Soho Parkway Grand Opening!

"Limited Edition collection of luxury condominiums inspired by an award winning boutique hotel Soho Parkway is here."

Grand opening launch of what is sure to be an amazing Condominium development. With so many amenities who knows where to start. If you want to live like a rockstar in a hotel this is the site for you. Design by Brian Gluckstein, gym by Dalton Brown, Skyclub with sundeck, outdoor kitchen and hot tub, executive boardroom, private theatre, concierge.

What more do you need this is going to be hard to beat let alone match by any other Condominium in the city. Believe it or not prices are very reasonable even low priced for all it has to offer.

This will move fast so come to the grand opening Wednesday July 22, 2009!

Multifamily properties: Two schools of thought

Multifamily properties are sometimes one those prestigious things bought for status and sometimes they are just a safe investment like a GIC. The debate is Rockstar or steady job which will have you further ahead in the long run. Because we all know when it comes to investments you have to think long term. There is no get rich quick scheme!

The first school of thought on this one is buy multifamilies in areas that are established and strong. That way you know at the very least you have a stable mortar and concrete asset that you can sell for probably atleast what you paid for it. The problem with that is by buying in those areas you have such a high purchase price that after all the costs are paid each month you havn't created much, if any positive cashflow. The good news is that having a property in these areas even the worst property manager could have it rented all the time for the highest dollar possible. Like all properties in Ottawa they on average appreciate by about 6% so you have that going for you, I mean try doing that with a GIC.

The second school of thought is to forget where the property is located and buy for the numbers. In fact buy in the cheapest area of town possible keeping one thing in mind that certain areas will appreciate by more than 6% and they all start as run down areas. If you can buy your property in one of those areas not only will you have great numbers month to month creating positive cashflow for you, but your property will rise in value sometimes as much as 20% if the area really takes off. The down side of buying this way is that sometimes these units can be harder to rent as not everyone wants to live in this type of neighbourhood. But it sure makes good numbers sense as you have less debt and lower property taxes.

Well, you do the math and weigh the pros and cons.. Either way, one thing you have to ask yourself before you go down this road is "am interested in being a landlord." If yes, well than no problem. If no, well it just means you have to hire someone to do that for you and this adds to your already long list of costs, especially if you buy in that trendy area.

Record month for housing sales in Ottawa

Ottawa’s housing sales continue to buck the national trend, posting a third consecutive record setting month for sales.
Ottawa Real Estate Board members sold 1,895 properties last month, an increase of 12.5% over June 2008, when 1,685 units were sold.
Three straight months of record sales, and four months to date in which 2009 sales have bested the previous year’s totals, have helped right the ship after a sluggish start to the year.
“We have seen a strong recovery from the slow start to this year,” said OREB president Rick Snell.
At the end of June, year-to-date sales are up 1% over the first six months of 2008.
The average sale price of residential properties sold in Ottawa last month was $306,924, an increase of 3% over June 2008.
Calling it a “seller’s market,” Snell predicted sales would remain “brisk” in the coming months.
“There is a very low supply of homes right now,” said Snell.
With the low interest rates and new first-time buyer incentives, Snell said many sellers are fielding multiple offers.
“Ottawa’s economy is a very stable economy, and that leads to a very strong housing market,” said Snell.
And while other Canadian cities are also beginning to notice a gradual recovery from the slow start to 2009, Snell believes Ottawa’s housing market will continue to strengthen.
“The average cost of housing is much lower in Ottawa compared to Toronto, Vancouver and Calgary, while there’s still relatively high family income, so that makes the city a very attractive and affordable option,” said Snell.

By AEDAN HELMER, Sun Media

10 Steps to buying a home.

The Rules of Real Estate
1. Visit a mortgage specialist and get preapproved. Figure out how much you feel comfortable spending a month on your home. This is ultimately the cost of owning a home.
2. Contact a realtor and do a needs and wants analysis (tell them what you’re looking for, help them find that needle in hay stack.) sign a buyer agency agreement to set the terms of how they will be representing you. It’s nice to have someone in your corner to represent you in your real estate transaction and to guide you along the way.
3. Get set up on an automatic email notification system.
4. Find some areas and properties you like and get your realtor to setup some showings. Try and see at least 3 at a time but not more than 6.
5. Learn the market value of what you want compared to the value of what’s out there. Learn to compromise. Believe me everybody does to some extent.
6. Find the property of your dreams and get your realtor to make an offer. He will ensure that your interests are protected.
7. Do a home inspection; always pay to have a home inspection done.
8. Buy a home and arrange to move
9. Meet your lawyer and go over closing(attorney fees, escrow fees, government transfer taxes and charges, title & insurance fees, adjustments) documents and get your keys!!
10. Move in and have a house warming party!!!