The Mondrian has now registered as a condominium corporation and unit owners—some of whom have been paying occupancy fees since last summer—have now received the deeds to their condos.
During the occupancy period owners were unable to list their units for sale on MLS. The incorporation of The Mondrian is already impacting prices in the downtown condo market with 4 units listed last week, all of which sold over the past weekend. I myself represented one of these units, which sold after more than 30 visits, more than a dozen direct calls and multiple offers.
If there was any idea that Ottawa's condo market might be slowing down, then resale activity in The Mondrian puts this to rest. A few observations:
- The 1-bedroom condo market isn't hot, it's on fire
- It's only January but buyers are already out in droves, most with mortgage pre-approvals in hand
- The Mondrian's mix of location, low condo fees and amenities—particularly the concierge, terrace and fireplace lounge with billiards & bar—is proving to be a huge hit with urbanites
- Buyers looking on their own will find that the most desirable 1-bedroom condos downtown are sold by the time the listing agent returns their call
