Traded Linus Ullmark traded to OTT for 25th, Kastelic and Korpisalo(25% retained)

[mysens]

I can't see these guys plopping down 1.5-2.0 million for a one-year contract. You could rent a place like the home he purchased for 10k/month. Walk away and move on.

 

[dumbdick]

I can't see these guys plopping down 1.5-2.0 million for a one-year contract. You could rent a place like the home he purchased for 10k/month. Walk away and move on.

Yep. There are lots of fees with buying a house. Realtors are parasites. Usually a bad idea to buy and sell within a year and i doubt he bought a flipper-upper or is planning an airbnb with it.

 

[Micklebot]

Yep. There are lots of fees with buying a house. Realtors are parasites. Usually a bad idea to buy and sell within a year and i doubt he bought a flipper-upper or is planning an airbnb with it.

He could easily afford to hold the property and rent it out, NHL players renting out to other players isn't uncommon,

I imagine he's bought in part because he's open to staying long term, but I wouldn't read more into it than that.

 

[dumbdick]

He could easily afford to hold the property and rent it out, NHL players renting out to other players isn't uncommon,

I imagine he's bought in part because he's open to staying long term, but I wouldn't read more into it than that.

Yeah, fair enough. If he'd hold onto it after leaving the market it would make sense.

 

[frightenedinmatenum2]

Over the last few years, Ullmark has made 15 to 20 million in CAD after taxes, escrow, and other fees.

Most players in that position simply buy. Even if he loses six figures after selling it, that's a minimal cost relative to his income.

I don't think it means anything.

 

[Burrowsaurus]

Not to rain on the parade, but when you're estimated career earnings are 27M, it isn't a huge deal to buy the ideal house for your family to live in for a year instead of renting, especially if prices are down a bit and it may turn out to be a good short-term investment.

I don’t know how the euros are but NAs are notoriously cheap. Not sure they’re down to spend million for a year. These guys walk into brooks brothers and ask for like 3 500 dollar suits for free.

 

[Golden_Jet]

Over the last few years, Ullmark has made 15 to 20 million in CAD after taxes, escrow, and other fees.

Most players in that position simply buy. Even if he loses six figures after selling it, that's a minimal cost relative to his income.

I don't think it means anything.

It’s not worth it to pay the real estate fees of 5-6% for one year. Way cheaper to rent.

 

[frightenedinmatenum2]

It’s not worth it to pay the real estate fees of 5-6% for one year. Way cheaper to rent.

No one is arguing that it is not cheaper to rent.

The point is that him buying a house means nothing. It's common enough for veteran superstar players who have families to buy a house even if they only have 1-2 years remaining on their contract because the unrecoverable costs related to it are nothing to relative to their income and networth.

 

[BonHoonLayneCornell]

No one is arguing that it is not cheaper to rent.

The point is that him buying a house means nothing. It's common enough for veteran superstar players who have families to buy a house even if they only have 1-2 years remaining on their contract because the unrecoverable costs related to it are nothing to relative to their income and networth.

Doubtful these guys are subject to big prepayment penalties like the gen pop either since they'd either be buying in cash or dictating more of their own terms on loans.

 

[GCK]

Hillarious. He’s signing for term, they are already close.

 

[Nac Mac Feegle]

I can't see these guys plopping down 1.5-2.0 million for a one-year contract. You could rent a place like the home he purchased for 10k/month. Walk away and move on.

...wow. Westboro has really gotten expensive. Or is that normal now for mid-downtown?

 

[OUT HOUSE]

Korpis house is still up for sale, so it wasn’t his house

 

[mysens]

...wow. Westboro has really gotten expensive. Or is that normal now for mid-downtown?

Actually, thats a cheaper one. These homes a couple of years ago were fetching anywhere from 2-3million for a new build.

 

[Nac Mac Feegle]

Actually, thats a cheaper one. These homes a couple of years ago were fetching anywhere from 2-3million for a new build.

....damn. We had some family friends that owned an old place on Golden Ave a while back. They passed away around 15-20 years back. Gorgeous old home, and wonderful (mature) tree lined street. Always wanted to live in that area, but homes were rarely for sale, and when they were, it was pretty hefty money, even 20+ years ago. Can only imagine the cost now (and the renos considering those home have to be a good 60-70+ years old by now).

 

[Micklebot]

....damn. We had some family friends that owned an old place on Golden Ave a while back. They passed away around 15-20 years back. Gorgeous old home, and wonderful (mature) tree lined street. Always wanted to live in that area, but homes were rarely for sale, and when they were, it was pretty hefty money, even 20+ years ago. Can only imagine the cost now (and the renos considering those home have to be a good 60-70+ years old by now).

You can still get detached homes in westboro for 700k-1m, typically older builds. I think it's the newer builds that tend to be in the 1.5-2+ mil range.

 

[bert]

I can't see these guys plopping down 1.5-2.0 million for a one-year contract. You could rent a place like the home he purchased for 10k/month. Walk away and move on.

Might have a substantial mortgage to port and the penalties would be way too high to sell and buy it out. Especially in Boston real estate is expensive, the dollar probably goes a long way here. The rental market is absolutely horrible in Ottawa for high end stuff right now, its just not worth it for sellers to rent the multi million dollar homes. Plus when you are buying it costs nothing to use a realtor, selling is different. I am not surprised he bought at all given whats available and the likely hood he already has a mortgage.

You can still get detached homes in westboro for 700k-1m, typically older builds. I think it's the newer builds that tend to be in the 1.5-2+ mil range.

I mean its either a full gut job or its on a very busy street those dont really exist. Nothing move in ready.

I read that it's a buyer's market now, and more likely to be a seller's market a year from now.

This is very likely to be accurate.

 

[bert]

...wow. Westboro has really gotten expensive. Or is that normal now for mid-downtown?

You arent getting much for 1.5 to 2 million in Westboro right now. Gotta get up to the 2.5 to 3 million range. Alot of the players live in Glabar Park which is closer to the rink, close to westboro and you get more house for less money.

It’s not worth it to pay the real estate fees of 5-6% for one year. Way cheaper to rent.

You dont pay that to buy, costs nothing. If he has to sell he will likely be paying 4 to 4.5 % but those fees are likely less than breaking a mortgage on a 3 or 4 million dollar home depending on when he renewed. Boston real estate is really expensive so if he is carrying that mortgage its a big one.

 

[SpezDispenser]

Hillarious. He’s signing for term, they are already close.

You think, or you hear?

 

[Golden_Jet]

You arent getting much for 1.5 to 2 million in Westboro right now. Gotta get up to the 2.5 to 3 million range. Alot of the players live in Glabar Park which is closer to the rink, close to westboro and you get more house for less money.


You dont pay that to buy, costs nothing. If he has to sell he will likely be paying 4 to 4.5 % but those fees are likely less than breaking a mortgage on a 3 or 4 million dollar home depending on when he renewed. Boston real estate is really expensive so if he is carrying that mortgage its a big one.

I realize that, but if planning on selling in one year, that’s why I think renting is the way to go vs buying for one year.

 

[Masked]

Might have a substantial mortgage to port and the penalties would be way too high to sell and buy it out. Especially in Boston real estate is expensive, the dollar probably goes a long way here. The rental market is absolutely horrible in Ottawa for high end stuff right now, its just not worth it for sellers to rent the multi million dollar homes. Plus when you are buying it costs nothing to use a realtor, selling is different. I am not surprised he bought at all given whats available and the likely hood he already has a mortgage.

Can you port an American mortgage to a Canadian property?

I think the move for someone who is going to be here for one season is to rent out his Boston property and rent here.

 

[bert]

I realize that, but if planning on selling in one year, that’s why I think renting is the way to go vs buying for one year.

I think its situational. Really depends on if he had a mortgage before and what's available right now. I know for a fact high end rentals are terrible in Ottawa right now. As I mentioned before penalties for breaking a big mortgage could easily be more than the realty fees. Then there is the risk factor if he is weighing it as a high likely hood he does re sign here. Thing about goaltending vs player positions there are only so many starting spots rather than as a positional player where there are way more options. Also a very good chance the market is at its very bottom in Ottawa right now. Many big banks projecting large rate cuts over the next 15 months or so. So it could be a leverage play too.

Can you port an American mortgage to a Canadian property?

I think the move for someone who is going to be here for one season is to rent out his Boston property and rent here.

Yes you can, every situation is different but for someone like him I am sure he would have borrowed from a flexible lender given his profession.

 

[Golden_Jet]

I think its situational. Really depends on if he had a mortgage before and what's available right now. I know for a fact high end rentals are terrible in Ottawa right now. As I mentioned before penalties for breaking a big mortgage could easily be more than the realty fees. Then there is the risk factor if he is weighing it as a high likely hood he does re sign here. Thing about goaltending vs player positions there are only so many starting spots rather than as a positional player where there are way more options. Also a very good chance the market is at its very bottom in Ottawa right now. Many big banks projecting large rate cuts over the next 15 months or so. So it could be a leverage play too.


Yes you can, every situation is different but for someone like him I am sure he would have borrowed from a flexible lender given his profession.

If he’s worried about breaking his mortgage in a year and penalties then just take a one year mortgage, then if not re-signing still has the broker fee if sells, or if stays renegotiate the mortgage.
I’m taking this as a positive sign, unless team goes south, buying a home.

 

[Big Muddy]

Its an Interesting question whether a U.S. mortgage could be used for a home in Canada. It got me curious, so I did a little research.

I found one article that said this: "The only issue that comes to U.S. citizens buying property in Canada is that they are not allowed to use a U.S. bank for their mortgage. Because foreign banks are not allowed to register mortgages in Canada, so you will have to qualify for a mortgage in Canada."

Not sure what rules apply to citizens from another country other than the U.S. I’d guess or surmise the the same rule would apply to non U.S. lenders as well as it says “Because foreign banks are not allowed to register mortgages in Canada”.

I also found this interesting:

"In fact, the GTA (Toronto and the surrounding areas) imposes an additional tax of 15% of the value of the property for some foreign buyers. This tax is called the NRST (non-resident speculation tax) and is designed to make it more difficult for non-residents to buy Canadian properties. While you may not be able to avoid this tax, any foreigners who pay the tax can later apply for a rebate if they live and work or study in the region – or become permanent citizens."

Can You Get A U.S. Mortgage For A Canadian Property?

Have you thought about moving from the United States to Canada? Buying a house in Canada may seem like a stressful task for anyone, but it can be a great

www.canadianrealestatemagazine.ca

 

[Micklebot]

Its an Interesting question whether a U.S. mortgage could be used for a home in Canada. It got me curious, so I did a little research.

I found one article that said this: "The only issue that comes to U.S. citizens buying property in Canada is that they are not allowed to use a U.S. bank for their mortgage. Because foreign banks are not allowed to register mortgages in Canada, so you will have to qualify for a mortgage in Canada."

Not sure what rules apply to citizens from another country other than the U.S.

I also found this interesting:

"In fact, the GTA (Toronto and the surrounding areas) imposes an additional tax of 15% of the value of the property for some foreign buyers. This tax is called the NRST (non-resident speculation tax) and is designed to make it more difficult for non-residents to buy Canadian properties. While you may not be able to avoid this tax, any foreigners who pay the tax can later apply for a rebate if they live and work or study in the region – or become permanent citizens."

Can You Get A U.S. Mortgage For A Canadian Property?

Have you thought about moving from the United States to Canada? Buying a house in Canada may seem like a stressful task for anyone, but it can be a great

www.canadianrealestatemagazine.ca

I think there are some banks (like TD and RBC) that operate in both Countries that might have mortgage products that are portable across the border.

It's also worth noting that Ullmark would be a resident so the NRST shouldn't apply.

 

[bert]

If he’s worried about breaking his mortgage in a year and penalties then just take a one year mortgage, then if not re-signing still has the broker fee if sells, or if stays renegotiate the mortgage.
I’m taking this as a positive sign, unless team goes south, buying a home.

Well he probably has more term than 1 year. He isnt getting a new one. I think is a positive sign too but I also think there are multiple factors at play.