17 Multiple-offers for Tridel's Matrix

361 Front Street: The Matrix - 750 sq.ft. unit facing the city with parking and locker was offered at $269,900, receieved 17 multiple offers and sold without any conditions at $292,500, as reported to me by listing agent.

To me, that's a steal: at $352 PSF NET someone got a great deal. I have visited the unit and thought it was one of the best condos I've visited recently. Clean, bright and spacious, great design and in very good condition, the rules of bidding in multiple offers are not to be messed with.

It is crazy to pay $22,600 over asking? I dare you to find an equivalent condo selling for $352 PSF. If you do, you know what to do.

Yossi Kaplan is licensed Realtor with Harvey Kalles. His clients are downtown Toronto condos and lofts investors, buyers and sellers.

6 Bucks a Day Condo

Many of us think of purchasing a condo in this fashion: save for downpayment, find a condo, pre-qualify for future mortgage, buy the condo, wait till it's built, move in and own.

But in reality it's not that easy to save for downpayment, and prices increase faster then one can accumulate savings, eroding your savings value. Simply put, you're being left behind.

So here is an alternative: finance the downpayment on your new condo. Simply borrow the funds required - 15% in many cases - and put your name on a unit.

$6/day is what you'll need to put the downpayment on that $250,000 condo.

In the example above, we've used a 6.25% interest rate, and paid the interest only. Remember, you'll still need to qualify for a loan and be able to pay it back promptly, and you'll still need to be able to qualify for a mortgage. Nonetheless, it is possible, I've seen it done before.

For more information call Yossi Kaplan at 416.441.2888 x678 email UrbanRealtyToronto@gmail.com

Disclaimer: this article is for edutainment only and does not constitute as financial advise. for all financial matters, consult your financial advisor. © 2007 Yossi Kaplan, MBA.