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Fancified and flipped in the Beaches

CAROLYN LEITCH

From Friday's Globe and Mail

Latest comment posted at 10:16 AM EDT 26/03/08

The brothers Michelis sweated over their Beaches reno for 10 months, adding $700,000 to its value. 'It worked out really well' ...Read the full article

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  1. Globe Insider subscriber content
    janfromthe bruce from Canada writes: This guys did get work and deserve the commission they made on the sell of the home. They made a silk purse out of a pig's ear, through hard physical labour and craftmanship - well done and congrats!
  2. joe kelly from Canada writes: What a ridiculous 'headline'.

    They didn't "Flip" anything. They took a piece of crap, worked their asses off and turned it into something of greater value.
  3. g c from Canada writes: it looks like a beautiful renovation/restoration.

    like others posted, this is not a typical 'fluff and flip' like that done by many speculators.

    unfortunately, we have too many 'fluff and flips' that inflate the price (and not actually increase the value) of real estate in this city.

    IMO, the Toronto Land Transfer Tax should be amended to only tax/penalize flippers who are partially responsible for the inflated RE prices, with the help of RE agents/developers, etc promoting the fallacy that RE prices do not decline and that a potential home buyer will be priced out of the market.

    Hello, look what is occurring south of the border.
    Typically, RE prices double in value every 17/18 years throughout history. Those who say it's different this time are either delusional, or lying.

    There has always been immigration, a limit on developable property ( ie. farm land that was not zoned for residential use; individuals not wanting to travel beyond a certain distance, etc)

    GTA properties have doubled in price in less than 8 years. That's a sure indicator of a RE bubble. For the RE agents, developers, mortgage brokers, etc who say it's not - ask them if they will co-sign your mortgage application so that you can walk about from the home you purchased when the mortgage exceeds the market value.
  4. J L from Toronto, Canada writes: g c... nobody is putting a gun to any buyers' heads when they buy these "flipped" homes.

    People today are mostly inept at doing any sort of renovation so they pay premiums for homes that are in "move-in" condition... Who's fault is that? Certainly not the sellers!!! In a free makret people can ask whatever they want for their home. Buyer's should go buy the ugly, un-renovated homes and do the work themselves if they don't want to pay top dollar.

    And maybe people should start teaching their teens how to do some renos instead of sitting in front of their Xbox all day. Back in the day a kid would build a deck with his Dad or paint a neighbour's fence for a few extra bucks - today young adults are mostly clueless about physical labour!
  5. aniphylactic shock troops from Victoria, Canada writes: JL, well said.
    I'm a realtor. As God is my witness, I spend more time telling people to take a deep breath and think about the purchase they're about to commit to. Most of them are happy to crawl over my crumpled body to spend every dollar they'll ever earn on a run down pile of junk.
    I do not force anybody to buy anything. Nor is anybody forced to buy my listings. It's a free world.
    Blaming realtors, brokers, et al, for a consumer's poor decision-making is maddening and economically nonsensical.
    If people like gc are looking to point fingers, point at municipal politicians and bureaucrats who won't rezone single family dwellings into duplex or multi-family lots, forcing cities like Calgary to spread halfway across the Prairies to accommodate everyone who wants a home. Stand up to the NIMBY crowd who want Victoria to be saved from any building over 3 storeys high. Just say no to the complainers who think adding an extra house to the lot next door will dramatically increase traffic.
    Fact is, there's lot of land. We're surrounded by it. But other than VAncouver, where land genuinely is scarcer, we refuse to build upwards.
    Don't blame me. I'm not forcing anyone to buy anything.
  6. larry hallatt from Canada writes: I agree to penalize the speculators that do casual flips in less than a year. However, where significant restoration or re-investment has been carried out, these guys should be commended. A lot of properties need significant upgrading over time.
  7. Lou J Klevinas from Mississauga, Canada, writes: Truly amazing! And a ton of work.The modern touches work well with the remaining traditional features. We love the kitchen and bathrooms.

    Curious question, who sold the place? The Michelis Brothers through the public open house (Wine & cheese) or through a broker on MLS?

    Great idea launching it to the neighbourhood!

    I personally also like the above comments about teens, young adults learning how to do the basics vs playing games!

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