The Strand Condos at 429 Somerset Street

[ggb]

Helle everyone! I'm a first time buyer and I've perused this forum for quite a while.

I'm looking at buying a condo and the building at 429 Somerset, The Strand, intrigues me. Does anybody have an opinion on this building?

People who've lived there, how did you like it?
Are there any pertinent issues to be made aware of (e.g. lawsuit, etc...)?

Thanks

[McKellarDweller]

Originally Posted by ggb

Does anybody have an opinion on this building?

I am quite familiar with the building, due to my career in real estate, and have been it a few times on top of walking by it frequently and it coming up in MLS searches.

This building is a good way to buy into a downtown location and get a spacious unit at a low price per square foot, and relatively low condo fees. The trade off is that the finishes on the interior are very basic, and the exterior design is substandard. I asked a few family and friends what they would think if I bought in here when we are walking or driving by, and the feedback I got was not good. The building was opened in downtown Ottawa in 2004ish, and looks like it dates to early 1990s in a cheap northeast Toronto suburb. In addition, units on the north side have no views, and among the lowest natural light you'll find downtown - suitable more for investor/tenants than an owner occupant.

If aesthetics aren't a concern, it's hard to beat the $/SF of units in this building.

[1overcosc]

If it dates back to 2004ish, wouldn't the condo fees start creeping up by now to pay for repairs? Unless this condo board is one of the few who actually bothered to properly save up for future expenses. For stuff being built now this is a lot less of an issue as the laws are much stricter on this, but back in 2004 the laws were very lax.

[AiRON]

I have owned and lived at The Strand for almost two years now after moving from a condo building (Plaza 2) in the market. I have few complaints and like it a lot more than my old building despite that one being newer and having all the bells and whistles.

The Strand has spacious units, low condo fees (per sq ft), reasonable rules, friendly residents and a great staff. (all of which cannot be said of Plaza 2) I also much prefer the location. It is true that the unit interiors are a bit dated and there are few amenities - neither bothers me much personally. I live on the south side so have no issues with the amount of natural light.

The Condo Act of Ontario came into force in 2001 so there is less to worry about in terms of financials in buildings built after that. Nevertheless, every building has issues at one point or another. I like to play it safe and have some money squirreled away in case anything major arises.

All I can say is figure out what is important to you and find a building that suits you. The Strand offered me a second bedroom, a second bathroom, a parking space and a better location for the price of my other condo. No regrets and would definitely recommend it. Good luck!

[mc_ottawa]

Originally Posted by AiRON

I have owned and lived at The Strand for almost two years now after moving from a condo building (Plaza 2) in the market. I have few complaints and like it a lot more than my old building despite that one being newer and having all the bells and whistles.

The Strand has spacious units, low condo fees (per sq ft), reasonable rules, friendly residents and a great staff. (all of which cannot be said of Plaza 2) I also much prefer the location. It is true that the unit interiors are a bit dated and there are few amenities - neither bothers me much personally. I live on the south side so have no issues with the amount of natural light.

The Condo Act of Ontario came into force in 2001 so there is less to worry about in terms of financials in buildings built after that. Nevertheless, every building has issues at one point or another. I like to play it safe and have some money squirreled away in case anything major arises.

All I can say is figure out what is important to you and find a building that suits you. The Strand offered me a second bedroom, a second bathroom, a parking space and a better location for the price of my other condo. No regrets and would definitely recommend it. Good luck!

Thanks for the good summary of your experience thus far with the building. Do you notice any major road noise? I suppose that is pretty arbitrary, but I would imagine Kent being quite busy during the rush hour, and much quieter otherwise?

I noticed that the condo fees seem quite fair. Any idea of there are re-assessments on the horizon, or whether the board seems to be properly managed?

[1overcosc]

Originally Posted by mc_ottawa

Do you notice any major road noise? I suppose that is pretty arbitrary, but I would imagine Kent being quite busy during the rush hour, and much quieter otherwise?

Road noise is not generally something to worry about. Because it's mostly white noise, most people will just get used to it after a while even if it's loud.

[2ndAveWest]

Does anyone have any more information about the LAT Hearing against Tarion? I am interested in one of the units but has concerns about this. Also, anyone is aware of any major repairs coming up?

Thanks.

[NicoM]

Hello. I am looking to buy an unit at 429 Somerset (November 2019), but my realtor told me that there is an assessment coming over that can potentially make owners to pay extra to fix some building issues. The unit I am looking at, was conditionally sold, now is back on the market, apparently the previous offer fell through because the bank could insure a mortgage.. So, I went by the building until I managed to speak with a resident. They have insulation issue in the building, but this person didn't know how much will it be. My question goes for a resident in this building or a person who knows about it: How much each owner will be paying? Did you hear anything about it? usually on condo meetings, owners hear something?? how much will it be (aprox) /// I don't want to make an offer, and then pay 5K or 15 K etc., for repairs... I like thee unit, but I am very concerned about it.

[MattRichling]

Originally Posted by NicoM

Hello. I am looking to buy an unit at 429 Somerset (November 2019), but my realtor told me that there is an assessment coming over that can potentially make owners to pay extra to fix some building issues. The unit I am looking at, was conditionally sold, now is back on the market, apparently, the previous offer fell through because the bank could insure a mortgage.. So, I went by the building until I managed to speak with a resident. They have insulation issue in the building, but this person didn't know how much will it be. My question goes for a resident in this building or a person who knows about it: How much each owner will be paying? Did you hear anything about it? usually on condo meetings, owners hear something?? how much will it be (aprox) /// I don't want to make an offer, and then pay 5K or 15 K etc., for repairs... I like thee unit, but I am very concerned about it.

Best to speak with your agent and lawyer - ask about holdback clauses and status conditions. The best information comes from the status certificate and then property manager (who often still won't know concrete numbers unless they are concrete). Most owners won't know until anything until numbers are official. That being said... Word is that the condo corp "won" and there is a settlement that benefits the condo corp. Keep in mind that listing was a PB listing that banks treat like a for sale by owner so more stringent and can be harder to finance. That being said, it had three offers as of yesterday morning and they have now conditional sold again after countering. We had a deal in the building two weeks ago that the lawyers approved the status certificate with no issues.

[kwoldtimer]

Originally Posted by MattRichling

Best to speak with your agent and lawyer - ask about holdback clauses and status conditions. The best information comes from the status certificate and then property manager (who often still won't know concrete numbers unless they are concrete). Most owners won't know until anything until numbers are official. That being said... Word is that the condo corp "won" and there is a settlement that benefits the condo corp. Keep in mind that listing was a PB listing that banks treat like a for sale by owner so more stringent and can be harder to finance. That being said, it had three offers as of yesterday morning and they have now conditional sold again after countering. We had a deal in the building two weeks ago that the lawyers approved the status certificate with no issues.

Would the status certificate show any information about a pending special assessment that has not yet been defined/quantified?

[trhgr]

Originally Posted by kwoldtimer

Would the status certificate show any information about a pending special assessment that has not yet been defined/quantified?

Probably not before a special contribution is approved by the board.

[MattRichling]

If there is a pending special assessment, or if they (condo corp/property manager) are aware that one is coming and are unsure of the amount, then they are still responsible to include that in the status certificate. We see it often "pending/possible/etc." This is usually worse since rough costs can vary by large amounts, making it difficult to have both sides agree on a number.