potentially affecting the sense of neighborhood and community. Remember, you’re in a hotel so naturally there will be higher amount of turnover.
Noise and Crowds:
Busy Common Areas: Shared amenities and common areas, while convenient, can sometimes be busy and noisy, especially during peak hours or events hosted within the building. For most hotel/condos in the city, residents have their own private access.
Conclusion
Living in a hotel/condo in Toronto is an enticing option that combines luxury, convenience, and a central location. The decision to embrace this lifestyle depends on individual preferences, budget considerations, and the desire for a unique living experience.
Whether you prioritize the amenities, services, and central location or value the personalization and stability of a traditional home, carefully weighing the pros and cons will help you determine if hotel/condo living aligns with your lifestyle in the vibrant city of Toronto.
Embarking on the journey of finding a new home in Toronto is an exciting and significant step. However, timing plays a crucial role in ensuring a smooth and successful home-buying experience. In this blog post, we’ll explore each season and list out the reasons to why it may be the best time to start looking for a new home in the bustling real estate landscape of Toronto.
Spring into Action
Best Time: Spring is widely considered one of the optimal periods to start your home search in Toronto.
Why:
Blooming Market: Spring brings new life, and it’s no different in the real estate market. With warmer weather, more properties tend to become available, giving you a broader selection to choose from.
Curb Appeal: Viewing homes in spring allows you to see properties at their best, with gardens in bloom and outdoor spaces showcased in optimal conditions.
Summer Exploration
Best Time: Early to mid-summer is a favorable window for home searching in Toronto.
Why:
Extended Daylight: Longer daylight hours mean more time for property viewings, making summer a practical and enjoyable time to explore potential homes.
Family Moves: Families often prefer moving during the summer to minimize disruptions to their children’s school routines.
Fall Finds
Best Time: Late summer into early fall can be a strategic time to begin your home search.
Why:
Serious Buyers: As the summer rush subsides, serious buyers tend to remain in the market. Sellers may also be more motivated to close deals before the winter months.
Comfortable Weather: Fall weather in Toronto is generally mild, providing comfortable conditions for exploring neighborhoods and attending open houses.
Winter Advantage:
Best Time: Late winter, specifically February and March, can offer unique opportunities for homebuyers.
Why:
Less Competition: Winter tends to have fewer active buyers, giving you an advantage in negotiating deals and potentially finding a property at a more reasonable price.
Motivated Sellers: Sellers listing their homes in winter often have specific reasons, such as relocation, making them more motivated to finalize transactions.
Tips for a Successful Home Search in Toronto
Pre-Approval: Get pre-approved for a mortgage before you start your search. It helps you understand your budget and makes your offers more appealing to sellers.
Work with a Realtor: A knowledgeable real estate agent can guide you through the process, providing insights into the Toronto market and helping you make informed decisions.
Research Neighborhoods: Understand the different neighborhoods in Toronto to find the one that aligns with your preferences and lifestyle.
Be Flexible: Toronto’s real estate market is dynamic, and being flexible with your criteria can increase your chances of finding the perfect home.
Stay Informed: Keep an eye on market trends, interest rates, and any changes in real estate regulations to make informed decisions.
Conclusion:
The best time to start looking for a new home in Toronto depends on various factors, including personal preferences, market conditions, and lifestyle considerations. Whether you choose the vibrancy of spring, the extended daylight of summer, the strategic timing of fall, or the potential advantages of winter, being well-prepared and working with experienced professionals will set you on the path to finding your dream home in the diverse and dynamic city of Toronto.
