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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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http://www.MattRichling.com

"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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http://www.MattRichling.com

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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http://www.MattRichling.com

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.

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.

Over the last couple weeks the lower floors have been starting the final inspections, allowing the owners a chance to see the units. Below are some photos (sorry about the quality), that the owners have taken. I continue to be impressed with the building.

Rental prices are beginning to pop up, anywhere from $1,450 per month for a one bedroom and the prices go up from there (Parking of course is extra!).

(Above photos are property of 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.

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.

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.

Last week was full of snow and horrible weather. Every day I wake up and pray before I look outside, hoping for 30 degree heat and tropical sun (living in Ottawa and being blessed with both summer and winter weather you certainly appreciate summer that much more). While we might not have the amazing summer weather yet, us Ottawatonians still have passions that we enjoy. While driving from one appointment to another, I was blown away by the amount of people who were running outside along a half frozen Rideau Canal. It was certainly less than zero degrees Celsius, with powerful winds, and a decent amount of snow flakes yet these passionate runners where still outside doing what they love. I have been running almost daily for the last year and while I can say I enjoy it, doing it outdoors in the winter takes it to another level. It blew me away. The passion of doing something they loved, just oozed out of them as they would run past smiling (well, almost all of them).

It made me think about my passions and how much I love helping clients find their perfect home. So often I find myself doing things that I hear other agents complain about doing for their clients, but it just does not bother me and I frankly enjoy it too much. When the single father has almost given up searching because his past agent would not work after 6pm. Being at the office during Easter Sunday dinner, because the family from out of the country needs to find their son his first home before they fly home. The whole family (husband and wife, with both sets of parents) rings the doorbell at an open house at 4:10pm to see this specific property, just as I am turning off the lights to go home. The list goes on. I am not your typical agent, and neither is the level of service that I provide. I might not be able to promise a perfect smooth closing, but I can promise I will be there, with you, the entire time.

Real estate is my passion.

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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 will be holding an open house Sunday from 1-4pm at 85 Bronson Unit 406. If you have seen the pictures or the video and were interested in seeing the unit or the building, this is your chance. If you are going to be downtown grabbing a late Sunday lunch, please feel free to stop by and say hello!

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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.