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

[fireicedog]

I was taking the 1 from billings the other day and noticed this green project was finally u/c with a operational crane up. There are construction pics on it's site.
http://www.ecocite.com/onthecanal/Canal_updates.html
BTW, strange looking crane.
http://www.ecocite.com/images/perspectivebank.gif

Also the infill on south bank (south of sunnyside) across from the 7/11 has been completed, around 5 stories, with ground retail.

Finally the G looks to be under construction as well on bank.

[AuxTown]

Wow, I haven't heard much about this project, but I was just reading about the geothermal wells that they dug and it sounds amazing. I didn't know that anyone in Canada was using technology like that, let alone in Ottawa. Great stuff!

Check it out: http://www.geo-exchange.ca/en/whatisgeo/

[eemy]

Wow, I haven't heard much about this project, but I was just reading about the geothermal wells that they dug and it sounds amazing. I didn't know that anyone in Canada was using technology like that, let alone in Ottawa. Great stuff!

Check it out: http://www.geo-exchange.ca/en/whatisgeo/

My parents' house up on the Bruce Peninsula uses geothermal heating. It also works as an air conditioning system in the summer.

[keninhalifax]

I like the designs and massings of the buildings that are going up along Bank Street from Centretown through Ottawa South. They really add continuity to the streetwall and respect the scales and characters of the neighbourhoods.

[waterloowarrior]

http://www.ecocite.com/onthecanal/images/bankview.gif

http://www.ecocite.com/onthecanal/images/commercial_corner.gif
from
http://www.ecocite.com/onthecanal/Canal_updates.html

[waterloowarrior]

from the website - june 26


http://www.ecocite.com/images/perspective.gif



Progress on the project is now moving ahead strongly.

Most of the windows have been installed, the brickwork and concrete work is complete. The fibre cement panels that make up the rest of the facade will be installed in the coming weeks.

Most of the interior partitions have been installed and much of the plumbing rough-in finished. All of the radiant heating has been installed, and the fan coil units in each suite that provide air conditioning are in process.
The elevator is waiting in crates in the basement and the geothermal heat pumps are now on site. We expect to complete the roof by July and then, with the building dry, we’ll move quickly to completion, installing the gyprock, flooring, electrical and lastly, the cabinetry.


http://www.ecocite.com/images/view.gif
view from top of building, facing west.

http://www.ecocite.com/images/heatpump.gifhttp://www.ecocite.com/images/balconies.gif
geothermal heat pump balconies

[Mille Sabords]

Taking shape, at long last. I wonder which retailer will occupy the ground floor (my pic):

http://i156.photobucket.com/albums/t30/CortinaFan/Ottawa/2008-09-01086.jpg

[waterloowarrior]

november 08

from their website

http://www.ecocite.com/images/nov08.gif

from Ottawa Urbain (http://www.ottawaurbain.ca/?p=web&menu=blogitem&blog_id=94)

http://www.ottawaurbain.ca/include/interplex/ottawaurbain//images/blog/600/img_40321226446685.jpg

http://www.ottawaurbain.ca/include/interplex/ottawaurbain//images/blog/600/image_11226446685.jpg

http://www.ottawaurbain.ca/include/interplex/ottawaurbain//images/blog/600/ecocite_11226446685.jpg

[Aylmer]

Great photos!

:tup:

[Davis137]

Great Photo's, but I think the colour choices/combination on the building sucks. Looks totally out of place...

[citizen j]

^Yeah. Looks like they got a deal on some remaindered mismatched aluminium siding. Genuinely horrid! Fortunately, the bones of the building are good. One hopes that at some point, the skin is re-worked.

[Mille Sabords]

Here are some pictures I took today on an errands run through the Glebe:

This will soon be known as Ottawa's "Little Stalingrad":

http://i156.photobucket.com/albums/t30/CortinaFan/2008-11-30001.jpg


That corrugated metal is a true disgrace. Obviously, money ran out on them after almost five years:

http://i156.photobucket.com/albums/t30/CortinaFan/2008-11-30002.jpg


It does, however, "meet the street" competently:

http://i156.photobucket.com/albums/t30/CortinaFan/2008-11-30003.jpg


And it hugs the corner not too badly:

http://i156.photobucket.com/albums/t30/CortinaFan/2008-11-30004.jpg


All in all, a background building whose siding will be redone, hopefully, when its lifecycle ends.

[Jamaican-Phoenix]

Oh wow, with architecture like that, no wonder Glebites oppose anything new... :yuck:

[osirisboy]

wholly crap thats gross

[Davis137]

Looks like some wannbe Euro-Trash...my appologies for anyone that might be a member here, and bought in this building...

It doesn't match ANYTHING else in the neighbourhood. At least the Condo's built across the street from Kettleman's looks classy...

[waterloowarrior]

http://farm3.static.flickr.com/2661/3715081485_6a5a8048ff_b.jpg

[hackunion]

There are lots of design issues I am having with this building. If you squint your eyes, it looks a bit better.

I wonder which retailer will occupy the ground floor

Me too!

[OttawaSteve]

Me too!

Kaleidoscope Kids Books, according to their website and a banner that was hanging in front of the building a while back.

http://www.kaleidoscopekidsbooks.ca/

[rocketphish]

It has that low-income low-maintenance sort of look to it.

[adam-machiavelli]

I wonder how long that aluminum siding will last.

[waterloowarrior]

up close and personal with eco-cité

http://farm3.static.flickr.com/2595/3719211658_424dd6d18a_b.jpg

[waterloowarrior]

a few more... these ones are from their website dated june 11
http://www.ecocite.com/onthecanal/Canal_updates.html

The back

http://www.ecocite.com/onthecanal/images/Building%20View2.JPG

View from inside

http://www.ecocite.com/onthecanal/images/Window%20View.JPG

Balcony gardens, comes with a free shed ;)

http://www.ecocite.com/onthecanal/images/Rooftop%20Garden.JPG

Nice views down Bank from the third floor

http://www.ecocite.com/onthecanal/images/City%20View.JPG

Standard kitchen with eco-finishes

http://www.ecocite.com/onthecanal/images/Standard%20Kitchen.JPG

stairwell
http://www.ecocite.com/onthecanal/images/Stairs.JPG

backyard

http://www.ecocite.com/onthecanal/images/Back%20Terrace.JPG

[YOWetal]

Ottawa condo project seized by mortgage company
Last Updated: Wednesday, August 26, 2009 | 9:39 AM ET Comments0Recommend3CBC News
People who bought condominiums in a new development in central Ottawa learned Wednesday that they no longer own the units, as a mortgage lender has taken control of the debt-ridden project.

"They're utterly devastated," said Jonathan Browne, who bought one of the 25 units in the new EcoCité on the Canal building on Bank Street across from Lansdowne Park. The building was nearing completion this summer.

Browne and the other condo owners received an email Tuesday from Christopher Sweetnam-Holmes, principal and founder of EcoCité developments informing them of the bad news. It means the purchase agreements of those who had bought the condos up to five years ago were being cancelled.

Sweetnam-Holmes blamed the credit crisis for the situation. However, he gave assurances that condo owners won't lose any money.

"The lender is eager to work with all these people…to enter into new agreements with them," he said.

Condo owners are expected to be able to buy their units back at current market value.

Browne bought one of the units in 2007. Since then, he has been living in hotels, and said many other condo owners have also been living in temporary accommodations — in some cases, for three to five years.

Browne said he has been told he will get his deposit back, but wondered what will happen to the money he's put into upgrading his condo, which is well into six figures.

"You almost wonder if it's worth purchasing condo in Ontario or Canada," he said. "Even with good legal advice, and being well aware of the acts and the possible repercussions, I still find myself in this position."

The condo owners are now talking to lawyers and were to meet Thursday with representatives from Tarion Warranty Corp., which regulates the new home industry in Canada.

As of this summer, seven of the 25 units in the EcoCité building were not sold. Their prices were listed between $450,000 and $675,000. The building marketed itself as a green development with features such as geothermal heating and "super energy-efficient windows.

[ajldub]

What a fitting ending to an abortion of a development. If I were the developer and wanted to make as much money as I could off this disaster I would void all the current sales agreements, spend maybe $500 000 on taking all the crap exterior finishings off this building and replacing them with higher quality materials, then put all the units back on the market at $50-100 000 more apiece. The interiors don't look altogether bad, and with the views, location, and buzz surrounding the neighboring lot they could stand to do very well provided they had the financial capital.

All to say I feel VERY bad for the people who were hoping to get a place here. When this project first rolled out I had high hopes for it. Guess you never can tell.

[CondoGirl]

What a fitting ending to an abortion of a development. If I were the developer and wanted to make as much money as I could off this disaster I would void all the current sales agreements, spend maybe $500 000 on taking all the crap exterior finishings off this building and replacing them with higher quality materials, then put all the units back on the market at $50-100 000 more apiece. The interiors don't look altogether bad, and with the views, location, and buzz surrounding the neighboring lot they could stand to do very well provided they had the financial capital.

All to say I feel VERY bad for the people who were hoping to get a place here. When this project first rolled out I had high hopes for it. Guess you never can tell.

That's exactly what is going to happen, it was pre-ordained about a month ago when they realized that there wasn't enough money to finish this fiasco, the last units weren't selling and no one was going to front the project any more money. Certainly not fair to the people who bought in at the beginning of the project, but the investors had to be appeased and this is the end result. You're quite right, you can never tell when buying new, but you can hedge your bet by going with reputable builders with a track record in your city.

[kwoldtimer]

Next step, rental units?

[CondoGirl]

Next step, rental units?

No, no, original purchasers have first shot at buying their units back, albeit at about $50-$100K more than they would have paid 5 years ago... some of those one bedrooms went for less than $150K, those will easily be jacked up to $230K or more.

[Mille Sabords]

No, no, original purchasers have first shot at buying their units back, albeit at about $50-$100K more than they would have paid 5 years ago... some of those one bedrooms went for less than $150K, those will easily be jacked up to $230K or more.

Personally, I can't imagine why a 25-unit condo would be on the market for 5 years (and still not be sold out), but it's not hard to see why they couldn't get the job finished. If they've locked their sales revenues at 2004 prices and are paying 2009 construction prices just to finish the job, least I can say is you're drowning.

[rakerman]

Also in the Citizen today

From bad to worse for out-of-luck condo buyers (http://www.ottawacitizen.com/business/From+worse+luck+condo+buyers/1937025/story.html)

[CondoGirl]

To sum up the Ottawa Citizen piece:

The former purchasers of the condos were told they would receive their deposits back. But it’s not clear about other expenses, such as upgrades and fixtures that have already been purchased.

I unfortunately don't hold out any hope for the refund of upgrades that were purchased during pre-construction sales... :(

[waterloowarrior]

No help for buyers of failed condo


http://www.ottawacitizen.com/help+buyers+failed+condo/2088333/story.html
Out tens of thousands for trendy, energy-saving units

By Dave Rogers, The Ottawa CitizenOctober 9, 2009 10:29 PM


OTTAWA — Some buyers of the financially troubled EcoCité condominiums in the Glebe will lose tens of thousands of dollars they paid for upgrades because their investments aren’t covered by Ontario consumer protection law.

After waiting five years for the trendy energy-saving units to be completed, the purchasers of the Bank Street condos learned this week that they will have to pay up to $200,000, or 45 to 60 per cent, more than the original selling price if they want to move in.

The mortgage lender, Romspen Investment Corp., has taken over the project from EcoCité Developments under a power-of-sale agreement and is trying to sell the units to recover its investment.

The 18 original buyers will get their deposits back, but most have abandoned their dreams of owning a condo near the Rideau Canal because of additional costs.

Jonathan Browne said he lost more than $40,000, including deposits of $28,000 for cabinets and $3,500 for flooring.

“I purchased a whole ton of fixtures and marble out of my own pocket that they had agreed to install,” Browne said. “I am trying to retrieve stuff from my unit and I am not getting any response from Romspen or EcoCité.

“During the last year I have received almost 30 notices telling me the building was financially healthy and would soon be ready. I was living in a hotel for a year and am now staying with a friend. Most of my stuff is still in storage.”

Browne said condominium law leaves too many loopholes and doesn’t protect buyers adequately. He plans to sue the developer and the mortgage lender in small claims court to recover his losses.

Karin Fuller, one of the partners in Kaleidoscope Kids’ Books, said the store has lost about $75,000 because of legal expenses and four moves.

However, she said Kaleidoscope will move into the building because it has invested so much money in design and fittings.

The store is now in rented space at 1095 Bank St. Fuller said the partners won’t have to pay extra to move into the building, but the new store will be about 300 square feet smaller than the unit they purchased.

“Children’s books is not a lucrative profession,” Fuller said. “We have been open for 31⁄2 years and haven’t paid ourselves yet.

“It has been very challenging for us because you don’t look like a legitimate business if you have to move every six to nine months.”

Beth Maiden, a lawyer representing several buyers, said the developer defaulted on mortgages that had interest rates of up to 18 per cent.

“Unfortunately, the only thing these purchasers can do is to sue the developer, who is insolvent on this project,” Maiden said. “I don’t think Ontario law protects new home buyers in this type of situation. The law should be changed so that people can get back their deposits plus the money they have spent for upgrades.”

Romspen partner Blake Cassidy said the company took over the 26-unit, $15-million building because EcoCité failed to meet mortgage payments.

“We are out of pocket on this entire project because of the default of the developer,” he said. “All of us are victims of a developer who has failed to meet his obligations to the purchasers and financiers of the project.”

Christopher Sweetnam-Holmes, principal and founder of EcoCité Developments, said the real reason for the financial difficulties is that the units can’t be sold for what it cost to complete the building.

He denied that EcoCité had failed to meet its payments. He said Romspen cancelled the contracts with the original purchasers because EcoCité would be unable to recover the construction costs from the sale of the condos due to cost overruns.

Robert Mitchell, a spokesman for Tarion Warranty Corp., the regulator of new home building industry in Ontario, said condo buyers are covered for deposits of up to $20,000, but upgrades aren’t protected.

Stephen Puddister, a spokesman for the Ministry of Consumer Services, said Tarion does not get involved in contracts between condo buyers and vendors that provide upgrades because they are the responsibility of consumers and their lawyers.

Councillor Peter Hume, whose ward includes EcoCité, said there should be more transparency in condominium sales so purchasers understand the risks.

“It is clear that the risks were greater than the developer, mortgage holder and purchasers realized,” Hume said. “Should Ontario consumer protection laws be strengthened to make the risks of buying a condominium clear to purchasers? That is clearly a question for the province to answer.”

© Copyright (c) The Ottawa Citizen

[c_speed3108]

Ottawa's EcoCité probed by home warranty agency
Last Updated: Monday, October 26, 2009 | 4:40 PM ET
CBC News


An Ottawa condominium development seized by a mortgage lender in August is being investigated after condo buyers alleged the lender and the developer worked together to terminate their purchase agreements.

Tarion Warranty Corp., the group that administers Ontario's Home Warranties Act, is examining the case on a request by three people who bought units in the EcoCité on the Canal development on Bank Street across from Lansdowne Park.

Tarion received a letter earlier in October from Sue Potter, Jim Howse and Jonathan Browne raising concerns about EcoCité Developments and Romspen Investment Corp., the mortgage lender that seized the building.

The letter claimed "that the parties co-operated to deliberately mislead the owners so as to ensure the owners' continued commitment to the project and to deliver interest payments to Romspen."

The buyers have been told they will get refunds of their deposits, which Tarion guarantees up to $20,000.

However, the buyers fear they will lose thousands that they have spent on upgrades to the units, which were nearly complete when they were seized. The mortgage lender has since offered to resell the units to the original buyers, but at a much higher price.

In their letter, the buyers claimed "the timing of the default was planned to ensure that the building was close to 100 per cent complete, extras would be added to the units, and the units could be resold quickly."

Christopher Sweetnam-Holmes, founder and principal of EcoCité Developments, said his company had “every intent” of finishing the project.

“There’s no way that I as a developer would want the lender to take over the project, because it basically guarantees that we lose all the money that we put in, and we lose money on the project,” Sweetnam-Holmes said.

He said he understands that it's a difficult situation for the buyers, and said his company has been trying to co-operate with the lenders to make things "as easy as possible" for the people involved.

"As far as I know, most people have had deposits returned and contracts have been terminated and the lender is remarketing units," he said.
Rare situation

Tarion chief executive Howard Bogach said he is sympathetic to the buyers and is looking into whether there is anything Tarion can do.

"It really is an issue that really troubles me," he said. "The issue that also bothers me is I don't think we have the powers to be able to deal with it."

Bogach said it is rare for a builder to go into insolvency when a building is near completion. When a builder does run into financial trouble, usually the bank or developer wants to see the sales close rather than cancelling the purchase agreements, he added.

The EcoCité building had been marketed as a green development featuring geothermal heating, rooftop gardens, low-flow toilets and sustainably harvested building materials. Buyers who had been told they could move in on Labour Day learned on Aug. 25 that the project had been seized by Romspen. At that time, Sweetnam-Holmes blamed the credit crisis for the situation and assured owners they wouldn't lose any money.

As of the end of August, seven of the 25 units in the EcoCité building remained unsold. Their prices were listed at between $450,000 and $675,000.
.

[waterloowarrior]

noticed that their website now has a lot of units available for sale

http://www.ecocite.com/onthecanal/Canal_updates.html

[YOWetal]

noticed that their website now has a lot of units available for sale

http://www.ecocite.com/onthecanal/Canal_updates.html

It seems like hardly any of the original buyers agreed to pay the new higher prices. I wonder if the holder of the loan was a bit too agressive with their pricing. I wouldn't buy into the building now without a hefty discount based on the continued risk this project presents.

[nredding]

I attended an open house here a month ago. The price list showed prices for every unit so I guess none of the original buyers are left.

In the unit I saw, the window in the master bedroom would not open, which doesn't seem very "green" to me.

As of late November, there still don't seem to be any occupants.

[YOWetal]

It seems like hardly any of the original buyers agreed to pay the new higher prices. I wonder if the holder of the loan was a bit too agressive with their pricing. I wouldn't buy into the building now without a hefty discount based on the continued risk this project presents.

Looks like almost a year later they havent sold anything (still 24 units for sale on MLS) Good to see the bank lose some money from cancelling all the sales agreements.

[harls]

You'd think they would be a little more forgiving with the original buyers and at least refund the cost of the upgrades too (even though they are not covered). for the amount of money they are jacking the units up that should at least cover the cost of those upgrades, no? or is it all about making as much profit as possible? if that's the case, how much profit are they making on all ZERO of those units sold?

[c_speed3108]

Wow this sure turned into a big fail didn't it?

A few units on the 5th floor 506, 507 will have nice views into the new stadium.

Some of these units seem awfully expensive for there size and also considering many are unfinished.

A wonder at what point they will try and cut there losses and try and convert this to a high-end rental property.

[p_xavier]

You'd think they would be a little more forgiving with the original buyers and at least refund the cost of the upgrades too (even though they are not covered). for the amount of money they are jacking the units up that should at least cover the cost of those upgrades, no? or is it all about making as much profit as possible? if that's the case, how much profit are they making on all ZERO of those units sold?

Wow, you could think you could at least sell one unit to family member or something :haha:.

It's a great reminder story to not buy upgrades before you move in.

[ajldub]

You could also rent out the condo units individually like hobby speculators do, and sell them off as the market is ready for them. Generally speaking upgrades are always an overpriced ripoff.

[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]

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]

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]

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.


-----------
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]

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 (http://www.teambourque.com/EcoCitePriceList.pdf)

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 (http://ottawa.en.craigslist.ca/apa/2134978647.html)

[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]

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! :jester:

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

[kwoldtimer]

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! :jester:

$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]

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]

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]

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?

[YOWetal]

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.

Looks like in the past month they sold another unit. At this rate only 7 years to go. Always good to see a greedy bank get burned.

[LeadingEdgeBoomer]

Always good to see a greedy bank get burned.

Not if you are a greedy retired shareholder of the bank, who loves to get those quarterly dividends. :worship:

[LeadingEdgeBoomer]

An article on this building just appeared on OpenFile


Reported on

April 26, 2012


by William Wilson

The idea was simple and the market was obvious: build a modern, environmentally friendly condominium along midtown Bank Street, sit back and watch young urbanites occupy it in less than your average compost cycle.

This was the original idea behind EcoCité on the Canal, and in many respects, the building delivered. It has a distinctly modern look, it's one of the most advanced eco-buildings in the city, and it enjoys a decent location just across the street from Lansdowne Park. Nonetheless, there is one important catch: the swarm of interest never really developed.

Construction began on the building in the spring of 2008 and was completed in November of the following year. Along the way, however, the building switched owners due to financial difficulties, and it has never really recovered.

Unit prices increased after the switch, and by the time it finally opened, many of the building’s 25 units were still available for purchase.

Years later, the number of occupants has increased, but many units remain in the dark. On Feb. 22, for instance, potential buyers had their choice of 12 different units, representing almost half of the building. That number hadn't changed as of March 12.

So what happened?

The financial controversy surrounding EcoCité on the Canal has already been well documented, but how did that instability influence potential buyers?

Broker Paul Bourque believes the “slow pace” of sales is directly attributable to the early bad press received by the building. He also believes many of the issues concerning its early sale were not properly explained to the public.

Since his retention, the marketing focus behind the building has changed along with the pace of sales.

The building is now known as “ten14 bank street,” and attention has been refocused on its location, quality of construction and eco-merits—in that order.

For all intents and purposes, the new pitch is starting to turn heads.

“Sales have really picked up. We sold three units this month," Bourque says. "The name change was to distance us from irresponsible information that still dwells on the internet."

[YOWetal]

An article on this building just appeared on OpenFile

There are no longer any units listed on Realtor.ca. Did they finally sell them all, or just pull them off the MLS?

[nredding]

I think they're just making some changes. There were about 12 for sale recently. They're also trying to rent them.

[YOWetal]

I think they're just making some changes. There were about 12 for sale recently. They're also trying to rent them.

I asked as I wondered if hey might have beeen a potential target for an investor. Once Lansdowne is complete it will certainly improve the neighbourhood and these units are priced well below Lansdowne units.

[nredding]

Here is the current price list.

http://teambourque.com/ten14-price-list/

[YOWetal]

Here is the current price list.

http://teambourque.com/ten14-price-list/

And 6 units are now back on Realtor.ca

[nredding]

They're finally putting the scaffolding to use that was set up a few years ago. They're replacing the exterior walls. Water leakage, I would guess.

So much for "quality of construction."

[YOWetal]

They're finally putting the scaffolding to use that was set up a few years ago. They're replacing the exterior walls. Water leakage, I would guess.

So much for "quality of construction."

I looked at some units in here a few months back and the whole project looked like a mess. Going on 5 years unoccupied will do that. They are really dirt cheap compared to anything else in the area but too risky even at those prices.