Friday, December 11, 2009

Media Release - Ontario Home Builders Association

The Ontario Home Builder Association has just release their expectations for 2010. Builders in Ontario are optimistic for the future. Growing demand and a strong real estate market has given builders a positive attitude towards their future developments. We can expect to see plenty of new home construction and opportunities in the near future. Ottawa can see even more than other major cities in Ontario due to the federal government and a strong economy.

See below for media release from the Ontario Home Builder Association,

Ontario Home Builders’Association
MEDIA RELEASE

Over 80% of Builders Optimistic for Housing in 2010
Survey Says HST is top issue for industry

December 8, 2009 – Toronto, ON – In a survey of the Ontario Home Builders’ Association (OHBA) membership,builders and renovators are cautiously optimistic with nearly 4 in 5 anticipating 2010 residential construction activity will be equal or better than it was in 2009.

Hot on the heels of a difficult year, housing starts have improved the last few months with an 11% increase in November starts as reported by CMHC today. With housing activity improving, 22% of builders and renovators plan to hire new staff in 2010. “The residential construction industry appears to be on the road to recovery,” said OHBA President James Bazely, adding, “We are cautiously optimistic that next year the new housing and renovation sectors will be positive contributors to job creation and economic growth.”

OHBA members surveyed said the incoming harmonized sales tax was the top issue for the residential construction industry going into 2010. “One of our members top concerns was whether or not they would actually see any tax savings passed on from suppliers and manufacturers that they could in turn pass onto consumers,” noted Bazely,
adding, “The general sentiment is that while some savings should occur by removing embedded taxes, new home builders and renovators will believe it when they see it.” Bazely continued, “The primary issue for renovators is the threat of a growing underground ‘cash’ economy when the sales tax jumps from 5% to 15%. This will rob the government of tax revenue and expose consumers to higher risks.”

“We are still facing a lot of economic uncertainty, especially with the impact of new sales taxes coming into effect next year. But we do see the housing market stabilizing and an increase in housing starts in 2010,” concluded Bazely. CHMC has forecasted housing starts to improve from 47,400 in 2009 to 56,500 in 2010.




The Ontario Home Builders’ Association is the voice of the residential construction industry in Ontario representing 4,000 member companies organized into 29 local associations across the province. The industry contributes over $37 billion dollars to Ontario’s economy, employing over 360,000 people across the province.

For more information on new homes in Ottawa and to contact the Bennett Team visit www.bennettpros.com

Wednesday, November 18, 2009

OTTAWA CONDO - Just Listed

1504-90 George St.
The Better with Bennett force of influence!

When we list a residential property or condominium, the Bennett Pros work as a team to provide our clients with the best possible marketing plan. Take for example, this beautiful sub-penthouse at 90 George St., located directly in the Byward Market. The unit was vacant, so the Bennett Team came up with a unique marketing plan in order for this unit to be more appealing to buyers.

We placed a call to M.Y. Homes, one of our many unique partners, to give us a hand. The Bennett Team was able to get approximately $25,000 worth of furniture in order to stage this large 2 bedroom sub-penthouse, free of charge! We were also able to run a full page, coloured article in the Saturday issue of the Ottawa Citizen, the most read newspaper in Ottawa, once again, free of charge!

Do you know any other real estate team that can do that for you?

Staging can increase the chances of selling a home. The stats don't lie!
  • Staged homes sell 50% faster than unstaged homes
  • Staged homes sell for (on average) 6 to 10% more than unstaged homes
  • 94% of staged homes sell in one month or less
  • 98% of staged homes sell for more than asking price
Click HERE to read the full article.

After seeing what the Bennett Real Estate Professionals can do for this property, imagine the possibilities for your own home.

For more information visit www.bennettpros.com

Each property provides unique opportunities. Not every home can be marketed the same way. Conditions do apply.

Monday, November 16, 2009

NEW OTTAWA CONDO - Sneak Peek- Wellington at Island Park

Wellington at Island Park
by Theberge Homes


Boutique-Inspired Luxury Condo Living

Intimate in size, contemporary in design, revered in location, The Wellington at Island park projects refinement, sophistication and creativity unequalled in boutique-inspired luxury condo living.

Sleek lines and harmonious proportions exude confidence in every facet of the Wellington’s bold exterior and chic interior designs. Reminiscent of a boutique luxury hotel, the Wellington at Island Park offers upscale amenities, rich finishes and exceptional comforts that leave nothing to the imagination.

Located in Ottawa’s thriving Wellington Village, The Wellington at Island Park rests mere steps away from upscale shops, restaurants, boutiques and entertainment. Architecturally inspired and designed by award winning architect, Barry Hobin, The Wellington at Island Park defines a new standard for Ottawa’s elite urban condominium residences.

The Bennett Real Estate Professionals are the exclusive Realtors for Theberge Homes

To register for the Wellington at Island Park priority guest list CLICK HERE

www.bennettpros.com

NEW OTTAWA CONDO- Daly Square

DALY SQUARE
130 Daly Ave.



Starting in the $260's
Spirited Urban Flats- Where everyday living becomes extraordinary!

Welcome to Daly Square and experience an irresistible design, rich in details and
extraordinary space that is both Fashionable and Unique.

Central located in Sandy Hill you are minutes from the Byward Market, the University of Ottawa and the Rideau Shopping Centre.

Daly Square is all about you - your well being, your convenience and your social life. Get Ready for Daly Square to transform your everyday into something extraordinary.

Daly Square is more than just a place. It’s a vibe that defines they way you liv
e. You can feel it the second you walk through the door. These upscale finishes and fixtures, gourmet kitchens with exotic granite, stainless steel appliances, gleaming hardwood floors, imported ceramic tiling, are so chic and contemporary. It’s the perfect place to call home.

For more information on floor plans and pricing please contact the exclusive Realtors for Daly Square the
Bennett Real Estate Professionals

To view the article written in New Homes and Condos CLICK HERE


www.bennettpros.com

Monday, October 19, 2009

Home Smarts - New Homes and Condos Article 5

Taking the reins:Today’s woman in real estate

I love introducing women to the world of real estate. Since I began my career as a realtor, that opportunity has been arising more and more often. The fact is, more single women are buying homes today than ever before.

This can be chalked up to several factors. Many younger women are choosing to focus on their careers rather than getting married and starting families in their twenties. Such financially independent women see no reason to postpone home ownership. On the other side of the coin, it’s the unfortunate truth that approximately 50 per cent of marriages lead to divorce, leaving many women to househunt solo for the first time. Finally, women live seven to ten years longer than men on average, which translates to a significant number of widows finding themselves in the market for a smaller home.

This adds up to a lot of women who are faced with making crucial financial decisions about matters such as mortgages, insurance and investments, for the first time in their lives. Having been raised by a single mother, this is an issue that’s close to my heart. I watched my mom struggle financially, and long ago decided that, married or not, I would take control of my personal finances; for me, real estate investment was key. I strongly believe that engaging with the real estate market can be an excellent way to leverage your current funds. Many people give their savings over to financial advisors, acquiring paper assets; but such investments give them little control over their own finances. Property investment, on the other hand, gives the owner complete control: real estate can be leveraged, improved or rented out as you see fit.

Interestingly, 15 per cent more single women are buying homes as compared with single men. This may be connected with a nesting instinct, with a heightened desire for security, or with a preference for investing in something tangible as opposed to paper assets. Whatever the explanation, it’s a trend I’m happy to see. When women overcome their initial apprehensions about investing, they tend to do very well; in fact, studies have shown that all-women investment clubs regularly out-perform all-men investment clubs by as much as 20 per cent.
The reason for this? I believe that, just as women are more willing than men to ask for directions, they’re not afraid to ask questions when it comes to learning something new. They’ll listen to professionals and weigh all the factors, whereas men are more likely to want to do things their way. Women are also often more moderate risk-takers; having succeeded, they’ll take their money and move on to the next endeavour. Applied to real estate investment, these traits stand women in good stead.

Unlike some career ventures, I believe there is no glass ceiling in the world of real estate investment. Given the motivation and the proper know-how, there’s nothing holding women back from finding significant financial success through property ownership.

Email your questions to news@bennettpros.com

Marnie Bennett formed her boutique real estate marketing firm after meeting with remarkable success as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty, and team leader of Bennett Real Estate Pros a top-producing five-star team, providing five-star treatment.

Home Smarts - New Homes and Condos Article 4

Understanding Model Homes 101: Looking past the surface

It’s no secret that one of the most enjoyable aspects of shopping for a new home is touring the builder’s decorated models. A well-designed model can help you envision living within its walls, as well as providing excellent inspiration for the decoration of your own space. In these ways, models constitute a valuable resource for purchasers.

On the flipside, builders are well aware that model homes are one of the most powerful selling tools at their disposal. It’s clearly in their interests to dress these homes up to the nines – both to increase their appeal, and to encourage purchasers to splurge on the featured upgrades. They’re banking on an emotional response, and they usually get one. In order to stay objective, what should you be looking for when touring a model home?

With the recent proliferation of television shows about staging and “flipping” homes for sale, you’re probably aware that there’s a real science to creating alluring spaces. Through judicious use of colour schemes, mirrors and well-proportioned pieces, decorators are able to make homes appear larger and more luxurious.

But it’s the lavish application of upgrades that can be really misleading. Many models feature a laundry list of stunning decorating options: hardwood and slate flooring, stone fireplaces, intricately tiled steam showers and well-finished basements. On the home’s exterior, stone may be substituted for brick, elegant front doors installed and the lawn lushly landscaped. The accumulated cost of so many high-end features can run upwards to over $250,000 in some cases pending the type of housing product you are viewing.

It’s easy to imagine losing perspective at the prospect of living in such an incredibly appointed home. That’s why it’s crucial to have a grasp on which features are standard and which are upgrades. Don’t be shy: ask the sales representative to walk you through the home and have them write down exactly what is upgraded, and at what cost.

If the builder has a design centre, it should be simple to compare standard selections with available upgrades. Go over the standard specifications with a fine-toothed comb, so that you understand exactly what is included in the asking price; ask for a menu of upgrades with clearly marked pricing.

Next, take this information home with you and consider carefully. Will this upgrade add value to my home when I sell it in the future; will it increase my home equity? How much will this feature enhance my lifestyle? Can this feature be easily added at a later date?
Be careful not to “over-upgrade” your home. This may seem counter-intuitive but, when it comes to resale value, it’s not necessarily an advantage to own “the castle in the neighbourhood.” Often, those buyers who can afford a spectacular home desire an equally spectacular neighbourhood.

As a general rule, upgrades that recoup their initial expense include hardwood floors, fireplaces, finished recreation rooms and double showers in master ensuites. But above all, keep to your budget; you won’t be doing yourself any favours by overextending yourself financially.

Email your questions to news@bennettpros.com

Marnie Bennett formed her boutique real estate marketing firm after meeting with remarkable success as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty, and team leader of Bennett Real Estate Pros a top-producing five-star team, providing five-star treatment.

Home Smarts - New Homes and Condo Article 3

Condo Ownership, Part II: Let the hunt begin

Shopping for a new condominium is an exciting process. But, as with all substantial purchases, there are important considerations to be weighed before making your final decision. With this column, I hope to give you a framework for making a wise and informed purchase.

Firstly, if you don’t need to move into a new home immediately, you should know that there are significant advantages to buying your condo during a development’s planning stages. In order for a builder to receive construction financing, that builder typically needs to show that 60 per cent of the units have been sold. To reach this goal, it’s in the builder’s best interest to offer better prices earlier on in the sales process. Buying early can result in substantial savings, and offers the greatest equity growth potential. It also allows you a much wider selection of floor plans and locations within the building.

Consider where you want to live. While the most important factor influencing price in real estate is location, this doesn’t mean that the priciest section of town is necessarily the best for your personal lifestyle. Consider proximity to your workplace, and to the kinds of amenities you feel are important, whether that means shopping, restaurants, greenspace or recreational centres.

Once you’ve zeroed in on a particular condominium development, it’s equally important to consider the location of the unit itself within that development. Examine proximity to the elevator, street noise levels and the quality of the view; often, the higher the floor, the higher the price.

This raises the question: how much do you want to pay? Your personal budget may not allow you to buy the penthouse of your dreams; again, weigh what’s most important to you. Some factors to consider when selecting your suite include functionality of the layout; exposure to natural light; ceiling heights; and access to a balcony or other outdoor space. A development’s curb appeal will affect both your enjoyment of your home and its resale value. The same applies to density; the fewer people sharing your development’s facilities, the better.

All condos are not created equal. What’s behind the walls – mechanical systems, for example – is just as important as those things you can see, though admittedly more difficult for a homebuyer to judge. That’s why choosing a builder with a good reputation is crucial. Research builders by asking your realtor for information; by visiting previous developments; by speaking with current owners; and by researching the equity growth of their homes as compared to others. Be sure to check the builder’s Tarion Warranty Corporation Rating. Tarion is a government regulated organization which licenses all new home builders in Ontario, and provides safeguards to all new home purchasers. Finally, make sure that the builder has a strong customer service team with extended hours.

There’s no denying that buying a home is an emotional process. Just be sure not to let your heart rule your head.

Email your questions to news@bennettpros.com

Marnie Bennett formed her boutique real estate marketing firm after meeting with remarkable success as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty, and team leader of a top-producing five-star team, providing five-star treatment.

Homes Smarts - New Homes and Condo Article 2

Condo Ownership, Part I: Understanding the Basics

I’ve watched the evolution of the housing market over the past twenty-five years with great interest. It’s been quite a ride, to say the least. Over the past seven years alone, there’s been a staggering fivefold increase in the percentage of Canada’s new home market share for condo sales. Locally, the Ottawa region has seen condominium sales increase by 25 per cent over the last two years alone.

Why the massive shift? There are a number of explanations. Firstly, for many city-dwelling first-time buyers, it’s become the only realistic financial option. Next, even among those “Generation Y” purchasers with thicker wallets, the hipness factor of condo living goes a long way: to a childless thirty-year-old, an urban loft has more appeal than a four-bedroom home with a lawn to mow. Additionally, as the baby boomers become empty nesters, there’s a growing segment of the population looking to downsize from large family homes. And both younger and older purchasers appreciate the worry-free aspect of condo ownership: maintenance and security issues are kept to a minimum, allowing what we like to call the “lock-and-leave lifestyle”.

While the word “condominium” often conjures an image of a high-rise tower, it’s actually a legal definition that refers to the method of ownership, not the type of building. In purchasing a condominium, you own the interior space of your home outright. Other elements of the building, such as hallways, elevators, recreational facilities and outside grounds, are known as “common elements”. These are jointly owned by you and all the other homeowners in your condominium community. Your balcony or terrace, and sometimes your parking spot, are known as “exclusive use” common elements. This means that, while their upkeep is not your responsibility, they are intended for your use only.

While condo owners are mercifully free from such concerns as pruning shrubs and vacuuming the swimming pool, they do pay for such maintenance through a monthly charge known as a Maintenance Fees, or Condo Fee. This fee also cover the costs of management, administration and insurance for common element areas, and often covers the cost of utilities. In many cases, a condominium “reserve fund” will cover the replacement cost of items such as a broken furnace; as many of us know, those living in typical freehold homes aren’t so lucky.

Maintenance fees can vary substantially between condominiums, depending on both the square footage of the owner’s home and the level of the building’s amenities. For instance, a high-rise condo with a swimming pool and gym will have higher fees than a townhome condominium with minimal groundskeeping. Keep in mind that having such amenities at your doorstep may save you the cost of a fitness club membership. You may be able to entertain in a huge party room, or watch movies with friends in a multi-media lounge – pastimes that would likely be beyond your reach outside of the condominium paradigm.

While condo living isn’t for everybody, an increasing number of people are discovering its benefits. It comes down to weighing what’s important to you.

In my next column, I’ll discuss how to narrow your search for the perfect condo. Till then, enjoy the hunt.

Email your questions to news@bennettpros.com

Marnie Bennett formed her boutique real estate marketing firm after meeting with remarkable success as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty, and team leader of a top-producing five-star team, providing five-star treatment.

Home Smarts-New Homes and Condo Article 1

Forging a Real Relationship with Real Estate

All of us have a relationship with real estate in some shape or form. For most of us, it’s a somewhat emotional relationship that begins with the excitement of purchasing our first home. Others approach real estate as a calculated means of investment. And for a few, it’s a passion.

As a broker with Keller Williams Ottawa Realty, and the founder of my own realty and marketing firm, I’m definitely a member of that third group. I can say with all honesty that, with all its challenges and rewards, there’s no career I’d rather pursue. But I’m keenly aware that, for the vast majority, emarking on real estate transactions can feel like diving into murky waters.

This is the first in a series of columns whose goal is to help you feel more comfortable with this sometimes mystifying world. The issues are myriad: How should I begin the search for a new home or condominium? What do I need to know before I decide to purchase? What pitfalls should I be aware of? How can I increase my wealth through real estate? How can I get the best price for my home when I ultimately decide to sell?

These are just a handful of the questions I plan to address. I encourage readers to write in with any others, and I’ll gladly answer them in this forum. Because, while I’ve been in the industry for over 25 years, engaging with people is still my favourite part of the job.
While most of us think of real estate in terms of property and numbers, that’s only part of the equation; the human element is by far the most intriguing aspect. Because I specialize in both sales and marketing, working equally with homebuyers and developers, I have the privilege of seeing that element from different angles.

I love helping people find the right home. I also love working with developers to help them create homes that people will be drawn to. This isn’t quite as straightforward as it may sound. Times change, and people change with them. The dream home of twenty years ago isn’t the dream home of today; and the desires of a hip urban couple aren’t the desires of a growing family with live-in grandparents. A significant part of my job is to forecast trends; to understand the buying public and the ways they live. To this end, my team and I are constantly reading and researching, conducting surveys and studying trends in other industries.

I formed Bennett & Company after meeting with considerable success as a realtor and as Executive Vice-President of a market-leading custom home builder. Our firm provides a full range of services to real estate developers, builders, property managers and investors, selling both new and resale homes. My passion for real estate seems to be contagious; today, my entire family works with me in the business. Our team also includes seven top-notch real estate agents.

I hope that, through this column, some of that passion will be passed onto you.

Marnie Bennett formed her boutique real estate marketing firm after meeting with remarkable success as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty.

Thursday, October 8, 2009

The Ottawa Condo Expert is on the Road

Marnie Bennett is on the road and will be touring Ottawa's most exclusive and luxurious condos. Enjoy pertinent facts about the neighbourhood, the buildings unique features and the builder. Join us on Youtube and view these amazing condo buildings from the comfort of your home or office.

The Galleria
Luxurious Brand New Condo, located in the heart of the City, seconds from the trendy Byward Market. Enjoy breathtaking views of the Peace Tower and the Gatineau Hills from this amazing highrise building. The large windows and natural light create warmth and charm.



To view our Exclusive Bennett Pros videos go to
Youtube-Bennett Pros

Friday, September 25, 2009

Steady As She Goes Part5 - Final

Why these five neighborhoods made it through the recession with flying colours and why everyone should keep a close eye on these hot Ottawa areas.

The five Recession Proof Hoods:

The Glebe

New Edinburgh

Rockcliffe Park

TODAY’S FEATURED NEIGHBOURHOOD: Rothwell Heights


WHY: Because although it’s tempting to describe Rothwell Heights as a poor man’s Rockcliffe, there are benefits: lower house prices and much larger lots, to name two. Rothwell Heights also boasts the same village atmosphere and absence of commercialization. There is the sense that people here are pleased to be a bit isolated from life’s challenges and troubles. People want to live in neighbourhoods like Rothwell Heights – if they can afford it – forever. (Just 19 houses sold on Multiple Listing Service last year.) The average sale price of $716,763 was up 9.6 per cent over the previous year, a jum of about $62,000.

Westboro

The final neighbourhood has been revealed hope you enjoyed learning about Ottawa's exciting up and coming neighbourhoods.

For more information visit www.bennettpros.com

Thursday, September 24, 2009

Ottawa Condo Expert Video

Enjoy this exclusive video tour of the Soho Parkway by Marnie Bennett- The Ottawa Condo Expert!

Before we introduce you to SoHo Parkway, the building and its many amenities, let us first describe your new neighbours – because it is our belief that the exciting new Ottawa condominium community that is soon to emerge at SoHo Parkway will attract a crowd notable for their zest for living life at warp speed. Possibly more than its convenient location, or its stunning architecture, or its benchmark fitness, entertainment, party and business facilities, or its hotel managed services, it’s the SoHo Condominium owners who will be this building’s biggest draw. Folks who love to work hard and play hard. They love nature and fitness, and the location next to the Capital Pathway fulfills their desire for the active outdoors life. The Dalton Brown Gym is unlike anything in any other condominium project. To see what we mean you only have to visit the SoHo Metropolitan Hotel.



This is the first of many online video's about Ottawa's Condo Market.
Visit www.bennettpros.com for more information

Friday, September 18, 2009

Steady As She Goes Part 4

Why these five neighbourhoods made it through the recession with flying colours and why everyone should keep a close eye on these hot Ottawa areas. Make sure to visit my blog next week to learn why the final of the five, will also stand strong for years to come.

The five Recession Proof Hoods:

The Glebe

New Edinburgh

TODAY’S FEATURED NEIGHBOURHOOD: ROCKCLIFFE PARK

Why:
Because it’s the standard by which all other real estate in Ottawa is measured. Land here can sell for up to $3 million an acre, and they are not making any more of it, which is why Rockcliffe’s astronomical prices are expected to hold steady. Houses in Rockcliffe may be worth up to $11.8 million. That’s the latest assessment on socialite Marlene Cowpland’s too-modern-for-some home. Prices are highest west of McKay Lake. There, average sale price on the Multiple Listing Service rose 10.4 per cent last year. To $1,447,714. East of the lake, average sale price fell 24.8 per cent to $838,154. But in Rockcliffe, such stats can be misleading because of the small number of houses sold.

Rothwell Heights

Westboro

Wednesday, September 16, 2009

New Listing in Byward Market

S579,900
124 Guigues Ave. Unit A201
Ottawa, ON

One of a kind heritage loft, executive 2 storey Ottawa condo, 2 bedroom plus den, 2 bath, with a roof top terrace and main floor terrace, views of Ottawa's Peace Tower, Notre Dame Basilica, and the National Art Gallery - 2 underground parking spots, and 2 lockers included in price.

This loft is so special and has been custom designed complete with a corner gas fireplace, wall to wall California shutters, gleaming hardwood floors - wide plank style set in a diagonal pattern, upgraded custom kitchen with extra high cabinets, lots of storage space, pull out spice rack, special gourmet canopy hood fan, upgraded stainless steel appliances, fridge complete with water and ice dispenser, exotic granite counter tops in kitchen and both bathrooms, breakfast island with storage and wine rack, gorgeous master en-suite with wall to wall windows and a special spa en-suite with double shower and body jets.

This unique loft will not last long - available October 2009 - by appointment only to qualified purchasers.

For more information visit www.bennettpros.com


Thursday, September 10, 2009

Steady As She Goes Part3

Steady As She Goes,
Why these five neighborhoods made it through the recession with flying colours and why everyone should keep a close eye on these hot Ottawa areas.

The five Recession Proof Hoods:

The Glebe

TODAY’S FEATURED NEIGHBOURHOOD: New Edinburgh
Why:
Because New Edinburgh has it all, plus houses cachet. Architecturally speaking, much of Ottawa’s history is here. Once modest 19th-century houses sell for half a million and up. Way up. The neighbourhood has far more character than its much pricier neighbor, Rockcliffe, plus top private schools close by, quality shops along Beechwood Avenue, and superb parks along the river and around Rideau Hall. New Edinburgh is equally attractive to young and old. And it’s just a good walk to the Byward Market. Property is priciest on the Rideau Hall side of Dufferin Street. There, the average sale price shot up 27.6 per cent last year to $593,684. Between Dufferin and Beechwood, the average house price has increased 8.1 per cent to$450,677.

Rockcliffe Park


Rothwell Heights

Westboro

Tuesday, August 25, 2009

Steady As She Goes Part 2

Why these five neighborhoods made it through the recession with flying colours and why everyone should keep a close eye on these hot Ottawa areas.

The five Recession Proof Hoods:

TODAY’S FEATURED NEIGHBOURHOOD: The Glebe

Why:
Because by buying in, you get to live among like-minded people in a nice house near the canal, with good shops, schools, and restaurants close by. Sure, Glebites love to complain about how their property taxes keep going up and up. But what do they expect when their property values are always on the rise? Besides, they’re getting a break for the next three years as any increase to their tax share is phased in. Still, buying in is expensive. Average house sale price last year was $555,162 east of Bank Street (up 16 per cent ) and $587,232 west of Bank (up 5.4 per cent).

New Edinburgh
Rockcliffe Park
Rothwell Heights
Westboro

Thursday, August 20, 2009

Steady As She Goes

Why these five neighborhoods made it through the recession with flying colours and why everyone should keep a close eye on these hot Ottawa areas. I will be highlighting a new neighbourhood each day so keep posted!

The Five Recession Proof Hoods:

The Glebe

New Edinburgh

Rockcliffe Park

Rothwell Heights

TODAY’S FEATURED NEIGHBOURHOOD: WESTBORO

Why:

Because it seems that every young, upwardly mobile family that’s not already settled in the Glebe has its sights firmly set on Westboro. It’s chic to shop, hang out, and be seen along Richmond Road near the Newport restaurant. (Less chic, perhaps to be seen inside.) A real estate agent operating in this area, says demand is so high that many are moving farther west to hot spots McKellar Park and Highland Park, where average house sale price last year soared 19 per cent to $544,381. Real estate statisticians lump those two neighbourhoods together. Those are even higher prices than in Westboro itself, where average sale prices last year were still below $500,000.

Put Your Tax Dollars Back Into Your Home

Homeowners who are contemplating renovations have six months left to take advantage of the Home Renovation Tax Credit and save hundreds of dollars on their income taxes, Prime Minister Stephen Harper reminded Canadians today.“There has never been a better time to renovate your home,” said the Prime Minister. “This new tax credit will help homeowners who renovate this year save on their taxes. In addition, these renovations will often lead to reduced energy costs or increases in the value of your home. Best of all, every time Canadians invest in renovations, they are also helping create construction and building-supplies jobs in their local communities.”The Prime Minister visited an Ottawa-area hardware store that is participating in a nationwide campaign to inform Canadians about how to apply for the Home Renovation Tax Credit. Thousands of stores across Canada have already signed up to promote this innovative new tax credit to Canadian consumers.A key component in Canada’s Economic Action Plan, the Home Renovation Tax Credit provides a 15% income tax credit on eligible home renovation expenditures for work performed or goods acquired between January 27, 2009 and February 1, 2010. The credit may be claimed on expenditures exceeding $1,000 but not more than $10,000 and will provide up to $1,350 in tax relief.

For more information on the Home Renovation Tax Credit please visit: http://www.actionplan.gc.ca/eng/media.asp?id=1531.

Monday, August 17, 2009

In Ottawa's condo game, knowing what sells -- and to whom -- can be a mystery

View this great article published in the Ottawa Citizen on Saturday August 15th, where I talk about the current condo market and what's to come in the future.


Big or small? Cheap or pricey? Young or old?
By Patrick Langston, The Ottawa Citizen August 15, 2009

For a town with a reputation for staid predictability, Ottawa is anything but when it comes to the condo market. One minute boomers aren't buying, the next they're tripping over each other to sign on the dotted line.

Ask builders about the much-touted trend to smaller units and they'll nod in agreement before throwing out enough exceptions to fill a gleaming condo tower. Makes you wonder if a Ouija board wouldn't work as well when it comes to defining the market.

We do know condo sales, after a recession-driven slowdown that hit the entire housing market, are healthy. According to the PMA Realty Group, May sales of apartment-style condos represented 12.8 per cent of new home sales, jumping to 13.6 per cent in June. July figures aren't yet available, but builders say they were good. July resales were up a record-breaking 7.6 per cent over 2008, according to the Ottawa Real Estate Board.

Thing is, no one seems to know who's going to be plunking down cash for condos or exactly what designs they'll want.

A recent weekend found empty-nesters surging through the sales office at Ashcroft Homes' 101 Richmond Road project, a chic glass-and-brick building planned in super hot Westboro.

The demographic caught sales representative Patti Bourassa "completely off-guard. Before then, it was nearly all 25 to 35 year-olds," she says. That weekend, boomers were snapping up 1,000-square-foot apartments after months of holding off on condo purchases.

"They know the inventory is limited, and maybe they have realtor friends who are saying, 'Sell your house now for a good price.' "

Boomers were the hardest hit buyer group this winter because their investments deflated and they were seriously afraid prices for their homes were also going to shrink.

The fear factor is gone, says Bourassa. "I heard some of them saying, 'I can't believe the price of condos. If I don't buy now, who knows what will happen in two years?' "

"Sometimes with trends, you try too hard to find the reason," says Ashcroft president David Choo. "There are shifts in the market and there's nothing you can do about it. There's no science about coming to the market; you're not saying, 'I know that's what's required.'"

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Brenda and Ian Miller, longtime Orléans residents and married 48 years, recently bought a 1,000-square-foot corner condo at 101 Richmond Road. At Brenda's urging -- she's known to many as Brenda the Psychic and says she immediately "felt something very strong" about the site -- the couple bought within 20 minutes of entering the presentation centre.

Her husband, a Saskatchewan native now retired from the Royal Canadian Mounted Police, is looking forward to the condo's proximity to bike paths and kayaking opportunities at Meech Lake. As well, he says, "the last few years, I've been missing that village aspect."

The Millers, like the other boomers who have flocked to 101 Richmond, may have been the exception that proves the rule. That rule, says Ron Desjardins, vice-president of PMA Brethour Group, states that young singles and couples, primarily professionals, are the major buyers of condos, mostly smaller ones.

In Ottawa, that trend was ignited a few years ago when Toronto-based Urban Capital Property Group opened the first tower at East Market. The small condos, priced at $99,000, appealed to young, first-time buyers. There are now three towers with mostly modest size units, although there are larger condos with spectacular views of the Ottawa skyline. Urban Capital followed up East Market with the Mondrian, a sleek condo that has risen at the corner of Bank Street and Laurier Avenue and, most recently, Central on Bank Street at Gladstone, a launch that sparked a feeding frenzy of buyers, many of them young.

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Young buyers have been snapping up condos partly because prices have been stable and interest rates low, says Desjardins. Now, like the rest of the market, they're getting even more active. "There's talk that interest rates could see a bump, and they're seeing builders reducing the number of incentives," says Desjardins. "Also, builders discounted units through the winter and now they'll try to recover their margins. Even some drywall and toilet costs are increasing because manufacturers shut plants in the recession and now the inventory is tight.

"(Buyers) are seeing the window of opportunity to get the best deal getting tighter," says the veteran analyst.

Kristina Johnston is one of those young buyers. The 28-year-old, who runs a medical centre, bought an 800-square-foot condo at Westboro Station Phase II on the western edge of Westboro. The building, which will be ready in 2011, is being developed by Ottawa's Bourk Family Developments, and the 800-square-foot apartments were swiftly snapped up, especially by first-time buyers.

"I definitely checked out the condo market in Ottawa," says Johnston, who currently rents in Wellington West. She settled on Westboro Station in part because of the layout and size, and because she likes the neighbourhood's atmosphere and proximity to the Queensway.

But if young, first-time buyers dig Phase II at Westboro Station, which is 55 per cent sold, the average age of buyers in Phase I was reportedly 51. Go figure.

Buyers are all over the map, says Doug Casey, president of Ottawa's Charlesfort Developments. "Small is popular, but large is too. It all depends on the location and quality." Cosy, 460-square-foot condos in Charlesfort's downtown project, Hudson Park II, have sold well, but so have the building's larger apartments.

And, of course, there's the ultra-luxurious Metropole by Minto off Scott Street near Island Park Drive. Opened in 2004, its top-end units run well over 3,000 square feet.

On the other hand, Domicile Developments Inc. had a heck of a time selling its bigger, two-storey condo at G in the Glebe. The company finally chopped the units down and has since sold most of them. Its latest project, Second Avenue West on Bronson Avenue at the western limits of the Glebe, contains more units in the 600-square-foot range.

"It's an affordability issue," says Domicile president John Doran. With construction costs running $400-a-square-foot and more, the only way to keep units affordable is to shrink them. At the same time, Doran says older buyers expect fine finishes, while younger ones look for appliances as part of the package, neither of which comes cheaply. And it seems most buyers are looking for amenities, including exercise rooms, while nobody wants high condo fees.

Just to muddy the picture further, Doran says his company is looking at a Wellington West site where it may ramp up condo sizes again.

When it comes to living small, Ottawa architect Barry Hobin, whose projects include Hudson Park and Westboro Station, says he's seen a downward trend in Ottawa from over roughly 650 square feet to about 550 square feet.

Everything shrinks, he says. "Bedrooms are 10 feet wide instead of 12. The newest trend is that the dining room disappears and instead there's an eating island in the kitchen." Bigger windows and condo-scaled furniture, he adds, can go a long way to creating the illusion of spaciousness.

Ottawa still has a way to go in the incredible shrinking condo game.

Here, says Choo, a 600-square-foot condo would be considered small. In Toronto, it's mid-sized. "The whole condo experience is evolving. Designers are becoming more innovative in how they design small units, and builders are more innovative in how they present them."

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Condo living, big or small, has become stable part of the Ottawa marketplace. Condo sales have represented about 10 per cent of total new home sales during the first six months of each year since 2006, according to the Greater Ottawa Home Builders' Association. Resale figures from the Ottawa Real Estate Board, meanwhile, show condos representing 20 per cent of total home sales this year.

These numbers are radically different from the roughly two per cent of the Ottawa market that Marnie Bennett says condos represented only seven years ago. That's when the Keller Williams Ottawa Realty broker started selling condos here.

"We're not at the peak yet," she says. Case in point: runaway sales when the presentation centre for Mastercraft Starwood's 15-storey SoHo Parkway, planned for the corner of Parkdale Avenue and Scott Street, opened last month. Virtually all of the units, which run from 508 square feet to the $1.2 million, 2,779-square-foot penthouse, are being held in reserve for prospective buyers, Bennett says. She expects the vast majority of the sales will be completed.

"Everyone wants to travel now. We want to be surrounded by the finer things, be pampered and get the lifestyle we couldn't get in a single family home." Buyers, she says, are looking for nine-foot ceilings, marble bathrooms and the like. Ottawa architects and designers, meanwhile, are becoming more sophisticated in response to buyer expectations.

And Ottawa buyers can be a discerning lot, says Bennett. "There's much more informational sales here. People in Ottawa will call city hall and check up on all the little details of a project. We're research geeks."

Thursday, August 13, 2009

Ottawa Housing Market Hits New Heights

Real estate in Ottawa has almost been considered recession proof; it has continued to withstand the recession. Many consumers believe that the worst has subsided and now is a good time to invest and purchase in real estate. The record-low borrowing costs have been a huge factor in the decision making process of many money making hopefuls.

The housing market for example in May 2009 was the fourth consecutive increase in monthly sales. Also the average sale price of a home sold through multiple listing services has reached a new record of $319,757. The Ottawa Real Estate Board reported for the month of July that more than 1577 homes were sold, which was 11.5 % higher than July 2008. Rick Snell, the president of the Ottawa Real Estate Board said that the high demands from consumers combined with low listing inventory is creating a strong seller’s market with multiple offers and increased pricing. The Canadian Real Estate Association states actual sales were up in 14 of the 25 major markets CREA surveys with major markets leading the way. The jump in these sales is a direct reflects as supply is in demand.

Canada’s Economical Growth Expected to Grow in 2010

COUNTRY RANKINGS

Country

Country Ranking in 2008

Country Ranking Expected in 2010

Australia

6

2

Austria

4

6

Belgium

12

4

Canada

11

5

Denmark

5

7

Finland

15

13

France

9

9

Germany

13

14

Ireland

17

17

Italy

16

12

Japan

14

11

Netherlands

3

15

Norway

1

1

Sweden

7

10

Switzerland

2

8

U.K.

10

14

U.S.

8

3

Source: Conference Board of Canada & Canwest News Service

CANADA’S INDICATOR RANKINGS


2008

Expected in 2010

Overall Economy

11

5

Income per capita

8

8

GDP Growth

12

6

Labour Productivity Growth

12

14

Inflation

1 (tie with five countries)

1 (tie with five countries)

Unemployment

11

9

Employment Growth

8

8

Inward FDI performance index

10

3

Outward FDI performance index

9

5

Source: Conference Board of Canada & Canwest News Service