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Condo Trends - Whats Hot and Whats Not in the Ottawa Condo Market

Thursday, July 8th, 2010

When it comes to condos, staying on the cutting edge of style and decor is key. The general perception of what’s hot and what’s not can change daily, so choosing trendy yet timeless decorating styles and furniture pieces is the true challenge for the condo dweller. Always keep resale value in mind when you paint or make upgrades. Chances are, you won’t live in this condo forever and when you do sell, you want the place to be attractive to a wide demographic–rather than simply to those who share the same tastes you do.

What’s Hot:

Clutter-Free Living
The choice to live in a condo generally means one must commit to living clutter-free. Although most condos have a storage locker and at least one closet, the space for storage is quite limited compared to that of other types of homes. That’s why it’s so important to adopt a Zen-like approach to clutter and possessions. If you don’t need it, sell it, give it to charity or throw it out. If you don’t know where you’ll put it, don’t buy it. Life is much easier without too much stuff, and condos are much more attractive when they aren’t packed with useless possessions.

Flowing Decor
When decorating a condo, choose a theme and stick with it. Condos and condo townhouses are generally open-concept and fairly small, and introducing too many colour schemes will overpower the space. When painting, choose a colour that you can repeat–for example, paint your bedroom the same colour as your washroom to give the impression of an ensuite and then chose a lighter or darker version of the shade for the living area and kitchen.

Dramatic Wood Finishes
It’s tempting to go with deep, dark paint colours when seeking to add drama to your condo decor, but particularly in a small space, this is not a great idea. Instead, stain the floors a dark oak or cherrywood finish. Cupboards can be outfitted with dramatic finish as well and furniture in rich distressed black stain is another attractive way to add depth to your decorating.

Streamlined Storage
Maximize closet space by building shelves and installing closet organizers. Make every square foot count–even under the bed! Buy thin plastic storage boxes which slide easily into small spaces and use them to store seasonal clothing, wrapping paper, gift bags and more. Invest in drawer organizers and cupboard shelves, too.

What’s Not:

Garish Paint Colours
Lime green may be your favourite colour–and very in to boot–but that doesn’t mean lime is a wise paint colour choice. If you love it, don’t shy away completely, but don’t make it the main focus of your space, either, as rich colours tend to dominate. Instead, choose boldly-coloured accessories such as blankets, throws, candles and vases. If you simply must paint in a dramatic shade, choose a single wall to adorn with shocking colour.

Fading Floors
Even if you didn’t upgrade your floors, it’s important to keep them in great condition. Laminate floors should not be washed with water, because it can leak through cracks and cause bubbling. Instead, sweep well and spot clean with a damp cloth. If you have hardwood, keep it in mint condition by cleaning and waxing regularly. If you plan to sell, a floor sand and refinish may be a good investment.

Too Much Bulk
You may not plan to live in a condo forever, and thus would rather invest in furniture that will make the transition from condo to house with ease – but big, bulky, house-size furniture just doesn’t compute in a small condo. Choose your stuff wisely, and don’t break the bank on condo furniture. There are bargains to be had, especially on small, streamlined stuff.

If you interested in selling or purchasing a condo in downtown Ottawa, please contact the Ottawas Condos Team at 613-563-1155. Focused on selling condos in the Byward Market, Sandy Hill, Centre Town, Downtown, Westboro, Beechwood, and Wellington Village.

Young investors, older boomers are driving the condo market across Canada

Wednesday, July 7th, 2010

Below is a great article that sheds a little more information on why we are seeing trends of people outside of the typical demographic purchasing condominiums. Not looking to purchase as an investment? Take a second and re-evaluate. This is the largest purchase that (lets hope you will continue to make larger) most people make, so not having a concern for its future is only going to lead you down the rabbit hole.

Young investors, older boomers are driving the condo market across Canada

By Sheila Brady, The Ottawa Citizen

The condo market is hot and getting hotter. And many of the buyers seem to be getting younger.

Consider Andrew Serre, a high school graduate who stood in line for eight hours to be among the first to buy a condo at Soho Lisgar. The 22-year-old already owns a one-bedroom in the Mondrian, a Bank Street condo he bought when he was 19. “This one is bigger,” says the lanky Serre, who had his eye on the B2, a one-bedroom with 619 square feet and a generous balcony facing Cooper Street, while crunching the numbers on his calculator.

The key is to get in early, says Serre, who was second in a lineup that stretched down Lisgar to Bank Street. The condo started at $276,900 on the second floor, rising by $2,000 for each floor and by $3,000 for floors six, seven and eight. He reserved a condo on the eighth floor, and a locker for $3,500. The initial price: $291,000.

Serre was eligible for a two-per-cent discount because he bought on the first day and he got an iPad after finalizing the deal. The developer, Mastercraft Starwood, also gave early buyers free, stainless-steel appliances.

“This is a tangible investment. You can actually see it. It’s not like a stock,” says Serre, who works for ING Bank and estimates he paid $158,000 for his Mondrian condo and it’s now worth $240,000.

“I’m not sure what I am going to do. Move, sell it or rent it out.”

Further back in line, Jean-François Forgues balanced on crutches to take pressure off his ripped Achilles tendon while zeroing in on the same design, but up on the 10th floor. The 28-year-old has already bought two condos. “This is an investment, a smart investment.”

Even further back, Ross Baylin patiently waited as security officials allowed small groups into the slick sales centre. The retired 60-year-old and his wife, Suzan, now live in a rambling 4,200-square-foot house in Cedarhill.

“We don’t have a cottage. I like to play golf and want to spend time travelling to Tuscany,” says Baylin, who spent years sitting on airplanes and staying in hotels, while working in private industry and for the federal government.

“We visited every part of Florida, now I would like to travel more,” says Baylin, who wants to declutter and looks forward to living in an urban, one-bedroom condo. He has checked out several condo sites, but the timing wasn’t right. Soho Lisgar will be ready in three years.

At one point, it seemed earlier buyers snagged his first choice, leaving him to write off the exercise as useful, but unproductive. Then a condo was turned back and he picked it up. “It seems like there’s good karma here,” he said while sipping a celebratory glass of wine.

Across the room, Serre and Forgues were sharing jokes, taking pictures of the model showroom with their cellphones, then sitting down to share wine.

“It’s been a good day,” says Serre.

The condo market is strong in Ottawa, says Ron Desjardins, predicting sales will control 20 per cent of the new home market in 2010. The housing analyst expects 5,500 sales of new townhomes, singles and condos this year, including 1,200 condos. The condo market controlled about 15 per cent of the new sales market last year.

A majority of condo sales are smaller, one-bedroom units or one-bedrooms, plus a den geared to younger buyers, some boomers, women and singles looking to move on after a divorce.

Bigger condos seem tailored to boomers, but these buyers take longer to cash out their homes and to make a decision, he says. This explains why many bigger units in a condo building take longer to sell.

“In fact, 85 to 90 per cent of sales are for condos under 1,000 square feet,” says Desjardins.

Smaller condos are also a popular choice for investors, says David Wex, partner with Urban Capital and the developer behind the hugely successful projects of East Market, the Mondrian and now Central on Bank Street.

It was condo owners buying a second unit or referring friends that drove many of the early sales at Central during a private launch of Phase Two last week.

The following day brokers and the public bought into the site. “We also sold some of the remaining condos in Phase One,” says Wex. Staff also took names for Phase Three.

Over at Soho Lisgar, staff estimate 60 per cent of the buyers were young professionals and investors, while 40 per cent were older boomers.

However, Canada Mortgage and Housing Corp. analyst Sandra Perez Torres says older boomers retiring from public service jobs with indexed pensions will drive condo sales across the city.

“Ottawa has one of the biggest percentages of senior population,” says Perez Torres. “The buyer profile will be trending towards the senior market.

“Ottawa is also still a very affordable market, below the Canadian average.”

The average price for a house in Canada, including condos, is $320,000. In Ottawa, it’s $304,801, she says.

“The average price in Toronto is $396,154 and a hefty $592,441 in Greater Vancouver.”

New Listing - Penthouse - 199 Kent - $529,900

Monday, March 15th, 2010

Penthouse Living with "Gunter"

 One of a kind, two story penthouse condominium downtown.Enjoy birds eye views of the Nation’s Capital from your personal 350 plus sq ft terrace. Entertain over 50 guests from your private deck in the sky. Gorgeous hardwoods, master bedroom mezzanine overlook with 20ft floor to celing windows located on the perfect corner with premium South West exposure. This unit truly is one of a kind - Ignite your imagination…

For a private showing please contact Matt Richling at the Ottawas Condos Team at 613-286-9501 or Matt@MattRichling.com.

 

New Listing - 1 Bed +Den - The Mondrian 324 Laurier - $293,700

Monday, March 15th, 2010

Finally a 1+den downtown! Located in 324 Laurier (The Mondrian)! This unique and urban loft features exposed concrete ceilings/pillars, floor to ceiling windows, stunning hardwood, granite, stainless appliances, ALL overlooking downtown. Imagine - Sundays lounging on the outdoor rooftop terrace pool/sundeck with the other residents. 664 sqft of well laid out floor space,perfect for entertaining, business and living. THE BEST walking location to ALL downtown government buildings.

For a private showing of this unit please contact Matt Richling and the Ottawas Condos Team at 613-286-9501 or Matt@MattRichling.com.

New Listing - 2Bed 2Bath - SubPenthouse - 1300sqft - $599,900

Monday, March 15th, 2010

Breathtaking panoramic views of the Parliament from every room in this 1359 sqft condo in Claridge Plaza (200 Rideau Street). Corner unit with floor to ceiling window, large balcony, 9ft ceilings, double sinks in both oversized bathrooms, and upgraded mirror doors are just a few of the upgrades. The Delancy model is literally a one of a kind (one per phase). There is not a condo in the city with a better view.

For a private veiwing please contact Matt Richling and the Ottawas Condos Team at 613-286-9501 or Matt@MattRichling.com.

 

 

 

New Listing - 200 Rideau - Two Bedroom - $347,400

Wednesday, January 27th, 2010

Trendy Upscale Claridge Plaza Greenwich Model. Stunning and sought after corner unit, accented with pot lighting and ceiling to floor windows.This two bedroom condo offers a balcony, in unit laundry and en-suite bathroom…these are just a few of the added features this remarkable property has to offer. Building offers: over 8000 sq.ft rec. center, terrace,pool,and sauna.

Currently listed on the public Multiple Listing Service at $347,400 with monthly condo fees of $345.00 per month.

For a private showing please contact Matt Richling and the Ottawas Condos Team at 613-286-9501 or matt@mattrichling.com.

Just Launched: GalleriaCondosOttawa.com

Friday, November 20th, 2009

Take a look at the new website to showcase the new Besserer street condominium building. GalleriaCondosOttawa.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 Rental 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 as well as store and restaurant locations in the area!

Powered by Matt Richling, GalleriaCondosOttawa.com is another website that is added to his already impressive online marketing arsenal. Each website is built and designed in order to funnel buyers who are looking to purchase, in front of your listing.

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

If you would like Matt Richling to sell your downtown Ottawa condo or if you are looking for a unit for sale in Ottawa please contact Matt Richling at 613-286-9501 or by email Matt@MattRichling.com.

http://www.MattRichling.com

The East Market - Phase 1, Phase 2, and Phase 3

Tuesday, September 15th, 2009

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.

http://www.MattRichling.com

Mondrian Penthouse

Thursday, September 3rd, 2009

Over the past couple days, I have been spending a lot of time at the Mondrian showing the First Unit Listed For Sale and seeing other units in the building, including the Penthouse level suites. Currently work is being completed on the 13th floor with the 11th floor taking possession this week, moving at a rate of about one floor per week. Take a look at the current progress of the two storey Penthouse suites on the 24th floor.

Here are pictures of the view from the units. Below is facing North, with views of the river (yes I know…), parliament (again, yes I know…).

Below is the eastern view that you would have from the unit facing down Laurier.

Below are your southern views, looking down Bank Street and great view of Hudson Park Condominiums.

http://www.MattRichling.com

Unit for Sale - First Mondrian unit for Sale!

Wednesday, September 2nd, 2009

For those of you, who missed the pre-sale of units for Mondrian and have since been waiting anxiously for them to start going on sale, that day has finally come. The first unit to come available in the building, unit 913 has now available on the Multiple Listing Service. The 669 sqft (95 of which being the balcony) unit features enormous wall to wall, floor to ceiling windows with great southern views of Bank Street, exposed concrete ceilings (9ft) and columns. This unit also comes with plenty of upgrades including beveled walnut floors throughout, beautiful granite counter tops, stainless steel appliances.. etc. Attention ladies? Your new unit comes complete with your very own walk-in closet! Parking, in-unit laundry, pool, security, concierge, high speed elevators, storage locker, exercise room, party room…. The list goes on!

Listed at $285,000 with condominium fees of approximately $275 per month, you can be inside a great unit today for a excellent price! If you are interested, take note that the owner is currently out of the country, so all offers are being presented on September 8th. Time is of the essence, the unit will not last!

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.