Lansdowne Park Redevelopment Phase 1 | Completed

[YOWetal]

Originally Posted by JackBauer24

Oh, and I should add, if you're expecting to buy a new property and quickly turn a profit, you didn't educate yourself well enough to be investing in real estate to begin with. Real estate is not a short term investment. Investors have made money in the short term with real estate, but generally investing in real estate should be a long term plan.

As for the condo fees, it's clear that you know very little about condo fees, by laws and rules and regulations that a condo must abide by.

But keep filling this thread with your poorly founded opinions. It's really quite revealing over how little you actually know.

You make some good points but the rebuttal blog you have linked to is about as inaccurate and filled with bs as the original article.

[JackBauer24]

I'm curious, why/what points do you think the blog was "inaccurate and filled with bs"? If it's job was to point out there's more to stats than meets the eye, I feel it did a good job.

Originally Posted by YOWetal

You make some good points but the rebuttal blog you have linked to is about as inaccurate and filled with bs as the original article.

[YOWetal]

Originally Posted by JackBauer24

I'm curious, why/what points do you think the blog was "inaccurate and filled with bs"? If it's job was to point out there's more to stats than meets the eye, I feel it did a good job.

A few things:
Blog confuses 50% increase with doubling.


Says listings are up because builders now use MLS. His evidence: a search on Nov. 1 with closing in 2014 therefore must be new buildings and therefore stats have changed because now real estate agents get commissions for new builds. Huh?!!
1. A closing more than 2 months out does not indicate it is under construction at all. (people have extended closing dates for lots of reasons)
2. A few new projects are listed on MLS (including 43 units for sale in the Slater that have been for sale for years and thus should be included in both year's stats) but mostly builders using the MLS is a sign that they haven't found a buyer and construction is almost finished, or finished year's ago in some cases. This is not a good sign!
Regardless even 10% is nowhere near 50%.

I find it hard to believe any builder in Ottawa is offering 4% commission to bring in a buyer. If they are it would be truly worrying. Sounds like Realtor BS.


He also says discount brokerages are the reason there are lots of listings as now people can put their place for sale "just to see how it goes". The percentage of discount brokers is still low and the idea it makes it easier for non-serious buyers is questionable. In fact, it is easier to "test sell" with a "full service" broker as there is no upfront cost, or work involved at all. (ok you have to clean a bit and let people in but nothing compared to acting as the listing agent which is required when you work with a discount brokerage).

[JackBauer24]

"Blog confuses 50% increase with doubling" - it does? I read it again and I don't see where that's mentioned.


"Says listings are up because builders now use MLS. His evidence: a search on Nov. 1 with closing in 2014 therefore must be new buildings and therefore stats have changed because now real estate agents get commissions for new builds. Huh?!!"
I think the point the blogger was trying to make regarding the # of new home listings increasing has more to do with realtors now listing new condos that aren't built yet - as the blogger mentioned, that is something that wasn't done in the past due to the poor relationship between realtors and new home builders. You now see realtors putting new homes/condos on MLS with closing dates 2+ years out - something that wasn't done in years past.

The point about the commissions I think was to show how the relationship between realtors and new home builders has improved.

2. A few new projects are listed on MLS (including 43 units for sale in the Slater that have been for sale for years and thus should be included in both year's stats)
Well I think you may be a little confused here. The Slater was released last year, so I doubt there has been listings on MLS for over 2 years. In fact, the earliest list date I could find for The Slater on MLS was Dec. 2012 (which I believe it was when it was released for sale - I remember attending the release and it was quite cold out).

but mostly builders using the MLS is a sign that they haven't found a buyer and construction is almost finished, or finished year's ago in some cases. This is not a good sign!
I think this was the bloggers point. MLS was only used by builders in the past when the product was built and it was more like a resale home in that the commissions were paid in a more traditional manner and the potential buyers could go into the actual property they wanted to buy, instead of buying blue prints and waiitng 1-2 years for it to be built.
But if what you claim is true, that MLS is solely used by builders who can't sell their product, why would the Slater have units listed at all? It's selling faster than any condo in the city and is starting construction in less than a year after it was released.

I find it hard to believe any builder in Ottawa is offering 4% commission to bring in a buyer. If they are it would be truly worrying. Sounds like Realtor BS.

Believe it. The co-operating commissions in Ottawa at 2-4%. Call a few of the sales offices around the city if you don't believe me. The rates are actually low compared to Toronto where they offer 5-7%.

Originally Posted by YOWetal

A few things:
Blog confuses 50% increase with doubling.


Says listings are up because builders now use MLS. His evidence: a search on Nov. 1 with closing in 2014 therefore must be new buildings and therefore stats have changed because now real estate agents get commissions for new builds. Huh?!!
1. A closing more than 2 months out does not indicate it is under construction at all. (people have extended closing dates for lots of reasons)
2. A few new projects are listed on MLS (including 43 units for sale in the Slater that have been for sale for years and thus should be included in both year's stats) but mostly builders using the MLS is a sign that they haven't found a buyer and construction is almost finished, or finished year's ago in some cases. This is not a good sign!
Regardless even 10% is nowhere near 50%.

I find it hard to believe any builder in Ottawa is offering 4% commission to bring in a buyer. If they are it would be truly worrying. Sounds like Realtor BS.


He also says discount brokerages are the reason there are lots of listings as now people can put their place for sale "just to see how it goes". The percentage of discount brokers is still low and the idea it makes it easier for non-serious buyers is questionable. In fact, it is easier to "test sell" with a "full service" broker as there is no upfront cost, or work involved at all. (ok you have to clean a bit and let people in but nothing compared to acting as the listing agent which is required when you work with a discount brokerage).

[YOWetal]

Originally Posted by JackBauer24

"Blog confuses 50% increase with doubling" - it does? I read it again and I don't see where that's mentioned.


"Says listings are up because builders now use MLS. His evidence: a search on Nov. 1 with closing in 2014 therefore must be new buildings and therefore stats have changed because now real estate agents get commissions for new builds. Huh?!!"
I think the point the blogger was trying to make regarding the # of new home listings increasing has more to do with realtors now listing new condos that aren't built yet - as the blogger mentioned, that is something that wasn't done in the past due to the poor relationship between realtors and new home builders. You now see realtors putting new homes/condos on MLS with closing dates 2+ years out - something that wasn't done in years past.

The point about the commissions I think was to show how the relationship between realtors and new home builders has improved.

2. A few new projects are listed on MLS (including 43 units for sale in the Slater that have been for sale for years and thus should be included in both year's stats)
Well I think you may be a little confused here. The Slater was released last year, so I doubt there has been listings on MLS for over 2 years. In fact, the earliest list date I could find for The Slater on MLS was Dec. 2012 (which I believe it was when it was released for sale - I remember attending the release and it was quite cold out).

but mostly builders using the MLS is a sign that they haven't found a buyer and construction is almost finished, or finished year's ago in some cases. This is not a good sign!
I think this was the bloggers point. MLS was only used by builders in the past when the product was built and it was more like a resale home in that the commissions were paid in a more traditional manner and the potential buyers could go into the actual property they wanted to buy, instead of buying blue prints and waiitng 1-2 years for it to be built.
But if what you claim is true, that MLS is solely used by builders who can't sell their product, why would the Slater have units listed at all? It's selling faster than any condo in the city and is starting construction in less than a year after it was released.

I find it hard to believe any builder in Ottawa is offering 4% commission to bring in a buyer. If they are it would be truly worrying. Sounds like Realtor BS.

Believe it. The co-operating commissions in Ottawa at 2-4%. Call a few of the sales offices around the city if you don't believe me. The rates are actually low compared to Toronto where they offer 5-7%.

50% increase does not equal 100% increase
From blog:
"CBC's articles opening statement "there are more condos up for sale in Ottawa than ever before - nearly 50 per-cent more than 2 years ago".

Now, let's get back to the CBC article. It claims that the amount of condos for sale has doubled in over 2 years. "

You are right about Slater I was confusing it with the also MLS launched project on Sparks St. from 2010. Which actually refutes his point that in 2010 there was only 1 new condo on the MLS. I also know that 90 George and the remnants of Ecocite were on the MLS around that time as well.

Look I am not trying to hate on the guy/you, (Are you the blogger?) but you can't say that the 50% increase is irrelevant because some extraneous factors account for 10% or even 15% of the increase. There is still a 35% increase if all your facts are correct.

[JackBauer24]

Not to beat a dead horse, but the earliest listing date for 90 George on MLS is April 2009, with a date of completion listed as 2009. I wouldn't classify that as a new condo/pre-built condo.

I may seem bias to this blog, but I just appreciate reading a different take. I read the other blog from Fortress that was mentioned, it was also an interesting read.
Are the two bloggers bias? No doubt, they both work in the industry. Just as reporters are slightly biased to reporting negative news - positive news doesn't sell papers as well as negative news does.
But lately all that you see/read on the news is "sky is falling" news, but things aren't nearly as bad as the media would like you to believe.
So between reading the main stream news and reading blogs like we're discussing, it gives you a nice even perspective on issues.

Originally Posted by YOWetal

50% increase does not equal 100% increase
From blog:
"CBC's articles opening statement "there are more condos up for sale in Ottawa than ever before - nearly 50 per-cent more than 2 years ago".

Now, let's get back to the CBC article. It claims that the amount of condos for sale has doubled in over 2 years. "

You are right about Slater I was confusing it with the also MLS launched project on Sparks St. from 2010. Which actually refutes his point that in 2010 there was only 1 new condo on the MLS. I also know that 90 George and the remnants of Ecocite were on the MLS around that time as well.

Look I am not trying to hate on the guy/you, (Are you the blogger?) but you can't say that the 50% increase is irrelevant because some extraneous factors account for 10% or even 15% of the increase. There is still a 35% increase if all your facts are correct.

[alecz_dad]

I'm gonna go with Realtor/Developer B.S.



Minto was on CBC Radio after the first piece trying to convince everyone that the condo market in Ottawa is really blue skies and butterflies.

Originally Posted by YOWetal

A few things:
Blog confuses 50% increase with doubling.

Says listings are up because builders now use MLS. His evidence: a search on Nov. 1 with closing in 2014 therefore must be new buildings and therefore stats have changed because now real estate agents get commissions for new builds. Huh?!!
1. A closing more than 2 months out does not indicate it is under construction at all. (people have extended closing dates for lots of reasons)
2. A few new projects are listed on MLS (including 43 units for sale in the Slater that have been for sale for years and thus should be included in both year's stats) but mostly builders using the MLS is a sign that they haven't found a buyer and construction is almost finished, or finished year's ago in some cases. This is not a good sign!
Regardless even 10% is nowhere near 50%.

I find it hard to believe any builder in Ottawa is offering 4% commission to bring in a buyer. If they are it would be truly worrying. Sounds like Realtor BS.

[alecz_dad]

Please then explain why so many condo buyers go in expecting to flip a property, e.g. the folks on CBC? Interesting comments here about the perils of expecting to flip in the recent Toronto condo market.



You're right, I know nothing personally about condo fees (thank goodness I don't live in a condo), but I do know that most people who own condos eventually end up complaining about the fees.

This article gives a possible glimpse into the future of prospective condo owners, who, as their finances change and the physical structure of the buildings degrades, often cannot come to agreements on how to maintain the property, and so the building falls into disrepair, with the developers long gone from the scene, often having sold for top dollar, but having cut every corner in construction.

It's not clear how my opinions are particularly any less well-founded than yours.

Originally Posted by JackBauer24

Oh, and I should add, if you're expecting to buy a new property and quickly turn a profit, you didn't educate yourself well enough to be investing in real estate to begin with. Real estate is not a short term investment. Investors have made money in the short term with real estate, but generally investing in real estate should be a long term plan.

As for the condo fees, it's clear that you know very little about condo fees, by laws and rules and regulations that a condo must abide by.

But keep filling this thread with your poorly founded opinions. It's really quite revealing over how little you actually know.

[alecz_dad]

Harls, looks like you were breaking the law when you took this photo on your phone while at the wheel. "Holding cellphone in hand while driving illegal in Ontario."



Please when you come back with your good camera be sure to actually park so you can shutterbug safely and legally and you don't end up running me and my kids over as we cross Bank Street right at this intersection with Fifth Avenue, where you unlawfully took this picture.

Originally Posted by harls

Tried to get a shot of all the cranes while driving south on Bank. I'll have to go back with my good camera one day (and actually get out of my car).

[JackBauer24]

The picture was taken at a red light and the car from which the photo was taken wasn't at the intersection, so unless you and your kids were illegally jack-walking, you and your family would be fine.
Practice safe walking.

Originally Posted by alecz_dad

Harls, looks like you were breaking the law when you took this photo on your phone while at the wheel. "Holding cellphone in hand while driving illegal in Ontario."



Please when you come back with your good camera be sure to actually park so you can shutterbug safely and legally and you don't end up running me and my kids over as we cross Bank Street right at this intersection with Fifth Avenue, where you unlawfully took this picture.

[JackBauer24]

You'll note that the sob story they used in the CBC article never highlighted where this investment condo was (only that is was close to downtown - that could mean Gatineau, Vanier, Alymer, Chinatown, etc...) nor did it explain where these $40k of improvements were made - not all home improvements return their costs. This is the issue I hear all the time about first time investors trying to go it on their own without the guidance of an expert or professional, and wouldn't you know it? It didn't work out as planned.

If I've said it once, I've said it a thousand times, real estate should not be considered a short-term plan. I know there are many new investors who took the chance to buy at the right time to make a quick dollar, but those that know how to invest in real estate properly plan to hold on to the asset for at least a few years.

Originally Posted by alecz_dad

Please then explain why so many condo buyers go in expecting to flip a property, e.g. the folks on CBC? Interesting comments here about the perils of expecting to flip in the recent Toronto condo market.



You're right, I know nothing personally about condo fees (thank goodness I don't live in a condo), but I do know that most people who own condos eventually end up complaining about the fees.

This article gives a possible glimpse into the future of prospective condo owners, who, as their finances change and the physical structure of the buildings degrades, often cannot come to agreements on how to maintain the property, and so the building falls into disrepair, with the developers long gone from the scene, often having sold for top dollar, but having cut every corner in construction.

It's not clear how my opinions are particularly any less well-founded than yours.

[YOWetal]

Originally Posted by alecz_dad

You're right, I know nothing personally about condo fees (thank goodness I don't live in a condo), but I do know that most people who own condos eventually end up complaining about the fees.

Yeah well everyone complains about taxes too, at least with condo fees 100% of fees are being spent on your residence.

[JeffB]

Originally Posted by alecz_dad

Please then explain why so many condo buyers go in expecting to flip a property,

Flipping is more common with older properties fallen into some disrepair. An investor buys it, fixes it up and sells it for a profit. Why would an investor buy a brand new property to upgrade it to a level where they would make money? Better to buy an older one at a discount rather than a new one at original value.

[alecz_dad]

Doesn't matter. Harls was still breaking the law. "Holding cellphone in hand while driving illegal in Ontario."

The reason it's illegal is that drivers fiddling with their phones often blow through stop signs and red lights, and sometimes hit other cars or pedestrians. ...Are you defending the flouting of the law?

Originally Posted by JackBauer24

The picture was taken at a red light and the car from which the photo was taken wasn't at the intersection, so unless you and your kids were illegally jack-walking, you and your family would be fine.
Practice safe walking.

[Jamaican-Phoenix]

Originally Posted by alecz_dad

Condo buyers beware! What you think you're buying, when buying on spec, is often not what you get. Watch CBC Marketplace's "Condo Crunch" (part 1) (part 2)
CBC Ottawa reported: "Ottawa condo surplus causing prices to drop"

Did you or did you not realize that this story is over two years old?

[harls]

just.. wow.

ps - credit your photos. That's against the law.

[bobcage]

Originally Posted by alecz_dad

Doesn't matter. Harls was still breaking the law. "Holding cellphone in hand while driving illegal in Ontario."

The reason it's illegal is that drivers fiddling with their phones often blow through stop signs and red lights, and sometimes hit other cars or pedestrians. ...Are you defending the flouting of the law?

could be a passenger? could be driving a bicycle? Turned the car off before taking the pic? ..... insert other possible scenarios here _____________

[MountainView]

I get better update info from the Canada stadium thread then the actual Ottawa Lansdowne thread. Get over the fact that you hate the stadium and how it all went down and embrace the good that is coming!! (directed at one certain person).

ANYWAYS! Updates :-) With a new angle!

Originally Posted by elly63

City of Ottawa
November 8, 2013

- Work continues to put up the vertical beams in the Veil at the south stands.
- The new stair cases at the east and west end of the stands are being built.
- Inside the new south stands, team offices, locker rooms and mechanical rooms are being finished.
- At the north stands, the contractor has started work to build new concessions on the lower concourse.
- Seats continue to go in.
- The new roofing membrane is being installed over the stands.

[LeadingEdgeBoomer]

Wow--the new seats are Garnet and Grey. Great for Gee-Gee fans.

[alecz_dad]

Whoops! Here's some fresh Ottawa condo market in the toilet reporting.

Even more compelling that the market has been this soft for 2 years, yet the developers keep building.

Originally Posted by Jamaican-Phoenix

Did you or did you not realize that this story is over two years old?