Media

Ottawa Citizen Feature - Perks Help New Centretown Condo Sell Quickly

Ottawa Citizen Condo sold

This past weekends Ottawa Citizen that profiled a recent sale. Click here for the online version. 

Perks Help New Centretown Condo Sell Quickly
Jennifer Campbell - Ottawa Citizen - March 3rd 2015

Location: Tribeca, 179 Metcalfe St., Unit 1607
Features: Large and stylish one-bedroom, one-bathroom. Price included parking, hardwood floors and storage locker.
Asking price: $354,900
Selling price: $348,000
Days on market: 25

Word from the sales rep: “This is a unit that shows beautifully, with stunning views looking south over the city, and we priced it competitively,” says Matt Richling, a condo sales rep at Re/Max Metro-City Realty. “The Tribeca (built by Claridge) is brand new, with some of the best amenities in the city, and the perfect location. Add this all up, and it’s no wonder the buyer fell in love.” (The buyer was represented by David O’Reilly at Keller Williams Ottawa.)

What’s good about the ’hood: Walking distance to the ByWard Market, Elgin Street, Rideau Canal, Glebe, Chinatown and Parliament Hill.

Fortress Real Developments - Market Manuscript Spring 2015

Fortress Real Estate Manuscript Spring 2015

Fortress Real Developments, has now released the third edition of their semi-annual Market Manuscript. This is the third edition which is an in-depth analysis of available real estate data and projections, delineated by market, and grounded in solid research. It profiles the Canadian Market as a whole along with individual markets such as Ottawa, Toronto, Calgary, Edmonton and Winnipeg, along with local and national trends.

The 50 page report is written by analyst Ben Myers, a 15 year veteran of researching real estate markets across North America. "There are a lot of conflicting reports on the real estate market. These studies rely on oversimplified calculations, which lead to misleading results. It is important for both buyers and sellers to know who to trust," says Myers. "That's why we put this Manuscript together: to promote the best analysts, and dispel common misconceptions."

Highlights include:

  • No one thinks there will be a national crash: Despite the predictions of doomsayers, nearly two-thirds of analysts now believe that there is less than a five per cent chance of a housing correction over the next five years. Indeed, RBC Global Asset Management even believes that Canadian house prices are undervalued by four per cent.
  • Analysts disagree on the definition of a housing bubble: Survey results indicate no consensus on the level of price growth that suggests a bubble, with a need for speculative buyers to be included in that definition. Foreign condominium buyers are not bad for Canada, and analysts concur that they will not immediately flee the market should house prices decline drastically.
  • Ottawa is expected to rebalance in 2015:  Although data providers have reported divergent results of year-over-year price growth, the fundamentals – employment growth – are still positive. Condominium apartment prices and absorption should improve, following a rare period of overbuilding and over exuberance in the typically staid market in the nation's capital.

Download the full report HERE.

Note* Fortress Real Developments is involved with Gotham Ottawa, SoBa Condos, the upcoming Bronson, among others outside of Ottawa.

 *taken from the Market Manuscript Spring 2015

*taken from the Market Manuscript Spring 2015

Pretoria Avenue - Slow Home Studio Video Walkthrough

Pretoria Avenue Glebe Home For Sale Ottawa

Check out this three part video from Slow Home Studio (Calgary) discussing the remodel by Andrew Reeves (Linebox Studio) for 124 Pretoria. John and Matthew take a look at the living room, kitchen, and upper floor areas. They are a quick watch - 2:49, 2:29, 2:21 

"The Slow Home Movement was founded in 2006 by John Brown, Matthew North, and Carina van Olm as a critical response to the poor design practices that pervade the mass housing industry. Our mission is to advocate for a more thoughtful approach to residential design that improves the quality of our daily lives and reduces our impact on the environment."

Currently listed for sale, you can find more information about 124 Pretoria at PretoriaAve.com

Part One

Part Two

Part Three

Smart House + Minto Win at OHB Awards

Smart House, from Toronto's Urban Capital took home three awards last night at the Ontario Home Builders Award in Ottawa. The awards were for the best website, best ad campaign, and best video!

Other local winners and finalists include:
- Minto Communities was named Ontario Home Builder of the Year, for the second time in three years. 
- Oakwood Renovation Experts was chosen as Renovator of the Year.
- Lagois Design won for Most Outstanding Home Renovation (between $250,000-$500,000).
- Mattamy Homes was a finalist in the division for Best Interior Decorating of the Model Home in Half Moon Bay.

For the full list of winners, visit: https://ohbaaod.ca/winners.php

Ottawa Magazine - October Edition - Inside SOHO Met

 Front cover of Otttawa Magazine which hits new stands 

Front cover of Otttawa Magazine which hits new stands 

Check out this months Ottawa Magazine (on newsstands this Thursday) for some great local content, and featuring more great articles. Take a look inside the top two floors of SOHO Lisgar (300 Lisgar Street) also known as SoHo Metropolitan Residences, which are part hotel, and all luxury. These fully furnished suits can range from $4,050 for a small one bedroom, up to $5,850 for a two bedroom for a 30 day rental. Keep in mind this does not include the $7-a-day fee for use of facilities such as pool, sauna, hot tub, and outdoor bbq. Not for you? They actually have a good market, considering a standard room at Chateau Laurier (with no cooking facilities) is around $8,000 month. Add on to that the amount of diplomats, government, and technology guests that our city hosts and it certainly seems like the perfect opportunity. Kind of makes you want to re-think your Airbnb account!?

Also in this months edition, is a great piece on Ottawa's "Stealth Wealth". The article explains how even though Ottawa remains the highest median total family income of all metropolitan census areas in the country, we do not show it. They chat with 

The October edition of Ottawa Magazine will be on newsstands this thursday.


Written by Matt Richling.

Matt is a licensed salesperson at RE/MAX Metro City Realty in Ottawa, Canada. Matt loves helping sellers and buyers find the perfect home or condo that fits their lifestyle. 

Rogers Daytime - Chat About Ottawa Real Estate and Ottawa Condos 2013

If you missed it last week, Matt was invited to Rogers Daytime to chat about the Ottawa real estate market and condo buildings.  It was a great clip about what to expect from the market this spring and how to prepare your home for selling. if you have any questions about selling your home or condo, contact Matt at 613-286-9501 or Matt@MattRichling.com

Learn from Matt Richling - RE/MAX KickStart 2014

This past week, I was invited to speak at one of the largest RE/MAX events in North America, Kickstart 2014. I was alongside Jacqueline Pennington from Coburg Ontario, Evan Christensen from Toronto, Saara Sallinen from Parry Sound and Valerie Garcia from RE/MAX HQ. We spoke about working with younger consumers in our areas. These are great events for networking with agents across North America, which help develop relationships for our clients. If you are moving, you can rely on getting a hardworking agent wherever your new home will be.

 Matt Richling with Virginia Munden From Oakville Ontario

Matt Richling with Virginia Munden From Oakville Ontario

 Group of agents from across North America.

Group of agents from across North America.

Quoted - “No Condo Crisis Here…. Says Ottawa” Canadian Real Estate Magazine online - October 24th

Had a number of people contact me regarding the recent CBC Ottawa article, “Ottawa Condo Surplus Causing Price to Drop”. Was also contacted by Canadian Real Estate Magazine to offer up some more realistic facts about what our local market is facing. Canadian Real Estate is Canada’s only monthly publication dedicated to Canadian real estate investors. Read the whole article here:http://bit.ly/1igtAYd (and below)

More Facts not in article (and a few that are):
- Tega is a low-rise developer, they sold the lot to a developer more “versed” in high rise. 
- Claridge Icon was struggling with sales due to floor plans, they went back and have redesigned them. About to relaunch this Saturday.
- The Bowery, is a completely new re-design (formally the edge) which launches Nov 7th. At this point you can then judge how it is going. I already have buyers waiting to purchase in this building, so we will see how it does. Both examples above are builders adapting to the market, smaller more cost effective units, with lower prices.
- “1,700 number or active condos for sale”, actual number is 1,672… is for the greater city of Ottawa. This includes condos of all types (apartment style, 2 storey, 3 storey, bungalow, townhouse etc), all locations (Kanata, Orleans, Barrhaven, Nepean etc), and all price points. CBC just released another article with 5 condos priced well over a million dollars trying to show how overpriced our market is.
- Yes inventory is up, 563 new condo listings in sept 2013 compared to 540 during the same period in 2012, again spread across Ottawa and all condominium types.
- Inventory ALWAYS raises in the fall, just as it does in the spring. These are our two hottest times to sell. Over October and November the ratio of New Listings to Solds will reverse as the numbers even out (as they always do)
- We had 245 condos sell during the month of September, of which almost half (124) are apartment style one level condos (which the CBC storey targets). This difference alone should show you how easy the numbers can appear to look.
- We have seen a 2.2% decrease in price for condos (in sales YTD) compared to 2012. Compare that to the last 17 years of gradual price increases (in all property types). 
Lower prices are better for real buyers and investors who are in the market to buy and hold. Looking for a long term (OVER 3 years - not 6 months) property, not a short “get rich quick” type scheme. 

Oh and please, do NOT get me started on that specific “investor” and his bad choices/mindset.

Overall: YES there is an increase. NO we are not in some insane downward spiral. This is healthy for our market and will allow prices to deflate slightly, returning them to normal levels. During this time, it will allow buyers to be more picky and even out the market.

Any questions feel free to email me directly Matt@MattRichling.com

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Thursday, 24 October 2013 03:08
No condo crisis here….says Ottawa
Written by Grainne Burns

Condo crisis? What condo crisis? This is the reaction of many in Ottawa who are playing down reports that the city’s condo market is about to crash and burn.

With increases in monthly MLS listings and developers ‘desperately’ offering freebies, including parking, word on the street is that Ottawa’s condo market is at crisis level.

“We are not at a crisis point. Yes, we are seeing price decreases and we do have more stock on the market that we have had, just like other markets,” says Matt Richling from RE/MAX Metro City Realty Ltd. “There is no huge difference between this and last year’s figures so I think these stories are more for scaremongering than anything else.”

Richling says there were 563 new condo listings in September, compared to 540 during the same period in 2012. 

“Of course, the market has changed and developers are changing their offering to reflect that, such as smaller sized units,” Richling tells CREW. “With prices decreasing, many are holding off on buying as they wait to see if it will drop more. That is the nature of the industry, but we have had one of the busiest years yet so that says it all as well.”

Richling says he is aware of one development that has a low investor rate, around the 40 per cent rate, but says this is due to less demand for buy-and-hold properties.

“Most of the negative media coverage has focused on those who bought and renovated and now can’t sell. That is just not reflective of the local economy,” he says. “We always tell investors that the best returns are three to five, or longer, terms. This is the new norm.”

Front Page of the Homes and Condos in Ottawa Citizen

Location: 354 Gladstone Ave.

Features: New two-bedroom condo with stainless-steel appliances and hardwood floors. Includes parking and a storage locker.

Asking price: $339,900

Selling price: $335,000

Days on market: 29

Word from the sales rep: “The value for money is amazing, especially with parking and locker included,” says Matt Richling, condo sales rep at RE/MAX Metro City. “This brand-new unit will be a great investment when time comes to sell. Add the modern touch of concrete ceilings, floor-to-ceiling windows — it’s no wonder my client fell in love.” (Listing agent was Jurgen Fretschner, broker at Coldwell Banker First Ottawa Realty.)

What’s good about the ’hood: Steps to shopping on Bank Street and in the Glebe, close to universities in an up-and-coming area.

© Copyright (c) The Ottawa Citizen


Read more:http://www.ottawacitizen.com/business/What+they+Centretown/7238434/story.html#ixzz26winRkPG

Selling Real Estate in Ottawa Has Changed Video

I recently had a video made to help illustrate the changes in the Ottawa real estate industry in regards to selling your home. More than ever is it important to choose an agent with an online presence in social media, and one that adapts to the constantly changing market.

Name *
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Ottawa Magazine lead cover article quotes Matt Richling about Ottawa Condo Boom

Ottawa Magazine Condo Boom Cover.jpg

In the September issue of Ottawa Magazine, I was quoted alongside Shawn Malhotra (Claridge Homes), David Choo (Ashcroft), Eric Darwin (Spacing Ottawa,West Side Action), Peggy Ducharme (Downtown Rideau BIA) about the status of the current “Condo Boom” going on in Ottawa.

Stay tuned and I will post the article.

Featured on the Front Page of the Ottawa Homes Section of the Ottawa Citizen

Recently I was featured on the front page of the Ottawa Citizen for a recent sale of mine at The East Market Condos Phase 2 (383 Cumberland).

What They Got In The Byward Market

Location: 383 Cumberland St.

Features: One-bedroom, one-bath condo with parking spot in the East Market Loft building. Views of the Peace Tower, hardwood floors and floor-to-ceiling windows.

Asking price: $289,900

Selling price: $289,900

Days on market: Five

Word from the sales representative: ‘With this unit being one of the more popular in the building because of the size/layout, and the condo real estate market still very hot, we needed to act fast,’ says Matt Richling of RE /MAX Metro-City. ‘The location is great and, with the stunning views, my client fell in love.’

What’s good about the ‘hood: Walk everywhere downtown.
© Copyright (c) The Ottawa Citizen
 

Featured in Faces Magainze

Pick up the October copy of Faces Magazine which has a nice little full page feature about me and some of my experiences with selling condos in Ottawa. You can read it below…

Matt Richling
RE/MAX Metro City Realty LTD.

Who is Matt Richling?
I am a 25 year old, Toronto born, Ottawa raised real estate agent with over four years successfully selling local Ottawa condos and homes.

How are you different from any other agent?
Getting into the business at such a young age, gave me the chance to really question the methods used by other agents. You won’t see me advertise in the local newspaper, or have my face on a bus bench or trash bin. I am heavily involved in technology and social media; one of the first Ottawa agents to blog and first on twitter. Earlier this year, RE/MAX recognized me on an international level as a leader in internet marketing.

Tell us the best part about your job?
I get to work and meet with amazing people and sell some of Ottawa’s hottest condos and homes. It brings me into penthouses with amazing views overlooking the city which most people don’t get the chance to see. The job is also fairly flexible, which allows me to live a somewhat normal life even with the long hours.

Any downsides to the job?
I am always working, talking, and breathing Ottawa real estate. For me it’s a passion, but for those around me it can get a little much.

What do you get up to when you’re not working?
I’m fairly active, usually in the pool or running along the canal. I am always shopping for furniture or clothes; I find it really hard to walk past Phillip Van Leeuwen without walking in and taking a peak.

Describe your condo.
It is a modern two bedroom corner loft, with concrete ceilings and floor to ceiling windows. Currently under construction, it is getting a full face lift, and will be on the market in early spring. I use the second bedroom as my office, and keep it in pretty good shape since I have clients over quite often.

We heard you bought it without seeing it? Explain.
Haha yes, there were no pictures either and the offer had no conditions (typically you have financing and status certificate). My lawyer yelled at me for doing that, it was a big risk, but it paid off huge.

What is the craziest thing you have seen when showing a home?
I was with a client and we were running about 5 min early to a showing. I got the key and opened the door, which opened directly to the kitchen. The owners turned out to be running late and were fully buck naked on the kitchen counter – going at it. They screamed, jumped, and accidentally sent a glass of red wine flying across the room right at my client. It was pretty awkward for everybody! It still makes me laugh.

What is the first thing people should do if interested in buying?
Call, email, or Facebook me! It’s a pretty daunting task for a first time buyer, especially your first purchase. My services are free to help you buy, so I can help teach you the process and be with you throughout the purchase. As of today there are 914 condos for sale in Ottawa, it’s my job to find you that ONE perfect home and ensure you will be excited every day when you step inside. Homes are not just a place to live, they are also a great investment, so helping you understand a bad purchase from a good one can save you thousands when you go to sell.

Tell us something about yourself that most people don’t know.
I play underwater hockey, it’s more fun and demanding than doing straight laps.

If you weren’t selling real estate, what would you be doing?
Touring Italy in a Porsche.