Central Phase One and Phase Two Floor Plans

With the first phase of Central by Urban Capital nearing completion at the corner of Bank and Gladstone and the launch of phase three quickly approaching this fall,  I thought that I would post the remaining floor plans for phases one and two.  I feel that the Via Spiga floor plan in phase two is maybe the best buy in the city right now for its size and price point.  For more details on pricing and availability please send me an email to tyler@bennettpros.com

Phase One

            

      

Phase Two

            

            






What can you get for $1,000,000….?

There are currently 62 listings right now in Ottawa that are between $985,000 and $1,400,000.  A $1,000,000 house would cost you  roughly $3786.00 a month in mortgage alone. Here are some examples.  For a complete list of million dollar listings, just send me an email.  Click on each address for more information and additional pictures of these listings.

14 Powell Ave – $1,395,00

241 Glebe Ave – $1,375,000

267 Kirchoffer Ave – $1,200,000

1023 Tomkins Farm Cres – $985,000

Awesome New Project – Cathedral Hill

Cathedral Hill will lay claim to some of the best views of the Ottawa River and Gatineau Hills that Ottawa has to offer.  Its ideal location will alow its residents to walk to Parliament Hill and everything else downtown Ottawa has to offer.

What: A 12 storey office building, a 21 storey residential tower and a minimum of 8 high-end town homes

Where:  The corner of Bronson and Queen – Christ Church Anglican Cathedral

Who: Windmill Developments, the lead partner in the joint venture along with ONE Development, is Canada’s premier developer of sustainable communities, having completed projects such as Dockside Green and the Currents (located at Holland and Wellington above the Great Canadian Theatre Company) to a LEED Platinum standard.  Cathedral Hill will continue that commitment to sustainability with a design that provides superior energy performance, water conservation, enhanced comfort and a healthier indoor environment.

When: Launching Mid-September (I would estimate completion to be end of 2014 and into 2015)

For more information or to be registered for the launch of Cathedral Hill, send me an email with you contact information to tyler@bennettpros.com.

June In Review

Members of the Ottawa Real Estate Board sold 1,712 residential properties in June through the Board’s Multiple Listing Service® system compared with 1,543 in June 2010, an increase of 11 per cent. The five-year average for June sales is 1,695.

Of those sales, 378 were in the condominium property class, while 1,334 were in the residential property class. The condominium property class
includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties, which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“It’s obvious that the dream of home ownership is alive and well in Ottawa, with solid sales numbers like these. First-time buyers are out in the market in a big way, due to continued low interest rates, and after last year’s HST-affected spring, we’re seeing a return to what the June resale market usually looks like in Ottawa,” said Board President Joanne Tibbles.

The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $353,560, an increase of 8 per cent over June 2010. The average sale price for a condominium-class property was $275,996, an increase of 9.6 per cent over June 2010. The average sale price of a residential-class property was $375,539, an increase of 7.3 per cent over June 2010. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

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Just Listed – 2126 Rice Ave – $549,900

Gorgeous and charming sun filled home located seconds from the Ottawa River.  This four bedroom, two bathroom plus loft includes deep baseboards, original refinished hardwood, high ceilings, open concept living, and large yard with pool.   The cozy main floor family room has a gas fireplace and side entrance.  Bike and walking path located just across the street.  Walk to the beach.  Turn this into your dream home today!  For more pictures and additional information click here.

 

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$100 Moxie’s Gift Card Winner

Today was the day where the winner of the $100 Moxie’s Gift Card was chosen.  Marnie Bennett herself joined me to draw the lucky name.  Thank you very much to those who have subscribed to my blog.  For those who haven’t, stay tuned for more information on the next one.  Watch the video to find out who won!

Can’t We Just Arm Wrestle for the Difference?

        At some point during the negotiation process when buying or selling a home, the buyer and seller will get to a point where neither side wants to give an inch. Of course the seller doesn’t want to feel like they have left money on the table and the buyer doesn’t want to feel like they have over paid.  Money is money and for the majority of us $5000 is a lot of money, I know it is for me.  What I want to do is give you a quick example of how by “over paying” $5000 will really at the end of the day, have a negligible effect on your over all investment.       Scenario: A first time buyer is looking to purchase a brand new condo.  The unit is built but has never been lived in.  The seller purchased the unit through the  builder at the pre-construction stage and has now decided to sell.  The builder is selling their remaining units at $388.41/sqft (the average new construction condo will sell for $465/sqft), plus $30,000 for underground parking and a floor premium of $3000 minimum per floor.  There is a comparable unit on the third floor so we will add $6000 in floor premiums. The unit you are looking at is 834sqft, on  the fifth floor, with south and west views.  If we use those numbers to come to a price, we get:

834 (sqft) x 388.41 ($/sqft) = $323,939

$323,939 + $30,000 (parking) = $353,939

$353,939 + $6000 (floor premium) = $359,939

      So for argument sake, we will say that the market value of the condo is $359,939, which is almost unheard of for a condo like this. The seller originally had the condo listed at $374,900 and has dropped the price through negotiations to $365,000.  The buyer is only willing to pay $360,000.  For the seller to drop the price again by $5000 is a lot harder for the seller to do than it is for the buyer to come up.  The seller is literally giving up $5000 of profit immediately, while the buyer can pay that $5000 over 25-30 years.  Your monthly payment on $360,000 at 3% over 25 years will be $1618/month assuming 5% down.  A $365,000 mortgage at the same rate, amortization period and down payment, will cost you $1641/month, a difference of $23 a month.  I get that $23 is $23 but over the year, that unit will appreciate $21,600 if you use the Ottawa average rate of appreciation of 6% a year.  In one year you will pay an extra $276 for the unit if you paid the extra $5000, however your unit will be worth $21,600 more, giving you a yearly profit of $21,324.

       At the end of the day of course money is money, but you will make up that extra $5000 in the first three months of living there.  So are you really going to lose your perfect home for $5000?