Young Moguls - Condos & Cocktails

Do you find the new home development market too overwhelming? Let us take the guess work out of buying a new home. Even if you aren't currently in the market for a new home, come out, enjoy a cocktail, and get up to date on all current and upcoming new development projects.


Date: Thursday, December 8th
Time: 7:00-9:00pm
Location: TBD


Call me or email me today to register

New Downtown Listing

Here is a new listing located near Centretown under $375,000. Call me or email me for more info.

Check in often for more properties daily!

Outlet mall coming to Kanata

RioCan REIT and Tanger Outlet Centres Inc. recently purchased 50 acres of land in the city’s west end to construct the region’s first outlet mall near Highway 417 and Palladium Drive, close to Scotiabank Place

 The property is expected to sport 350,000 square feet of retail space when completed.

Chief executive for RioCan, Edward Sonshin, stated "Our site in Ottawa represents an exciting opportunity to expand our co-ownership platform beyond Toronto, into other key Canadian retail markets,"

Names of potential tenants and the anticipated purchase price were not disclosed in a release.

Most Ottawans these days tend to take the short drive to Syracuse and Watertown, N.Y., to shop to take advantage of the strong canadian dollar as well as the low taxes. This will be a nice alternative with less of a commute.

Distillery Warehouse Lofts

Here are a few pictures of the finishings for the Distillery Warehouse Lofts. Please email or call for any inquiries.

Ottawa on the up in September

Ottawa resales were up 12% in September according to the Ottawa Real Estate Board. This is great news for all Ottawa housing and investors. 1,202 properties were sold last month, an increase of 12.2% over 2010. Of the 1,202 sales, 280 were condos. This also encouraged an increase in average sales price by 3.4%.

As for the Ottawa housing starts, they were also up 35% in September over 2010 according to CHMC. A total of 627 units, a jump of 164 units over last year.

Good news all around!

Soho Lisgar

There is still some very good units available at Soho Lisgar, recently 4 more floors were added to this centrally located hotel inspired condominium. Starting in the upper $200,000, these condos are manage by Soho Metropolitan Group. They include Gluckstein-designed floor plans, bathrooms and common areas. There is over 7,000 sq.ft. of amenity space, including a Dalton Brown Gym, infinity tub, lap pool etc. Don't miss this great opportunity.

Be careful when buying a new home or condo!!!

There is nothing more exciting than shopping for a new home or condo. Floor plan selections, color selections and personalizing your unit is all apart of the experience of buying pre-construction. Sometimes it can be a daunting task and seem a bit overwhelming especially if your doing this for the first time.

Something to remember when visiting these lavish show homes is that most of these places are usually fully upgraded and sometimes cost more than $50,000 than the indicated price on the price list in the luxurious package given to you. It is important to ask the sales person what is standard and upgraded in the model that you are viewing.

When you get into that affordable luxury [segment], people don’t want death by 1,000 cuts,” says David McComb, president of Edenshaw Homes “They don’t want to walk in and see a beautiful display suite, only to find out in order to get to that level they have to spend another $150,000. We try to show exactly what they’re getting [so they] know when they look at the sticker price that value is in the number.”

Our new projects are now offering fully upgraded units for a very low price with specifications that include granite or quartz counter tops, hardwood throughout, 39'-42' inch kitchen cabinets as well as integrated appliances of up to a value of $18,000.

These are substantial savings because you want all these upgrades done before moving in so it saves you from doing renovations, which could add additional costs such as labour and taxes.
Call me today to find out which projects are available with all these great upgrades already included in the purchase price.

Best Worldwide

Ottawa real estate broker Marnie Bennett has been named the top broker worldwide for Keller Williams Realty International (KWRI) for 2010.

Bennett and her team of 31 agents and support staff surpassed all other KWRI agencies, selling more than 600 homes in a year that was hampered by the introduction of the HST, changes to mortgage regulations and an unstable economy.

Bennett, 57, is the first Canadian woman to achieve this honour. She credits much her success to embracing social media and building relationships with customers.

She said one of the biggest changes in real estate over her 30-year career is how women have progressed from working real estate on a part-time basis to making it their career.

“It’s an industry now. People now realize the scope of it and how it can be the greatest asset of their life.”

She said condos and townhomes are hot commodities in Ottawa these days, far outselling single-family homes.

“I would say the single market represents about 20% (of sales) and the rest are condos and townhomes.”

The Conservative government’s decision to make it tougher for first-time home buyers to get a mortgage is unnecessary, Bennett argued.

“I don’t think they should be doing that. We have the best banking system in the world. They are very careful how they qualify people.”

That said, there are bigger fish to fry in this province.

“The biggest problem we have in Ontario is the HST.”

scott.taylor@sunmedia.ca

Can't beat these testimonials!

Good morning everyone, we at the Bennett Pros take our jobs very seriously, and today we received some great testimonials from some of the members at Keller Williams.


“Keller Williams systems and models have been positively changing local markets and the transformation is evidenced by the incredible talent and leadership of Agents such as Marnie Bennett and the Bennett Real Estate Professionals.”
John Furber - Regional Director of Keller Williams Realty Canada


"It was our great pleasure to feature your exciting story in the May/June ‘”Out-front” Magazine Issue. Many thanks for sharing your experience-based wisdom, creativity, and positive energy with everyone!
Each paragraph of your article brought more “wows” as you dedication to five-star customer service shone through in extraordinary and inspiring innovative ways!
We love having you in our Keller Williams family and wish you the perfect blending of continued professional success with personal fulfillment!"
Mo Anderson - Vice Chairman, Keller Williams International Realty Inc


Marnie! I've thought about you a lot since meeting you. I was wowed by your real estate practice. You definitely have built one of the most impressive real estate businesses I've ever seen. Congratulations on that! I'd love to see your office sometime. Can't begin to express adequate kudos for all of your success!
Please stay in touch and let me know if there's ever anything I can do to help or support you!”
Mark Willis – CEO Keller Williams International Realty, Inc


Wow Marnie! Such a wonderful story! I cannot tell you how amazing this is and how much we all truly respect what you’ve accomplished. It’s a real honour to be in business with you! Onward....”
Gary Keller – Co-founder and Chairman of the Board – Keller Williams International Realty, Inc.


Would you want us representing you?


Have a great weekend everyone!

5 Mistakes Most First Time Home Buyers Make!

When it comes to purchasing your first home, everyone has an opinion on what you should or shouldn't do. Most first time home buyers make the same mistakes and learn from them very quickly after they close on their property. Don't forget these important things to consider when buying your next home or condo. 


1. The don’t ask enough questions of their lender and end up missing out on the best deal.

2. They don’t act quickly enough to make a decision and someone else buys the house or enter into multiple offer situation and end up over paying.

3. They don’t find the right agent who’s willing to help them through the homebuying process.

4. They don’t do enough to make their offer look appealing to a seller.

5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.


Contact me today and I'll make sure you don't make the same mistakes thousands have done before you.

Q West - A huge success!

Another successful evening for the Bennett Pros last night! With line-ups starting at 9am, excitement and anticipating built throughout the day! The night ended with 30 condos being sold in only 2hrs! With prices starting in the low $200', even a first time home buyer could afford to purchase a full upgraded unit in this lifestyle oriented condominium, offering all the amenities you except and even more. 


We still have a few fantastic units remaining and I invite to contact myself to receive more details on the hottest condominium in Westboro. 


Thanks to all that came out.


Stay tuned for more exciting launches to come in 2011!


Here is an article that appeared in the Ottawa Citizen this morning:


Condos sell fast at site of former convent
Thursday, December 9, 2010

By Sneh Duggal, Ottawa Citizen


OTTAWA -- More than 30 apartments were sold Wednesday night after the release of a condominium that is to be part of the controversial development at a former convent site.

At least a couple of hundred investors and home buyers turned up to inquire or get a stake in the 42 units that were part of the initial release of the condominium Ashcroft Homes plans to build at 108 Richmond Rd. The building is expected to be ready for occupancy by 2013.

"We've had a year of very intense public consultations. It's great when you finally launch the project and you get such a big reception," said David Choo, president of Ashcroft Homes. "We're launching it on a very cold December night in Ottawa and yet still we have such a large reception for the project. That's encouraging."

The condo will be part of the proposed Q West development near Richmond Road and Island Park Drive. Ashcroft bought the 2.2-hectare site from Les Soeurs de la Visitation, who were unable to maintain the aging building.

Ashcroft plans to build more than 600 units on the surrounding grounds.

Individuals wanting to purchase a suite in the building were required to put down a $1,000 deposit Wednesday evening.

About 60 per cent were first-time home buyers, 30 per cent were investors and 10 per cent were individuals wanting to downsize from their current residences, said Ashcroft consultant Marnie Bennett, of Bennett Real Estate Professionals. Some of the units are being sold fully furnished.

Bennett said about 28 people are still on the waiting list. She said she noticed a lot of young people at the launch and thinks it is because of the pricing.

The cheapest units were listed at about $217,000 and go up to about $500,000.

"It's really price-driven; in Westboro, that's incredible," she said.

Yan Li, 25, was looking to purchase his second property. While his first, a condo at Centrepointe, was bought as an investment, Li said he is undecided about whether he would do the same with one of the Ashcroft units.

"This one really appeals to me - if I do go through with it, it will be a toss up as to if it's a rental or whether I (move in)," he said.

Johanne Belisle, 53, and her husband John Martin, 64, put down a deposit for a two-bedroom apartment. They are buying the unit as an investment, but said they might eventually move in

.

"My husband is retired - eventually we'll probably look to downsize," Belisle said.

Bennett said the development is going to provide residents with a community-living experience, especially with a central courtyard. She said there is a plan to have an arts theatre, a restaurant and a spa in the former convent.

"We have a lot of green space, a heritage building - it's going to be very festive here," Bennett said. "It's a lifestyle that you're buying, it's not just a floor plan."

Ashcroft plans to release more of its units in January.

In recent months, some community members have voiced opposition to the development, stating that the proposed buildings are too high and that neighbours do not want a road to cut through the Byron Avenue linear park.

Li said he thinks Ottawa needs to build up, not out.

"I'm in support of the project, provided that no heritage site is demolished," he said.

Bennett said while change is often difficult for people to accept, she thinks more people will be on board with the project once they start to see it unfold.

The community went before the city's planning and environment committee on Nov. 16 to voice their concerns.

© Copyright (c) The Ottawa Citizen

Source: http://www.ottawacitizen.com/mobile/story.html?id=3948853

New Home Outlook for 2011

In 2010, the Ottawa new home/condo market had a slight resurgence predicted to close the year at nearly 5,900 units, with the condo market owning a 24% share of the new construction in the City of Ottawa. Which is a significant increase compared to last year, where the condo market only had 19% share of the new homes division.

With the trends in Ottawa starting to lean towards multiple unit structures, we can expect town homes and condos to earn an even bigger market share of the new homes development in 2011. According to CMHC, the strong activity in the re-sale market in Q1 and Q2 of 2010, increasing mortgages rates projected for 2011 and along with higher housing prices, the demand for single-detached homes will be reduced for 2011. CMHC predicts that single construction will continue to fade in the next several years to the point where singles will only represent 4 out of every 10 homes in Ottawa.

With the average home increasing in value of approximately 6.27% a year, many potential buyers are looking for more affordable housing, leading them directly to the condominium market. Also increasing the demand for condo are the growing number of empty nesters who are slowly but surely making the shift from the large single to the care-free condo as well as young urban professionals who are looking for housing to be within proximity of all the happening things that Ottawa has to offer.

According to the City of Ottawa Official Plan, the main objective is to ‘‘grow in, not out’’. Thus utilizing existing infrastructure to develop higher-density residential housing units. Meaning developers will continue to use infill projects to conform to the Official Plan. CMHC predicts that the downtown core will continue to outpace other regions in the city since it can support high density developments. Which will in fact help to attract urban professionals with high incomes.

These days buyers are looking for housing to compliment there lifestyle that are in proximity of cultural amenities, restaurants, shops and public transportation, and these buyers are no longer buying simply based on square footage. To learn more about the Ottawa condo market, please contact the Bennett Real Estate Professionals today!

Using Leverage in Real Estate

In this new real estate market, the early bird gets the worm. Being well educated and knowing how to use leverage effectively will be a key part of any real estate investor's life. Everyone has his or her personal risk tolerance level, and this will play a major role on how much leverage to use. The investor must find a balance between reducing his or her down payment and reducing his or her positive cash flow. Positive cash flow is always the primary goal in any investment, that's why negative cash flow should be avoided because it will force you to find other areas to produce income to overcome the monthly deficit. It will also dramatically reduce your chances of obtaining another mortgage on future investments. Negative cash flow can also turn you from investor to speculator. Being a speculator is not the goal.

One of the goals when using leverage is to have a good return on investment (ROI). The higher the ROI, the higher the risk. Maximizing your ROI should not be your main focus, nor should reducing your down payment to nothing. The ultimate goal is to find the perfect balance between both. With the help of three different scenarios, I will give you examples on how this can apply to real property on a property purchased at $200,000 with net pre-tax income of $1,200 per month. Now using Ottawa's excellent appreciation rate of roughly 6.27% annually we can now calculate our unit's forecasted value by the time you sell in 5 years. Also will use a typical mortgage for this exercise of $160,000 at 5 years fixed at 5.49% over 25 years.

Scenario #1, Purchased with all cash

Sold five years after purchase

Purchase price: $200,000

Sale price: $271,071

Net pre-tax capital gain: $71,071

PLUS

Net pre-tax income(rent): $72,000

($1,200 x 60 months)

EQUALS

Net pre-tax capital gain: $71,071

Net pre-tax income(rent): $72,000

Pre-tax profit: $143,071

Overall (not annualized) ROI 72%

Scenario #2, Purchased with 20% cash down

Sold five years after purchase

Purchase price: $200,000

Sale price: $271,071

Net pre-tax capital gain: $71,071

Down payment: $40,000

(20% of $200,000)

PLUS

Net pre-tax income(rent)

($1,200 - $975 mortgage payment)

($225 x 60 months) $13,500

EQUALS

Net pre-tax capital gain: $71,071

Net pre-tax income(rent): $13,500

Pre-tax profit: $84,571

Overall (not annualized) ROI 211%

Scenario #3, Purchased with 20% down from Line of Credit

Sold five years after purchase

Purchase price: $200,000

Sale price: $271,071

Net pre-tax capital gain: $71,071

Down payment: $40,000

(20% of $200,000)

Down payment cost $6,400

(106.67$ LOC payments x 60 months)

PLUS

Net pre-tax income(rent)

($1,200 - $975 mortgage payment)

($225 - $106.67 x 60 months) $7,100

EQUALS

Net pre-tax capital gain: $71,071

Net pre-tax income(rent): $7,100

Pre-tax profit: $78,171

Overall (not annualized) ROI 1221%

As you can see there are many parts of this equations that can vary that can include:

-Cash available

-Source of down payment

-Net income after expenses

-Interest rates

-Potential sell price

-Overall cash flow goals

Each investor will be in a different situation, so there is no exact answer for everyone. Even if the properties do not increase in value as much as Ottawa's excellent appreciation rate predict they will, there is still the possibly of making a significant investment. Try it out for yourself.

In conclusion, using all of your capital to avoid a mortgage is not always an advantage and the best option so find the right option that works for you and that will bring you positive cash flow. Negative cash flow you will not let you have the financial freedom and you will have to find another source of income to make up for the losses. Real Estate investing is not a get rich quick scam, its a long term process that can bring wealth creation. It's best to treat it like a business and to deal with knowledgeable sales people who have the inside edge on investing.

Nick Labrosse