re Residences [101 Queen St] | 17 fl | Completed

[Kitchissippi]

Originally Posted by TOexpat

I'm failing to see why anyone would pay such a premium to live in a complete dead zone. There is nothing happening there after 5 and it is kind of awkwardly in-between the Market and Elgin St. Good luck selling these units!

The people who have the money to drop on these units are not after the kind of "excitement" that the Market or Elgin Street offer. They'll buy there more for the prestige of boasting you have a place a block away from Parliament Hill in line with the Peace Tower.

[McC]

agreed, the relative quiet (for smack downtown) would likely be a plus.

[AuxTown]

Originally Posted by Kitchissippi

The people who have the money to drop on these units are not after the kind of "excitement" that the Market or Elgin Street offer.

I agree. Not quite as dead as Sparks, but one of the best things here at Mondrian is that it really quiets down in the evenings. It doesn't quiet down to the point of being "dead" but it's a nice change of pace from the hussle and bussle of daytime along Bank.

[p_xavier]

Wow, the bathroom is identical to my current appartment one. And I mean identical! There is no way that place is worth 800$ per square feet... Sure it looks modern, but the materials are definitely not top of the line.

[TOexpat]

So Ottawa that the premium is on living in a quiet space. Failing to see the prestige of living on Queen St, which will be quiet because it is empty, except of course for the buses.

People live smack downtown to be able to walk out their front door and be in the middle of a city. There is nothing prestigious about living a few blocks from the Hill in a dead zone; a few people will have the incredible view, but otherwise it is kind of ridiculous. Maybe I am in the wrong demographic (under 40) but I live downtown because I like being downtown.

[ajldub]

Not really particular to Ottawa at all. The Ritz-Carlton Toronto and Trump Toronto are both being built on streets that are pretty much dead after 6 pm. It's just what happens when you build residential in a very commercial neighborhood.

PS. I doubt this puppy makes it to shovel. I could be wrong though.

[harls]

I think the premium has more to do with living so close to Parliament than anything. along the same line of thinking...does anyone know how much it costs to rent office space that close to the Hill? it must be outrageous.

maybe being steps from a future subway line is added into the equation too..

[McC]

@TOexpat: recommend you pause for a moment and consider that different people can have different motivations and desires animating their decisions.

All the factors that you cited as "kind of ridiculous" sound to me like they'd be major premiums for, let's say an empty-nester DM couple, or a top-drawer lobbyist (or lobbying firm/association, to make the unit available to their executives when they're in Ottawa): they're in their early sixties, and their money is relatively cheap and their time is very expensive; they don't want maintenance, they don't want to commute; they do want a short walk to restaurants, the NAC and the market, but they really don't want noisy nights or vagrants on site... sounds like this place fits the bill perfectly!

[p_xavier]

Originally Posted by McC

@TOexpat: recommend you pause for a moment and consider that different people can have different motivations and desires animating their decisions.

All the factors that you cited as "kind of ridiculous" sound to me like they'd be major premiums for, let's say an empty-nester DM couple, or a top-drawer lobbyist (or lobbying firm/association, to make the unit available to their executives when they're in Ottawa): they're in their early sixties, and their money is relatively cheap and their time is very expensive; they don't want maintenance, they don't want to commute; they do want a short walk to restaurants, the NAC and the market, but they really don't want noisy nights or vagrants on site... sounds like this place fits the bill perfectly!

Yes, but to pay 400k$ to save one block of walking is ridiculous. The Ritz and Trump tower have prestigious finishings, not so much, if not at all for this building.

[phil235]

Originally Posted by TOexpat

So Ottawa that the premium is on living in a quiet space. Failing to see the prestige of living on Queen St, which will be quiet because it is empty, except of course for the buses.

People live smack downtown to be able to walk out their front door and be in the middle of a city. There is nothing prestigious about living a few blocks from the Hill in a dead zone; a few people will have the incredible view, but otherwise it is kind of ridiculous. Maybe I am in the wrong demographic (under 40) but I live downtown because I like being downtown.

It's not exactly a long walk from there to the Market or Elgin Street, and for many it could also be a very short walk to work. Seems pretty centrally located to me.

P.S. Queen St. isn't a major bus route.

[TOexpat]

Sorry, right about the bus route. I also take the point about the empty nesters. My point about the location is that it is sort of a dead zone and this will not appeal to young professionals who are the target market for the many one-bedrooms in this building. I just don't think you'll find many takers for that price in that location. I actually have three good friends right now who are looking for their first condos and have big downpayments (i.e. the target market for this building) and they will only live in the market. I think for most youngish people if you live downtown you want to live in the heart of downtown, which is why for example that Midtown East in NY is considered lame - good location in theory but lame. Same thing for this area, it is very close to a lot of good things, but there isn't much in the immediate vicinity. Sure everything is within a ten-fifteen minute walk, but for younger people when you live downtown you want to be smack downtown and have everything out your front door or literally around the corner, which is why every one-bedroom in the market gets snatched up after being on the market for a day. I'm on Sussex and I love that I can pop out my door and have a pick of ten decent restaurants within a five minute walk (especially when it's minus 20 out!).

It is great to see a development like this that would breathe life into that area, but just a little sceptical that you'll find many people willing to pay $500,000 (??) for a 600sqf condo overlooking Queen St.

[McC]

@TOexpat, again, as I said, I don't think "most youngish people" is the target market for this building, just the opposite.

[kwoldtimer]

Originally Posted by McC

@TOexpat, again, as I said, I don't think "most youngish people" is the target market for this building, just the opposite.

Indeed, if you recall the recurring Mercedes references in the early marketing, the target market seemed more geriatric than youthful. Although I think anyone who would narrow their search for a home to the Market rather than looking ten or fifteen minutes walk further afield (east, south or west) is doing themselves a disservice.

[Ottawan]

Originally Posted by kwoldtimer

Indeed, if you recall the recurring Mercedes references in the early marketing, the target market seemed more geriatric than youthful. Although I think anyone who would narrow their search for a home to the Market rather than looking ten or fifteen minutes walk further afield (east, south or west) is doing themselves a disservice.

I definitely fit in the 'young professional' group, and if I had the money, I would buy here in a second. Why? Less than five minutes to work, and because I'm not geriatric and so don't mind a very short walk, the fact that I'm centrally located in between the three most vibrant downtown areas (Elgin, the Market, Bank Street) is ideal. The views would quite simply be the best in the entire city (if you can face North).

Additionally, I would be happy to lead the charge to reinvigorate Sparks.

Of course, I don't have the money...

[kwoldtimer]

Originally Posted by Ottawan

...............

Of course, I don't have the money...

Oh well, give it a year and prices may be much more attractive!

[Skipper]

It looks like this "exclusive building" has made itself an image too exclusive for most of the people who can afford it. I'm sorry but when we bought a house that cost more than the average condo in this tower, I didn't need to get a "private appointment" nor did I need to see a Mercedes parked in the sales office along with a senator at the launch!

[gjhall]

Last I heard they were at 30 or 35%.

[kevinbottawa]

When I went to one of those Wednesday open houses they said they were planning to start construction in January and that a Pusateri's type of store would be in the ground level commercial space on Sparks Street. Maybe January is wishful thinking.

[reidjr]

Does anyone think this we really be built or is just a dream at this point.

[Ottawan]

Originally Posted by reidjr

Does anyone think this we really be built or is just a dream at this point.

I think it's fairly obvious that this will be built. Delayed, perhaps, but with support of the NCC, Council, all planning hurdles passed, already 30% sold (remember that it takes longer to sell units to the ultra-high-end market), and the sheer value of the location, there is no doubt it will be built.