Lansdowne Park: The Future Home of the Ottawa RedBlacks & Fury FC

After a lengthy debate (perhaps even longer then Ottawa's Light Rail debate) and its fair share of controversy (most notably in the form of, shall we say, live alternative music), Lansdowne Park (http://ottawa.ca/en/city-hall/planning-and-development/transforming-ottawa/building-new-lansdowne) has made some serious progress.  I grew up a few minutes away from Lansdowne, long before any of this rejuvenation had been considered - I learned to play baseball at the diamonds on the north-east corner of the property, saw my first professional (Ottawa Senators - http://senators.nhl.com/) and semi-professional (Ottawa 67's - http://www.ottawa67s.com/) hockey games there, and fondly remember walking to a few Rough Riders CFL games and the Rolling Stones concert with my dad.  I'm sure I'm not the only Ottawan that conjures up sentimental memories when thinking of Lansdowne.  But as we know, the only constant in life is change.  And, boy, has Lansdowne ever changed.

As you can see from the picture above, construction at Lansdowne is well under way and it's a good thing too - it's pretty hard to have an inaugural season opening game in 2014 without a field to play on.

For sports fans like me, I'm sure you can't wait to see the ball lined up on the 35 yard line, waiting to be kicked 70 yards down field as the RedBlack's 2014 CFL opener kicks off.  But for you casual or non-sports fans out there, don't write off the New Lansdowne because one of its heavy sports theme.  Unlike it's predecessor the new project will not only appeal to the avid sports fan, but the plan includes something for everyone.  Aside from ice hockey arena (which is being renovated) and the new state-of-the-art sports stadium - designed to host CFL and professional soccer games - here's a short list of what else to expect:
- Residences - town houses and 2 high-rise condos (the Vibe and the Rideau - 13 and 20 levels respectively)
- Retail space (a grocery store, clothing shops and others to be confirmed)
- 18.5 acres of park space/public plazas
- 20 event venues to host a weekly Farmer's Market, exhibitions, conventions, etc...
- A new cinema
- An 11 acre underground parking lot for approximately 1,300 vehicles

So, whether you're a football, soccer or hockey fan, the new Lansdowne definitely hasn't strayed far from it's roots and you'll feel right at home - just don't expect there to be another 'Mardi Gras Night'.  However, if you aren't a sports fanatic and found that the old Lansdowne didn't offer much in terms of entertainment - give the New Lansdowne a second chance in 2014.

Thanks for reading.

Taylor Bennett
Sales Representative - Bennett Pros 
www.BennettPros.com
Taylor@bennettpros.com
@OttawaTails

Ottawa's LRT: What Impact Will It Have On Your Property Value?

After almost a decade of debates, analysis, and discussions, construction of Ottawa's Light Rail Transit (LRT) System (http://www.ottawalightrail.ca/) has recently started.  If all goes according to plan, the LRT will have it's first rider by mid-2017 and construction will be completed by the end of that same year.  Aside from the obvious (a more efficient and effective way to move about the city), the LRT will impact Ottawa on many different levels - the area I'd like to bring to your attention is property values. Specifically, property values near the LRT stations.

Now, unfortunately my crystal ball is in the shop, so I can't look to it to see exactly what impact the new Confederation Line will have on its immediate surrounding neighbourhoods.  But fortunately for my readers, I did come across a fantastic report by Melanie Reuter from The Real Estate Insider where she did an analysis of the impact that new public transit systems had in some of North Americas major cities.  She not only compared what impact a new system had on a city's property values, but also the advantage these transit systems can have during a recession. (Spoiler Alert, it's positive, very positive.)

If you've been considering a condo purchase, but haven't been able to figure out exactly what neighbourhood or area to buy in, give this report a quick read.
http://blog.myreinspace.com/2013/07/empirical-proof-that-transit-protects-or-enhances-your-property-values/

Thanks for reading.

Taylor Bennett
Sales Representative - Bennett Pros 
www.BennettPros.com
Taylor@bennettpros.com
@OttawaTails

Finally, Pathway Suites Are Here.... Wait, What Exactly Is A Pathway Suite?

SoHo Luxury Condominiums’ flagship project, SoHo Champagne, has changed buyers expectations since its introduction in 2011 - never before had Ottawa seen a hotel-inspired condominium with an on-site, hotel-trained concierge, over 15,000 sq. ft. of amenities, and touches of luxury found throughout the suites themselves and the common areas. Now you can add 'Pathway Suites' to that list.

The inevitable question - what's a Pathway Suite?  I'm glad you asked.  Pathway Suites are one of the newest additions to SoHo Champagne.  If you had attended the initial opening day launch of this project, you wouldn't have known about them, as they were originally 2 and 3 level Town Homes.  But the most frequently heard comment we received about the Town Homes was that there were too many stairs within the suite itself - something the potential buying group for these suites is trying to avoid by moving into a condo.  So, SoHo Champagne's architect, Roderick Lahey Architect Inc. (http://www.rodericklahey.ca/home.aspx), went back to the drawing board and came up with the Pathway Suites.

This collection of suites come in two different styles - 1 bedroom starting from $325,900 (805 sq. ft. - http://adhocimc.ca/admin/soho/champagne/pdf/PS2.pdf) and 2 bedroom starting from $556,900 (1323 sq. ft. - http://adhocimc.ca/admin/soho/champagne/pdf/PS1.pdf).  Both styles are located 4 steps off the ground and offer residents a 140+ sq. ft. terrace which includes a gas BBQ outlet, a private garden area and direct access to the Linear Park (a green space located in front of the terraces that has a paved pathway leading to the future Hickory St. bridge - once the bridge is built, Pathway Suite residents will be able to walk to Preston St. or to the Carling O-Train station from their own private entrance in less than a minute).

On a personal note, I've lived in a few different condos in my life time, some with great views of Parliament Hill, some in fantastic pedestrian-friendly locations and others with terraces - and of all the unique features I have enjoyed in these condos, I can honestly say a terrace made the biggest difference.  Most buildings don't offer very large balconies (if any at all) - they're usually somewhere around 4' to 4'6" in depth meaning a two-seat dinette set may not even fit.  Plus, if the building is over 4 floors and don't have a gas BBQ outlet, due to constrains from the Fire By-Law your only option is to use an electric BBQ, which is a slight step up from using a magnifying glass to heat up your hot dog.  When you live in a condo that is already smaller than the other alternatives (town homes and garden homes), having access to an exterior area that you can actually enjoy is priceless - it's almost like adding an additional room on to your property, a room you can BBQ in and get some fresh air.

So for those thinking that condos with terraces are only found on the Penthouse levels of buildings vaulting them out of the price range of most buyers, check out the new Pathway Suites at SoHo Champagne - visit www.SohoChampagne.com or 111 Champagne Ave. South, or better yet, message me for more details.

Thanks for reading.

Taylor Bennett
Sales Representative - Bennett Pros 
www.BennettPros.com
Taylor@bennettpros.com
@OttawaTails

Promotions can make all the difference...

The Ottawa condo market is competitive, VERY competitive.  There are so many different options out there it's easy for a project to get lost in the mix.  So, builders have elected to introduce a promotion or two to help their project stand out from the rest.

Promotions, like condos, can come in all shapes and sizes.  One of the more common promotions is a discount in price.  Why? Because it works - who doesn't like saving a little cash?  But at the end of the day, if a builder is willing to drop their price without any negotiation, they're essentially admitting that their product is overpriced to begin with, and if a builder is willing to admit that, then do you really want to buy an over priced property?  (side note: If you do, contact me immediately - I am certain I can help you find a few. Ha ha!)  And let's be honest, how many times have you seen "$XXXX savings if you buy now!" or "Buy today and get $XXXX cash back"?  Probably too often that it's become white noise.

So, how are builders getting their product noticed?  They got their creative juices flowing, that's how.  In the last 3 months alone I've seen promotions offering free furniture at Distillery Warehouse Lofts (http://distillerywarehouse.com/), free condo fees at Galleria 2 and SoHo Lisgar (http://richcraft.com/galleria2/index2.html & http://soholisgar.com/index.html), free property management, 6 month free mortgage at SoHo Champagne (http://sohochampagne.com/), and even free parking at 99 Parkdale and the Rhombus (http://99parkdale.com/ & http://111parkdale.com/).  But what does this all mean to you as a potential buyer?  Well, it can mean everything to your purchase.

Depending on your the intention of your purchase (investment, first home, down-size, etc....) some promotions may dramatically improve the value of your property, while others may add zero value - unfortunately, the choice isn't always obvious.  That's why having the help of an experienced investor or Realtor (or both) during the negotiation process is invaluable.

For more info about the various promotions offered around the city, or information on Ottawa's condo market, don't be shy to send me a message, follow me on Twitter (@OttawaTails) or visit my teams website - www.BennettPros.com

Thanks for reading.

Taylor Bennett
Sales Representative - Bennett Pros 
www.bennettpros.com
taylor@bennettpros.com
@OttawaTails

Historically Low Interest Rates Not Historically Low Anymore...

If you follow real estate closely, or even if you're a casual observer, you would know that since 2008 mortgage interest rates have been at historically (or perhaps even artificially) low levels, bottoming out at sub-2.5% (for a variable rate) and sub-3.0% (for a fixed rate). For some of you who may be looking to enter the real estate market for the first time, or bought your first home after 2008, you might not fully understand the advantage these low rates have on your purchase. And more importantly, what impact a higher (and more realistic) rate will have.

Let's take a look at the most recent increase - 2 weeks ago, a 5 year fixed rate was roughly 2.89%, today that same term of mortgage would be 3.49% (http://www.tdcanadatrust.com/products-services/banking/mortgages/numbers.jsp) - a modest 0.6% increase; no big deal, right? That increase only translates to roughly $30/month of interest for every $100,000 borrowed, or $1/day - no big deal indeed.

But let's say you're on the fence about buying that first or next home, and the low (but unsustainable) interest rates over the last 4 years have factored into your decision to hold off for another year to buy your next property - a decision many first-time and new home owners are contemplating. If Lawrence Yun, chief economist for the National Association of Realtors, prediction holds true and the mortgage interest rates increase as high as 5% in the next year, that extra $30/month of interest increases by almost 4 times to $114/month!! An extra $1,350 of interest annually, all because you waited 1 year - that's a week-long southern vacation or a new designer suit you could have bought instead of giving your bank more money. More so, if you currently had room in your monthly budget for an additional $114, and decided to buy today instead of waiting a year, that would enable you to increase your home hunting budget by approximately $30,000!! Still think it's no big deal?

No one has a crystal ball and no one can accurately predict the future of mortgage interest rates, but it doesn't take an economist to see that the interest rates can not remain at their current levels for much longer and many experts at Canada's big banks agree that over the next few years rates will continue to increase to more sustainable levels.

But one thing is for certain, mortgage rates will not drop any more than they have over the last 4 years - so if you're looking for a reason to step into the real estate market, it won't get much more affordable than it is now. For more information about interest rates, real estate in Ottawa, or buying your first home or investment property, please don't hesitate to contact me. Thanks for reading.

Taylor Bennett
Sales Representative - Bennett Pros 
www.bennettpros.com
taylor@bennettpros.com