Gotham | 53m | 17 fl | Completed

[cr872190]

Originally Posted by Radster

True, ups and down short term, but always up long term. Shit will hit the fan once interest rate hikes happen, maybe this or next year. Alberta is already bursting no? Anyhow, in my case its getting to the point that I am considering just renting for a good price and stashing as much cash away in diversified investments instead. Afterall, having a mortgage with say, 20% down as a sole investment, is actually, not an investment. This is what most people do not realise, that in most cases they are better off renting. Just read some of the articles here to see what I mean: https://www.google.ca/search?q=mortgage+...UTF-8#q=owning+a+house+not+an+investment

In my case, I could afford a mortgage with my fiancée for over $600K easily, and have a good 20% down, but at the moment, we are quite lucky paying $700 rent including heat in Hintonbourg, for a 2 bedroom with parking and a backyard (half of a house basically). So why would I want to start paying double of what I am paying per month now? Just to say its my condo (when really its not), and have less $ to play with for fun things in life, like travel? Then I read these types of threads full of stress and horror stories, just a turnoff and makes me realise how good I have it

Your google search also turns up mostly of American articles. The American housing market is a TOTALLY different beast than the Canadian one. They have a much less predictable economy/household debt scenario/interest rate/house price index and thats what the articles point out.

[Radster]

Originally Posted by cr872190

Your google search also turns up mostly of American articles. The American housing market is a TOTALLY different beast than the Canadian one. They have a much less predictable economy/household debt scenario/interest rate/house price index and thats what the articles point out.

Its a bit different from Canada, but the basics are quite similar. This article sums it up nicely. http://www.dailyfinance.com/2014/07/19/the-worst-investment-you-can-make-buying-a-home/
People often dont realise how much interest they are paying over the long term, even with low interest rates. The first 10-15 years of your mortgage, more than 50% of your payments are going towards interest, and principal payments are quite small. Factor in property and school taxes, then factor in maintenance costs or condo fees, then the inflation on top of it all. Look at the whole picture, and you realize, owning a home or condo is not really that good of an investment, if any. Opporunity cost lost is staggering. And then you see that renting is not throwing your money away.

Anyhow, sorry for the offtopic, but these are just my thoughts whenever I read about new owners`nightmares like in this thread. Sorry to hear all this, I really hope everything works out for you all and that you at least receive some compensation for stress and headaches caused. Did you consider group action against the developer? Might have a bit more luck that way.

[kwoldtimer]

Originally Posted by Radster

Its a bit different from Canada, but the basics are quite similar. This article sums it up nicely. http://www.dailyfinance.com/2014/07/19/the-worst-investment-you-can-make-buying-a-home/
People often dont realise how much interest they are paying over the long term, even with low interest rates. The first 10-15 years of your mortgage, more than 50% of your payments are going towards interest, and principal payments are quite small. Factor in property and school taxes, then factor in maintenance costs or condo fees, then the inflation on top of it all. Look at the whole picture, and you realize, owning a home or condo is not really that good of an investment, if any. Opporunity cost lost is staggering. And then you see that renting is not throwing your money away.

Anyhow, sorry for the offtopic, but these are just my thoughts whenever I read about new owners`nightmares like in this thread. Sorry to hear all this, I really hope everything works out for you all and that you at least receive some compensation for stress and headaches caused. Did you consider group action against the developer? Might have a bit more luck that way.

When I run my own numbers, it is always pretty much a wash in terms of owning vs renting. What I wouldn't do under any circumstances, and this has been the case for several years now is buy a condo pre-build. Certainly not in Ottawa where the supply of re-sales is more than adequate.

[1overcosc]

Ya, I've thought about that too. I pay $650/month for my apartment. If I owned something instead, I imagine the combination of property taxes, utilities, and condo fees (if condo) / property maintenance (if freehold), would basically amount to about that anyway. Even if I had enough money to buy something entirely in cash (say if I won the lottery or something), I wouldn't actually be saving anything to own instead of rent... and if I was paying a mortgage, the interest costs would likely eat into most of the potential resale gain too... and I'm the type of person who, once I buy, I'm likely living there for the rest of my life, so resale gain actually becomes irrelevant for me.

[Ide]

Originally Posted by 1overcosc

Ya, I've thought about that too. I pay $650/month for my apartment. If I owned something instead, I imagine the combination of property taxes, utilities, and condo fees (if condo) / property maintenance (if freehold), would basically amount to about that anyway. Even if I had enough money to buy something entirely in cash (say if I won the lottery or something), I wouldn't actually be saving anything to own instead of rent... and if I was paying a mortgage, the interest costs would likely eat into most of the potential resale gain too... and I'm the type of person who, once I buy, I'm likely living there for the rest of my life, so resale gain actually becomes irrelevant for me.

Gentlemen: this thread is about Gotham and sharing issues with each other about getting to occupy our unit soon: it is not a debate about owning vs renting as we already made our choice. As having been of both sides of the fence, I may list ad nauseum pros and cons of both sides. If house prices are over priced by certain experts, most experts agree that rents are too low compared to the cost of housing.

To get back to the topic, I got an email today about getting permission from Lamb Dev to lease your unit. So, it would be interesting to hear from would be landlord how they feel about this? Also, does anyone know if the locker and parking will or should be ready at occupancy? I was told by one of the security guard that the lighting has not yet been done in the garage. And the locker cages are not installed as late as last week. Too bad that no one from the developer's side is participating and using this blog to communicate with us, buyers. It would bring down the level of frustration that we all experience with multiple delays with phantom reasons.

[jcphoenix]

So. I got an e-mail back from Debbie regarding my cabinetry.

Indeed, that cabinetry was actually *not* part of the floorplan.

42" cabinetry above the island was implemented as a "favour" from the developer to all the 04 suites (and I'm assuming 03 suites as well).

So because it's done by the developer as a favour, I only have the option of taking them out or keeping them.

If only they could've done all of us the favour with cabinetry that was actually at an appropriate height :/.

I'm keeping it for now, will decide what to do later.

[cr872190]

Originally Posted by jcphoenix

So. I got an e-mail back from Debbie regarding my cabinetry.

Indeed, that cabinetry was actually *not* part of the floorplan.

42" cabinetry above the island was implemented as a "favour" from the developer to all the 04 suites (and I'm assuming 03 suites as well).

So because it's done by the developer as a favour, I only have the option of taking them out or keeping them.

If only they could've done all of us the favour with cabinetry that was actually at an appropriate height :/.

I'm keeping it for now, will decide what to do later.

My guess is 'favour' is euphemism for 'mistake'.

[rocketphish]

Originally Posted by cr872190

My guess is 'favour' is euphemism for 'mistake'.

You beat me to it!

[Ide]

Originally Posted by jcphoenix

So. I got an e-mail back from Debbie regarding my cabinetry.

Indeed, that cabinetry was actually *not* part of the floorplan.

42" cabinetry above the island was implemented as a "favour" from the developer to all the 04 suites (and I'm assuming 03 suites as well).

So because it's done by the developer as a favour, I only have the option of taking them out or keeping them.

If only they could've done all of us the favour with cabinetry that was actually at an appropriate height :/.

I'm keeping it for now, will decide what to do later.

JC: You still have a choice of having them modify professionally. As an example, people buying IKEA kitchen have the cabinets routinely customized. It should not be all in or all out. I guess that having to modify them is too expensive for them as the builder may have to offer that option to everyone.

[jcphoenix]

^That's good to know Ide. I'm definitely gonna look into that and see what the possibilities are after. Getting the contact information from Debbie for the company who makes the cabinets.

[Ide]

Originally Posted by jcphoenix

^That's good to know Ide. I'm definitely gonna look into that and see what the possibilities are after. Getting the contact information from Debbie for the company who makes the cabinets.

JC: You may to confirm and I believe that Aya Kitchen is the supplier of kitchens for Brad Lamb's properties. And they are in the process of removing the construction elevator...it is progressing!

[Manny12]

Out of curiosity, have you all been told that you don't have consent to rent out your units yet? If so, is this common? Why is this?

Thanks!

[MattRichling]

Appliances were being moved in for the 9-13th floors today. Among lots of other work. Also, not sure if anyone posted a picture of the sign yet, but looks good.

[jcphoenix]

Nice photo Matt. The sign does look good...as a typeface geek, I do dig my Futura .

Manny12 - Yup, I got that e-mail too. It was definitely a mass one as I'm on the list of people who are not planning on renting my unit out but rather living in it.

Ide - good to know! The construction elevator going down is a promising sign indeed. Two weeks. Hopefully this time they have their shit together.

[waterloowarrior]

Originally Posted by Manny12

Out of curiosity, have you all been told that you don't have consent to rent out your units yet? If so, is this common? Why is this?

Thanks!

here's some info
http://www.buzzbuzzhome.com/chat/general...ondo-when-the-building-is-not-registered
http://www.ontariotenants.ca/law/act06.phtml

[nredding]

There is one of those "ad-masquerading-as-a-news-story" stories in the Citizen about the Gotham. There are 40 units still unsold which are being released 4 at a time.

http://ottawacitizen.com/life/homes/gotham-showcases-modern-industrial-in-four-models

[Boxster]

There are a lot of units for a building that size....240 units on 17 floors...that is over 14 units per floor. You will be hearing a lot of doors opening and closing and the usual hallway noise from the occupants.

[cr872190]

Originally Posted by nredding

There is one of those "ad-masquerading-as-a-news-story" stories in the Citizen about the Gotham. There are 40 units still unsold which are being released 4 at a time.

http://ottawacitizen.com/life/homes/gotham-showcases-modern-industrial-in-four-models

Anyone have a contact email for sales? The article lists only 4 different floorplans but I assume of the 40 remaining units there are more floor plans available? Enquiring for a family member for a 2 bedroom + den.

[MattRichling]

Originally Posted by cr872190

Anyone have a contact email for sales? The article lists only 4 different floorplans but I assume of the 40 remaining units there are more floor plans available? Enquiring for a family member for a 2 bedroom + den.

Celeste who is now on mat leave (had her baby a couple weeks ago), has been replaced with Mirella. Use the same email [email protected] or 613-257-8887 but the VM is full. Past that, I can always help out.

[Jeletor]

First post.

Here's 2 photos of the one bedroom +den loft house units with private entrance to Gloucester St.

This was taken this morning. Construction crews all around the site. Still a lot to be done!