SO
WHATS WRONG WITH CONDOMINIUMS ?
Charles Hanes
December 6, 2008Since 1980 my life has revolved
around residential condos.
Being a Realtor is a relatively new thing to me, having gotten
my real estate license just seven years ago when I launched
simplycondos.com.
Ive been an entrepreneur since long before one came
into vogue in the late 1980s. I was an entrepreneur when being one was not viewed
upon as a good thing!

The initial two thirds of my career in condos was spent
working for the developers of residential condos, selling and
marketing condos within the conventional frame work of the
business. Buyers had no representation back then. We
opened sales sites and consumers came in. We didnt
co-operate (work well) with Realtors.
When the market crashed in 1989 I applied my entrepreneurial vision to three (3) specific
concepts:
1. Keep doing what I did for a living which was sell and
market Toronto condos a challenge as the market had just crashed and interest rates
went from around 6% - 21%
almost over night.
2. Find a buyer for the glut of overbuilt condos being built.
3. Find a cost effective way to link these condos with buyers who were obviously not in
Torontos crashed market.
The target buyers market was simple to identify as the
Tiananmen Square incident screamed out at me that there
were people in Hong Kong, (about to be taken back by the
Communist Chinese), who would emigrate to and/or invest in Canada. The challenge was to
come up with a cost affordable way to link the glut of Toronto residential condos with
this buyers market.

Entrepreneurs are problem solvers and while sitting on a
beach in Florida reading about Tiananmen Square
staying
with a friend of mine, (a retired IBM executive who was going blind probably from
cathrode ray tubes on the old computers back then). On the day that the front page of the
Sun Sentinel, (Florida newspaper), showed the tanks and a small Chinese student standing
in front of them I saw on my friends PC, (486 DX in those days was quite the
computer), a pink rose with a dew drop sparkling in mid air.
This was the first computer generated graphic image that
I had ever seen. Computers in those days were dull screens with little green
letters, (never had I or the world seen pictures on a computer). From that day, I became
hooked to the media and have continued with it ever since, thus this web site simplycondos.com.
In 1991 we designed and produced our first Interactive Multimedia CR-ROM profiling Toronto
area top end residences, (with Harvey Kalles Real Estate), and luxury condos with
sophisticated interactive mapping and video visits to condos and various condo areas of
the city. At the time there was no Internet or Windows operating system thus we had no
predecessor to copy. |
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To produce such a
complicated electronic profile of this city without a structure to build from was a
challenge. That first project, done in partnership with Hong Kongs most prestigious
estate company, Wayfoong proved the most stylish and contemporary New Media
products that Ive ever seen!
Oh, the Internet then pushed aside the CD-ROM but even today, a good CD-ROM will prove a
much more rich artistic product than deliverable on the Internet, although today video is
doing quite well on the Internet and we are experimenting with what we see as the
Next Generation is the residential condo world.
Today, as a Realtor we represent Buyers as their Buyers Agent legally
insuring our clients that your best interests are served. When you deal with a
Sellers Agent they hold the legal obligation to protect the best interests of ONLY
the Seller so always be sure to use your own Agent. Our services are FREE so to not use us
is to voluntarily go it alone without putting almost three decades of experience on your
buying team.
I have gone through this background as its fundamentally important to you know why
you would use your own agent and know why we are the agents for you to use whether you are
looking for a residence to live in or strictly as an investment. It is knowledge and only
knowledge that you need from an agent or you could do this yourself. But again with our
services being FREE why would you?
You know that you can turn just about anywhere and find advertising rags pitching every
sort of condo at you. The magazines are FREE in boxes on busy streets throughout the city,
the newspapers run ($35,000 - $50,000/day) full page ads pitching them at you, radio,
television, Internet, direct mail, bulk mail, television shows, they all have one thing in
common and thats to SELL YOU A CONDO.
Weve concluded that one of the most valuable resources that buyers could use
would be a guide of the downsides to condominium living so they know what to look for.
Unfortunately most people, (developers included), couldnt tell you the difference
between a condo and an apartment and believe me, many condos dont add up to well
kept apartments so if you are buying into one, you had better know the good ones and
the bad ones, and what to look for and/or ask.
Be sure to tune in each week to read this Series:
1. Whats
Wrong With Condos . . . . It all starts with the developer.
2. Whats Wrong
With Condos . . . . Board of Directors.
3. Whats Wrong
With Condos . . . . Property Manager.
4. Whats Wrong
With Condos . . . . Tenants.
5. Whats Wrong
With Condos . . . . Speculator/Investors.
6. Whats Wrong With Condos . . . . End User Owners.
Thats it for now. Im Charles
Hanes |