The Bowery - The Breakdown

So since the VIP agent party a few weeks back I have been getting tons of inquries for more information regarding The Bowery. If you don’t know about Richcraft’s newest building, CLICK HERE.  Also… note the pricing… its pretty decent for what you will get. Especially compared to other buildings and launches going on right now. Add in the rooftop pool, gym and party room, free condo fees for a year and free storage locker! Its one of the hottest buildings we have right now.

Coles notes of the points they are pushing…
- Starting at $179,000 for 375sqft (1st floor) and $415,000 for 914sqft (2nd floor)
- 6 of the floorplans under 500sqft, 13 of the floorplans between 500-799sqft, 4 floorplans 800sqft and over
- Condo Fee $0.38 per square foot + Hydro, Water
- Locker included in all purchases
- Parking $27,500
- Interior upgrades such as stainless steel appliances, Quartz Countertops
- First Choice and Best pricing through agent VIP Launch including no condo fees for a year.
- Rooftop Pool, Terrace with Panoramic Views
- Lobby includes a Concierge 
- Deposit structure is 15% down (“first five thousand on signing, rest up negotiable on a per deal basis” - as of Bowerys sales rep 10/10/13) 
- official VIP launch set for Nov 7th

 

As standard, clients want to know what I think about certain floorplans… I will go over two floorplans and provide my thoughts.

Here we have the B2 floorplan which is 520sqft plus the 162sqft balcony. Price is starting at $248,000 on the 1st floor which includes the free locker. There are two of these per floor, one facing north, and one facing south. It features a nice entry way including the front closet, washer/dryer and even a small built in desk. Then you have an open kitchen/living room area and decently sized bedroom.

Here we have the B1 floorplan which is 590sqft plus the 96sqft balcony. Price is starting at $274,000 on the 1st floor and available up to the 15th floor. There are two of these units per floor with both having eastern AND a second exposure East or west (depending on the unit). Thats right, this is a corner unit that offers plenty of natural light. Again you have a nice entry way, which separates the unit from the hallway, however there is no desk area. The bedroom is smaller, but has eastern facing windows. The kitchen/living room is slightly larger than the B2, but has a slightly smaller balcony. 

Both of these units are a favourite of mine for someone looking for a one bed under $300,000 and both of these could even include parking under that $300,000 budget too (depending on the floor height). Which IMO is a great buy.

If you interested in the full floorplans, and pricing please shoot me an email - Matt@MattRichling.com.

Keep in mind that they have now announced the VIP agent launch date for November 7th, which will allow clients working with agents the first chance of purchasing a unit in the building. If you would like to have me walk you through your options, negotiate the deposit structure, and assist with purchase, feel free to contact me. Ask about the incentives that we offer, over and above the 1% lower purchase price and free condo fee’s for one year.

You can always email me - Matt@Mattrichling.com - or by phone 613-286-9501.

Condo Launch - The Bowery

Located at 255 Bay st, Ottawa builder Richcraft is about to launch its newest project called The Bowery.  The same builder to bring well crafted and high quality work such as Galleria and Galleria phase 2.

Last week, Richcraft invited me to a sneak peek to show me the project and give me the full scoop on what is coming.

Located steps from Bank St. the Bowery is going to be a 17 floor building with a rooftop pool, terrace and hotel inspired amenities. Units start at 375sqft up to 914sqft. Obviously slightly smaller units, with prices that are reflective of the size, starting at $179,000 up to $415,000. Montly condo fees at priced at $0.38 per sqft. Best part is every unit includes a storage locker at no extra charge.

There are some amazing amenities in the Bowery over and above the rooftop pool and terrace, including the gym, sauna, outdoor yoga studio, party room with fully equipped catering kitchen and private dining room, hotel inspired lobby including concierge and guest suite.

The building launch is set for late October or Early November (date still coming), for VIP clients and shortly after for general public. To get more information including prices, floorplans and other information, contact me directly at 613-286-9501 or Matt@MattRichling.com.

Stay tuned as I will profile some of my favorite units, and walk through the floorplans. This is a very exciting building which you do not want to miss.

FREE 5 Star 3 Night Weekend For Two…

Spring is here in Ottawa and so are the deals! Hideaway at Central just launched a promo to help move sales. Purchase a loft and receive a 5 star, 3 night weekend getaway to Miami for 2 OR up to $3,500 cash back on closing. *There are more details, so make sure to check the fine print 

Starts 12 noon on Saturday Feb 18th and runs till Sunday Feb 26th!

For more information contact the sales centre at Mcleod St just east of Bank or HideawayatCentral.ca OR just send me an email!

More Spring Deals! Purchase at Gotham and Receive Gift!

One day only - Gotham condos located at 224 Lyon St in Ottawa is offering increased commission on Jan 11th. Purchase through Matt Richling and receive a gift back on closing for amount approximate to 1% of purchase price.

Gotham has already seen huge sales with over 60% sold in 60 days!

For more details contact Matt Richling at 613-286-9501 or Matt@MattRichling.com.

Ottawa Magazine lead cover article quotes Matt Richling about Ottawa Condo Boom

In the September issue of Ottawa Magazine, I was quoted alongside Shawn Malhotra (Claridge Homes), David Choo (Ashcroft), Eric Darwin (Spacing Ottawa,West Side Action), Peggy Ducharme (Downtown Rideau BIA) about the status of the current “Condo Boom” going on in Ottawa.

Stay tuned and I will post the article.

Featured on the Front Page of the Ottawa Homes Section of the Ottawa Citizen

Recently I was featured on the front page of the Ottawa Citizen for a recent sale of mine at The East Market Condos Phase 2 (383 Cumberland).

What They Got In The Byward Market

Location: 383 Cumberland St.

Features: One-bedroom, one-bath condo with parking spot in the East Market Loft building. Views of the Peace Tower, hardwood floors and floor-to-ceiling windows.

Asking price: $289,900

Selling price: $289,900

Days on market: Five

Word from the sales representative: ‘With this unit being one of the more popular in the building because of the size/layout, and the condo real estate market still very hot, we needed to act fast,’ says Matt Richling of RE /MAX Metro-City. ‘The location is great and, with the stunning views, my client fell in love.’

What’s good about the ‘hood: Walk everywhere downtown.
© Copyright (c) The Ottawa Citizen
 

Quoted in the Ottawa Citizen “Condo Market Soaring” Front Page Ottawa Busines Section

I was quoted in an article in Tuesdays Ottawa Citizen, that managed to make front page of the business section. Talking about how condos are becoming uber hot in Ottawa. Now with 1 in every 4 homes sold being a condo, Isnt it about time to find someone who focuses on downtown condos to help you sell? 

Condo market soaring: report
Prices a hit with younger buyers

By Derek Abma, with files from Hugh Paterson, Citizen, Postmedia News November 2, 2010

Condominiums are a hot sector of the Canadian real estate market, particularly for first-time homebuyers spooked by high prices, says a report released Monday.

Re/Max says affordability, lifestyle, investment opportunities and urban renewal efforts are among the reasons condo sales have spiked over the last year in some Canadian markets.

“As one of few affordable housing options available to first-time buyers, the concept is poised for dramatic growth in years to come,” said Michael Polzler, executive vice-president for Re/Max’s Ontario-Atlantic Canada operations.

Re/Max said condo sales in Ottawa are up 11.9 per cent to 2,799 units year-to-date, as of September, and now represent one out of every four homes sold. The average price for Ottawa condos has risen 12.9 per cent to $252,641 in the last year, still more than $100,000 cheaper than the average price of $366,587 for a single-family home, which increased in value 8.2 per cent.

The greatest activity continues to be in condo sales in the $200,000 range in Ottawa, Barrie and London, but condo sales at prices in excess of $450,000 in Ottawa have jumped 72 per cent compared with last year. Condo sales in the greater Toronto area were up 10.4 per cent year to date, representing one of every three home purchases.

“The lifestyle has also gained a foothold with younger, hipper audiences as the definition of home ownership evolves with the changing demographic,” Polzler said. “Dreams of the small home with a white picket fence are being replaced by the funky loft apartment in proximity to shops, restaurants and entertainment.”

In Ottawa, “condo sales have come of age,” said Geoff McGowan, broker of record at Re/Max Affiliates Realty Ltd. in Ottawa.

“For the longest time we didn’t have the uptake on condos, unusual for a city this size. But things have changed now.

“Ottawa is the blue-chip stock of North American real estate. It’s the most affordable of any major city,” said McGowan.

He added that the stable employment of the public sector helps to guard against downturns.

He cautioned, however, not to expect condo price or sales increases forever.

“I see the market returning to sanity.”

While the Re/Max report focused specifically on Ontario and Eastern Canada, Gregory Klump, chief economist for the Canadian Real Estate Association, said condo sales are becoming a bigger share of more expensive housing markets across the country, such as Toronto and Vancouver.

“(Condos) have been accounting for a greater percentage over time of all sales activity,” Klump said. “Condo units are an affordable alternative to single-detached home ownership.”

The Re/Max report said other factors driving the surging condo market include urban redevelopment that favours intensification over urban sprawl, empty nesters seeking low-maintenance retirement properties and investors hoping to sell when prices appreciate, the report said.

Re/Max said the “vast majority” of newly built condominiums in Toronto are purchased by long-term investors from Asia and the Middle East, who will often rent them out until they find their desired sales price.

The same is happening in Ottawa, but from investors closer to home.

“We’re seeing a huge surge in condos being bought for investment purposes,” said Matt Richling, of Re/Max Metro City in Ottawa.

“A lot of the investors are from Toronto.”
© Copyright (c) The Ottawa Citizen