SoBa - Sales Promotion

soba-logo---header.jpg

Lamb Developments has announced an upcoming sales promotion for SoBa, which is located at 203 Catherine Street between Bank and O'Connor. The sales promotion is targeted at investors who are really heating up the market especially with pre-construction product. Aside from the 5% off prices which puts one bedroom units starting at $217,900, they are offering:

- Only 5% down
- Closing cost and development fees capped at $5,000.00
- Free rental permission clause
- Free property management for two years
- Free rent guarantee for two years

Keep in mind that this promotion is NOT yet being offered, however, we will have early access to those looking to take advantage. Lamb is currently holding off selling units at SoBa in order to focus on selling units at Gotham. 

Things to note, occupancy is currently projected to start around October of this year. I don't expect this promo to last long, especially with units nearing completion so soon. SoBa is currently about 80% sold out, so there is limited supply of available floorplans.

If you want to take advantage of this offer before the general public, fill out the form below. 

Name *
Name

Ottawa Condo Market Statistics - June 2018

Ottawa-Condo-Stats-and-Data.jpg

Often, real estate is defined by its numbers and data - we can report on "hard facts" to provide a picture of the market. However, when we receive the standard monthly updates from the Ottawa Real Estate Board, I find it quite frustrating that the data reported for "condominiums" is board wide - meaning any property type that was listed as a condominium in any area. (This isn't a rant - there are too many micro markets across the city for them to report). What this means is that the information isn't compared by location (downtown vs Kanata) or property type (example - apartment or townhome) which can often mask or hide very interesting or specific information on a more detailed level. We all (should) know that there is a huge difference in price between a townhouse style condo in Kanata, versus a modern downtown highrise apartment in Centretown. 

Let's break down some specific data for the top five "downtown" area's - specifically Centretown (including Golden Triangle), Byward Market and Sandyhill, Little Italy (which would include Lebreton Flats),  Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period which in Ottawa is almost every single transaction to be roughly 10-14 days.


Centretown
(North of 417, Canal to the East, Bronson to the West, Parliament Hill to the North).

Ottawa Condo Market Stats June 2018 Centretown 2.jpg

Overall the average sold price for a Centretown condo over the last month is $371,998.00 which is up compared to a year ago, which saw an average list price of $347,394.00. The average DOM is at 46 which is an improvement over last year at 80 days (Keep in mind that includes the conditional period). The list to sale price ratio has increased to just under 99%, and a nice increase over last year at just above 97%. In June, we saw only 47 new listings, with 43 sales.

What does it mean? A healthy increase in the demand for condos located in Centertown. A much more balanced market, with prices continuing to rise at a very marginal rate. One thing to note is that the DOM from two years ago was up to a whopping 85 days. Based on what was listed vs sold, I would expect the market to be more of a Seller's market unless we see more listings!


Byward Market and Sandy Hill
(Includes Lowertown)

Ottawa Condo Statistics - Byward Market and Sandy Hill 2 .jpg

The average sold price this month in the Byward Market and Sandy Hill has dropped slightly to $362,773. The DOM has dropped to 50 days, and much better than it was 3 years ago - 75 days. The list to sale price ratio held the same around the low 97%.

What does this mean? Prices are lower and becoming more attractive to buyers which is helping to reduce the DOM. Slightly more leaning towards a buyers market then for selling. With the DOM lowering you should see the list to sale price ratio increase.


Little Italy
(Includes Lebreton Flats)

Ottawa Condo Market Statistics - Little Italy 2 .jpg

The average sold price for a condo in Little Italy is down to $386,900. The average DOM is up to 47 days, with the one year at 45 days. The average list to sold price ratio is up to 98.1%. Overall there are less new listings with a few more sales compared to last year.

What does this mean?  Since there are fewer buildings which mean fewer sales, the numbers will be affected more by each sale. Lower prices will drive the DOM and sale price ratios as buyers compare them to other areas. The number of listings will increase, and as prices drop, the number of sales will increase. Great market if you are a buyer looking for options with less competition.


Hintonburg

Ottawa Condo Market Statistics - Hintonburg.jpg

The average sold price in Hintonburg lowered slightly from last year, to $374,620. More sales and a much tighter list to sold price ratio have dropped the DOM to less than half - now 39 days from the 89 days a year ago. 

What does this mean? It is much more of a seller's market than a buyer's market. I think it will get tighter unless we see more listings. More buyers looking to move more west! It is a great time to sell.


Westboro

Ottawa Condo Market - Westboro Statistics.jpg

The average sale price in Westboro is up from last year to $474,406. With 17 new listings and 17 sold properties. The highest list to sold price ratio in any of the five area's at 99.4%! The DOM is also quite low at 37!

What does this mean? A hard market if you are a buyer. Considering that almost all condos will sell with a conditional period for status certificate review of 10-14 days, the DOM of 37 is very good for sellers.  The higher price point is due mainly to larger, longer term planned living (compared to studio's and sub 600sqft units found more in Centretown and Byward Market). 

Are you looking for more information about a specific area or building? Thinking of selling or buying? Let's chat - click on the button below!

The Grid Lofts - Website Up

Grid-Lofts-Ottawa Condos 92 Stonehurst.jpg

Modbox has launched their website for The Grid Lofts. No pricing or floorplans for the six loft units (each a corner unit), however, they have released a few more renderings and information about suites and finishes. View the website here:  https://thegridlofts.ca/

Features are set to include:
- 10'6" ceilings
- en-suite elevators that provide access to the rooftop terrace
- Cesarstone countertops
- Fisher & Paykel stainless steel appliances including gas range, double drawer dishwasher, full size LG washer dryer
- Log's End engineered hardwood floors
- Cera Gres 24 x 24 Gesso tile in the bathrooms and laundry
- en suite bathroom includes a custom walk-around shower and freestanding soaker tub
- 8 ft frosted glass solid core doors

The Mondrian To Go Smoke Free

324-Laurier-Smoke-Free-Building.jpg

A trend that we are seeing more and more across Ottawa, the Board Of Directors for The Mondrian (324 Laurier Avenue West at Bank Street) has announced that the building will be smoke free as of July 21st 2018. As with any rule, if 15% of the owners request a vote, the rule could be changed. Built by Urban Capital in 2008, Mondrian is known for it's red panes of exterior glass that help it stand out across the city. 

This is a great example of a building coming together and changing the rules to reflect the majority of the buildings wishes. Regardless if you agree with the change or not, condos in Ottawa that have smoke damage sell for less and often can impact neighboring units and unit owners.

Are you looking for a smoke free unit in the city? Let's Chat!

Claridge Icon - Sales and Construction Update

Claridge-Icon-Condos-Construction-July-10-2018.jpg

Located in Little Italy at the corner of Preston and Carling, Claridge Icon is coming along on time. Construction crews are currently pouring the 18th floor, out of the 45 storey building. 

There are roughly 188 units still available to purchase (out of the 320) with prices starting at $331,000 for the 610sqft one bedroom "Gable" floorplan". There are roughly 87 one bedroom units, 37 one bedroom plus den, 63 two bedroom units, and only one two bedroom plus den units that remain. Keep in mind that some floorplans are sold out, with only some floors available for certain floorplans.

- The building is set for occupancy April 2020
- Parking is $40,000/spot (condo fees are $34.35/month per spot)
- Lockers are included with each unit
- Deposit - 15% total - with 5% at signing and 10% provided 60 days after signing

For more information on downtown Ottawa condominiums, fill out the form below! 

Name *
Name

Arthaus - Only 10 Units Available

Arthaus-Logo-Matt-Richlingjpg

Arthaus which is located at 20 Daly, has only ten units remain available for purchase. Occupancy (which had started the middle of May) has now finished on all floors, so quick closing for any unit could be possible. Built by DevMcGill, the 23 floor, 89 unit building, is a stunning addition to the Ottawa skyline.

In addition, you can take advantage of six months worth of condo fee's paid by DevMcGill, certain restrictions apply and for a limited time.

For more information on available pricing and floor-plans, fill out the form below.

The Grid Lofts - Coming Soon - Previously Mechanicsville Lofts

The-Grid-Lofts-Ottawa Condo Sign.jpg

With no information other than "coming soon", Modbox is getting ready to launch The Grid, which will be located at 92 Stonehurst in Mechanicsville. We had reported earlier this year that Mechanicsville Lofts, which had been put on hold to allow the team to promote St Charles Market (which has seen strong sales) and would be revamped and relaunched this summer. 

The project is expected to do well, especially considering the team behind it (Modbox + Linebox), the location, and with the current demand for modern, quality, loft product in the city.

What is a PDI or Pre-Delivery Inspection?

PDI-Insepctions-Ottawa-Condos.jpg

Often you will hear people in Ottawa throwing around the term PDI - Which stands for pre-delivery inspection. When you purchase a brand new condo (or home) you will be enrolled in the seven-year Tarion Warranty program. Before you take occupancy (move in), you will do an "inspection" of the entire unit with the builder. This is a comprehensive inspection where you may also be demonstrated on how to operate the home's systems such as plumbing, heating, and cooling. 

Any item that is damaged, missing, incomplete, or not operating correctly, should be noted on the PDI form that the builder will provide, which will verify that these conditions existed prior to occupancy. Some units have many small problems, some have very few. This is a chance for the builder to correct any issues before you take occupancy. Once the inspection is over, you will be asked to sign the PDI form.

Some examples that we have seen first hand are:
- tiles or flooring installed incorrectly or damaged
- appliances missing or damaged
- cabinet trim missing or damaged
- windows damaged
- baseboard trim damaged or missing
- poor paint or drywall mudding
- drywall nail pops
- counters missing or damaged
- the list goes on...

Keep in mind that the PDI is to establish that the problem existed before you moved in. If it is not mentioned on the PDI form, then it may be difficult to establish that the issue did not happen after you moved in and after you have occupancy. If there are any items that are not corrected by the time you move in, they need to be listed on a 30-day or year-end form. These forms represent a request for a warranty service and listed items that are covered under warranty that must be addressed by the builder within a specific amount of time.

If you are unable to make the PDI, you can always ask the builder and try to change the date. If that is not possible, you are able to send a designate (such as your real estate agent or friend/family member) - just provide your builder with written authority to sign the PDI form. 

Check out our post with tips for doing your PDI inspection - CLICK HERE.

Questions about buying condos in Ottawa? I would love to chat. Fill out the form below and ask away!

The Charlotte - Coming Soon

The-Charlotte-Ottawa Condo Sandy Hill
The-Charlotte-Sign ottawa condo for sale in sandy hill.jpg

Richcraft's latest development is coming later this year. Floor-plans and pricing are currently being sorted out, but sources are saying to expect a late summer/early fall launch. 

The development will be located in Sandy Hill, specifically 560 Rideau Street.

The Bowery - Sales Update

Bowery+Ottawa+Condos+For+Sale.jpeg

Sales continue to move along at Richcraft's The Bowery Condos, which is located at 255 Bay Street. The building is now 75% sold out. Only a few select floorplans are available, and an almost immediate closing could be provided. 

For more information about The Bowery, or condos in Ottawa, fill out the form below!

Matt Richling x Ottawa Citizen - What You Should Know About Buying A Condo In Ottawa

Matt was asked about some of the things to look out for when purchasing a condo in Ottawa. CLICK HERE to read the full article.

"Matt Richling, an Ottawa real estate agent, says prospective buyers should also check with the people who live in the building by knocking on doors or connecting on social media to find out more about the “culture” of the condo.  “A condo, in theory, is a city within a city,” he says. “Neighbours are the most important thing when you’re buying a house, and that’s the same here. Instead of living the next plot over, you’re sharing a small wall with neighbours.”
Richling, though, says that being engaged in the financial and physical health of the building is crucial, and that means attending meetings. 
“It’s the biggest thing,” he says. “Be involved. Think about what’s important to you.”

Thinking about buying a condo in Ottawa? Let's chat!

Monocle Westboro

Monocle Westboro Ottawa Condos.png
 

Choo Communities (aka Ashcroft) has announced it's next project called Monocle Westboro. Marketed as a boutique luxury condominium that is going to be located in the heart of Westboro. The building is phase two of the Q West project (phase one is 88, 98, and 108 Richmond Road) with the working address of 91 Shannon Street. There are going to be 62 units over five stories with pricing starting from the mid $600's. 

No launch date or other information is available yet.

For questions about pre-construction condos in Ottawa, fill out the form below and let's chat. 

Name *
Name

Claridge Icon - Construction Update

Claridge-Icon Ottawa Condos Construction---May-4th-.jpg

Construction is moving along as projected at Claridge Icon, located at the corner of Preston and Carling in Little Italy. Construction crews are currently pouring the eleventh floor of the 485 foot, 45 storey building that is set for completion in April 2020. 

If you have questions about condos in Ottawa, fill out the form below and let's chat!

ReResidence - Construction Update

Re-Residence-Construction-condos ottawa.jpg

Now above ground, reResidence which is built by Ashcroft and located at 101 Queen street is moving along towards its finished 18 stories. Construction crews are currently pouring the second floor of the building which set for occupancy in 2019.

For more information about condos in Ottawa, fill out the form below and let's chat.

Name *
Name

Capital Hall Condos Fire - Update

Capital-Hall-After-Fire.jpg

Earlier today a fire started in what appears to be a dumpster on the ground level outside Capital Hall Condos being built by Ashcroft Homes. Reports indicate that the fire spread up a garbage chute which ran up the side of the building. It was originally set to open in September, which the developer is going to still try to be ready for. Between 40 and 50 firefighters and 16 to 18 trucks responded to the 3-alarm blaze. In will take some time to time to determine the cause and expected timeline moving forward, however the damage at this time looks much worse that it could be - mainly exterior cladding and windows.

BREAKING - Capital Hall Condos- Construction Fire

Capital-Hall-condos ottawa on-Fire.jpg

With information still coming in, we have learned that there is a fire at Capital Hall (a student focused investment condo rental building) which is located at 101 Champagne Ave in Little Italy. These are being built by Ashcroft Homes and targeted towards student rentals. SoHo Champagne is the building seen in the middle and from what we are told is under standby to be evacuated if the winds shift.

Project Update - Mechanicsville Lofts

Mechanicsville Lofts Ottawa Condos.jpg

Originally designed as a low-rise six-unit development located at 92 Stonehurst in Mechanicsville, the project is currently getting revamped and will be re-launched this summer. Originally set for a 2017 completion, Mechanicsville Lofts took a back seat to its sister project on Beechwood - St. Charles Market. With the strong sales that St. Charles Market has seen, it has allowed the teams at Modbox to shift back to getting M-Lofts prepared. With no exact date yet, you can expect the re-launch for sometime in June. 

SoBa Condos - Sales and Construction Update

soba logo.png

SoBa Condos, located just north of the 417 on Catherine street has officially finished pouring the top floor (23rd). Lamb Development is expecting an occupancy of 2018, starting on the lowest floors. The building is 75-80% sold and they are currently "in-talks" with selling the last two penthouse units.

The Corners On Main - Phase Two - Sales and Construction Update

Domicile has had great success with The Corners On Main project, especially with phase one and now with Phase two. Located just in front of phase one, at 141 Main Street, The Corners On Main phase two is a six-story 64 unit building that is currently at 50% sold out.

Prices currently range from $208,600 (Williard floorplan - 346sqft) up to $771,000 (Hopewell floorplan - 1552sqft). All units include parking in the price (except for the Pied a Terre Suites or the Willard/Rosedale/Sloan/Marco floorplans). Monthly condo fees are estimated at 42 cents per square foot, and an additional $33/month per parking spot.

Construction is well underway with crews currently building out of the ground. Occupancy is set for Summer of 2019.

Bellwood Floorplan Corners On Main Ottawa Condo

A favorite floorplan of many is the Bellwood - a 1195sqft two bedroom, two bathrooms, with north facing views. It is a generous floorplan with an open concept feel and large second private balcony off the master bedroom. The Bellwood is still available on the 2nd, 3rd, and 4th floors - keep in mind the 2nd floor has a terrace instead of a balcony. Ranging from $635,200 up to $655,000 depending on the floor.

For more information about The Corners On Main including updated price list and floorplans, or if you have questions about the Ottawa condo market, fill out the form below.

Name *
Name

reResidences - Sales and Construction Update

March-1st-reResidences.jpg

Construction is well underway at reResidences, located at 101 Queen street. The crews have now made their way out of the ground and making quick progress towards the 18 stories. The building is 70% sold out, with a little bit of everything still available for purchase. They are looking at a 2019 occupancy.

reResidences is set to have some of the best views in the city, with a dominant location directly in front of the peace tower. 

For more information about reResidences, or about pre-construction condos in Ottawa - let's chat.