Selling: Millennials Are Here, And Looking To Buy Your Condo

This is an Ad for SOHO, which targeted Millennials. Offering a free lease of a brand new Mercedes CLA with purchase of select units.

When you sit down and prepare to sell your Ottawa condo, knowing who your target market is, will help you stand out and get results. Millennials, like baby boomers or Gen X, don't have a single definition, but the are typically considered to be people born between 1980 and the late 1990's. They are addicted to technology, and are now one of the larger demographics buying real estate across North America. 

If you are not going to include or pay attention to Millennial clients, then you are cutting out a large pool of possible buyers from your condo.  So, you ask if it is just marketing hype? Should you even care?

Take a peek at these economic and real estate statistics below that indicate Millennials are ready to purchase in the coming months - and beyond.

“Nearly 40% of buyers are first-timers, with Millennials making up 76 percent of the demographic.”

— National Association of Realtors

Half of 25-to-34-year-olds project to account for half of first-time buyers in the next decade. (Harvard University’s Joint Center for Housing Studies) 

A third of homebuyers during the first quarter of 2014 were Millennials. (National Association of Realtors)

Mortgage rates should remain near their record lows through the end of the year and start of 2015. (Bankrate)

Credit standards are easing for first-time buyers, which is great news for many Millennials with low scores. (Wall Street Journal)

Home prices are expected to improve between May 2014 and May 2015, with a predicted rise of 6%. (CoreLogic)

“Homebuying sentiment remains high for 94% of potential buyers, including many Millennials”

— Discover

77% of Millennials are confident they’ll know how to organize personal finances in the future. (Wells Fargo)

From 2015-25, Millennials are forecast to form 24 million new households. (Harvard University’s Joint Center for Housing Studies)

Many young renters aspire to buy homes soon, as they view homeownership as more ideal than renting. (Fannie Mae)

“Gen Y finances are improving: A third of Millennials are saving 6-10% of income for retirement.”

— Wells Fargo

From February 2013 to December 2017, home values are forecast to improve by an average of 22%. (Zillow)

Over 80% of Millennials say they are either currently comfortable financially or will be soon. (Pew Research Center) 

Eight in 10 Millennials cited the recent U.S. recession as the main reason they’ve become better savers. (Wells Fargo)

Older residences, including foreclosures, are providing Gen Y'ers countless affordable home options. (National Association of Realtors)

Take advantage of this knowledge and contact me about selling your Ottawa condo. Click the button below. I would love to help you out!

Click To Contact Matt Richling About Selling

Selling - Marketing To Millennials

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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. 

When Is The Best Time Of Year To Sell My Ottawa Condo?

When it comes to selling, one of the most common questions I am asked, is "when is the best time to sell?" 

The best time of year would be when there is the most demand for buyers and sellers. When both buyers are looking and sellers have their condo listed for sale. This is usually the Spring, followed by the fall, which are both our busiest time of the calendar year. The spring market in 2014 started much later than usual due to the weather, but normally mid-March or mid-April, lasting till mid-July.  The fall market being mid to late August till early-mid December. It cools off over summer and the December holidays.

Keep in mind, my favourite saying in relation to selling condos is, "There is no snow in condo land." Meaning there are always buyers looking and the condo market is less affected by the weather and the seasons. Condo market starts earlier in the spring, and will go later till the holidays in December. Buyers are less likely to be dependant on families and more on their own schedules/wants.

One hidden/unknown time is always the mid-January rush, where we have the buyers who have finished holidays (or a family house that was way to small with all the family over) and can't find what they are looking for since the sellers are waiting till spring. 

That being said, there are ALWAYS properties selling and buyers looking. If you are looking on new years or Christmas day, you are a serious buyer who is in need of a home. So don't be so quick to say no if you get a showing request.

Click the button below to learn more about selling your condo here in Ottawa. I would love to help you!

Click Here for More Information About Selling Your Ottawa Condo

Selling

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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. 

We’re Hiring - Marketing Coordinator/Administrative Assistant

We are looking to add a part-time to full-time marketing coordinator and administrative assistant to our office. We are growing and need to add another member to the team to help with this growth.

What we’re looking for:
We’re looking for the complete package: someone who has the skills we need but who is also the kind of person we’d want to grab a beer with on a Friday and challenge to Just Dance. Specifically, we’re looking for someone with:

• Social media experience. This should include leveraging social media from a business perspective. Killer project management skills with keen attention to detail. Creativity. We are constantly trying to push the envelope in our industry. We need someone who can help us do that. Passion for writing. We’ll need help writing for our blog as well as coming up with creative social posts. Head-down-get’er-done attitude. We are looking for someone who is passionate about their work and willing to work hard day in and day out. The ability to be resourceful. We don’t want someone who will give up when they hit a road block – we want the kind of person who treats it as if it’s just a speed bump.

The marketing coordinator will be responsible for not only coordinating the various campaigns related to marketing and our listings but also for executing some aspects of them.

To apply, please submit your cover letter, resume, wage expectations and links to your social profiles to resumes@mattrichling.com

New Construction Ottawa Condos

Constantly updated list of new construction condos in Ottawa. These are blog posts that are under the new construction heading.

Have a question about new construction condos here in Ottawa? I would love to help. Fill out the form below.

New Property Teaser Video - Edgecliffe Ave

Here is a short property teaser that we threw together for a new listing that is coming to the market.  Edgecliffe Ave., located just south of Carling and Kirkwood sits above the homes to the north which provides stunning northern views and tons of privacy. This large house was completely renovated and is move-in ready for the new owners.

Are you looking to sell and would like a similar high quality marketing product for your house?

 Fill out the form below to contact me, I would love to help!

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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. 

Learn from Matt Richling - DocuSign and Other Paperless Tools 101

Ottawa real estate agents, I'm teaching an upcoming course at our office's admin location (Frank St and O'Connor) about Docusign and going paperless, next Thursday (22nd). It's going to be pretty hands on and cover Docusign, Evernote, Dropbox, and a few other tools you must have! Contact me if you would like to attend, and I'll send you more details.

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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. 

Agent Reboot Toronto - Recap

#TBT to yesterday at Agent Reboot in Toronto, when the amazing Virginia Munden used my custom for sale signs as an example of thinking like a business and not being afraid of breaking the rules. She was one of many great speakers from across North America chatting about tech, video, and pushing the boundaries in real estate. 

Front Page this Weekends Ottawa Citizen Homes Section

Front page of this weekends The Ottawa Citizen, Homes and Condos section. Talking about a recent sale of a one bed condo at Central 1 in Centretown, built byUrban Capital

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

Group of agents from across North America.

UpperWest by Minto - Public Launch

This past saturday, I stopped by the public launch of UpperWest condos located at 485 Richmond Rd in Westboro. There were about 40 people floating around the sales center, some signing contracts, some musing around the model suite, with others in to see what all the fuss is about. With local radio station Hot89.9FM, Bridgehead Coffee providing music and coffee, there was no shortage of people.

While my client didn’t move on a unit during our visit, he was impressed with the views from the higher floors, along with some of the floorplans. With 197 suites total, there won’t be a shortage of favourite units, appealing to all budgets. 

The smallest unit Fraser (455sqft) and the Wilmont (479sqft) both studios, starting at $210,900 which would be located in floors 1-5 (the podium). There are a number of 6th floor Terrace suits, but the best being the regular and penthouse suits due to the view. The smallest unit 7thfloor and up is the Ashton (532sqft) starting at 249,900 facing south, followed by the Wesley (547sqft) at 249,900 facing East. Obviously the best views being dead north, followed by east and west. One trend we are seeing are the balloon photos which help show views from each unit to help give prospective clients the edge when purchasing without being able to see the finihsed product. This is a must in a building like UpperWest which is surrounded by existing buildings.

Parking is available starting at $33,000 for units more than 600sqft, and lockers from $3,500. The parking is all going to be above ground, which would save the developer HUGE costs since (from what we have previously been told) parking costs are usually about double what the developer charges, but must be included due to restrictions from the City of Ottawa.

Condo fee, or the maintenance fee will be approximately $0.42 per sqft. Deposit was another HUGE drawback, Minto is asking for 25% staggered throughout the process.

Expect UpperWest Condos to be completed sometime summer 2015.

For more information or pricelist, visit the sales website HERE or contact me directly atMatt@MattRichling.com.

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.”

New Custom Mini Cards

Hot off the press! Just got my new mini cards in! Features eleven of my favourite property photos from around Ottawa. Love them! SoHo, East Market, Mondrian, Claridge Plaza, Central, and a bunch of interiors.

The Bowery - The Breakdown

So since the VIP agent party a few weeks back I have been getting tons of inquries for more information regarding The Bowery. If you don’t know about Richcraft’s newest building, CLICK HERE.  Also… note the pricing… its pretty decent for what you will get. Especially compared to other buildings and launches going on right now. Add in the rooftop pool, gym and party room, free condo fees for a year and free storage locker! Its one of the hottest buildings we have right now.

Coles notes of the points they are pushing…
- Starting at $179,000 for 375sqft (1st floor) and $415,000 for 914sqft (2nd floor)
- 6 of the floorplans under 500sqft, 13 of the floorplans between 500-799sqft, 4 floorplans 800sqft and over
- Condo Fee $0.38 per square foot + Hydro, Water
- Locker included in all purchases
- Parking $27,500
- Interior upgrades such as stainless steel appliances, Quartz Countertops
- First Choice and Best pricing through agent VIP Launch including no condo fees for a year.
- Rooftop Pool, Terrace with Panoramic Views
- Lobby includes a Concierge 
- Deposit structure is 15% down (“first five thousand on signing, rest up negotiable on a per deal basis” - as of Bowerys sales rep 10/10/13) 
- official VIP launch set for Nov 7th

 

As standard, clients want to know what I think about certain floorplans… I will go over two floorplans and provide my thoughts.

Here we have the B2 floorplan which is 520sqft plus the 162sqft balcony. Price is starting at $248,000 on the 1st floor which includes the free locker. There are two of these per floor, one facing north, and one facing south. It features a nice entry way including the front closet, washer/dryer and even a small built in desk. Then you have an open kitchen/living room area and decently sized bedroom.

Here we have the B1 floorplan which is 590sqft plus the 96sqft balcony. Price is starting at $274,000 on the 1st floor and available up to the 15th floor. There are two of these units per floor with both having eastern AND a second exposure East or west (depending on the unit). Thats right, this is a corner unit that offers plenty of natural light. Again you have a nice entry way, which separates the unit from the hallway, however there is no desk area. The bedroom is smaller, but has eastern facing windows. The kitchen/living room is slightly larger than the B2, but has a slightly smaller balcony. 

Both of these units are a favourite of mine for someone looking for a one bed under $300,000 and both of these could even include parking under that $300,000 budget too (depending on the floor height). Which IMO is a great buy.

If you interested in the full floorplans, and pricing please shoot me an email - Matt@MattRichling.com.

Keep in mind that they have now announced the VIP agent launch date for November 7th, which will allow clients working with agents the first chance of purchasing a unit in the building. If you would like to have me walk you through your options, negotiate the deposit structure, and assist with purchase, feel free to contact me. Ask about the incentives that we offer, over and above the 1% lower purchase price and free condo fee’s for one year.

You can always email me - Matt@Mattrichling.com - or by phone 613-286-9501.

Condo Launch - The Bowery

Located at 255 Bay st, Ottawa builder Richcraft is about to launch its newest project called The Bowery.  The same builder to bring well crafted and high quality work such as Galleria and Galleria phase 2.

Last week, Richcraft invited me to a sneak peek to show me the project and give me the full scoop on what is coming.

Located steps from Bank St. the Bowery is going to be a 17 floor building with a rooftop pool, terrace and hotel inspired amenities. Units start at 375sqft up to 914sqft. Obviously slightly smaller units, with prices that are reflective of the size, starting at $179,000 up to $415,000. Montly condo fees at priced at $0.38 per sqft. Best part is every unit includes a storage locker at no extra charge.

There are some amazing amenities in the Bowery over and above the rooftop pool and terrace, including the gym, sauna, outdoor yoga studio, party room with fully equipped catering kitchen and private dining room, hotel inspired lobby including concierge and guest suite.

The building launch is set for late October or Early November (date still coming), for VIP clients and shortly after for general public. To get more information including prices, floorplans and other information, contact me directly at 613-286-9501 or Matt@MattRichling.com.

Stay tuned as I will profile some of my favorite units, and walk through the floorplans. This is a very exciting building which you do not want to miss.

383 Cumberland Sold in 3 days!

After being listed with another agent for almost 12 months, the owner came to me out of frustration to help sell his small (532sqft) condo. Within three days of being listed, I had it sold. In this market, each property needs a custom marketing plan that will highlight the units strength and weakness for the potential buyers. When you need something sold, I am here to help.

Want to chat about selling your home? 

Front Page of this weekends Ottawa Citizen Homes Section

Front page of the Homes section in this weeks Ottawa Citizen, chatting about a recent sale at Central phase 1 (354 Gladstone). 

211 Carleton Ave - SOLD

Congrats to the new owner of this beautiful new home in Westboro. Looking for a change? Contact me!

New Custom Open House Signs

Just received the new custom Open House signs. We wanted more focus on improving traffic to the open house, rather than promoting my name. Very happy with the design and final product!