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The Market Today
SO WHAT’S WRONG WITH CONDOMINIUMS ?
Charles Hanes
December 6, 2008

Since 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.

I’ve been an entrepreneur since long before one came
into vogue in the late 1980’s. 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. Buyer’s had no representation back then. We
opened sales sites and consumers came in. We didn’t
“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 Toronto’s 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 buyer’s 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 friend’s 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. Computer’s 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.

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 Kong’s most prestigious estate company, “Wayfoong” proved the most stylish and contemporary New Media products that I’ve 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 Buyer’s Agent legally insuring our clients that your best interests are served. When you deal with a Seller’s 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 it’s fundamentally important to you know why you would use your own agent and know why we arecitypl2.gif (35108 bytes) 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 that’s to SELL YOU A CONDO.

We’ve concluded that one of the most valuable resources that buyer’s could use would be a guide of the downsides to condominium living so they know what to look for. Unfortunately most people, (developers included), couldn’t tell you the difference between a condo and an apartment and believe me, many condos don’t add up to well kept apartments so if you are buying into one, you had better know the good one’s and the bad ones, and what to look for and/or ask.

Be sure to tune in each week to read this Series:

1. “What’s Wrong With Condos . . . . It all starts with the developer”.
2. “What’s Wrong With Condos . . . . Board of Directors”.
3. “What’s Wrong With Condos . . . . Property Manager”.
4. “What’s Wrong With Condos . . . . Tenants”.
5. “What’s Wrong With Condos . . . . Speculator/Investors”.
6. “What’s Wrong With Condos . . . . End User Owners”.


That’s it for now. I’m Charles Hanes