Who ever said that Ottawa was a boring government town with no taste, is proven wrong again with 669 Edison Avenue in Westboro. Both sides of this 2009 semi-detached home are available for purchase, which just recently had the finishing touches put in place. The units, which are mirrors of each other both boast three generous sized bedrooms, and three bathrooms (with the rough in for the fourth in the basement). The interior, all hardwood except the basement with Berber carpet and bathrooms with tile, were designed for entertaining with the open concept main level, chef’s quality kitchen and high nine foot ceilings. The basement is fully finished including over sized windows, and plenty of room for storage. No expense spared on the exterior either, with full landscaping in the front and fully fenced, maintenance-free backyard.

Did we mention the homes are both Energy Star qualified! Meaning that there are features through out the home designed to save you money, have improved air quality, and expand fewer pollutants than non-qualified homes. For more information on Energy Star and what exactly it requires - go here.

Both homes are listed on the Multiple Listing Service for $464,900 per side and are available with a short closing period. For a private tour please contact Matt Richling directly at 613-286-9501.

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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.

Claridge Plaza phase one was finished last year and construction is underway for phase two which has an unofficial completion date of 2011. Take a look at the progress below, which is currently at the 10th floor.

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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.

Today I was able to tour the units at 200 Besserer street (corner of Cumberland), also known as “The Galleria”. Built by Richcraft,the 12 floor building contains 149 units mixed mainly with one bedroom, one bedroom plus studio, two bedrooms, and two bedrooms plus studio. The smallest unit, the Holgate, is 615 sq. ft. compared to the largest units, Harris and the Jackson both 1,135 sq.ft. aproximately.  Prices for the units range from $279,943 for the Holgate (one bedroom 615 sqft) on the 10th floor to $473,747 for the 12th floor Jackson (two bedroom plus study 1,135 sqft). Don’t forget parking is an additional $27,500 for the third floor, or $30,000 for the first and second floor.

The units themselves feature “higher ceilings” (basically vary by unit - some up to 10ft!), full hardwood, ceramic tile, and berber carpet, six appliances, and lavish bathrooms. The finishing touches are currently being put on the units, so there are not any interior pictures, but you can take my word that the finishes in the building were impressive. The recreation area and pool are quite large compared to the surrounding condo buildings. As well the entrance and hallways were equally as impressive and created a grand feeling as I toured the building.

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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.

Night Scene in Ottawa - Taken by Robbie's Photo Art on Flickr

Yesterday, a deal that I had been working on fell through. Both sides could not come to an agreement, and decided that it was best not to continue. Although my client was initially unhappy with the outcome after investing her time and money to get where we had, she was very happy to realize things about the property now, before she had possibly taken ownership.

Okay so why are you telling us this Matt?

Because this situation happens, and most people do not prepare you to look at the facts. Regardless of the property type (income producing or not), there is a conditional phase (building inspection, due-diligence etc) where we take a closer look at the property and “dig a little deeper”. We try and take away the emotional side (”I really want it”) that we as buyers have, and bring in the “truth professionals” also known as the building inspector, lawyer, etc.  We pay them good money to look at the facts, and to give it to us straight.

My role in this, as an agent (some clients call me their secret agent, please feel free to do so as well) is to work with the other side to get you what you want. You want that lamp, alright let me see what I can do. You want that hole that a squirrel uses as the entrance to your home fixed before you move in, let me see what I can do. Keep in mind, both parties (buyer and seller) are both human beings. Both sides have goals, which most often are not financial, and are looking to have the other side provide it.

We (as in the team) are going to find things (some good some not so much), and nine times out of ten we can negotiate them into/around/out of the purchase. But sometimes at the end of the day there will be a fact that just can not be negotiated, or fixed about a property. We will do our best, but that deal might not be the one for you and we will have to understand that.

The great thing is that I will stay with you through this deal and the next. I will be there to help you find those squirrel holes and get them fixed.

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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.

I recently posted the first five steps that a home buyer would (or should) go through when purchasing a home. I called the first five as “the shopping” steps and the last five below as “the sale” steps. To find the first five steps GO HERE.

6) Preparing the Offer
Once we have narrowed down the homes, and you have found your perfect home we will prepare the Agreement of Purchase and Sale. We will sit down and evaluate the circumstances and comparables for this property and the neighborhood sales, along with your situation and what you are looking for. We will determine the dates, price, and clauses (terms and conditions) as well as plan the offer strategy (in person, through other agent etc.).

7) Negotiating the Offer
The offer is presented to the vendors. They will either accept, reject or counter the offer and it will go back and forth until an agreement has been met. Often it is not the price that is the “tough sell” it is dates, or timelines, or inclusions/exclusions etc.

8)Fulfilling the Conditions
Once the offer is accepted we will have a certain amount of time (usually 7-14 days maybe longer) to fulfill the conditions which we placed in the offer. These conditions could be upon financing (being approved for the mortgage), insurance (being approved for property insurance), home inspection (getting the “A-Okay” from the inspector), septic and water potability test for rural properties, or review of status certificate (in the case of condominiums). There could still be negotiations that take place before going firm (everything has been agreed and sold), if a major problem arises from the building inspection, both parties must agree on how to move forward ( price reduction, work being done, etc).

9) Firm Offer
Once the offer has been firmed up (all conditions met and agreed), I will forward all of the sale documents to your lawyer and financial institution.

10) Closing
CONGRATULATIONS! Today you get the keys to your new home. Generally do not expect to get the keys before mid afternoon as the lawyer rarely releases the keys before then.

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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.

Earlier last week I asked around Twitter and Facebook (add me!) for anyone that had a question about real estate that they would like to have answered. Below are the first three questions I was asked. Do you have a question - Ask me!

Kim P on Facebook asked - I am thinking about moving to Calgary, can you refer me to an agent out there?

Of course! Before I set you up with an agent that works in a specific area, I want to find out exactly what your needs are and get a better feel for the type of agent you would “mash” well with. Whenever I refer someone, it reflects back on me, so I will work extra hard to ensure that you are being taken care of!

Also it is good to note that I attend a high number of networking events that allow me to meet agents from all over the world specifically for this reason. To be able to help any of my clients that are moving, regardless if it is in Ottawa, Halifax, or a small remote town in Asia, I can and will be able to refer an agent.

mstrpln on Twitter asked - Where’s the best (and modest) neighborhood to move to in Ottawa?

I had a chuckle with this question. I would love to spit out an answer but I do not believe that there is a perfect answer to this question. Each client is going to be looking for different features in a neighborhood and will find different pros and cons that will matter to her/his family. This is where knowing what you want (see link to previous post) is important and will help you (and me) figure out what you might find to be modest compared to the next person (or even your significant other!). While one neighborhood might be seen as cheap and rough, the next person see’s as affordable and a great entry into the market.

spiche on Twitter asked - In your opinion, if buying new, where should we focus our money when upgrading to get the most return when we sell later on?

Great question and one I get asked often by clients who are buying new from builders. I like to start the answer with asking how long you are planning on staying at that home? If you are staying for a period of time that allows you to enjoy the property then take your preferences towards how you will use the property in high regard. For example, if you enjoy cooking and will spend many evenings cooking and entertaining, then spending money in the kitchen will not only benefit you as the home owner living in the unit for the next five years, but also benefit the buyer when you sell. If you

If your answer is more in the shorter time frame or you just don’t like the question, focus on your typical renovation areas - kitchen, bathrooms, flooring, basement (finishing the basement and bathroom).

Buyers are just like you (…they ARE you!)  and are for the most part, going to be looking for the same things you are. Not every home will work with every client, but if you are going to be investing upgrades into your general areas (kitchen, bathroom, flooring, basement etc) then feel asured. Want a more specific answer to your situation? - Ask me!

Do you have a question that you would like answered? Let me help you and help others by answering your question! Email me, Twitter me, or message me on Facebook.

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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.

The Ten Home Buying Steps... :)

As a home buyer, you have three main goals: to get the right home in the right neighborhood, at the best price possible – and with the least amount of stress! When working with a buyer agent, you benefit from having your best interests represented through the whole process. I decided to do a basic breakdown of the steps that one should go through when purchasing a home. I have split this list into two parts (”the shopping” and “the sale” steps) to make it a little easier of a read.

1) The Agency Relationship
This is where we sit down before even looking and start the relationship. We will go over the Buyer Agency Agreement and we will discuss how I as an agent get paid. This is also where you will receive the buyer package which has all of the maps for the area, and tons of information that you will find useful when dealing with mortgage brokers, lawyers and building inspectors.

2) Mortgage Pre-Approval
GET PRE-APPROVED! I cannot stress this enough. Too many people start looking before they have sat down with a mortgage professional and are just wasting their own time by looking. By understanding how much you can afford, you will be able to make a much better decision and when you find that perfect property, make a much stronger offer. It takes a large chunk of stress out of it, and you don’t risk disappointment when you are not approved after finding the perfect home.

3) Buyer Profile
This is the step where we sit down and talk about homes. I will try and find out your wants, needs, must-haves, and nice-to-haves in regards to features of the home. I will ask you when you prefer to move, where you would like to be and most importantly WHY do you want to move? Since we are now under agency law, you can feel confident in explaining your motivation behind moving, which would certainly help me when we are in the offer stage. By understanding that you need to move by a certain date because your current lease expires, or your son/daughter are going to be attending school in September etc, will help me tailor searches and represent you better when negotiating with the other party.

4) Computer Search
I will then go to my secret lab and find you the perfect home. Okay, not exactly, by using the criteria that we set in the above stage I will find and narrow down the homes that are available to match what you are looking for. I will send you the matched homes so that you can look in the comfort of your own home and can look at your own pace. At the same time I will place your search criteria into an auto-notification for new listings allowing you to see them before they are available for the public. They will get sent to your email again allowing you to view them at your own time.

5) Viewing Properties
This is where we get out and see first-hand, the matches that you have narrowed down. We will spend the time and visit the homes, and get a much better feel for each home. We will further narrow down the homes until we find the one that is perfect for you. We might even do a second showing on a property with other family members or friends, to ensure that there is enough living space for them when they visit during the holiday (it comes with home ownership - cant get out of this one).

Stay tuned for “the sale” portion of the home buying process.

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http://www.MattRichling.com

This was sent over to me from another agent in Toronto, who knew that I would just love to see and post about this. If you get a chance go grab this month’s copy of Canadian Business Magazine when you are in chapters. I will include my coles note version below.

- It is a buyers market, and great market for first time buyers entering the market.
- High end sales (+1 Million) are slow.
- Real Estate is STILL and will continue to be your best investment. Compared to stocks - On March 30th 09, the S&P/TSX composite index dropped 42% from its 52 week high, while real estate dropped only 11% since last may. (keep in mind this is the average across Canada, Ottawa has only dropped 3.3% since last feb)
- 48% of Canadians under the age of 35 plan to buy a home within two years (last year that number was 36%)
- Flipping homes in this market is not going to work, we still don’t really know what is going to happen.
- Rental markets are extremely strong, which are great for income producing real estate.
- There is also a chunk of the article on commercial real estate, so message me below if you would like to hear about that.

Check out the article and let me know what you think.

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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.