Tag: Soba Condo Ottawa

Game-Changing Condos in Ottawa

Game-changing condos in Ottawa are creating an urban lover’s dream, an oasis in the midst of the nation’s capital. Breaking off from the ordinary condo lifestyle and taking it to the extraordinary. Defying the traditional, throwing away the old and tiring, offering more than just a place to sleep at night, these condos are breaking all the rules and changing the game entirely.

Luxury, modern, fresh, vision-driven, and where the first-class service is the name of the game. These condos are redefining the whole market. Condo living is being transformed and revolutionized right before our very eyes here in Ottawa.

So, what new condos are breaking all the rules and changing the game in Ottawa? Keep reading to find out the price per square foot of these game-changing condos in Ottawa!

Game Changing Condos in Ottawa - 1451 Wellington

1451 Wellington – Building Average, $850/sq ft

Become a resident of Island Park Drive and experience the epitome of luxury and some of the finest living Ottawa has to offer. 1451 Wellington is changing the game of condo living here in Ottawa and for good reason. What sets this building apart from every other condo in Ottawa? Not only offering its residences a home located in the heart of two of Ottawa’s trendiest neighbourhoods, Westboro and Wellington West, but residences also have restaurants, coffee shops, grocery stores, fashion boutiques and more just steps outside their front door.

Just by looking at this magnificent structure you know its different than the rest. You can tell this building exudes excellence, actually more than that, you can feel it. That isn’t a surprise though since excellence is what Mizrahi Developments vision was from the start with this project. Exuding excellence from inside out, Ottawa has never seen such luxury in the condo world before. From valet services, concierge, car washing services, an elite fitness room, a saltwater lap pool, guest suites, entertainment suites and much more, living has never been easier or more fabulous. Coming home at the end of the day has never been more enjoyable when you know you are coming home to a luxurious and pristinely maintained environment, where the only thing left for you to do is kick your feet up and relax.

Understanding that every resident has different needs and lifestyles there are plans to accommodate each need, and the option to customize – making your home uniquely you.  Pristine 1-bedroom suites are $838/sq ft, while 1-bedroom plus den are $768/sq ft. 2-bedrooms are $897/sqft and if you need a little more room, there are also options for 2-bedrooms plus den for $900/sq ft, rounding out the building average to $850/sq ft. With custom options, high-end finishes and top of the line builds, where even the smallest details are treated with great care and precision, helping residences create their very own sanctuary in the sky and setting the bar extremely high.

This development without a doubt has capitalized luxury living in Ottawa and no detail goes unnoticed, making it one of the leading and premier condos in Ottawa. 1451 Wellington is a game changer, leaving behind the ordinary and inviting you home to the extraordinary.

Game Changing Condos in Ottawa - Claridge Icon

Claridge Icon – Building Average, $609/sq ft

Claridge Icon happens to be the tallest residential tower in Ottawa but that isn’t the only reason it’s setting the bar high and changing the game in condo living. The exterior alone sets this condo apart from the rest of the city. This building’s architecture is rich with symbolism and creative genius, which is no surprise considering it is a build by one of Canada’s lead architectural firms, Hariri Pontarini. The exterior balconies and building curves are inspired by the swaying reeds on the banks of Dows Lake. And creative and intelligent design from the street view gives passerby’s an illusion of the building shifting and expanding, this fact alone sets this build miles apart from other the other condos in the city.  Claridge Icon is a show stopper, there is no doubt about it and residences are graced with an artistic and grand design. Modern, bold and exceptionally crafted, residences are truly living in a piece of art within the nation’s capital. Leading the way in terms of residential building design in Ottawa this project is proving that a building is more than just four walls and a roof.

Not only aesthetically on top of the condo game in Ottawa but it doesn’t stop there for this development. Offering its residences, the best and finest amenities in condo living; a yoga studio for the yogi, a fitness centre for the gym goer and an indoor pool and sauna to be enjoyed at the leisure of each resident. Entertaining has never been made easier with guest suites, a movie theatre and indoor and outdoor party space, making it perfect to host at any time of the year! The developers knew exactly what it was people were looking for when they started this project; offering urban living in the heart of Little Italy, while also providing coveted serene green space for residences to relax and enjoy, all only at a hop, skip and a jump away.

Beautifully crafted, carefully designed and impeccably executed suites make it easy to fall in love with this place. Tastefully and classy 1-bedroom suites average $598/sq ft and a 1-bedroom plus den averages at $592/sq ft. Residences looking for a little more have the option of a 2-bedroom suite averaging $639/sq ft, making the building average $609/sq ft. A trendy, high-end build that also happens to be the tallest residential tower in Ottawa, you know the views are going to be unbeatable and absolutely stunning– and they are! Offering residences gorgeous views of Dows Lake and the city at heights you never have seen them at before.

Setting the condo living bar very high (and not just referring to its height), the lucky ones who get to call Claridge Icon their home experience the new height of condo living in Ottawa. Elite and modern living (with absolutely stunning views) is made possible when you call Claridge Icon your home.

Game Changing Condos in Ottawa - St Charles Market

St. Charles Market – Building Average, $611/sq ft

St. Charles Market offers its residences a once in a lifetime opportunity to live in a Heritage Building. The fact that this building is a Heritage building means it’s already on a whole other level.

St. Charles church was built in 1908 and features Quebec inspired neoclassical architecture. The developers have taken this beautiful and historical building and transformed it into one of Ottawa’s most desired and premier living quarters in the sought after Beechwood Village neighbourhood.

This carefully crafted, and magnificently (soon to be) executed build sets itself apart in the condo market and all of the real estate markets for that matter, by putting design at the heart. Melding history with contemporary has been done before but no one has done it quite as exceptional as this and Ottawa better watch out. A seamless blend of new and old with a primary focus on respecting the church, this project offers a historically rich and welcoming environment, making it the kind of place you’d want to call home. Other condos offer a place to sleep but St. Charles Market offers, history, heart and community.

With only 50% of the land utilized for building with the rest dedicated to providing the residences and the community something more than just another building. A beautiful garden and park like border around the building bring an air of calmness and beauty to the hustle and bustle of the city reminding everyone who passes by that even while in the middle of the city it’s still important to take time to stop and smell the flowers.

Leading in the condo market for the uniqueness and creativity, offering exquisite horizontal suites that give residences that full home feel that can often be missed when living in a condo. Offering outdoor space, an elite fitness room and a welcome lounge to gather, again proving that community is at the heart of this development, making it so much more than a condo but a place you can gather and call home.

Offering something for everyone and their lifestyle with a wide range of floor plans. 1-bedroom averages around $559/sq ft, a 2-bedroom $567/sq ft and a 2-bedroom plus den $560/sq ft. Also providing 3-bedroom units averaging $583/sq ft and a Penthouse at $790/sqft, rounding the building average to $611/sqft. Each suite offers finishes that provide both function and beauty as the developers are adamant on providing finishes that speak volume about the quality while still maintaining a high integrity of design and style.

St. Charles Market is something you’ve never seen before and Ottawa is watching closely because ready or not, this place is going to revolutionize condo living, bringing more community, heart and impeccable design than we’ve seen before.

https://ottawascondominiums.com/condo/soba-condo-ottawa-203-catherine-st/

Soba – Building Average, $558/sq ft

SoBa or “South on Bank” is not merely just a condo development, but something much more. This project is full of so much heart and vision, it’s inspiring. Taking unused and unwanted land and giving it a new lease on life, this heartfelt development is redeeming and reinvigorating a little part of Ottawa. This build is giving us a new lens to look through – to see beauty where there was once nothing. The passion behind the concept and vision of this build is already more than most. Just give it time and developers will be lining up asking SoBa just how it did it and how they can also contribute to the betterment of the city.

The heart and vision behind this project alone are changing the condo game in Ottawa, but that’s only the start of what they are bringing to the table! Finally, what Ottawa has been waiting for, what Ottawa has been asking for, it’s here. Downtown Toronto finally comes to Ottawa! This project is bringing something new and something fresh to the nation’s capital. Not only is it bringing life and new energy to the Bank Street area, but it is also bringing downtown Toronto to Ottawa; with that same feel and energy SoBa is already changing and leading in the Ottawa condo market. With floor to ceiling windows, exposed concrete ceilings and an exposed concrete feature wall with columns, it has got the coveted industrial vibes down to a science. Bringing a whole new energy to the condo game, Ottawa couldn’t be readier or more excited to spice things up. From blah to brilliant and tired to trendy, SoBa has a vision for Ottawa and it is coming to life right in front of us.

Not only is this building the trendy it place to live, but it also offers a wide range of suites from 400 sq ft up to 1,200 sq ft, meeting every need, making it even more desirable than it already is. On average a 1-bedroom runs $536/sq ft, 1-bedroom plus den $526/sq ft, 2-bedrooms average $539/sq ft, 2-bedrooms plus den $522/sq ft and the Penthouse units average $670/sq ft – rounding the building average to $558/sq ft.

From the awesome location in Centretown just off of bustling Bank Street to the modern and chic game-changing ways, this development is going to be the trendy it place to live in Ottawa. Guaranteed.

Bringing a whole new vibe and atmosphere to the Ottawa condo market, SoBa creates that energy, that vibe, that feeling you get when the fit is better than just right, it’s perfect – all while bringing a little more love and beauty to the city.

Game-Changing Condos in Ottawa

Finally offering the people of Ottawa something more than the traditional and breaking away from box like attitudes of many developments. These condos are revolutionary, ahead of the times and creating a whole new way to live in Ottawa. Defying the conventional and bringing a whole lot more to the table, Ottawa better be ready because these condos are bringing a whole new game to town.

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Condo Assignments

Following a call with a client yesterday discussing assignments at Soba Condo Ottawa and Hideaway Condo Ottawa, I thought it would be helpful for readers and clients if I put together a few of my thoughts surrounding condo assignments and how HST can affect condo assignments and pre-construction purchases in general. Understanding the following will assist in underwriting your decision to purchase pre-construction and assist in setting up the purchase in the most profitable way.

For the sake of this discussion, units can be purchased in four ways. Each of which carries differing HST implications. The four options are:

  1. As an owner-occupied unit
  2. As a rental unit
  3. As an assignment
  4. As a flip

When completing the transaction via Option 1 – The statutory declaration at the time of closing will be owner-occupied. With this option, the property has zero HST implications associated to the purchase under the pre-construction purchase contract. Meaning the contract price is the full purchase price. This transaction will only be subject to standard closing adjustments.

When completing the transaction via Option 2 – The statutory declaration at the time of closing will be a rental property. With this option, the federal government has a program called the Rental Rebate Program, which in turn covers 98-99% of the HST that would have been included in Option 1. The purpose of the rebate is to encourage the addition of rental units to the market.

When completing the transaction via Option 3 – There will be no statutory declaration at the time of closing. This is because a title transfer closing never takes place. With this, the HST implications will be a consideration of the end Buyer that is purchasing the agreement. Other implications via capital gains and/or losses or other are another story.

When completing the transaction via Option 4 – To me, this signals a RED FLAG, basically this is a steer clear option. The reasoning is that it is difficult to pass the test of owner-occupied or rental while never occupying or renting the unit and subsequently turning over the title quickly following the official unit title transfer date. This can cause any included in purchase price HST or HST rebates to be called back or voided.

Condo Assignments Summary

If the intent is to flip a pre-construction condo, this will be best done via option 3 as an assignment prior to registration and unit title transfer. The only other way I would suggest entertaining the ‘flip’ option would be in the event a unit was occupied or intended to be occupied during the interim period but following unit title transfer, for some believable reason you have a change of heart, subsequently selling shortly after registration. This move may result in red flags as the title of the condo will have changed hands quickly and an audit will be likely.

Alternatively, and for the risk adverse, the best fall back strategy when talking condo assignments and understanding HST Implications surrounding pre-construction purchases, my opinion is to earmark the condo at the onset as a rental for at least one year, leaving no possibility of HST impacts outside of the Rental Rebate Program. This will lead you to sell the unit down the road while tenanted. While tenanted the unit can carry and cover. At this point, you can sit on your hands and wait the completion of the lease term. When the lease term approaches you can market the property for sale while it is lived in, collecting rent and carrying its own weight. Keep in mind finding a tenant at this point is key. Rents are great, but having a tenant with nice furniture and artwork is even better as their furniture will act as free staging 😉

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