Right now, there is a lot of buzz about micro-sized condos and the urbanization of cities. Micro-condos, also known as studios, are condos without a separate bedroom area and typically under 500sqft. Urban Capital is about to launch a micro-condo building called Smart House Ottawa, after the instant success of its sister Smart House Toronto. With this new building comes talk about if it will sell, and who will buy them.
Funny thing is that studio condos or micro-condos are not a new concept to Ottawa. Many post 2000's condo buildings have at least one! Lets take a look at a few of the buildings around the downtown core that have studios or micro condos.
- Galleria Phase Two (234 Besserer) has two units per floor under 500sqft. "The Williams" which is 490sqft and priced at $201,000, and "The Danby" which is 410sqft priced at $167,000 (both units priced on 1st floor).
- Claridge Plaza Phase Three (242 Rideau) has one studio per floor. The Broadway is 440sqft and priced around $185,000 (on 3rd floor).
- The East Market (180 York, 383 Cumberland, and 179 George), has one unit per floor in each phase under the 450sqft mark. These do have separate bedroom areas. This was the first building by Urban Capital that brought small, modern condos to Ottawa.
- 360 Lofts (360 Cumberland St) which had a large number of 404sqft studios, sold almost 70% in a couple days with prices starting at $187,900.
Some newer buildings include...
- SoBa (Catherine St) which has 56 units under 509sqft and another 36 units from 511sqft - 516sqft. Prices start at $181,000 for the 407sqft unit with a few units left. Smallest unit is 373sqft.
- Gotham (Lyon and Gloucester) has 41 units all under 436sqft, with prices starting from $226,900 almost fully sold out.
- Central Phase 1 (354 Gladstone) has 32 units under 478sqft. Which all sold out fairly quick.
- The Slater (Slater St) which has four studio floorplans per floor (64 units total) that are between 408sqft and 425sqft, with pricing starting at $210,000.
- Centropolis (Kent and Gladstone) which has units that are 295sqft, 305sqft, 315sqft, and 340sqft. Infact, there are 44 units in the building or 10 per floor that are under 340sqft. This building is fully sold out. One studio has re-sold in the building earlier this year at $195,000 (list price on MLS).
These are just a few buildings that include studio apartments. Could you live in 400sqft space? Many people in Ottawa already are, and with very few re-sales I would say that they love them. Looking to purchase a micro-condo, I would love to help!
*Pricing taken from builder price sheets over the last 5 years. Not up-to date prices for all units.
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 that fits their lifestyle.