Pre-Construction Pricing Ending and a New Promotion at SoHo Champagne

If you haven't been by SoHo Champagne recently (a new condominium being built in Ottawa's Little Italy) you have missed a lot.  Construction started a few months ago and the building has just started to come out of the ground - at the time of writing this blog, the construction crew is on the 2nd floor.

Traditionally, at certain points in the construction phase, condominium developers increase their prices - and SoHo Champagne is no different.  But the great news is that you still have time to act on pre-construction prices, but only if you buy before December 1, 2013.  After that date prices will be going up by $10,000!  Now $10,000 may not seem like a big deal to some (especially when compared to the cost of real estate), but if spent wisely it can make a huge difference - it could provide your suite with hardwood floors throughout (typically new condominiums in Ottawa only offer hardwood or laminate flooring in the living areas, and carpet is normally provided in the bedrooms and dens), it could enable you to buy on a higher floor with a better view (which could ultimately increase your property value), or may even give you the opportunity to buy a larger condo or add some very unique customizations within your condo.

Now if a $10,000 incentive doesn't tickle your fancy, perhaps a brand new promotion will.  If you read one of my earlier posts or have been paying attention to the news, you won't be surprised to learn that interest rates are going up.  To counteract this inevitable increase, SoHo Champagne is offering to "Cut Your Interest Rate In Half" on selected suites for 2 years!  What does that mean? It mean that your monthly costs can be reduced by as much as $450 - if you're an investor, that increases your potential earnings, or could lower your rent making your property more attractive to tenants; if you're planning on residing in the condo, that's a saving of over $5000/year - I'm sure we would all like to have an extra $5,000 in our pockets.  Now, I know what you're thinking - "Only on 'Selected Suites'? That's just the builders way of getting rid of the junk no one wanted." but the 'Selected Suites' are those that are priced at or below $320,000 at SoHo Champagne.  I happen to have a price list for that site handy, this promotion would be valid on the following styles (they can be viewed here) - PS2B, PS2C, PS3, G, E & E1.  There are also a few different layouts whose priceshover around $320,000 - I'm sure with a little negotiating you could get the builder to make an exception or two.  Like all promotions, there are other conditions that apply, but certainly none that drastically alter the benefits - to learn what these conditions are, or to learn more about SoHo Champagne and other similar condo developments, feel free to contact me.


Thanks for reading.

Taylor Bennett
Sales Representative - Bennett Property Shop Realty
www.BennettPros.com
Taylor@BennettPros.com
@OttawaTails

Cita Condos - Coming Soon To Alta Vista

[Edit: Great article on Cita Condos in the Ottawa Sun from Thursday - check it out here. The sales office is now open as well (Monday-Thursday: 12-6, Saturday-Sunday: 12-5, Closed Friday and Statutory Holidays), stop in to learn about their opening promotions and view their great, full scale model suite]

Cita Condos, a new condominium development being built in Alta Vista (a neighbourhood found about 5-10 mins south of Ottawa University), is being released for sale in the very, very near future.  Now unlike some of the condo developments I have highlighted in previous blog posts, this development is a little different.  In terms of the actual structure and design, as you can tell from the photo of the scale model below, it's not all that different from many of its downtown or central counterparts.

But Cita Condos differs from its competition in two notable areas:
1) Its Location - As I mentioned above it will be built in Alta Vista - a very quiet, well-established area situated less than 5 km south of downtown Ottawa.  Within the neighbourhood you will find many single family homes, several schools (Public Elementary: Alta Vista, Arch Street, Featherston Drive, Hawthorne, Pleasant Park and Vincent Massey; Public Secondary: Canterbury High School, Ridgemont High School and Hillcrest High School; and Catholic: McMaaster, Ste-Genevieve, St. Patrick's Intermediate and St. Patrick's High School) and more than a fair share of city parks (Lynda Lane Park, Grasshopper Park, Billings Park and Orlando Park, to name but a few).  In and around the boundaries of Alta Vista you will find 3 major shopping areas: Billings Bridge Plaza (a shopping center to the South-West of Alta Vista), Elmvale Shopping Centre (located to the North-East of Alta Vista), and the newly established and ever-growing Ottawa Train Yards (slightly north beyond the borders of Alta Vista). With the numerous parks and mature trees, Alta Vista is a welcome change compared to where you normally find these types of condos.

2) The Interior Design - At the sales office (located at the corner of Playfair Dr. and Kilborn Ave.) they have built a gorgeous 2-bedroom model suite showcasing many of the standard interior specifications and also a few of the upgrades you can select to customize your condo.  When you first step foot inside the model you'll notice that it doesn't have the feel of a condo; it's much warmer due to the earthy-tones the designer chose instead of the dark-on-white contrast you find in most downtown condos.  The standard kitchens include quartz counter tops, a glass-tile back splash, beautiful cabinetry as well as 5 appliances (fridge, stove, dishwasher, microwave and hood fan).  As for the washrooms, without upgrading you will find porcelain ceramic tiles, quartz counter tops and your choice of a walk-in shower or tub.

So if you're tired of spending all the effort and time that's required to maintain a home - the yard work, the constant dusting and cleaning of rooms you may not even use anymore, costly repairs to the roof or windows, etc... - and have been considering the condo life-style but have found the downtown and central areas of Ottawa too noisy or crowded, then Alta Vista is the perfect fit for you.  With bachelor condos starting below the $200,000's, 1 bedrooms in the mid-$200,000's and 2 bedrooms in the low $400,000's, Cita Condos is a site you definitely want to have a look at.

For more info on taking part in Cita Condos VIP release (where special incentives and promotions are offered) or to see the floor plans and pricing, please feel free to contact me.

Thanks for reading.

Taylor Bennett
Sales Representative - Bennett Property Shop Realty
www.BennettPros.com
Taylor@BennettPros.com
@OttawaTails

New Plans for Ottawa's Future Lees LRT Station

Construction of Ottawa's Light Rapid Transit (LRT) is well under-way.  After years and years, heck almost a decade of debates and analysis, the question has changed from "Will the LRT ever be built?" to "When will the LRT be ready?".  According to the Light Rail's official website, the answer is June 2017 (for the stations in and close to downtown Ottawa.

In anticipation of this new rapid public transit system, the city is starting to look at the areas immediately around the 13 different stations.  In one of my past blog posts (which you can read here), I referred to a study conducted by Don Campbell from REIN (Real Estate Investment Network) where it was noted that the properties within 500 m of transit stations saw increase in both equity growth and potential rental earnings.  It's fairly simple to conclude why - being close to a major public transit station is important to a lot of people, especially those that don't have or want a car and/or those who are looking to cut down on transportation costs.  So it's no surprise that the city planning department is focusing on these areas to allow for higher density zoning to prepare for and increase the number of potential LRT-riders.  We have already seen it happen at Dow's Lake (I should clarify: Dow's Lake isn't near one of the future LRT stations, but it is next to the O-Train's Carling station.  The O-Train and LRT will intersect a few minutes north of the Carling station at the Bayview station) and we have seen higher density building be approved downtown near the Downtown East & West stations.  According to a recent article in the Ottawa Citizen (which can be read here), Ottawa's planning department is looking at the area around the Lees stations - this is already a fairly high density area; Lees station will be just outside of the University of Ottawa's campus, not far from some of the taller apartment buildings in Ottawa and a lot of student housing.  Despite that area already having high density zoning, the new proposed City plan for that area calls for 20-, 30- and even 45-storey buildings.  Councilor David Chernushenko, whose Captial ward includes the Lees station, has raised concerns about the increased crime and over-all appearance that this plan may bring and would prefer to see 8-storey buildings instead.  The City's planning department will be presenting it's final plan for that area in November 2013.

Thanks for reading.

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

Summerhill on Dow's Lake

[EDIT: Sept. 16, 2013]
Summerhill Condos' website is now active, though it appears it's still a little under construction, so please don't expect perfection.  Click here to visit Summerhill's home page - you can learn more about the different styles of suites (1 or 2 bedrooms), the area/neighbourhood, the on-site amenities and the team behind the project.  It seems all pertinent details are now available, save for pricing.
Also, there is a VIP event being held tomorrow (Tuesday, Sept. 17) from 5:00 pm - 7:00 pm, which will be the first opportunity to pre-reserve a suite at Summerhill.  If you would like to take part, please register here (registration form is on the right side of the page, please put 'Summerhill' in the "Additional Criteria" area) or please contact me directly for more details.  Stay tuned for more updates!

Ottawa's Little Italy/Dow's Lake has been getting a lot of attention lately - Domicile just completed their Hom condominium building, SoHo Champagne will be the next condominium completed in the area (estimated to be ready by Nov. 2014) and Claridge's Icon recently received approval for Ottawa's tallest residential building at 46 levels - and that's just a short list of those projects that are selling, under construction or completed.  The list is substantially longer when you include those project pending approval - Richcraft is working with the city to get their two 48-level towers approved where Dow Honda currently sits; directly to the north of Dow Honda, SoHo has a second location, SoHo Italia, where they are currently in discussions with the city to obtain approval for a 30 to 36 level tower; and a few other lots in the neighbourhood, owned by Ashcroft and Arnon, will soon fall into that same category as those builders look to jump into the developing area.  All this to say, there are big changes coming to that area.

But what if you're not in the market for a towering high rise?  What if you prefer a more intimate environment, but still want to be able to access the vibrant nightlife that Little Italy offers?  Well, if you're reading this blog, you're in luck - I'd like to introduce you to Summerhill at Dow's Lake by Montreal builder Samcon.  Located close to Bronson Ave. and Carling Ave., residents will be a short walk away from lively Preston St. and tranquil Dow's Lake.  At just 39-units, this condominium project will provide the intimacy of a smaller community, and yet still provide the low-maintenance life style that make condominiums so appealing.  Sales for this project has not yet commenced, but there is a VIP buying event being planned for later this month - to get on this VIP list, contact me using my info below.

For more information on this up-coming project, feel free to contact me or follow my blog - I'll try to post new updates as the details are confirmed.

Thanks for reading!

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

As the Summer Cools, Ottawa's Real Estate Market Heats Up

It looks like the Canadian Mortgage and Housing Corporation's (CMHC) crystal ball is working correctly.  In their publication 'Housing Market Outlook - Ottawa', released in Fall 2012 (http://www.cmhc-schl.gc.ca/odpub/esub/64311/64311_2012_B02.pdf?fr=1378574877744), CMHC predicted that due to tighter mortgage rules, increasing incomes, and modest home price increases, real estate sales the second half of 2013 would increase.  Accordingly to a report released on Thursday by the Ottawa Real Estate Board (OREB), sales did just that - home sales in August 2013 were tallied at 1,219, outpacing both sales in August 2012 by 6.5% and the August 5-year average.

According to the same report, prices of homes in Ottawa also saw an increase in August 2013.  The average price of a residential home (including condos) sold last month was $348,519, an increase of 0.4% over August 2012.

As CMHC predicted, the tighter lending rules introduced this and last Summer (most notably the shorter amortization periods for insured mortgages and less overall insured mortgages being sold to would-be buyers) combined with the increasing mortgage interest rates and Ottawa's low housing affordability index, were all factors that contributed to this increase in sales.  If CMHC's prediction holds true, you can expect to see this increase continue until mid-2014.  

What does this all mean if you're sitting on the fence waiting to buy a house?  It means you should stop sitting and start acting!

Thanks for reading.

Taylor Bennett

Sales Representative - Bennett Pros

www.BennettPros.com

Taylor@BennettPros.com

@OttawaTails

Breaking Tradition: Canada & Ontario Real Estate Up In July 2013

In terms of real estate, especially in Ottawa, traditionally July is a fairly quiet month.  Sun, vacations, camping, beaches and just about everything else distracts home buyers in the Summer months.  But this July, traditions have changed - according to new numbers released by the Canadian Real Estate Association (CREA), real estate sales across Canada in July 2013 is up 8.4% when compared to July 2012. CREA's number also revealed that in Ontario sales went up higher than the Canadian average - increasing by 8.6% with prices increasing by 7.4% in July 2013 compared to July 2012.  The full report from Canadian Real Estate Magazine can be found here: http://www.canadianrealestatemagazine.ca/news/item/1736-july-sales-and-prices-soar

There are a few factors that may have contributed to this growth - the Bank of Canada increased mortgage interests for the first time in years (http://tinyurl.com/k9gq8be), causing buyers to jump into the market to take advantage of the historically low rates; and the new lending limits set by CMHC has forced fence-sitting buyers to make a purchasing decision (http://tinyurl.com/nbk2ebn).  These 2 factors combined with demographic factors, most notably, Baby Boomers retiring from the work place and looking to buy their retirement home or condo (http://tinyurl.com/b8d9uu8), one thing is for certain, traditional market trends won't be so traditional for much longer.

Thanks for reading.

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

A Different View Of Condos With A View

There are a lot of changes planned for Ottawa's Little Italy - most of these changes involve new condominiums near or around Dow's Lake.  Builders have been one-upping each other with the heights of their proposed condos - 36 stories (http://www.sohoitalia.com/), 45 stories (http://claridgeicon.com/) and even 48 story proposals have been submitted to the City; heights that long time Ottawa residents would have never fathomed for our capital city. But with all of these competing proposals jockeying for the best views of Dow's Lake, the sight lines of many of the condominium dwellings will be partially or completely blocked by their soon-to-be-built neighbors.

So what do you do if you're looking for a condo with a view but are worried about it being obscured by a future building?  That's fairly simple to answer - make sure the view you're after isn't of just one landmark (such as, I don't know, a lake).  Below I've included two photographs taken at the SoHo Champagne site, approximately from the 16th floor (FYI: Phase 1 at SoHo Champagne has recently been increased to 20 floors).  The photos are north facing towards the Gatineau Hills and downtown Ottawa.  As you can see, the photos are simply panoramic views of Ottawa, not focusing on one particular building, landmark or area. Yet I would struggle to find someone who wouldn't enjoy that vista, despite not being able to see the lake.

Another factor you should consider if you're in the market for a condo with a view are the windows themsleves - of course, their height and width are important, but you may not have considered bulkheads within your condo.  No, they aren't part of your windows, but they can impact your view nonetheless.

First, what is a bulk head? No, it's not a politically correct term for someone with a large cranium, though an argument could be made that it too could impact the view from your windows.  A bulk head is an area where the ceiling drops down (usually by 10"-12") to create space for ducting, plumbing, electrical wires, lighting, etc... to be installed.  These are almost always found in high rise condominiums since the aforementioned items can't be installed in the concrete ceilings.  The location of bulk heads aren't normally shown on marketing floor plans (the plans you see in information kits at sales offices and builders websites) nor in model suites, but their exact locations are known by the builder.  A simple request to see the blue-prints when you're purchasing your condo will give you access to that information.

Most of the condos I've owned, visited and/or sold have had bulk heads, but they were strategically placed to minimize their presence so they were hardly noticeable.  But recently I was in a condo that was built by a direct competitor with one of the condo buildings I helped sell, and this particular competing condo had highlighted their large windows as one of their selling features - something a lot of today's builders do.  I was quite surprised when I saw where their bulk heads had been installed - about one foot in front of the 8' windows!  Which means when you stood in the living room area, the top portion of the window was blocked by an obstruction within the condo itself.  In condos, especially 1 bedroom condos that today are usually 600 sq. ft. or smaller, you want to maximize the natural light to give the resident the feel of an open, spacious area.  This poor bulk head design eliminated 14% of the view from the windows.  And what's more, windows are known to be areas where heat loss is most experienced (This just in: glass isn't a great insulator, who knew?) and the larger the windows, the greater the potential heat loss.  Most buyers are willing to deal with this increase in heating cost for the benefit of the better view.  But in this scenario, the resident is not getting the advantage of the views larger windows provide and at the same time, they're experiencing the disadvantage of higher heat costs.  Sounds like a lose-lose to me.

Whether it's for investment or a owner-occupied property, views can be a great asset to your condo.  But like anything, without doing the proper homework, that asset can become a liability.  So before you enter into a contract to purchase a condo, make sure you ask the right questions.  Don't know what to ask?  Feel free to contact me for help. 

Thanks for reading.

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