1-bedroom "pocket listings"

With the completion of both Lebreton Flats II and Claridge Plaza II, the downtown inventory of 1-bedroom condos will be swelling shortly, and giving first time buyers a healthier choice over the next few months. However Claridge doesn't allow owners to assign their units or sell on MLS before the condominiums are registered so don't look for listings to show up online before June.

That said, those of us in the know have access to "pocket listings" and interested buyers would be well advised to start working with an agent now before the cream of the new condo crop is spoken for.

Sandy Hill Condo Boom

Being one of the city's most popular neighbourhoods, it comes as little surprise to see the northwest corner of Sandy Hill undergo a condo boom. In fact, one could ask what took so long to develop this nook given that The Lanesborough, just off King Edward Ave, is probably Domicile's most sought after building on the resale market.

Directly across the street, construction is underway for Richcraft's Galleria II after a 5-month delay. This is the second phase of a premium project that has gotten off to a great start with quality construction and finishes in Phase I, and boasts an excellent location convenient to both the Market and the University:


To the north of The Galleria, Claridge has fenced off the National Bank and started demolition on the adjacent lots. With Claridge Plaza II nearing completion, construction on Claridge Plaza 3 is slated to start next month, a project that will add another 226 condos to the neighbourhood:


Last and least, the proposed site for Daly Square on the corner King Edward Ave remains devoid of any activity. The signage claims that 90% of its 47 units are sold, but there is no word as to when construction will begin despite the estimated occupancy date of August 2011:

Monday Mixed Bag

Some of the Google searches that have brought visitors to this blog over this cold January:

"Where is Claridge Plaza 4?"

The last phase of Claridge Plaza will be built across the street from Claridge Plaza 2 on the east side of Cumberland Street and on the north side of Besserer St across from Richcraft's Galleria project. Plaza 3 and 4 will be connected by a ground level podium with a recreation centre, fitness club and lounge.

"Beechwood Ottawa Condos"

According to my contact at Domicile, the sewer and water mains along the east end of Beechwood are currently too narrow to accommodate residential intensification, so plans to redevelop Kavanagh Esso into 6-storey mixed use condos are on hold until infrastructure renewal (ie. installation of bigger pipes) is completed by the City. No word as to a timeline, so stay tuned for more information.

"Windowless Bedroom Condo"

Caution here: to be marketed as a bedroom in the City of Ottawa, a room must have 2 exits, usually a door and a window. Where there is only a door, the room is normally called a den or office; rooms with a door and a half wall (cue Domicile) can be called bedrooms assuming that you keep a ladder handy to climb over the wall in case of fire.

Always double check these facts, particularly when dealing with a private seller. I have known buyers who thought they were purchasing a 2-bedroom only to discover that they had a 1-bedroom plus den (for which they had usually overpaid). Caveat emptor, buyer beware.

Claridge Plaza 3, Take 2

No rest for the wicked as sales proceed apace for Claridge Plaza 3, with approximately 50% of units sold over the past 2 weeks.

Investors, quite predictably, have snapped up The Broadway, cozy 440sqft studios that will be well suited to short term renters and those in need of a pied-à-terre—starting at $180,000 these made for an attractive investment:


The "People's Choice Award" goes to The Howston, a 1-bedroom plus den at 660sqft facing Rideau St — possibly because of its views of the East Market Lofts and other points north? As of this posting, all but two of the Howston units have been sold, priced from $258,000 to $295,000:

With regards to the Howston layout, I must confess that I remain ambivalent about the overall usefulness and desirability of "the den". With laptops and Blackberrys being the modern choice for home technology, these spaces often see more use as a TV room, rather than an office or guest room. That said, the den has become something of a fixture in Ottawa's new condo market and seems to be with us for the forseeable future.

At any rate, the Howston den is actually an alcove between the bedroom and the bathroom, space I would rather incorporate into the bedroom, with a walk-in closet connecting to a "cheater ensuite".

The trade off in buying a unit facing South will be the eventual view of Claridge Plaza 4, but on lower floors this will be compensated by the planned greenroof between the two towers, but more importantly the absence of the transport trucks that ply their way along Rideau St at all hours of the day and night.

This would be one of the reasons my pick of this project is The Canal, a well designed floorplan that covers 665sqft with a generous bedroom at 10' x 11.5' and a separate walk-in closet with almost a third as much space.

Although this one bedroom is only 5sqft larger than the Howston's one plus den, I find the living/dining room more useable as well as more generous, spanning a full 21ft. I also prefer that the entry closet is adjacent to the front door, not the washer/dryer:


Lastly, I love that the balcony is framed on its left by the unit itself, rather than jutting out from the building, which has sadly become the norm. Is it just me that feels somewhat uncomfortable drinking a martini on a glassed-in precipice, 15 storeys high? OK, maybe it's just me...

Update: Claridge Plaza 3 Now On Sale

The wine flowed freely and the crowds were thick and giddy at yesterday's pre-launch for Claridge Plaza 3:


Phase 2 is well underway with an occupancy of early 2011 and Phase 3 begins in early 2010 with the demolition of the National Bank of Canada building on the southeast corner of Rideau and Cumberland St. In keeping with Phase 1 and 2, Claridge Plaza 3 is offering much the same formula: basic yet affordable urban home ownership, steps from all the fun and madness of the Byward Market.

The floorplans for Phase 3 seem to suggest that Claridge has decided to focus their attention of two groups of buyers: the first time urban dweller more concerned with location and price than size or upgrades, and the affluent baby boomer also looking for a prime location but with the view, space and amenities to show for all of their hard work.

Given that these units won't be ready until mid-2013, pricing for Claridge Plaza 3 represents great value in light of how Ottawa's downtown condo market has been performing over the past few years. Another posting follows with pricing and details of my picks for this project.

Food for Thought: Claridge Plaza Phase I

"I have been renting in Phase I of Claridge Plaza for almost a year. I recently bought a townhouse in centretown and will be moving shortly. A few observations on Claridge Plaza..."

Positive

• Location is great—three minutes walking to the Market or Rideau Centre and even closer to the beer, liquor, grocery and drug stores
• Views are good on most sides even from units that aren't that high
• The daytime security guy is excellent
• The lobby has a hotel-like look

Negative

(Note I am a tenant, and the owner and property manager have not pressured Claridge to fix the problems—it may well be they would fix these problems if pressed by the owner.)

• The hardwood floor creaks like an old house
• The base appliances in the kitchen are terrible (major freezer burn within a few days no matter what the temperature setting, stove is not a self-clean model, dishwasher does not clean anything below the heaviest setting)
• The pool is tiny, even by condo standards
• The "gym" is small, has limited equipment, no proper climate control (never the right temperature) and has a very low ceiling (anyone over about 5'10" would probably hit their head using the treadmill)
• The elevators have been problematic from day one
  

"Demographics—I previously lived in the East Market which was mostly young professionals with a few empty-nesters and most units were owner-occupied. There appear to be few white collar workers in the building and a lot of students or people that seem to work in the service industry. I realize I am stereotyping a little, but I am guessing there are a lot of units being rented out (or owned by parents) which is not good for the long term viability of the building."

"Trucks—this isn't Claridge’s fault, but all four streets surrounding the complex are used by trucks, nearly 24/7. In addition, Rideau is a major bus route and Cumberland is the main route into the market for the Laurier fire station. I find it almost impossible to leave a window open or use my balcony."

—Claridge Plaza Tenant

Update: Claridge Plaza... Phase III and IV

While Claridge Plaza have yet to announce pre-construction sales, they have purchased the National Bank of Canada building on the corner of Rideau and Cumberland streets with a view to building Claridge Plaza Phase III and IV:



No word yet as to the timeline for these next two buildings, but with Phase II nearing the halfway mark and architectural renderings of III and IV on display at the sales office, I would expect to hear something concrete (no pun intended) by the end of the year.