Category: Real Estate

Until recent years, when considering investing in real estate, long term renting has been the primary option for most owners. While in most cases the rental income covers expenses, mostly it was about the building of equity. No longer is this the only option, and in fact some might argue it is now the least attractive route. Enter short term rentals. We sat down with Scott Clement of breathebnb Vacation Rental Management to dive in to their thoughts on the rising popularity, what investors can expect to earn on their rentals, and the misconception that short term renters treat properties more poorly than long term tenants.

Breathebnb hit the Ottawa scene in 2016, the first company of its kind in this area, and has since launched in Quebec, Muskoka, Prince Edward County, Calabogie, Kingston and Gananoque regions. Their units range from urban apartments to luxurious waterfront homes, and their homeowners are earning between 1.5 to 4 times more than a typical long term tenant would pay. The company recognized that not all homeowners would be happy simply building equity, and would need cash flow on top of it.

“When we began breathebnb,” Scott says, “Airbnb and other short term sites really hadn’t made much of an impact locally, but we knew the potential was there. Add to the fact that we’d always heard horror stories from homeowners coming back to a long term rental which was destroyed by its tenant, we knew there would be a market for this platform, with Airbnb’s free insurance covering most, if not all, of any potential damages. While the news loves to play up the parties and craze around Airbnbs, the fact is those are few and far between. We’ve successfully hosted thousands of groups these past 3 years and they’re all just like you and me, looking for a family getaway or taking a business trip.”

One attractive aspect to working with an experienced BNB manager is the fact that the homeowner can come with zero knowledge of the industry and receive dedicated support in purchasing and designing a suitable property, designing for optimum nightly rates and occupancy, listing online, working with guests, cleaning, and everything in between.

“Our goal is to achieve a scenario where our homeowner gets paid monthly and can relax fully in our care, trusting that we and our team of 35 are working tirelessly to earn them as much as possible, keep their property in excellent condition, and create a memorable experience for all their guests.”

So: let’s talk numbers. A strong portfolio is full of high quality and well-designed properties, which Scott advises can up to triple the earnings of an outdated property with no cohesive décor. Their team also includes an interior designer specific to short term rentals, which gives their properties an edge over the competition. Assuming the property is well located (but not necessarily just in a typical tourist area) and parking is included:

One bed unit can expect to gross $3 to $4k monthly vs Standard Rental $1.6 to $2.3k

Two bed unit $5.5 to $6.5k vs Standard Rental $2.2 to $3k

Three bed unit $6 to $7k vs Standard Rental $2.8 to $3.5k

Four bed unit $6.5 to $7.5k vs Standard Rental $3.5k+

The larger the home, the more important free onsite parking becomes. A waterfront property close to the city (Crystal Beach, for instance) could see a 30% increase on those numbers.

We asked Scott why homeowners would want to work with breathebnb, rather than hosting on their own and keeping all the income in their pocket. Scott laughs. “That is a question we get all the time. And you can tell the person asking it has probably never been a host, or at least not for very long. Aside from organizing cleanings, guest entries, responding to phone calls night and day, plumbing emergencies, etc, listing under our portfolio ensures repeat guests across properties, who are willing to pay more because they trust our name. We also earn almost double the short term rental average per property, because of our pricing strategy and Superhost status.”

Visit www.breathebnb.com for more details and to find unique rental units.

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Ottawa’s real estate is heating up. We’re seeing low inventory, rising prices, and frustrated Buyers… but Sellers are happy. With this recent swing in the market, multiple offers are becoming more common on listings. A multiple offer scenario occurs when there is more than one offer on a property at the same time. As a result, the offers will compete against each other to woo the Seller into selecting their offer. Now you may think, ok I’ll just bid higher than the other person and I’ll win, right? Wrong!

Multiple Offer Best Practices

There are many best practices and strategies involved n the multiple offer process. We’ve put together an overview to give you insight into what the process is like.

1. Set an Offer Presentation Date

Offer presentation dates are becoming more popular in today’s market to due to low inventory, rising prices, and a hungry group of Buyers. One way that Sellers are taking advantage of this is with offer presentation dates. These dates are intended to create a multiple offer scenario (or bidding war for all the Million Dollar Listing viewers 😊). Typically, the presentation date is 10 days after the unit has been listed.

2.Offer Presentation Process

Once all offers have been submitted prior to the Offer Presentation time, the Listing Agent will review each offer with the Seller. During this process, the number of offers submitted must be disclosed. Any specifics of each offer can not be disclosed to the other Realtors® or Buyers, only the Listing Agent and Sellers know all the offer details.

3.Select the Best Offer

The Sellers will rank each offer based on their personal needs; typically, they are looking for the most money possible (shocker!), no conditions (for a firm sale), and their preferred closing date. Once the Seller decides on the winning offer, the Listing Agent will be informing the winning Realtor® of the goods news and will be the bearer of bad news to the Realtors® that lost out.

Tips to Winning a Property in Multiple Offer Scenarios

Be Decisive

If you see a place you like, be prepared to go all in on the property or forget about it.

Have Your Financing in Order

The #1 killer of any offer in an offer presentation scenario is a financing condition. It shows the Seller that Buyer is not prepared in a hot market.

Complete a Pre-Inspection

For the Buyer, it gives a complete picture of the property and what needs to be fixed, allowing a Buyer to make a more informed decision on the final price they are willing to pay for a property, all things considerd. From a Seller’s perspective, it shows a Buyer’s level of interest and makes that offer more competitive

Review Market Data

Review the sales data in the neighbourhood or building to get a grasp on the historical sales to ensure the most informed decision prior to submitting, or accepting, an offer.

Write a Love Letter

Write a little note to the Seller about who you are, your background, why you love the home, and what life milestones you want to accomplish in the property. It’s small details like these that can make you stand out.

Determine How Much Over Asking You Are Willing to Pay

The more offers there are, typically the higher the final selling price. Wherever you sit on the motivation spectrum, it’s important to know how much above asking price you are willing to pay.

Know What Number to Walk Away At

A common mistake most Buyers make in the process is not offering their top dollar. After they take all of their motivations into consideration, they tend to offer less than what their maximum. The best piece of advice I can give you, which I give to all of my clients, is to put the highest offer in that you are comfortable knowing if you lose you can go to sleep that night knowing you put your best foot forward.

Stalk the offer presentation spot!

A preface to my following point, stalking is not cool or legal! Now that’s out of the way, here’s why you should stalk the location of where the offer presentation is being held. First, you can present your offer with your Realtor® in person. Next, it gives you the flexibility to change your offer on the spot. If you’ve been told there are only three offers on hand before the presentation and last second three other offers come in, you are there with your Realtor® and ready to re-submit. Finally, it makes you available to the Seller. If you’re the only Buyer outside the offer presentation and closest to the Listing Agent, they are almost always coming to see you first.

Multiple offers create a unique dynamic between Buyers and Sellers. Typically, Sellers hold all the cards and Buyers are forced to accommodate Sellers during the process. Hopefully these tips can put more control back in the Buyers hands to get the condo that fits their lifestyle.

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Have a look at the August 2019 Market Statistics for Condominiums in Ottawa.

Members of the Ottawa Real Estate Board sold 431 condominium-class properties in July 2019, an increase of 8.8% from August 2018.

Even though the numbers are up, Ottawa continues to undergo issues with inventory as the limited supply persists.

The average sale price for a condo in Ottawa was $308,781, an increase of 11.5% from August 2018.*

The most active price point in the condominium market has increased again in 2019 to $250,000-$399,999, accounting for 50 per cent of the units sold.

Curious about August 2019 market statistics for residential-class properties in Ottawa as well? Click here to read the full story.

*Average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

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Aug
06

#SELLSMART

At Ottawa’s Condominiums, we strive to challenge the status quo. The result – efficient and innovative services with cost savings that we can pass along to our customers.

Learn more about our efficiency-driven savings by viewing our sell page.

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Authentic hard lofts are rare in Ottawa, which makes them that much more unique and some of the hottest places to live. Are you interested in loft living or curious to learn about the top hard lofts across Ottawa? Read below for more information and see what the top hard lofts in Ottawa are.

What is a hard loft? 

In order to be a hard loft, a former industrial or commercial use space must be converted into a residential living space. Some common features to expect are an old building, often exposed brick, visible mechanical elements of the building such as pipes and beams, large windows and vaulted ceilings. A lofted ceiling that allows a living space to feel much larger than the square footage of the floor plan. Ceiling heights from 11 to 16 ft are common. Of special interest, will be the history of the building. The story that these conversions tell is almost as important as the design in conveying the style of the home. The trick with Hard Lofts is there must be underutilized or vacant industrial space near to an urban centre. Simply converting a vacant factory in the middle of nowhere, doesn’t have much appeal.

What is a soft loft? 

Soft Lofts are new builds designed to offer the space and style of a hard loft. The demand for hard lofts far exceeds availability and the costs associated with these one-of-a-kind spaces, place them out of reach for many buyers. Here is where the Soft Loft comes to life. Builders, eager to fill the demand for open concept spaces, adopted the term loft and applied it to units which outside of the conversion elements, fit the design and style criteria of a loft.

Check out our top 5 hottest hard lofts in Ottawa based on our most visited building pages.

5. Yard & Station

Yard and Station Condo Ottawa Exterior

Yard & Station, our fifth most visited building page is located the heart of Hintonburg. This historic school house building was originally constructed in 1933. Dramatic renovations were completed in 2015. Loft lovers with enjoy the open concept units with high ceilings and lots of natural light.

4. School House Lofts

School House Lofts Condo Ottawa

School House Lofts is just a few blocks over from Yard & Station. This building was converted in 2009 from Ecole du Sacre Coeur. Those who visit School House Lofts can expect exposed brick walls, exposed ducts, floor to ceiling windows, 12’ ceilings, balconies and large terraces. We love that the developer preserved the clay-tiled canopy at the building’s entrance.

3. Wallis House

Wallis House

Wallis House, a classic heritage building unlike no other. Wallis House is located on Rideau Street in Lowertown. Built in 1883, this building was originally one of Ottawa’s first modern hospitals. After the hospital closed in 1924 it served as a seminary, barracks, veteran housing, an armory and during the Second World War Canadian Military Soldiers occupied the building. Wallis house was officially designated a Heritage Building by the City of Ottawa in 1990. Following this designation, the building interior was converted to the current 46 authentic lofts. They were designed keeping in mind the Heritage significance of this amazing building with Cathedral ceilings, wide hallways, and soaring window, which boast a New York-style loft feeling.

2. Warehouse Lofts

Warehouse Lofts

Warehouse Lofts, located at 95 Beech in the heart of Little Italy. Prior to its conversion in 2000, Warehouse lofts was a factory warehouse creating a variety of products of the year. The lofts feature warm hardwood floors, high quality and creative built-ins, exposed brick walls, wood beams, and high cathedral ceilings! The beautiful timber beams used in the conversion project are a stand out in this building, setting it apart from other loft conversions in the city.

1. Studio Argyle

Studio Argyle

Located between Elgin Street and Bank Street, our most visited hard loft building page in Ottawa is Studio Argyle. The red brick, cream accents and architecture make this such a unique eye catching loft. This loft would be perfect for the artsy modern student, professional or retiree.

 

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Have a look at the July 2019 Market Statistics for Condominiums in Ottawa.

Members of the Ottawa Real Estate Board sold 460 condominium-class properties in July 2019, an increase of 23% from July 2018.

Ottawa recorded the highest number of July sales in 15 years

The average sale price for a condo in Ottawa was $299,665, an increase of 6.8% from July 2018.*

The most active price point in the condominium market was, $225,000-$349,999, and accounted for 52% of the units sold.

Curious about July 2019 market statistics for residential-class properties in Ottawa as well? Click here to read the full story.

*Average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

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The team at Ottawa’s Condominiums is constantly improving and making site updates to benefit our users. With our newest updates, users can now sign-in to create a unique profile, access insider content and set up automatic notifications with building alerts.

Sign-In / Log In

To gain access to insiders features including floor plans, email building alerts, neighbourhood insights and a newsletter you will be prompted to create an account.

Building Alerts

Once logged in, setting up building alerts is easy. Select any building you are interested in. In the top right, you will see a pink button that says “Get Listing Alerts”. Once selected, a drop-down with the following options will be available: For Rent, For Sale and For Sale & For Rent. Simply select your preference and you are set. Once there is a new listing in your chosen buildings, an email will be sent to you.

How to Use Our New Features

 

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This 5-bedroom 5-bathroom home on a quiet tree-lined street in Alta Vista has everything on your wishlist! Extraordinary executive residence boasting approx. 2,600 sq. ft. of living space. No luxury or convenience has been overlooked in this beautiful modern property. The home is wired with cutting-edge smart home technology including speakers built into the living, dining, kitchen, master bedroom and rear yard. Open-concept living and dining room, huge chef’s kitchen with stainless steel appliances, granite countertops, breakfast bar, and gas fireplace. Beautiful glass staircase. The Master bedroom retreat is complete with large ensuite bathroom and huge walk-in closet. Conveniently located second-floor laundry. The basement is fully finished with a rec room, 5th bedroom full bathroom, wet bar, cold storage & 1000 bottle wine cellar! Heated oversized garage. Low maintenance backyard with deck. Offers to be presented at 6:00 pm Wednesday, August 7th at 401-1306 Wellington St W.

1285 LIVINGSTONE Avenue Neighbourhood

The Alta Vista neighbourhood is bordered by Smyth Road in the north, St Laurent in the east, Walkley Road and Heron Road in the south and Bank St and Riverside Drive in the west.

Alta Vista is a family-oriented community. It was designed in the 1960s as Ottawa’s premier family neighbourhood. Alta Vista has a lot of detached homes with brick and stone exteriors. Most homes have a garage, large backyard, 3+ bedrooms, 2+ bathrooms and large lots. There are three hospitals in Alta Vista, making it a popular neighbourhood for doctors and hospital staff to reside in.

Residents have access to many beautiful parks and green space. Alta Vista is also home to several churches, schools and community centers.

Alta Vista is centrally located with easy access to downtown Ottawa. There are 3 hospitals in the area, the Ottawa General Hospital, Riverside Hospital and the Children’s Hospital of Eastern Ontario (CHEO). There are also 2 conveniently located shopping malls nearby, Billings Bridge Shopping Center and the Elmvale Shopping Center.

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Have a look at the June 2019 Market Statistics for Condominiums in Ottawa.

Members of the Ottawa Real Estate Board sold 493 condominium-class properties in June 2019, an increase of 8.8% from June 2018.

Increasing by 8.3%, condo resales are the driving force for the upturn in units sold in the first half of 2019.

The average sale price for a condo in Ottawa was $308,482, an increase of 6.2% from June 2018.*

The most active price point in the condominium market for the third straight month, $225,000-$349,999, accounts for 55% of the units sold.

Curious about June 2019 market statistics for residential-class properties in Ottawa as well? Click here to read the full story.

*Average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

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Fusion Lebreton Flats Ottawa

Fusion Lebreton Flats Ottawa is located at 300 Lett Street in Lebreton Flats. This building is the third phase of a three building condo development by Claridge Homes. It was constructed in 2014. This 8 storey building has 144 condo units.

Click here to view units available for purchase.

Fusion Lebreton Flats Ottawa

The building features a common patio, elevator, fitness center, party room, pool, security, storage locker and underground parking.

If you are looking for more information on Fusion Lebreton Flats Ottawa, click here.

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