eco-cite on the canal | 5 fl | u/c

[AuxTown]

It can't be zero as I've seen stuff and even people in a couple of the windows of this building. Nonetheless, the majority of the building looks pretty damn empty.

[c_speed3108]

Originally Posted by O-Town Hockey

It can't be zero as I've seen stuff and even people in a couple of the windows of this building. Nonetheless, the majority of the building looks pretty damn empty.

At present 24 units are listed on MLS. I have seem some docs that say the building had 25 others which say 24.

You might have seen people on showings.

The other problems with this is who wants to live in an empty condo building.

It might be advisable for them to rent out at least some of the units and take them off the market. Work on getting the a few sold and gradually build sales momentum.

[c_speed3108]

I was never this building on the weekend (Gee-Gees game). It looks so weird seeing this empty condo.

I see on MLS there are still 22 units for sale. Some of the prices might have dropped - although I am not certain.

One thing is certain - we won't see another bank pull this sort of thing again.

I also just noticed in the city of Ottawa emap that a condo has also not been registered...making these really hard to sell.

[AuxTown]

Originally Posted by c_speed3108

I was never this building on the weekend (Gee-Gees game). It looks so weird seeing this empty condo.

I see on MLS there are still 22 units for sale. Some of the prices might have dropped - although I am not certain.

One thing is certain - we won't see another bank pull this sort of thing again.

I also just noticed in the city of Ottawa emap that a condo has also not been registered...making these really hard to sell.

They can't register a condo until something like 80% of the building is occupied. Mondrian started move-in August 2009 and didn't register until January 2010.

[c_speed3108]

Originally Posted by O-Town Hockey

They can't register a condo until something like 80% of the building is occupied. Mondrian started move-in August 2009 and didn't register until January 2010.

I had never heard of that rule. I had only heard you need 80% to build. I can't see why the city would care if units are occupied..as long as they collect their taxes :-)

Some of the rental companies are actually registering as condos now (but not selling off units) to save on taxes and give them options later one.


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Edit. I just peaked at the condo act. There does not appear to be any occupancy requirements wrt registration/creation of a condo. The act seems more concerned that things are completed enough that surveys and shares of the corporation can be specified accurately....so things like final dimensions can be determined.

So in short it is substantial completion that is the issue rather than occupancy...although they do clearly relate.

I suspect they don't want to register eco-cite since once they do they would have to charge themselves condo fees and fund a reserve fund as per a reserve fund study...the whole 9 yards. And if they decided to sell the whole place off to become a higher end rental they would have to go through terminating the condo corp. They are probably keeping there options open.

[nredding]

The number of units for sale on MLS has just dropped from 22 to 21. Maybe they sold one!

[umbria27]

I toured the building a couple of months ago and wasn't impressed with the value for money. The units I saw were weirdly shaped. The fit and finish was less than stellar - air pockets under the laminate floor, cheap kitchen cupboards. While I appreciate energy efficiency, I couldn't live in an apartment where the windows don't open. I think they missed their market for this location. The views are first class. They could have done fewer, larger units and gone for a luxury market.

[Mille Sabords]

This one should be marked as "Completed".

[AuxTown]

Originally Posted by Mille Sabords

This one should be marked as "Completed".

Can we change that to "Abandoned"?

[nredding]

It looks like the realtor is having another go at this building. The signs outside have been refreshed and now have white and green letters on a black background.

There is a price list available showing that 5 units are sold and 1 has been conditionally sold. The prices don't seem to have changed in the past year.

PDF price list

I think one problem with this condo is that the units are too large. If you look at the other new condos going up downtown, most of the units are quite small (500-600 sq ft), whereas the Ecocite units are mostly larger. 3 of the 6 smaller units (500-600 sq ft) have been sold but only 3 (1 conditionally) of the 19 larger (1000-1700 sq ft) units have been sold.

Finally, if you want to live in this building but don't want to buy, one of the smaller units is available for rent at $1350/ month furnished, which seems like a better deal than buying (though still expensive for a small apartment in the Glebe).

Eco-loft listing

[nredding]

" one of the smaller units is available for rent at $1350/ month furnished'

Currently reduced to $950/month.

http://ottawa.en.craigslist.ca/apa/2159774417.html

[osirisboy]

lol well Id barely call that furnished but that seems really cheap.

[gjhall]

Originally Posted by osirisboy

lol well Id barely call that furnished but that seems really cheap.

Listing says it even includes kitchenware so not sure what else you would include...

[c_speed3108]

I agree the furnishing is pretty sparse looking. They appear to be more of an attempt to justify the overly high price.

1350 was a joke!

$950 is still a rip-off for a bachelor - furnished or not.

[kwoldtimer]

Originally Posted by c_speed3108

I agree the furnishing is pretty sparse looking. They appear to be more of an attempt to justify the overly high price.

1350 was a joke!

$950 is still a rip-off for a bachelor - furnished or not.

Just because that's what they are asking doesn't mean that that's what they will get. It always surprises me that people aren't more aggressive in negotiating rents.

[c_speed3108]

Originally Posted by kwoldtimer

Just because that's what they are asking doesn't mean that that's what they will get. It always surprises me that people aren't more aggressive in negotiating rents.

That is true but apartment hunting is very time consuming and you never really know how negotiable someone is so people won't waste time. We also live in the world of web search ranges so if someone is say looking for max 900 and the post says 950 but the poster is willing to take 900 the shopper will never see the listing.

Also a really high price (like the 1350 one) tends to make one believe that the poster is trying squeeze out every cent and is not likely as willing to come down (particularly drastically)....or that they are unfamiliar with the market prices (which for a bachelor is generally sub 850 even for a nice well located one)

Many of the same issues apply to selling properties as well. The lower price will get the interest.

[YOWetal]

Originally Posted by c_speed3108

That is true but apartment hunting is very time consuming and you never really know how negotiable someone is so people won't waste time. We also live in the world of web search ranges so if someone is say looking for max 900 and the post says 950 but the poster is willing to take 900 the shopper will never see the listing.

Also a really high price (like the 1350 one) tends to make one believe that the poster is trying squeeze out every cent and is not likely as willing to come down (particularly drastically)....or that they are unfamiliar with the market prices (which for a bachelor is generally sub 850 even for a nice well located one)

Many of the same issues apply to selling properties as well. The lower price will get the interest.

Actually there are quite a few well appointed and well located "studio" apartments that rent well above $1350. Granted, Ecocite probably doesn't qualify on either count.

[AuxTown]

I think $950/month is a great deal for a brand new apartment in a very desirable central Ottawa neighbourhood. Obviously only room for one person in such a small place, but I've seen some really great bachelors once decorated and furnished properly.

[nredding]

I was walking past this building today and two men in a hydraulic bucket were cleaning the exterior windows. So they are still keeping up appearances despite still having 19 of 25 units unsold.

[reidjr]

Originally Posted by nredding

I was walking past this building today and two men in a hydraulic bucket were cleaning the exterior windows. So they are still keeping up appearances despite still having 19 of 25 units unsold.

Is there a reason so few units are sold?