Wellington Village will be getting another cool condominium project added to its roster. The Wellington at Island Park will be a 6 floor mixed use condominium development with some smaller commercial spaces on the ground floor. Being built by Theberge Homes and designed by Barry J. Hobin & Associates, the building will certainly add some nice character to the area. Take a look below to see the first rendering of the building, and below the current corner of Wellington st. and Carleton st. where the building will be built.

From the website:

“Intimate in size, contemporary in design, revered in location, The Wellington at Island Park projects refinement, sophistication and creativity unequaled in boutique-inspired luxury condo living.

Sleek lines and harmonious proportions exude confidence in every facet of the Wellington’s bold and chic interior designs. Reminiscent of a boutique luxury hotel, the Wellington at Island Park offers upscale amenities, rich finishes and exceptional comforts that leave nothing to the imagination.

Located in Ottawa’s thriving Wellington Village, The Wellington at Island Park rests mere steps away from upscale shops, restaurants, boutiques and entertainment. Architecturally inspired and designed by award wining architect, Barry Hobin, The Wellington at Island Park defines a new standard for Ottawa’s elite urban condominium residences.”

What do you think about The Wellington at Island Park condominium building? Please feel free to email me Matt@MattRichling.com or call me 613-286-9501 if you have any questions! I love getting your emails and comments!

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Take a look at the new website to showcase Mondrian condominium building. MondrianOttawaCondos.com is to serve anyone looking to get into the building, those currently in the building, and assist with anyone who is looking to rent out their unit.

The site features all units that are currently for sale in the building, which gives you a one-stop-shop for condos in that building. It features a Community Message Board, which allows anyone (including other real estate agents) to post their for rent ads. As well for those who are already in the building, they can find contact information for condo board staff (when the condo board is released) as well as store and restaurant locations in the area!

Powered by Matt Richling,  MondrianOttawaCondos.com is another website that helps him sell your condo for more, and faster.

For more information visit  MondrianOttawaCondos.com or MattRichling.com. If you would like to post your rental information visit the message board or email Matt@Mattrichling.com.

If you are looking for a unit for sale in the building please contact Matt Richling at 613-286-9501 or by email Matt@MattRichling.com.
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This morning a great article was published in the Globe and Mail that touches on a couple important subjects that every first time condo buyer should think about before purchasing your first condo.

The writer speaks about how condo buyers are allowing emotions to get the best and are not fully prepared for condo ownership. They see short commutes, no maintenance, and the lifestyle that developers are selling, before fully doing the math.

The buyers ‘ass’u'me’ that it is cheaper to live in a condo since you only pay one fee per month and wont have to pay for a furnace, roof or any of the other costs that can suddenly pop-up. But the writer explains that you might still have unexpected expenses that the reserve fund cannot cover and will have to reach out to the unit owners for additional funds. The writer gives some pretty extreme examples, but still very important.

Good little article that might take the wind out of your sail, but rightly so, you should be financially ready to own a home. The last thing I would want to do is help you sell because you cannot afford to live in your dream home.

Do you agree with me/the writer? Do you disagree? Tell me in the comments below or call me 613-286-9501 or email Matt@MattRichling.com.

Click below for the full article! Click to continue »

(The above video might not work through your RSS reader. Pop over to the website to view!)

Almost daily, I get the question about what exactly separates one unit from the other. I took a little trek over to the Mondrian which is still under construction to show what is keeping the elephants out!

Please leave your comments below! And you can also call me direct 613-286-9501 or email Matt@MattRichling.com!

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"pumpkin season" by émiliep on flickr

When you purchase a condominium in Ottawa we include in the offer a condition that allows you to research the condominium and read over its “status certificate” with your lawyer. This also gives you time to get in contact with members of the condo board and talk to them about the following questions. During the process you will learn how responsive and organized its members are. More importantly it will allow you to find out if there are any problems before it is too late.

1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.

2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them.

3. How much does the association keep in reserve? Plus, find out how that money is being invested.

4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs.To determine if the assessment is reasonable, compare the rate to others in the area.

5. What does and doesn’t the assessment cover? Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow removal?

6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.

7. How much turnover occurs in the building? This will tell you if residents are generally happy with the building. According to research by the Canadian Real Estate Association®, owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years.

8. Is the condo building in litigation? This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly.

9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.

10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments.

I came across a list by NAR (National Association Of Realtors, basically our USA counterpart) and decided to Canadianize the list. You can check out the original list here.

If you  would like to talk about buying a condo here in Ottawa, please contact Matt Richling directly 613-286-9501 or by email Matt@MattRichling.com.

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So it is the middle of the month. PERFECT opportunity to breakdown the current statistics for the Ottawa Condo Market. We are going to talk about three markets - Entire Ottawa, Downtown Core, and West Ottawa North.

ENTIRE OTTAWA

Currently in Ottawa there are 560 condo properties for sale across the entire Ottawa Real Estate board (107 of which are conditionally sold, but not sold firm). The average price for all these listed is $350,101. Over the last month (most accurate current information), the average price listed was $234,115 with the average sale being $230,111 - providing a 98% list to sale price ratio with average of 30 DOM (days on market). Total amount of condominiums sold in Ottawa, year to date is 2,650.

DOWNTOWN OTTAWA CORE

Currently in the downtown Ottawa core (see above map) there are 124 condominium properties for sale (16 which are conditional sold, but not sold firm). The average list price for these units is $543,868, which is high, mainly due to a fair number of new construction buildings listing the penthouse/larger units - in return raises the average). Over the last month (most accurate current information), the average price listed was $335,025 with the average sold price being $333,799 - providing a 100% list to sale price ratio with an average of 13 DOM (days on market). Total amount of condominiums sold in the downtown core, year to date is 375.

WEST OTTAWA NORTH

Currently in the west Ottawa north area (see above map) there are 62 condominium properties for sale (12 which are conditional sold, but not sold firm). The average list price for these units is $439,958, which is high, due to a couple high priced resale listings. Over the last month (most accurate current information), the average price listed was $294,412 with the average sold price being $289,578 - providing a 99% list to sale price ratio with an average of 39 DOM (days on market). Total amount of condominiums sold in the west Ottawa north area, year to date is 221.

RECAP

What does this mean? If you are looking in the downtown core, units are NOT lasting on the market. If you are relying on solely checking the MLS website, *YOU WILL MISS OUT ON PROPERTIES* especially in this market. Get signed up on an auto-notification search through your Realtor. Ensure he/she is sending you the listings asap, not one a one email per day or week setup. Also this data also shows that if you are willing to move outside the downtown core how much you can save. In most cases $40,000 or even up to $100,000 for certain parts of the city. Where do you want to live? What is your pre-approved (through a mortgage broker) amount, and what is your budget (sometimes these are two very separate numbers)?

If you would like more specific data about your area, or would like to talk about selling your home, please contact Matt Richling directly 613-286-9501 or by email Matt@MattRichling.com.

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Saturday, we saw the re-release of the SoHo Parkway. Designed by Gluckstein Design (which is founded by Brian Gluckstein) this 88 unit, 15 floor building consisting of mainly one and two bedroom units is located between Westboro and downtown at 201 Parkdale ave. (yes, directly across from Tunnys Pasture Government Complex).

There are currently 14 units remaining for purchase, ranging from $219,000 for a one bedroom (513 sqft) to $408,900 for a two bedroom (949 sqft) plus parking of $29,500 and locker of $3,000. Your monthly condo fees are aproximately $0.33 per sq ft plus hydro.

These prices include:

• Caesarstone Kitchen and Island countertops
• AEG Dishwasher
• AEG Built-in Wall Oven
• AEG Black Ceramic Cooktop
• Liebherr Frigerator and Freezer
• Panasonic Microwave
• Engineered Hardood Flooring in the living areas
• Cabano imported fixtures
• 9′ Ceilings with floor to Ceiling windows
• SoHo Black Card
• + Tons More!

Why SoHo? Check this video!

What do you think about this building? Did you buy a unit? Please leave your thoughts in the comments below!

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http://www.MattRichling.com

This Saturday one of Ottawa’s newest condominium buildings will be launching and if you are in the market for new construction here in Ottawa, you should be interested and excited! What makes SoHo Parkway stand apart from the other condominium buildings in Ottawa? Take a look at this video and you will fully understand!

I’ve reserved my spot well in advance, if you’d like to join me on Saturday, send me an email (matt[at]mattrichling.com) …i’d love to help!  I love hearing from my readers, so if you have any questions above and beyond what I posted, do give me a call

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The East Market condominium complex is comprised of three inter-connected phases with a total of 409 homes, including two different gym facilities, patio and garden areas, two party/event rooms, games lounge, and a meeting room. The three phases corner the east side of the Byward Market making them a short walk to all amenities possible. Built by Urban Capital, most of the units in the three phases have features typically found in loft buildings such as exposed concrete pillars and high +9ft ceilings (as seen at bottom).

Phase 1 - East Market

Located at 180 York Street (K1N 1J6) the 14 level building is comprised of 101 units (4 of which are retail) ranging from 485sq ft to 1570sq ft. Built in 2003 the building has great use of space and most units have excellent sized terrace balconies with great west, north and east views. Condo fees range from $312 up to $709.20 (Based on sale data for last 12 months).

Phase 2 - East Market

Located at 383 Cumberland Street (K1N 1J7) this 11 level building is comprised of 84 units ranging from 448sq ft to 1622 sq ft. Built in 2003, the building features mostly one bedrooms and is home the many of the amenities for phase 1 and phase 2 buildings (gym, party room, games lounge, meeting room). Condo fees range from $250 up to $344.88 (based on sale data for last 12 months).

Phase 3 - East Market

Located at 179 George Street (K1N 1J8) this 22 level building is comprised of 192 units (two of which are retail) ranging from 455sq ft (floor plan being the Gatineau 1) up to 1705sq ft (floor plan being Sky 4). Built in 2006, the building is quickly picked out of the Ottawa skyline with its clean lines, concrete crown and contrasting red brick exterior. Phase three also features a gym, patio and garden area (with a reflecting pool), and party room, all for use of phase three owners only. Condo fees range from $274 up to $514 per month (based on sale data for last 12 months).

For more information about units available for sale in either of the three phases, please contact me directly 613-286-9501 or use the Contact page.

More Pictures of the East Market

Below is an example of the exposed concrete pillars and ceilings within the East Market.

Below is the gym inside phase two.

Below is a one bedroom unit previously for sale with in phase two. Click here to see the unit and more photos.

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