September 2012 - Why invest in the Ottawa condo market


September 2012 - Hammer Home News

As our world is becoming paperless, use trees to build our homes

Finally a review of the law that brought me into this business in the first place.

As many of you know, I decided to pursue my license to become a Realtor when I purchased my first property. At the time all I could afford was a condominium, and together with my husband, we bought a townhouse condo in Ottawa. During the conditional stage of our offer we paid the standard $100 to receive information about the condominium status, known as the Status Certificate. With the help of our lawyer, we reviewed the documents and made the decision to purchase our first investment. One month after we closed on our new place, we received a letter indicating that there was insufficient amount in the reserve fund to cover major repairs required for the condominium, and each owner would be required to pay a $10,000 as a special assessment to help cover the costs. I sued the condominium board of directors and after a pre-trial and trial,  I lost. Reason being was based on the principle that the board of directors were volunteers with limited liability, and therefore could not be held responsible for not “knowing any better.”

Here we are, exactly seven years later, and finally the Ontario Consumer Minister has acknowledged that the board of directors of these condominiums need to become accountable for their actions. More importantly the Condominium Act needs to be revised since the last major revision  occurred in 1998. The industry has changed dramatically since then and there are several issues that need to be addressed.


As Brian Tuckey’s states in his article in The Star about the necessity of the condominium act, “When the act was first introduced, there weren’t the varied types of condominium buildings that we see today — like condominium-townhouse complexes, mixed-use buildings including commercial or retail uses, or hotel/condos.With such a mix of condominium types and a number of people involved — such as owners, renters, buyers, condo boards, businesses and more — there is a need to update the act and address issues, like the growing number of investor owners and landlords, maintenance fee increases and the education of owners, property managers and boards about condo lifestyle, rights and obligations.”


Now, seven years later, with a broker’s license in hand - I have still continued to invest in the condo market and I encourage many of my clients to do the same. For those who live in condos now, and who want to voice their concerns, feel free to email your views and ideas to  oncondo@ontario.ca  and to read more about the changes to take place go to http://news.ontario.ca/mcs/en/2012/06/building-a-better-condominium-act.html


Sincerely,

 

 

A Beautiful Bird's-Eye View of Famous TV Apartment

By Alison Nastasi, FlavourWire

We first spotted
Iñaki Aliste Lizarralde’s hand-drawn floor plans of fictional living spaces on BuzzFeed and haven’t been able to stop looking at them. The famous TV apartments are rendered with delicate care, depicting all the memorable details of the small screen spaces. The Friends apartment makes an appearance, along with Carrie Bradshaw’s Upper East Side brownstone from Sex and the City. The Big Bang Theory and Frasier (complete with Martin’s awesomely ratty chair) also get nods. Click through to see Lizarralde’s beautiful bird’s-eye view of TV apartments.
 

Read More…

Trivia Question
This Month's Trivia Question:
Which company owns the most Real Estate in the world?

The first five individuals to respond correctly will win a $10.00 gift card to Starbucks. Email your answers to
rachel@rachelhammer.com


Last Month's Trivia Question:
What celebrity home sold recently for a reported $5.5 million, despite its yellow-and-rust striped paint job?

The Answer was: Madonna...Congratulations to: Anthony, Christine, Melanie, Tammy, Maxime and Matthew for being the first six to answer last month and win a $10.00 gift card to Starbucks.

 

Great Value for Downtown Condo

1705 - 234 Rideau Street


Introducing to you, 234 Rideau Street, a full service condo in heart of downtown Ottawa.

This beautiful 2 bedroom, 2 bathroom and den with private balcony is a must see. Enjoy 995 sq.ft. of open concept, including granite counters, upgraded backsplash in kitchen and stainless steel appliances, comes with one underground parking space and a storage locker.


READ MORE...
 

Hot New Listing


86 Briston Private


Wonderfully situated and rarely offered two bedroom terrace condo with natural gas and a/c. This beautifully maintained open concept home has been professionally painted, includes gleaming hardwood and ceramic flooring, all kitchen appliances and access to private balcony. Enjoy the loft w/ gas fireplace, two great sized bedrooms and large main bathroom. True pride of ownership, come see for yourself!

READ MORE...
 

Amazing Buy

 


110 Kittiwake Court


Welcome to this beautifully built Holitzner Home, Edgemount model with fourplus one bedrooms in Timbermere.

This home boasts hardwood and tiled main floor, a vaulted ceiling grand room, separate dining room, open concept freshly painted kitchen with stainless steel appliances and spacious living room including fireplace.


READ MORE...

 


Copyright © 2012 Hammer & Associates Brokerage,
All rights reserved.

Rachel Hammer, Broker
Coldwell Banker First Ottawa Realty Brokerage
1419 Carling Avenue, Suite 219
Ottawa, Ontario K1Z 7L6
Office 613.728.2664
Direct 613.369.8314







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Hammer & Associates Brokerage · 4 - 3101 Strandherd Drive · Ottawa, Ontario K2G 4R9 · Canada

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Dana was amazing helping us find a home that's a great fit for us. She gave us solid support and advice through the process. Will definitely work with Dana next time we're in the market.
• Michelle