Trouble in Paradise, Toronto’s Stagnant Luxury Condo Market

Toronto has always been a place for the rich to enjoy their spoils by buying up luxury condo’s that even a King would envy. But in the last two quarters of the previous year the market for luxury condos has flat lined. The number of new condominiums sold in the last quarter was a full 18% lower than the previous year. In fact, even the number of condos built was considerably lower (at least 1,000 less) than last year. But what is fueling this loss of growth, and what does it mean for the real estate market in general?

While the downturn in the Toronto condo market has taken hold the number of condos being built hit an all time high, 35,000. The oversupply of luxury condos has created a serious situation for both condo builders and the city of Toronto. It is possible that the rising number of condo vacancies will spur current condo owners to sell off their properties thus flooding the market with even more unwanted luxury homes.

Banks are also getting in the mix. Obviously, banks are the sole financiers of any real estate market and unfortunately the cap between them and condo developers has widened to about $3 billion currently. That is a serious investment issue. If banks are nervous about the currently luxury market their credit line will decrease significantly. Factors on the world stage don’t help the market either. The United States and Europe have experienced drastic economic instability over the last several years, and world banks have taken note of that and are preparing themselves in other markets. Canada is no stranger to recessions either. During 2011-2012 the country experienced a housing market bubble that it won’t soon forget, and banks certainly haven’t forgotten either.

Of course, not all is bad news. Experts are not rushing out with doomsday fliers just yet. Investors and banks alike remind us that the luxury condo market is just one sector of real estate in Toronto and should be looked at separately. According to Sotheby’s International, condos listed and sold for more than $1 million have seen a 4% gain in the first six months of 2013. This shows that a possible upswing in the market could be upon Toronto. In reality, even though investors are flooding the market it shows that the potential for luxury real estate sales is still positive. But investors tend to be skittish and if the market doesn’t make a sharp upswing soon things could start to look awfully hairy for the city.

Three Benefits That People Can Look Forward To When They Purchase Downtown Miami Luxury Condos

Downtown Miami luxury condos are now among the most highly recommended real estate options for people who are looking to live a rewarding life within the financial district of Miami, Miami-Dade County, and South Florida.

Potential property buyers who are curious about the benefits that they easily can look forward to in the event that they decide to purchase Downtown Miami luxury condos will find three major benefits which include:

Convenient Location

The urban residential neighborhood where people can expect to find these outstanding real estate options is situated right in the heart of the city. People can look forward to a great selection of dining establishments, entertainment options, shopping centers, and even recreational activities which are conveniently located within close distance to the neighborhood’s amazing range of high-rise properties.

Many of the luxury condos found within the neighborhood are located near the Miami Design District as well as the popular neighborhood of South Beach which is situated on the southern end of the island known as Miami Beach.

Indulge in attraction such as the neighborhood’s science museum, art museum, ballet, American Airlines sports arena, and Bayfront Park. Look forward to festivals as well as events such as the international film festival which showcases the best international and independent films which help to improve culture as a whole.

Great Transportation

One of the great things about living within the urban residential neighborhood is the fact that it has great transportation systems which include the MetroMover as well as the Metrorail railway system. While Downtown Miami luxury condos are usually an option that wealthy individuals are more likely to consider, many people today agree that public transportation is a very practical and fun way to experience life within one of the fastest paced districts within South Florida today.

People who are not so enthusiastic about taking the railway systems will also have the opportunity to choose to ride taxis which happen to be commonly available within the neighborhood.

Breath-Taking Views

More often than not, people who consider high-rise properties within the region tend to look for options that provide them with the most sensational views possible since the region is known to be one of the most scenic tropical locations within the United States today.

Fortunately, the neighborhood’s selection of luxury condos includes a fabulous range of waterfront properties which offer breath-taking views of the city and the Biscayne Bay. People who would like to purchase the tallest Downtown Miami luxury condos will find the Four Seasons, a 70-story skyscraper located at 1435 Brickell Avenue, to be one of the most highly coveted options around.

Nevertheless, there are other options such as 50 Biscayne, Epic, Met 1, The Loft, and many other high-end luxury condos which are located within the Brickell area. It goes without saying that all of these real estate options are specifically designed to live up to the highest standards of modern luxury living today.

If you wish to find out more about the different options that are currently available to you on today’s property market, you may contact a professional agent that specializes in Downtown Miami luxury condos to find out more information.

Luxury Condos In Laguna Hills California

If you could choose to live anywhere in the country, where would it be? You may dream about living on the beachfront in Miami watching the waves crash from your bedroom window. You may wish you lived in Las Vegas and could watch the bright lights flashing on the strip. You may want to live in Colorado with snowcapped mountains right outside your door. Whatever your dream may be, luxury condos are available throughout the nation to make it an affordable reality.

What are the benefits of buying a luxury condo?
Luxury condos are available to rent, to buy in timeshares, or to buy as the sole owner. If you are single and looking for a primary residence or a married couple looking to buy a second home, luxury condos are smart, affordable investments. They are usually cheaper than homes and are convenient for people who cannot afford a large mortgage. Condos are also usually smaller than most homes so they are nice for single people or small families that do not need the space of a house.

Other benefits to owning a condo are the onsite amenities that many condos offer such as: pools, hot tubs, fitness centers, tennis courts, sand volleyball pits, clubhouses, playgrounds, etc. Condo owners are usually not responsible for the maintenance or repairs of those amenities because they pay a monthly condo fee that covers those costs. Some condos may have small front yards or community courtyards and most condo fees cover the maintenance costs of those also. Another benefit to owning a condo is having close neighbors and usually being conveniently located near shopping centers and employment centers.

The drawbacks of owning a luxury condo
One drawback that was previously mentioned as a benefit is the proximity to neighbors, shopping centers, and business districts. Depending on each owner, this can also be a downfall of owning a condo. Many condos are stacked or have joined walls, so you may have to deal with loud, obnoxious neighbors. Also, some people prefer to be away from shopping centers and busy streets because of children. Lastly, the condo fee may be a drawback for some. If you are not interested in using the condo amenities, you are still required to pay the condo fee.

Planning for retirement
Once you retire, you may want to permanently move to the place of your dreams. But, have you ever considered buying a condo prior to retirement? In most cases, if you buy a condo prior to retirement you will not be able to occupy the property full time. If you can only take a few weeks of vacation during the year, consider renting out your condo during the times that it is vacant. Condos on the beachfront or in tourist locations are in high demand and you could make quite a profit from occasional renters. The money generated from renting the condo can pay your mortgage or simply supplement your retirement fund.

Luxury condos can be a great place to live permanently, or they may be a great place for your family to escape to for a few weeks out of the year. Whatever you use it for, you will find that owning a luxury condo is an affordable, satisfying investment.