Gotham Ottawa

Gotham - Fall Sale

Gotham Condos Fall Sale

Lamb Development Corp. has announced another sale to push the remaining units at Gotham, located at 224 Lyon St. This fall sale has discounts up to $62,000 off the developer prices for the remaining 20 developer inventory suites from the original 251 units. 

For any questions about pre-construction condos across Ottawa contact Matt Richling (Sales representative with RE/MAX Hallmark Realty Group) by filling out the form below or Matt@MattRichling.com.

Gotham Occupancy Granted

As of yesterday, Gotham Ottawa has officially granted access for the units on floors 2-14, with floors 15 and 16 delayed another week. Gotham has seen a number of occupancy delays leading up to this point. Majority of the building now has occupancy and has keys in hand. The lobby and parking are still being finished, however the concierge/security is at the lobby 24/7.

Glasshouse condo Ottawa Gotham

We are starting to see more units in the building come up for sale and for rent. Including this Glasshouse unit on the 5th floor.

For more information about Gotham or other Brad Lamb Condominiums here in Ottawa, CLICK HERE to contact Matt Richling.

Gotham - Occupancy Delay

Sign-Gotham.jpg

Owners of Gotham (224 Lyon) received notification from Lamb Development this morning of another delay in firm occupancy. Owners on the lower floors were expecting the occupancy as of March 24th, but notified today that it is pushed back till April 1st (some higher floors are reporting similar delays). 

As is in the notice "Due to some unexpected and additional items identified as required for occupancy by various City Inspectors on Thursday of this week (that will take 5-10 days for the site to complete,) we are giving you a revised firm occupancy date of 1 April 2015."

Lamb Development faced two large and unfortunate set backs during construction by outside trades that have held up completion of the building. They stand by the product, with Brad Lamb saying that "Gotham will be Ottawa's finest residence."

Questions about Gotham condos in Ottawa? 

Gotham Showcases Modern Industrial In Four Models - Ottawa Citizen

Gotham-exterior-2.jpg

The Ottawa Citizen looks at the four models that are opening to the public tomorrow March 14th, inside the Gotham Condos. Of the 240 units in the building, only 40 suites remain, with pricing starting at $262,900 up to $451,900. Built by Lamb Development, the building is starting occupancy March 24th, 2015. Questions about Gotham? I would love to help.


Gotham Showcases Modern Industrual In Four Models
Patrick Langston - Ottawa Citizen
March 13, 2015 

Condo buyers anxious for a taste of life at Lamb Development’s much-anticipated Gotham — a name that evokes robust images of both New York City and Batman — can do so Saturday when four model suites open to the public.

The models, ranging from 497 to 922 square feet, feature strong industrial accents such as exposed concrete as well as generous glazing and contemporary decor.

The 17-storey building of glass, steel and black brick towers over a mostly low-rise neighbourhood at the corner of Gloucester and Lyon streets.

The project has sold well since it launched four years ago: only 40 of its 240 units remain available, and the builder may keep some of those unsold condos as rentals. Penthouses and “glasshouses” (spectacular, glass-enclosed units) have all sold.

Construction was slowed by this winter’s extreme cold, but company president Brad Lamb says buyers are expected to take occupancy by March 24.

The remaining units will be sold four at a time, and there will always be a quartet of model suites for viewing. Lamb calls the approach a “patient” way of selling. Keeping your customers a little hungry is also a smart way of selling.

Available suites at the time of writing range from $262,900 to $451,900.

The model suites embody the company’s fondness for contemporary, industrial-tinged design, according to Lamb.

“We want to be edgier in all our units: we use exposed concrete; nine-foot ceilings, sometimes higher; modern, clean finishes. We don’t want anything historically oriented; it’s always to the future.”

Lamb says the models target Ottawa’s main condo market: young singles, young couples, the occasional 50-plus pair without children. 

“Our goal is to deliver in every market the best units in the middle-class range.”

The project will include seven condo townhomes with private patios and 20-foot-plus ceilings in the living/dining rooms. Five of the seven homes have sold.

The models

Loft 08/09: The one-bedroom, 497-square-foot unit may be the smallest of the four models but, like all the condos at Gotham, the shotgun-style layout captures some of the great outdoors thanks to the wall of glass in the living/dining/kitchen area. The expanse of glazing includes a patio door leading to the standard-issue balcony with its gas barbecue hookup.

The kitchen features stainless-steel appliances including a gas stove, and the sleek, white Euro-style cabinetry matches the quartz countertop. The finishes in the models are all standard features, says Lamb.

The bath and bedroom, the latter with three walls only and simply decorated to reduce clutter, sit between the entry and the main living area.

An exposed concrete wall runs the length of the model, which is priced at $262,900.

Loft 10: With both a den and a bedroom, this unit maxes out its modest 648 square feet.

The den, just off the entry, sets the contemporary tone with its exposed concrete wall, black-and-white photo of a manual typewriter, and a metal-and-glass floor lamp.

A round wooden table set with white candles and surrounded by wood and-blue fabric chairs lends warmth to the living area with its one concrete wall and ceiling that are Lamb standards.

The bedroom’s sliding, frosted-glass door would provide privacy if you had a guest sleeping on a pull-out couch in the adjacent living room.

This unit is $317,900.

Loft 11/12: Another bedroom-plus-den unit, but at 751 square feet, this one has extras such as a four-piece bath with access from both the bedroom and den.

The kitchen, which is just off the foyer, has an elegant feel thanks to the blend of charcoal grey cabinetry and white countertops.

“I think we build the most beautiful washrooms and kitchens in any market,” says Lamb. “They’re like art.”

The suite, which sells for $357,900, features dark wood flooring and striking furniture, like a metal and timber credenza.

Loft 07: At 922 square feet, this unit has room for a den, a bedroom large enough for a compact tub chair in one corner, a four-piece ensuite with an undermount sink, and, just off the foyer, a powder room.

Contemporary reigns in the living area with metal basket dining chairs, a gleaming white laminate credenza, and low-slung steel and fabric easy chairs.

The kitchen sports a large island with a double, undermount sink and contemporary fixtures. The backsplash is light grey subway tile.

The unit costs $451,900.

In the area

It’s a short walk to everything from Bank Street’s restaurants and stores to parks like the one overlooking the National Library of Canada. For those with a green thumb, there are a couple of nearby community gardens, including one at Nanny Goat Hill at Laurier and Bronson.

Gotham

What: 240 condo units in a 17-storey downtown tower. Also an adjacent seven-unit townhome condo development.

Builder: Lamb Development Corporation

Prices: Apartments that will be available as of Saturday start at $262,900. Condo fees: 42 cents a square foot. Parking, $35,900.

Sales centre: 224 Lyon St.

Hours: Monday to Wednesday, noon to 6 p.m.; Thursday, 3 to 8 p.m.; weekends, noon to 5 p.m. Closed Fridays. (Model viewings by appointment only.)

Information: 613-257-8887gothamottawa.com

Gotham - Building Update

Gotham Ottawa Condos Lyon
Gotham Ottawa Condo Exterior 224 Lyon

Lots of activity on site (224 Lyon st) getting ready for the first occupancy date of March 24. Today the appliances for the 9-13th floors being delivered, and the exterior construction elevator was being taken down. While there is still some exterior brickwork to be finished, some of the on-site crew has said that the majority of the units are mostly completed and ready to go, only a few exterior and common areas that still need last bit of work.

Any questions, I would love to chat! Click here to talk.

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

Ottawa Condo Rentals Up Almost 40 Per Cent in 2014

It was a great year for Ottawa condo rentals, seeing 1,044 units leased through the MLS in 2014, which is up 37% over 2013 and 79% over 2012. The condo market is a healthy portion of the total rentals across the city, accounting for 41% of the 2,551 rentals for of all residential property types in 2014. Total residential rentals are up 22% from the 2,091 in 2013, and 53% from the 1,664 in 2012.

The average rent for an Ottawa condo did not see much change dropping from $1,660 in 2013 to $1,658 in 2014. The average rent for all property types in 2014 was $1,740 which is up almost 1% from $1,727 in 2013.

We saw the average prices of rentals peak at $1,877 in 2009 for all property types,  and $1,796 in 2008 for condos. Each year since, we have seen a slight decline in average rents while the number of units rented has continued to grow (except in all property class where it hit a low in 2013).

Why? Since the Ottawa Real Estate Board does not include a spot for square footage, I am not able to include price per square foot or average unit size. However, based on what we are seeing in the local market and across the country, condo units are getting smaller which lowers rents. We are continuing to see the amounts of units rented increase year over year, with only a slight decrease in price. This helps to prove the demand for rental properties in Ottawa continues to be strong enough to absorb the amount of new supply. Also, it is important to note that the Ottawa condo rental market is only 5% of the total condo rental market for Toronto which had 22,765 condos leased in 2014 through the MLS.

Are you looking to rent out your pre-construction condo here in Ottawa? I would love to help. I have been able to help many clients with purchase and rentals at Urban Capital's Central, Mondrian, and East Market buildings, with Brad Lamb's SoBa and Gotham buildings, Claridge's Claridge Plaza phases, as well as other Domicile, Charlesfort, and Richcraft buildings - among others. If you are coming close to your PDI and occupancy date, don't wait - lets chat and get your unit rented.

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Gotham Ottawa - Building Update September 15th

Gotham Ottawa, is a 17 storey, 251 unit building, located at Lyon St. and Gloucester St. It is a project of Lamb Development and Fortress Real Developments that is set for completion later this year.

"Loft 13" which is still available for $233,900.

Sales Update

Currently 87-90% sold, there is more supply of the Jr. one bedroom and one bedroom range. While if you are looking for something larger, only a few two bedroom plus dens still available. All two bedrooms, three bedrooms, and "Glass House" units are sold out. Keep in mind prices for the smaller units have recently been increased and the larger units have had prices lower slightly. These price changes range from $10,000 to $12,000 depending on the unit and size. Prices range from $233,900 for the 426sqft one bed "loft 13", up to $619,900 for the 1,300sqft two bed plus den "Loft 316".

Construction Update

The building has been topped off, and most of the exterior glass windows and doors have now been installed. Interior work on the lower floors is underway with PDI's (pre-delivery inspections) being scheduled in October and occupancy beginning in November. 

Photo from " urbform" on flickr , showing building construction topped off, and glass windows mostly finished.

Photo from "urbform" on flickr, showing building construction topped off, and glass windows mostly finished.

Are you looking for more information on Gotham Ottawa? Or looking to purchase a new condo unit? I would love to help!



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.