Stunning two bedroom condo in Claridge Plaza. The Meridian floor plan is spectacular, with South North and Easterly views. Over 1100 sqft of open living space, granite countertops and panoramic views of the Nations Capital from this corner unit condo. Floor to ceiling windows, walk in closet, and two ensuites.

Unit 1911 is listed on the Multiple Listing Service at $432,900 with condominium fees of $417 per month.

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

Exceptional loft style condominium in the heart of downtown. Seconds to work and play, not to mention the rooftop pool and terrace. Stainless steel appliances, granite countertops, 9ft ceilings, 21st floor views overlooking the entire city, plus over $15,000 worth of upgrades. Low condo fee’s make this a perfect place to live or as an investment. Imagine downtown living, the way it is supposed to be.

This unit is listed at $254,400 with a condo fee of $190 per month which includes everything except electricity.

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

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.

Welcome to The Pinnacle. Downtown living at its finest. Walk to everything! Imagine never driving a car again! Walk to work and avoid all of the traffic and crazy drivers. This stunning One bedroom is a “perfect 10″ featuring beautiful dark hardwood, granite, designer paint, and an amazing view of the city! This unit shows pride of ownership throughout.

This unit is listed on the Mutiple Listing Service for $299,900 with condominium fees aproximately $230 per month.

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

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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http://www.MattRichling.com

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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http://www.MattRichling.com