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AuxTown
Jan 28, 2008, 5:46 PM
http://img228.imageshack.us/img228/7950/centralrenderingmi0.jpg

We are very excited to announce that at the end of March we will be launching our third Ottawa project, "Central". Located at Bank and Gladstone, this building will offer a new level of design, incorporating striking architecture, LEED environmental certification, and innovative, high-end finishes, all from $134,900.

Mondrian and Central will really go a long way for the much-overdue redevelopment/revitalization of Bank Street. There are also rumours of a 4th project that will be much larger than East Market (420 units); no location or other details to date.

harls
Jan 28, 2008, 5:50 PM
ooooo... me like.

sgera
Jan 28, 2008, 7:50 PM
any guesses on height/floors? I hope its 20+...would be a great addition to the skyline.

Deez
Jan 28, 2008, 7:59 PM
Shortly after Mondrian broke ground, somebody (I believe it was either Danman or O-town) mentioned that plans were for a 9 storey building.

I'm not overly disappointed...a 20+ tower at that location would look awfully awkward.

Jamaican-Phoenix
Jan 28, 2008, 8:47 PM
I think 9 to 12 storeys in that area is pretty good and fits with the neighbourhood. A bunch of low-rise condos in the areas such as the Opus which is three blocks away.

AuxTown
Jan 28, 2008, 9:39 PM
It would be great if the building included some setbacks so that the portion directly adjacent to Bank Street would be only 3-5 stories high. I find it looks a lot nicer when the streetwall has some consistency in terms of height.

Danman
Jan 28, 2008, 10:12 PM
I read in the Certretown News that the building will be a U shape !?!?

Ottawade
Jan 28, 2008, 11:02 PM
Interesting, there are some really nice U shaped historic buildings in center town. 134k is really low. Anyway I'm looking at this with very very keen interest.

kwoldtimer
Jan 29, 2008, 3:52 AM
Fingers crossed - that part of Bank (and Gladstone) could really use a boost!

gatt
Jan 29, 2008, 11:59 PM
Fingers crossed - that part of Bank (and Gladstone) could really use a boost!

i agree with you.

c_speed3108
Jan 30, 2008, 4:29 PM
Interesting, there are some really nice U shaped historic buildings in center town. 134k is really low. Anyway I'm looking at this with very very keen interest.

Given that its urban capital, there is no limit on how low they will go on square footage. There is also probably one unit in the place at that price...probably first floor looking out at an alley way with a dumpster or something...

The price range with specs would be far more interesting.

None the less, it will be a nice improvement to that neighbourhood. :tup:

Jamaican-Phoenix
Jan 30, 2008, 5:13 PM
Have they released any renderings yet?

harls
Jan 30, 2008, 5:46 PM
I walked by Bank and Gladstone on Monday and the old Mondrian shack was still empty... but it looked like someone with a ladder was putting up a frame for a sign on the Bank street side.

AuxTown
Jan 30, 2008, 6:50 PM
I saw that too. Maybe a rendering sometime soon??

TMA-1
Feb 3, 2008, 7:40 PM
There is a rendering at http://www.centralcondominiums.com/, probably by CORE Architects. It is "U" shaped so other side(s) will be different. They want to be LEED certified so it will be interesting to see if they can keep all that glass.

AuxTown
Feb 3, 2008, 8:53 PM
Thanks TMA, I'll post the hosted image to make it easier. It looks like they are not tearing down the entire church and at least the facade is incorporated into the project; I like it.

http://img228.imageshack.us/img228/7950/centralrenderingmi0.jpg

Also, the Metropolitan Bible Church's new home is coming along well. Here are some pics from January. I bet Central will break ground much faster than Mondrian did.

http://www.metbiblechurch.ca/i/building/week35-2.jpg
http://www.metbiblechurch.ca/i/building/week35-1.jpg

Jamaican-Phoenix
Feb 4, 2008, 5:03 AM
Kinda reminds me of East Market...

clynnog
Feb 4, 2008, 12:56 PM
Also, the Metropolitan Bible Church's new home is coming along well. Here are some pics from January. I bet Central will break ground much faster than Mondrian did.

http://www.metbiblechurch.ca/i/building/week35-2.jpg
http://www.metbiblechurch.ca/i/building/week35-1.jpg

This is the church that the Ottawa Airport Authority appealed to the OMB (and I believe City of Ottawa staff were opposed) due to the overhead noise impacts of planes from YOW. This church is going to have one unbelievably large parking lot (500 + cars I believe).....I realize that this is not a Sunday morning only church but you would think that they could park along adjacent streets in the business/industrial park which are basically quiet and empty evenings and weekends.

Mille Sabords
Feb 4, 2008, 4:43 PM
There is a rendering at http://www.centralcondominiums.com/, probably by CORE Architects. It is "U" shaped so other side(s) will be different. They want to be LEED certified so it will be interesting to see if they can keep all that glass.

Thanks for the link TMA. Nice looking building. It'll certainly give that area a shot in the arm.

harls
Feb 5, 2008, 10:29 PM
Another rendering:

http://farm3.static.flickr.com/2356/2244560457_ba867b7f76_o.jpg

Danman
Feb 5, 2008, 10:34 PM
I like it a lot :tup:

eemy
Feb 5, 2008, 10:51 PM
That doesn't seem out-of-scale at all. I really like it.

gatt
Feb 7, 2008, 1:16 AM
Another rendering:

http://farm3.static.flickr.com/2356/2244560457_ba867b7f76_o.jpg

look very nice.

Ottawade
Feb 7, 2008, 2:38 PM
I like the design, tho I'm slightly confused as to why the church facade was left. I go by that church every day and I'm not sure if it is considered 'historic' but the thing is f'ugly! IMO its going to drag the rest of the building down. Otherwise looks about right for that area of the city.

Mille Sabords
Feb 8, 2008, 1:47 AM
Another rendering:

http://farm3.static.flickr.com/2356/2244560457_ba867b7f76_o.jpg

Wow! Where'd you get that one harls?

It does have a good scale to it. And I can see how leaving the façade of the old church breaks up the building's rhythm along Bank Street, which is a plus from a distance - makes the building less monolithic, in fact it looks like three buildings. The effect is successfully achieved if that was the goal.

ajldub
Feb 8, 2008, 2:46 PM
Welcome to the neighborhood!

azz
Feb 8, 2008, 3:04 PM
By the looks of both the renderings it looks like there will be some commercial frontage. I take it that is the builders intent. Will the church be the new flagship spot for that camera place that was mentioned a while back?


azz

harls
Feb 8, 2008, 5:33 PM
Wow! Where'd you get that one harls?


I've got my sources..

http://www.planetdeusex.com/features/illumination/14/williambdavis.jpg

Jamaican-Phoenix
Feb 8, 2008, 8:13 PM
Will the church be the new flagship spot for that camera place that was mentioned a while back?

I believe the new Galaxy Camera Flagship store was to be at the corner of Bank and Florence. They took down the sign though a while ago...

rakerman
Feb 8, 2008, 9:11 PM
Site Control (posted on the side of the church building) says 9 storeys

http://farm3.static.flickr.com/2033/2251207938_d9c24a6652_o.jpg (http://www.flickr.com/photos/rakerman/2251207938/)

harls
Feb 8, 2008, 10:14 PM
cool, I'll modify the title of the thread then.

That's the sign I saw some poor dude trying to assemble by himself last week.

waterloowarrior
Feb 23, 2008, 6:41 AM
LACAC Report (http://ottawa.ca/calendar/ottawa/citycouncil/a-lacac/2008/02-28/ACS2008-PTE-PLA-0053.htm)

http://ottawa.ca/calendar/ottawa/citycouncil/a-lacac/2008/02-28/ACS2008-PTE-PLA-0053_files/image012.jpg

http://ottawa.ca/calendar/ottawa/citycouncil/a-lacac/2008/02-28/ACS2008-PTE-PLA-0053_files/image014.jpg

http://ottawa.ca/calendar/ottawa/citycouncil/a-lacac/2008/02-28/ACS2008-PTE-PLA-0053_files/image016.jpg

http://ottawa.ca/calendar/ottawa/citycouncil/a-lacac/2008/02-28/ACS2008-PTE-PLA-0053_files/image018.jpg


http://ottawa.ca/calendar/ottawa/citycouncil/a-lacac/2008/02-28/ACS2008-PTE-PLA-0053_files/image020.jpg

http://ottawa.ca/calendar/ottawa/citycouncil/a-lacac/2008/02-28/ACS2008-PTE-PLA-0053_files/image022.jpg

Rico Rommheim
Feb 23, 2008, 6:57 AM
I love it! And it looks, judging from the renders, that it would greatly enhance that part of town!

AuxTown
Feb 23, 2008, 2:30 PM
I love it! And it looks, judging from the renders, that it would greatly enhance that part of town!

You have no idea.

Deez
Feb 23, 2008, 5:43 PM
From the looks of the report, it's going to be an uphill battle.

AuxTown
Feb 23, 2008, 5:46 PM
From the looks of the report, it's going to be an uphill battle.

That's freakin' retarded! There is no way that a developer should have to fight to build a building of this scale on a downtown street such as Bank Street. People in Toronto would dream of having such a building built next door to them rather than the 40-50 storey towers that are sprouting up everywhere.

Aylmer
Feb 23, 2008, 9:05 PM
40-50 storey tower, eh?

I think it's time for us to live like Toronto!

m0nkyman
Feb 23, 2008, 9:22 PM
I like it, but they do have a point about the eastern wall....

ElChancho
Feb 24, 2008, 6:02 AM
very nice, bank street revitalization 101

cityguy
Feb 25, 2008, 3:14 AM
Nice project,should bring alot to the neighborhood.

peteotown
Mar 7, 2008, 3:42 PM
Grand opening March 29/30th. Currently registering appointments for tours of model and pricing/info.

Danman
Mar 14, 2008, 12:56 PM
Grand opening March 29/30th. Currently registering appointments for tours of model and pricing/info.

March 27th if you are a previous Urban Capital purchaser:haha:

the capital urbanite
Mar 14, 2008, 2:40 PM
http://centralcondominiums.com for renderings

peteotown
Mar 14, 2008, 3:27 PM
Has anyone heard any information regarding 'expected' date of completion? I am interested in looking at a condo in the next year, and it sounds like I've missed the ideal time to buy at Mondrian - now prices are high, with not much left - while I am assuming the Central project won't be completed for another 2+ years?!?

Danman
Mar 14, 2008, 4:05 PM
Has anyone heard any information regarding 'expected' date of completion? I am interested in looking at a condo in the next year, and it sounds like I've missed the ideal time to buy at Mondrian - now prices are high, with not much left - while I am assuming the Central project won't be completed for another 2+ years?!?
Make that 3 years:yes: They only start building at 70 percent sold

the capital urbanite
Mar 14, 2008, 11:07 PM
was in my snail mail yesterday...

http://img338.imageshack.us/img338/6734/centralzw8.jpg

AuxTown
Mar 15, 2008, 6:20 PM
I'll be there on the 27th if I can. I have at least one friend who is very interested in purchasing a unit in this project. As for myself, I bought into Mondrian about half-way through sales and I couldn't imagine waiting even longer I will be for this one.

Mille Sabords
Mar 18, 2008, 1:24 AM
The rendering suggests that they've learned from their East Market experience when it comes to mixed use. One of east Market's failings is that the ground-floor retail should in fact be as tall as the first two storeys - it is too low and the building (especially phase III) looks as if it's sqatting on its retail. (I'd be interested in seeing whether someone, one day, will buy the second-floor corner unit in Phase III, drill a hole in the concrete, put a staircase in and have a nice two-level store in the corner with extra windows).

Central looks like it has an appropriately higher ground level. Good. :tup:

p_xavier
Mar 18, 2008, 1:38 AM
The rendering suggests that they've learned from their East Market experience when it comes to mixed use. One of east Market's failings is that the ground-floor retail should in fact be as tall as the first two storeys - it is too low and the building (especially phase III) looks as if it's sqatting on its retail. (I'd be interested in seeing whether someone, one day, will buy the second-floor corner unit in Phase III, drill a hole in the concrete, put a staircase in and have a nice two-level store in the corner with extra windows).

Central looks like it has an appropriately higher ground level. Good. :tup:

Hey! I'm not selling my unit yet. Unless you really make me a good offer! What are they building anyways, at the shafali place.

Deez
Mar 18, 2008, 5:26 PM
Not sure if word of this has gotten around, but LACAC recommended that committee and council reject approval for the demo work for this project.

citizen j
Mar 18, 2008, 10:30 PM
Not sure if word of this has gotten around, but LACAC recommended that committee and council reject approval for the demo work for this project.

Read: more money spent fighting appeal at the OMB over a project that fits the city's policy of intensification but gets rejected for dubious reasons. It really is a miracle ANYTHING gets built south of Gloucester St.

waterloowarrior
Mar 19, 2008, 2:12 AM
here are the neighbourhood comments for this development...


COMMUNITY ORGANIZATION COMMENTS
Centretown Citizens’ Community Association (CCCA)

At a meeting on November 20, 2007 the developer made a presentation regarding the proposal. A motion was passed which states that the CCCA does not support any building on this site higher than the current zoning permits. The CCCA is not opposed to development in Centretown; however it should be appropriate to the area and must respect existing zoning by‑laws.

While height was a key issue in the discussion, other comments related to inappropriate building materials, unsuccessful integration of the façade of the church, no appreciable landscaping and lack of parking

c_speed3108
Mar 19, 2008, 3:28 AM
here are the neighbourhood comments for this development...

For an anchor corner in centretown this is not a tall building!

citizen j
Mar 19, 2008, 3:35 AM
Solution? Re-evaluate the current zoning by-laws for development along major thoroughfares like Bank and Rideau and Wellington and Carling and the Vanier Parkway and ... you get the picture. It baffles me what people have in mind when they agree in principle with intensification and then turn down a 9-storey building on Bank Street. [insert profanity here]

Ottawade
Mar 19, 2008, 4:05 AM
unsuccessful integration of the façade of the church

Amen. I don't at all understand why they are trying to save that hideous facade. It's fucking ugly as sin and looks completely out of place compared to the rest of the building. Just tear the whole thing down, I really don't see the "historic" value of the facade.

rodionx
Mar 19, 2008, 4:38 AM
Double amen. Why they wanted to integrate that warehouse of a church into their building is beyond me. That thing needs to be integrated with the ground.

The CCCA is losing all credibility by opposing stuff like this. They're like a condo board that only knows how to enforce the rulebook. The fact that Gladstone and Bank is a wasteland doesn't even enter into their calculations: all that matters is that the height limits are adhered to.

m0nkyman
Mar 19, 2008, 11:02 AM
How many of us actually should be members of the CCCA, in a more vocal manner?

p_xavier
Mar 19, 2008, 12:19 PM
How many of us actually should be members of the CCCA, in a more vocal manner?

I really hope that the city will wake up, after losing all the appeals at the OMB. I would definitely take part of any meeting, but I'm not part of centretown.

ottawaspark
Mar 20, 2008, 11:54 AM
Hey! I'm not selling my unit yet. Unless you really make me a good offer! What are they building anyways, at the shafali place.

The Shafali place is going to become a café. This is great news!

MJetR
Mar 24, 2008, 7:49 PM
HI everyone,

I am new to this whole Condo thing in Ottawa, but renting is terrible for long term and new developments seems to increased 10%-15% from opening to move in date. I currently work at riverside and hunt club, and I'm looking for a 1 bedroom or 1 bedroom + den. The Central condo seems like a great investment as the neighborhoods around this area are getting better.

I am attending this opening party on Saturday. Does anyone have any pricing info so far ( i know the 134K for shoebox im assuming).

Any other upcoming projects that would be worth while (willing to spend 150-280 with parking and storage).

Thanks for you posts in advance!

-MJetR

Aylmer
Mar 24, 2008, 9:00 PM
I seem to always be the first to do this so:

Welcome to SSP!!!

WHooHoooooo!
:tup: :haha: :cheers: :D :yes: :banana: :jester: :worship: :notacrook: :upload_71700: :omg: :banaride: :happypunk: :tomato: :apple: :cucumber: :drunk: :5: :5: :5:

:)

p_xavier
Mar 25, 2008, 12:25 AM
:previous: Are you that "fruity" in real life? :banana:

Ottawade
Mar 25, 2008, 3:48 PM
I don't want to derail this thread (we should make a "talk about condo purchasing" thread), but you should browse through the other threads in this forum including the general development thread to get a feel for whats out there.

There are lots of good units in the Hudson II which is an amazing location in center town and a great builder there may be a couple units left in the Mondrain. There are also lots of great units from recently completed projects on MLS.

Aylmer
Mar 25, 2008, 4:10 PM
:previous: Are you that "fruity" in real life? :banana:

Only when I forget my Ritaline!

:5:

:)

citizen j
Mar 25, 2008, 7:58 PM
I might be dreaming, and wake up to find that none of this really happened, but apparently Council approved this project by a vote of 7-1 (dissenting vote from Clive Doucet -- even Diane Holmes voted yes!!). In the same session, they also approved the 3-storey infill proposal in New Edinburgh. Like I said, this might all turn out to be a cruel dream but for now I'm celebrating.

Citizen story:
http://www.canada.com/ottawacitizen/news/story.html?id=72653925-7446-4269-840a-8770deb108a4&k=41078

Ottawade
Mar 25, 2008, 8:18 PM
Sweet! Cya's at the Thursday launch!

harls
Mar 25, 2008, 8:45 PM
I might be dreaming, and wake up to find that none of this really happened, but apparently Council approved this project by a vote of 7-1 (dissenting vote from Clive Doucet -- even Diane Holmes voted yes!!). In the same session, they also approved the 3-storey infill proposal in New Edinburgh. Like I said, this might all turn out to be a cruel dream but for now I'm celebrating.

Citizen story:
http://www.canada.com/ottawacitizen/news/story.html?id=72653925-7446-4269-840a-8770deb108a4&k=41078

The residents were opposed to the development at Stanley Avenue and Queen Victoria Street because they felt the three-storey project is too high and too dense for the area. The heritage and architecture folks were opposed to the Larco Homes project because they didn't think the building fit in with the surrounding heritage of the neighbourhood

Three storeys too high? wtf?

citizen j
Mar 25, 2008, 9:24 PM
^Yeah, exactly. Far better to preserve a 1960s bungalow, I suppose, since it so obviously "fit in with the surrounding heritage of the neighbourhood". At least that's what I thought when I saw a mid-century suburban tract house dropped as if from space into a Victorian neighbourhood.

To hijack an expression from Hemingway, heritage issues are a moveable feast... in the sense that "heritage" seems a remarkably flexible little set of issues used as NIMBY code for "Don't build anything else here. Period. Who cares how architecturally sensitive or 'sustainable' it is. We don't like it. We fear change. We still haven't even learned how to read the temperature in Metric. Go away!"

Aylmer
Mar 25, 2008, 11:16 PM
A good thing evoluiton isn't on these people's shoulders!

:)

the capital urbanite
Mar 26, 2008, 3:01 PM
...planning committee has approved the project

harls
Mar 26, 2008, 8:37 PM
Snapped this pic of the billboard today as I was walking by...

http://farm4.static.flickr.com/3228/2364711204_d2f5e13c83_b.jpg

AuxTown
Mar 26, 2008, 8:42 PM
I think even the banner is an improvement over the what is currently on that site. I'm all for herritage buildings but that church is a piece of crap.

AuxTown
Mar 27, 2008, 1:37 PM
All of the floorplans are now available at Central's website (http://www.centralcondominiums.com/). There are some really interesting designs, much different from what they offer at Mondrian. I'm interested to see the prices. I'll take some pictures of the model tonight.

Mille Sabords
Mar 27, 2008, 3:46 PM
All of the floorplans are now available at Central's website (http://www.centralcondominiums.com/). There are some really interesting designs, much different from what they offer at Mondrian. I'm interested to see the prices. I'll take some pictures of the model tonight.

I don't see them...

Danman
Mar 27, 2008, 9:02 PM
I don't see them...

Got to the top of the page there the tabs are

peteotown
Mar 27, 2008, 9:16 PM
All of the floorplans are now available at Central's website (http://www.centralcondominiums.com/). There are some really interesting designs, much different from what they offer at Mondrian. I'm interested to see the prices. I'll take some pictures of the model tonight.

If anyone is able to take some pictures/get pricing info tonight that would be great. I was hoping to make an appointment this weekend to visit, but am too busy with work. Thanks

Ottawade
Mar 28, 2008, 12:33 AM
It was a madhouse! Probably 300ish people, I was about 1/3 at the front of the line and by the time I got to the sales center there were already about 20+ red dots up on the board and a large line of people waiting to write some cheques.

Slightly pricier than I would have expected, tons of really small units. Let me know if you want specifics i grabbed the info packet.

Deez
Mar 28, 2008, 12:39 AM
I really hope this means Urban Capital will step up their operations in Ottawa...their designs are miles ahead of any other builder (with the exception of Charlesfort and maybe Routeburn).

Ottawade
Mar 28, 2008, 1:11 AM
Well, the exteriors of their buildings are nice, but to be honest some of the interiors leave a bit to be desired.

Firstly there were some really small units. Maybe for people who are rich and only stay in Ottawa when here on business it would work, for but most people the amount of cash you spit out is double what you play in rent for a condo 2/3rds the size just doesn't make sense. I wonder how many people are buying up these tiny units paying far more than they would in rent thinking they are making some kind of "investment."

Plus there some weird design choices. The smallness extends into wasted spaces in hallways, dens sheltered from any natural light, and "second bedrooms" that shrink the main unit space to the point where your living/dining room is cramped. Honestly there were only a few designs in this building I would consider and I found that kinda disappointing. At the price/squarefoot they were asking you can find units with better layouts at Clairidge plaza, and ones that blow it out of the water at the Continental.

At the same time there were a lot of units with really nice, extremely large terraces. The 2 story units and "lofthouses" were also laid out really well.

ottawasquare
Mar 28, 2008, 10:49 AM
It was a madhouse! Probably 300ish people, I was about 1/3 at the front of the line and by the time I got to the sales center there were already about 20+ red dots up on the board and a large line of people waiting to write some cheques.

Slightly pricier than I would have expected, tons of really small units. Let me know if you want specifics i grabbed the info packet.

What I have trouble understanding is why people are in such a rush to commit their money to something that's years from being built, when they could buy something very similar (even by the same developer if they want) on the resale market today. I guess it's good for the developer, if they can find these people to bankroll their project...

Ottawade
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.

p_xavier
Mar 28, 2008, 3:20 PM
The plans are not bad at all. Better than Mondrian and East Market that's for sure.

Danman
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 :yes:

Danman
Mar 28, 2008, 8:28 PM
http://i146.photobucket.com/albums/r247/retrodan_01/Mitzoumarch001.jpg

http://i146.photobucket.com/albums/r247/retrodan_01/Mitzoumarch002.jpg

harls
Mar 28, 2008, 8:31 PM
Man.. that's quite a bit of interest.

Kitchissippi
Mar 28, 2008, 8:50 PM
:previous: 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. :haha:

Danman
Mar 28, 2008, 8:59 PM
Man.. that's quite a bit of interest.

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

Ottawade
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
Mar 29, 2008, 3:09 AM
Wait till the weekend...it's gona be nuts :koko:

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
Mar 29, 2008, 4:03 PM
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. :jester:

azz

kwoldtimer
Mar 29, 2008, 4:25 PM
:previous:

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?

p_xavier
Mar 29, 2008, 4:45 PM
:previous:

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
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 :notacrook:

waterloowarrior
Mar 29, 2008, 9:55 PM
^ nice! :cool:

Kitchissippi
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
Mar 29, 2008, 10:20 PM
It would be nice if we got high-class condos like the ones in TO or Vancouver...

:rolleyes:

azz
Mar 30, 2008, 2:51 PM
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! :haha:

Aylmer
Mar 30, 2008, 4:10 PM
Generation X is in the bubs, Generation Y is in the sky!

:)

Mille Sabords
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
Mar 31, 2008, 7:37 PM
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? :whip: