Central | ?m | 9 fl | U/C - Page 5

Ottawade · #81 Posted: **Mar 28, 2008, 12:39 PM**

Well according to the invites the floorplans were $5-10 / sqrft less than what the rest of the public will be offered and a lot of people were afraid the units they would like will be gone while they sit and consider it. The model I wanted the most only had 2 units and I'm pretty sure they were both accounted for by the time I walked out of there. Last night was kinda special, its not like 100% of the people putting money down will actually buy. Most of the people there were real estate agents or resellers. You only had to plunk down $2500 and you have a 10 day cooling off period so if you were generally interested it was probably worth putting down $2500 and thinking about it for 10 days or putting down $2500 and trying to sell it to a client.

d_jeffrey · #82 Posted: **Mar 28, 2008, 3:20 PM**

The plans are not bad at all. Better than Mondrian and East Market that's for sure.

Danman · #83 Posted: **Mar 28, 2008, 8:17 PM**

I purchased a unit in the Mondrian on opening weekend there were about 75 red dots by sunday, 10 days later after the cooloff there were only 25 left, you still have to be able to afford the place even if you have the down payment for it! They wont sell it to you if the bank doesn't approve

Danman · #84 Posted: **Mar 28, 2008, 8:28 PM**

harls · #85 Posted: **Mar 28, 2008, 8:31 PM**

Man.. that's quite a bit of interest.

Kitchissippi · #86 Posted: **Mar 28, 2008, 8:50 PM**

That's just people coming out of the hair transplant place

I laughed when they put the top floor addition on that building. It's cool but it looks like a bad toupée.

Danman · #87 Posted: **Mar 28, 2008, 8:59 PM**

Quote:

Originally Posted by harls

Man.. that's quite a bit of interest.

Wait till the weekend...it's gona be nuts

Ottawade · #88 Posted: **Mar 28, 2008, 10:34 PM**

I failed to mention Brad "This Lamb Sells Condos/Erection Problem? What Erection Problem?" Lamb was the exclusive broker and HGTV was shooting the TV show about him there. Dunno how long till it will make it to air.

kwoldtimer · #89 Posted: **Mar 29, 2008, 3:09 AM**

Quote:

Originally Posted by Danman

Wait till the weekend...it's gona be nuts

Strange .... the pictures show a long queue but my mind's eye sees a bubble

Think I will wait. Memories of the last price pull-back, with condos leading the way, are still with some of us.

azz · #90 Posted: **Mar 29, 2008, 4:03 PM**

Quote:

Originally Posted by kwoldtimer

Strange .... the pictures show a long queue but my mind's eye sees a bubble

Think I will wait. Memories of the last price pull-back, with condos leading the way, are still with some of us.

I second that view. When I saw the line up and the frenzy inside it was like Ottawa's version of 1 Bloor in TO. Agents were snapping up multiple units to "flip" on to "prospective" buyers....smells of speculation to me.

If anybody doesnt think that there is a speculative bubble in place or one that is building in this city, I have some Nortel shares to sell you...$120 each.

azz

kwoldtimer · #91 Posted: **Mar 29, 2008, 4:25 PM**

I wonder what others think? There seems to be a growing disparity between condo and freehold costs in Ottawa (cost per square foot, plus parking, plus condo fees), even as significant numbers of new condos have been going up in the central area. While acknowledging the attractions of living "downtown" and the benefits of infill and densification, Ottawa is still a fairly small place and it's stll pretty easy to get around inside the Greenbelt, so it seems like people are paying a hefty premium, to say the least, for urban condo accomodation. Is it sustainable?

d_jeffrey · #92 Posted: **Mar 29, 2008, 4:45 PM**

Quote:

Originally Posted by kwoldtimer

I wonder what others think? There seems to be a growing disparity between condo and freehold costs in Ottawa (cost per square foot, plus parking, plus condo fees), even as significant numbers of new condos have been going up in the central area. While acknowledging the attractions of living "downtown" and the benefits of infill and densification, Ottawa is still a fairly small place and it's stll pretty easy to get around inside the Greenbelt, so it seems like people are paying a hefty premium, to say the least, for urban condo accomodation. Is it sustainable?

While I'm sure a bubble burst is coming, many people I know who own a condo in my building also have a house. They are using their condos for a week job, then go to their houses on weekends. The baby boomers want proximity to activities, so a condo makes sense for them, but being used to a big house and its lifestyle, many choose to keep their house too.

Danman · #93 Posted: **Mar 29, 2008, 5:40 PM**

I finnaly made it into the sales office, there are about 95 units sold so far
as for the prices i find they are market....no deals to be had there.
The fun part was that i was filmed walking around and then interviewed for Big City Broker....my 15 minutes of fame

waterloowarrior · #94 Posted: **Mar 29, 2008, 9:55 PM**

^ nice!

Kitchissippi · #95 Posted: **Mar 29, 2008, 10:17 PM**

I doubt condo prices will ever go down. At worst they might stagnate for a short period, but with energy prices going up, they are not getting any cheaper to build. I think what you are seeing is just a bit of sticker shock with the average home values going toward and past the $300k mark. Historically, housing prices have doubled every 15 years or so.

Aylmer · #96 Posted: **Mar 29, 2008, 10:20 PM**

It would be nice if we got high-class condos like the ones in TO or Vancouver...

azz · #97 Posted: **Mar 30, 2008, 2:51 PM**

Quote:

Originally Posted by d_jeffrey

While I'm sure a bubble burst is coming, many people I know who own a condo in my building also have a house. They are using their condos for a week job, then go to their houses on weekends. The baby boomers want proximity to activities, so a condo makes sense for them, but being used to a big house and its lifestyle, many choose to keep their house too.

I've heard of this happening as well, but I think it's far from the norm. What scares me about this situation is what is going to happen to their (when I say their I mean the "boomers" in general) house(s) (whether inside or outside the city) when they want out?

I would assume by living outside the city and being able to afford 2 places to live (i.e. not renting one) that the house on the outside of the city is probably closer to a nice 2000+ square foot 2 story "McMansion" gem of sorts rather than some semi-attached off Trimm road...or else what would be the point of having two units?...lol

What's interesting to consider is what will happen when boomers in general want out of the abovementioned second property gems in, say Navan or Stittsville, etc, etc in order to live closer to downtown and/or to services? We all know that the boomer demographic out number younger demographics and dominate in almost every meaningful way (average incomes, savings, to voting habits, etc, etc).

Even with imigration trends over time, the influx of these big houses on to the market at today's (and, according to some, higher prices in the future) will be sustainable only to a limit of the younger people's/imigrants ability to afford and want to live in these types of houses in these areas (for example, Im sure I am one of many not yet 30 years old, who even if a 2 story 3000 sq/ft mansion on a huge lot came on the market today for 199K in Farhaven I wouldn't even consider).

Most boomers will eventually need to sell their house (either, the need the liquid equity, cant maintain it due to ill health, or death)....everytime I hear people over the age of 40 talk they seem secure in the fact that their house will be their retirement holding almost all their invested equity.

So if boomers, more and more, want to move into the city that will, based on a basic understanding of economics, drive the price of city living up due to a run up in demand. The only way that boomers will be able to afford it is if they can liquidate their other assets in the exurbs, suburbs, cottage country, Florida, etc (unless they are cash rich already). This as mentioned, will be dependant on willingness of younger generations to pay, and the overall debt burden the price puts upon them.

All this said, I personally dont think that boomers have a direct hand in inflating prices in places like Mondrian or Central....lol....I didnt see one person over the age of 50 at the opening on Thursday night!

Aylmer · #98 Posted: **Mar 30, 2008, 4:10 PM**

Generation X is in the bubs, Generation Y is in the sky!

Mille Sabords · #99 Posted: **Mar 31, 2008, 7:25 PM**

Those lineup pictures are unbelievable. Talk about slick marketing. I heard from someone at work today that they gave everyone the same appointment hour so everybody showed up at the same time, they got the line-up, and they had the HGTV cameras ready on site, filming Ottawa's latest "condo frenzy"... Gotta give it to them. They are showing the local boys how it's done and running away to T.O. with our money. But at least, they're doing something the city (and downtown) badly need.

I went on Sunday when the craze had died down. They were up to 123 sales. Pretty much all of the smaller units were gone. The ones facing the interior courtyard are basically all sold except for a very few larger ones.

The amount of terraces in this building in incredible. It will be a cool building to explore.

Also, from one of the salesmen, the retailers will be Shoppers Drug Mart and Royal Bank.

Kitchissippi · #**100** Posted: **Mar 31, 2008, 7:37 PM**

Quote:

Originally Posted by Mille Sabords

Also, from one of the salesmen, the retailers will be Shoppers Drug Mart and Royal Bank.

Wow, condoms and cash. What else could be more convenient for a single apartment dweller late at night?

What sort of exploration did you have in mind?