One of the things I love about Westboro is the sense of community, which was very evident this past weekend while I walked around Westfest which was located at the feet of an exciting new condominium development. Westboro Station is developed by Bourk Family Developments and Morley Hoppner Group, and is going to add more of that community feeling to the area, which will make the area even more appealing. Barry J. Hobin & Associates were the chosen Architects for the 150 unit, two mid rise residential towers which pays homage to the old train station that stood in that same area (see below).

Phase One of the development is almost completed and speaking to owners who are about to take possession, you can tell the excitement level is very high. Being able to live in one of Barry Hobin’s buildings, is certainly something to be proud of. He has won many awards for his buildings and homes, and is referred to as Ottawa’s only “celebrity architect”.

Take a look at the current progress of Phase one of the Westboro Station development which I took over the weekend.

Phase Two of the Westboro Station development has yet to start construction so take a look at the plans below and the attached Specification Sheets, Floor Plans, and Price List. (Keep in mind that the plan below has north facing up and the bottom rendition has north facing down)

Westboro Station Phase Two Specification Sheet

Westboro Station Phase Two Price List *As of June 12th 2009*

Westboro Station Phase Two Floor Plans

As someone who spends many days in Westboro, I am very excited for this development to be completed! For more or updated information make sure to visit the sales center located at 416 Richmond Road.

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.

"Chateau & Locks" by viamoi on Flickr

What a crazy month it has been! The last six weeks have been very busy around the office and it is great to see the statistics agreeing. The begining of the year was slower, and then the market just took off. When I speak to other agents, we are all seeing multiple offers, under 14 day DOM (days on market), many buyers taking advantage of the low financing rates.

What does this mean?
Be prepared. Get pre-approved. Know yourself, and know what you want. Have full communication with your real estate agent and tell him/her what you are thinking. In this type of market I can (and will) get you what you tell us that you are looking for, but if you are not ready, or if it is truly not the right property for you, we need to know!
I can go farther on this topic (stay tuned, another post for sure!), but will stay on topic of statistics for today.

Coles Notes Version: Number of sales over last May is up 3.9 per cent, and a 19 per cent over April 2009. Average price for is up 5.3 per cent over last May and condo price rose 4.6 per cent over last May.

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Members of the Ottawa Real Estate Board sold 1,969 residential properties in May through the Board’s Multiple Listing Service® system compared with 1,896 in May 2008, an increase of 3.9 per cent. That number also represents a 19 per cent increase over the 1,594 sales recorded in April 2009.

Of those sales, 348 were in the condominium property class, while 1,621 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“This was the best May on record for residential resale home sales in Ottawa,” said Board President Rick Snell. “Homes in every price range are selling well, from starter homes to luxury properties. Homebuyers and sellers are showing a lot of confidence in the Ottawa real estate market,” he added.

The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $312,045, an increase of 5.3 per cent over May 2008. The average sale price for a condominium-class property was $231,351, an increase of 4.6 per cent over May 2008. The average sale price of a residential-class property was $329,368, an increase of 4.7 per cent over May 2008. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

For the full release visit the Ottawa Real Estate Board Website.

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.

Once we have found the home you would like to purchase, we need to present the vendor (the seller) with an Offer to Purchase or an Agreement of Purchase and Sale. As your home is probably your biggest investment, it would be wise to work with your real estate agent and/or a lawyer in preparing your offer. Remember that the Offer to Purchase or Agreement of Purchase and Sale is a legal document and should be carefully prepared.

Any offer or agreement will typically include:

• Your legal name, the name of the vendor and the legal civic address of the property.
• The purchase price offered.
• The chattels that will be included in the purchase price (e.g.: window coverings, appliances or a satellite dish). Whatever items in or around the home that you think are included in the sale should be specifically stated in your offer (some of you might have heard me talk about “the Cat” being included).
• The amount of deposit.
• The closing day (date you take possession of the home)–usually 30 to 60 days from the date of agreement. It can also be 90 days or longer.
• Date when the offer becomes null and void.
• Any other conditions that go with the offer, including property inspection and approval of mortgage financing.

Below I have included a sample Agreement of Purchase and Sale (and one specifically used for condo’s), which is the same as one that I would prepare or use (This is actually from the Toronto Real Estate Board, but it is the exact same in Ottawa minus the little TREB logo in the top corner). The best part about these forms is that they breakdown and explain each and every clause, from lawyer speak to English. Especially when just starting out, I always recommend that my buyers read over and become comfortable with the offer before finding the property they love. This way when the time comes you are more prepared and we can focus better on the negotions.

Agreement of Purchase and Sale

Agreement of Purchase and Sale - Condominum

The process of making an offer, receiving a counteroffer and then revising it again is not uncommon. The whole process can seem like a roller coaster ride – exciting, but stressful. It’s all part of making the deal work best for you and the vendor.

Are you thinking about buying? We can sit down and talk about the process, your options, and the market. Contact me (click here) and let me know what I can do to help!

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.