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  #41  
Old Posted Jul 25, 2009, 2:08 AM
Proof Sheet Proof Sheet is offline
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Hmm, for a company that has apparently been around for 50 years, Mastercraft Starwood, I for one have never heard of them...did they go under a different name in the past or is this a shell game.
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  #42  
Old Posted Jul 31, 2009, 4:11 PM
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Does anyone have a price list from the launch that they can post?
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  #43  
Old Posted Aug 1, 2009, 1:52 PM
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What recession?
Buying 'frenzy' breaks out for SoHo luxury condos off Parkdale Avenue

By Laura Payton, The Ottawa Citizen, August 1, 2009


At a glass sales centre on the western edge of Hintonburg, it seems the recession is over.

It was a buying frenzy last week as one of Canada's top designers and a veteran Ottawa developer combined forces to launch a 15-storey glass and brick tower at the corner of Parkdale Avenue and Scott Street.

The SoHo Parkway sales team sold 75 condos in two hours last Wednesday -- five more than they had planned to release during the "soft opening" to buyers who had registered for a first look at plans in the tower.

Now they're considering whether to offer up another 24 condos on three floors that were originally intended to be long-term rentals.

"I've never seen this. It was a frenzy," says Marnie Bennett, who's handling real estate sales for the building. Bennett's been in the business for 27 years and says while she remembers a few other condo locations with strong launches, the SoHo did $28 million of sales in two hours.

The SoHo is unique in Ottawa -- while construction hasn't started yet, the idea is to have a concierge, maid and room services available for residents. Plans also include a private theatre, executive boardroom and gym. And for post-meeting relaxing? A rooftop barbecue, patio, kitchen and solar-powered hot tub.

One buyer says the building's location and design innovation drew her to it. She says she also considered its potential resale value.

"The services and other amenities included with it were very appealing, and the prices were pretty reasonable also," says Joy Morgan, 31, who works in the social services field.

"We don't have the logistics of everything, but ... I have enough faith in what's happening and how they're managing everything that it would turn out to be phenomenal."

At the sales centre, the model kitchen and bathroom are enough to make most buyers swoon.

Marble floors and countertops and rainshower heads are standard (with an optional TV projected onto the bathroom mirror, at a cost of about $1,500), lacquered cabinetry in the kitchen sits under heat- and stain-proof Caesarstone countertops -- also standard -- with high-end European appliances and glass tile backsplashes.

The building is to be managed by Toronto's SoHo Metropolitan, a luxury hotel that includes residences.

Developed by Ottawa-based Mastercraft Starwood, the building is designed by Brian Gluckstein, who is the designer behind the Four Seasons and Windsor Arms hotels in Toronto, and the Four Seasons in Palm Beach. He also designs bedding and accessories for the Bay and is a regular magazine contributor.

A spokesman for Starwood says developer Bruce Greenberg is familiar with the Ottawa market, with the company having been based here since the 1950s.

"We studied the market and found most of the condominium projects are very typical, and we wanted to sort of introduce the SoHo hotel lifestyle to Ottawa," says Danny See. "We felt that Ottawa definitely has the demographic to appreciate this kind of product."

Construction is set to begin next spring, with a projected move-in date in the winter of 2011.

Prices start at $223,900 for a 508-square foot, one-bedroom, without a balcony.

Owners of the smaller units don't have the option of buying a parking spot, although plans include room for three car-sharing spots.

A 2,779-square-foot penthouse with two bedrooms, three bathrooms, multiple walk-in closets and living rooms, and a 190-square-foot balcony is priced at $1.2 million. All condos feature floor-to-ceiling windows, although some apartments have windows only in living rooms. At $0.33 per square foot, condo fees range from $167 a month in the smallest unit to $917 for the penthouse, not including hydro. Parking, at $29,500, will cost about the same as it would in a downtown building.

Starwood has plans to develop more luxury condominiums in Ottawa.

"We are confident that Ottawa has the market for buildings with great design and extraordinary services that the builder is capable to provide," says See, while declining to name a specific location. "We are actively looking at development opportunities."

June housing sales were on the increase in Ottawa, with the condo apartment market up 23.8 per cent over the previous month.

Average prices for condos in Ottawa were up 8.3 per cent, according to a report prepared by CRG Consulting for the Greater Ottawa Homebuilders' Association.

More information: sohoparkway.com

© Copyright (c) The Ottawa Citizen

http://www.ottawacitizen.com/What+re...521/story.html
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  #44  
Old Posted Aug 10, 2009, 7:38 PM
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Waiting to see if they post up any kinda sales percentages outside of the presentation centre...
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  #45  
Old Posted Aug 14, 2009, 12:00 AM
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The Soho Parkway website was updated today:
http://www.sohoparkway.com

It now includes floorplans and this new rendering:

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  #46  
Old Posted Aug 14, 2009, 9:14 AM
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Pretty plain, but not utterly ugly.

The name bugs me though.. is "parkway" used in other residential buildings? I've never heard it before in that respect.
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  #47  
Old Posted Aug 14, 2009, 12:24 PM
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The upper units are actually kinda large for such a small building...not bad..
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  #48  
Old Posted Aug 14, 2009, 7:27 PM
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Arriving at this thread late.... obscure historical sidebar: The Strand condos were originally called The Soho, until someone (presumably Mastercraft Starwood or whomever holds the Soho brand) threatened legal action.
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  #49  
Old Posted Aug 14, 2009, 8:06 PM
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I wonder if they use the Parkdale market as a selling point for this place, seeing as it's slightly closer than the Rideau Canal.
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  #50  
Old Posted Aug 14, 2009, 8:19 PM
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I find the floor plans in this building are excellent. Even the smallest apartments have entrance foyers. You don't just barge into your living room, a common design in too many condos and one that never really gives you any sense of arrival into a home.
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  #51  
Old Posted Aug 21, 2009, 4:44 AM
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I am considering buying a one bedroom, east facing unit with a balcony in this condo building. What are your thoughts? You guys have a lot more knowledge than most people.

I really like the builder and design/amenities of the project, but I am uncertain regarding the area (mechanicsville/hintonburg) and the fact that it will be between two apartment buildings. Do you guys think this will be a good investment in a couple of years? What sort of price appreciation has there been in this area? Would I be better off buying more in the downtown area? I would likely not be living here, but either renting it or selling it shortly after completion (should I proceed with purchasing it). I look forward to your comments.

Thanks!
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  #52  
Old Posted Aug 21, 2009, 12:35 PM
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Quote:
Originally Posted by Rokko View Post
I am considering buying a one bedroom, east facing unit with a balcony in this condo building. What are your thoughts? You guys have a lot more knowledge than most people.

I really like the builder and design/amenities of the project, but I am uncertain regarding the area (mechanicsville/hintonburg) and the fact that it will be between two apartment buildings. Do you guys think this will be a good investment in a couple of years? What sort of price appreciation has there been in this area? Would I be better off buying more in the downtown area? I would likely not be living here, but either renting it or selling it shortly after completion (should I proceed with purchasing it). I look forward to your comments.

Thanks!

With real estate fees, land transfer tax, and legal fees in my opinion it will be very hard to make much money in Ottawa selling a condo right after completion (It's not 2004 anymore).

As for renting it depends on the area. The Market is the hottest rental area but there is also more rental competition. You should check out comparable rents in the area ,although this building will likely take rental rates to a whole new level for that area.
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  #53  
Old Posted Aug 22, 2009, 4:20 PM
CondoGirl CondoGirl is offline
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Quote:
Originally Posted by Rokko View Post
I am considering buying a one bedroom, east facing unit with a balcony in this condo building. What are your thoughts? You guys have a lot more knowledge than most people.

I really like the builder and design/amenities of the project, but I am uncertain regarding the area (mechanicsville/hintonburg) and the fact that it will be between two apartment buildings. Do you guys think this will be a good investment in a couple of years? What sort of price appreciation has there been in this area? Would I be better off buying more in the downtown area? I would likely not be living here, but either renting it or selling it shortly after completion (should I proceed with purchasing it). I look forward to your comments.

Thanks!
I know of one investor who has purchased 5 units in the building and I expect s/he will do very well. Condo prices in the neighbourhood have been climbing steadily, with 2-bedrooms at Holland Cross now pushing towards $300K as well as Parkdale Terrace next door -- and these are both ~20 year old projects. There is no question that the area is in high demand but most condos are either older or fairly pricey for the size (ie. Bridgehead building).

With regards to renting, there is usually no problem finding good tenants and I'd estimate that 30-40% of the units in both Holland Cross and Parkdale Terrace are rentals, majority of them to public servants at Tunney's Pasture. To give you an idea about rents, a 2-bedroom/2-bath at 215 Parkdale is currently around $1600-1800/mth. How much higher people will pay for a luxury rental in this location is anybody's guess.

In terms of making a profit by selling after completion, this isn't Vancouver so I wouldn't expect to make a killing, but I think there will be a decent ROI, comparable to what I've seen people make at Claridge Plaza I this past year, ~15-20%.

But YMMV...!
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  #54  
Old Posted Aug 24, 2009, 2:44 PM
Rokko Rokko is offline
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Thank you both for your input. I look forward to other comments.
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  #55  
Old Posted Aug 24, 2009, 3:17 PM
YOWetal YOWetal is offline
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Quote:
Originally Posted by CondoGirl View Post

In terms of making a profit by selling after completion, this isn't Vancouver so I wouldn't expect to make a killing, but I think there will be a decent ROI, comparable to what I've seen people make at Claridge Plaza I this past year, ~15-20%.

But YMMV...!
You also won't lose 100% + of you investment as many in Vancouver have.

Despite their bad rep on this forum Claridge buyers do seem to do well on resale.
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  #56  
Old Posted Aug 27, 2009, 10:40 PM
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Originally Posted by YOWetal View Post
You also won't lose 100% + of you investment as many in Vancouver have.

Despite their bad rep on this forum Claridge buyers do seem to do well on resale.
Actually, Claridge buyers easily do the best on resale out of all the major builders in Ottawa. Say what you will about Claridge's shoddy workmanship, they nonetheless have a knack for nailing it square on the head in terms of location and price so their condos do very well in the resale market, selling fast to the 25-35 demographic, buyers more interested in location and convenience than building aesthetic and proper interior finishing.
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  #57  
Old Posted Aug 28, 2009, 12:33 AM
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Originally Posted by CondoGirl View Post
Actually, Claridge buyers easily do the best on resale out of all the major builders in Ottawa. .......
Basis?
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  #58  
Old Posted Aug 28, 2009, 2:23 AM
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Originally Posted by kwoldtimer View Post
Basis?
Subtracting the original purchase price from the resale price and dividing the original price by the difference.
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  #59  
Old Posted Sep 13, 2009, 1:35 PM
rakerman rakerman is offline
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There's a full-page age for the SoHo Parkway on page A12 of the Saturday Citizen. "$219,000 to $1.2 million"

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  #60  
Old Posted Sep 17, 2009, 1:16 AM
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Wow that's expensive...

Perhaps the misses and I SHOULD entertain looking at properties in Hintonburg and Mechanicsville afterall...we'd hopefully make a small profit on a place if this area of the city keeps being developed...
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