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.

Nothing wrong with Fall...

1,062 properties  were sold in the Ottawa Real Estate Board in October, a rise of 2.3 per cent from last year.

The sales were slightly below the five-year average for October, at 1,071. OREB said 253 of October's sales were in condos - up nearly 15 per cent from the same month last year - and 809 in residential properties.

While noting that condos were the main driver of resales that month, the average sale price of residential properties was $337,797, up two per cent from last year.

What a launch! Distillery starts off on a excellent step!

Last night was the grand opening of Distillery Warehouse Lofts and what a night it was! In less that 2 hours we were already 50% sold out. Purchasers were stunned by the level of finishing included standard inside the unbelievably low prices. There is still some great floor plans left. I have price lists and floor plans so contact me today to get your hands on a copy.

Distillery Warehouse Lofts TODAY!!!

Today is the day, Distillery Warehouse Lofts is lauching tonight at 5pm. Call me or email me right now for more information to be better prepared for tonight's VIP launch.

Soho Champagne

Soho Champagne are offering brand new incentives starting today with all purchases. Great for investors and owners. Contact me today to find out what they are!

SoBa

SoBa, a new development near Bank Street in Downtown Ottawa, will begin construction in 2014. It will be built by Toronto company Lamb Development Corp. who plans to construct the 244-unit tower in Centretown.The preliminary design of SoBa features a ground-level podium occupying the entire lot and a T-shaped structure beginning on the second floor and forming part of the podium until the seventh floor, according to city documents.

Other requested amendments include authorization to build a 7,500-square-foot retail store on the ground floor and reductions in required space for the front and rear yards, "communal amenity area" and landscaping. Recently, rezoning and site plan applications were recently filed with the city. The most recent application is to bring the building from 19 to 21 storeys.

The city has indicated they want more development within Centretown.

Follow my blog for more information as it becomes available.

Ottawa, award winners again!

The Ottawa-Gatineau area has once again earned the title of Best Canadian City, a prestigious award ranked by MoneySense magazine. This is not the first time our Nation's Capital has received this award. The Ottawa-Gatineau has proudly accepted it four times in the past six years. 

Representatives from MoneySense magazine judge 180 Canadian cities on several diverse factors. Arts & culture, crime rate, household income, medical doctors per capita, rates of employment and air quality are some of the criteria the judges use. "It's often been said that your home is probably the biggest financial investment you'll ever make," says Marnie Bennett, Team Leader at the Bennett Pros. "You'll want to make that investment in a place that will hold its value over time."

Click here to read more about this great article published by my Team Leader Marnie Bennett.

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Ottawa Condo Boom is for real

Have a look at this video that appeared on CBC News featuring none other than the Bennett Pros

http://www.cbc.ca/news/canada/ottawa/story/2011/10/21/ottawa-condo-boom.html

On the RADIO

On Saturday October 15th, myself and some Bennett Pros team members had the opportunity to be on 580 CFRA, Ottawa's news leader.

On the broadcast, we announced several new projects to be on the look out for and covered topics that new and experienced home owners should consider when looking to purchase a home. If you'd like more information on any of these topics join us at our Condos and Cocktail event on Thursday, October 27th at our office at 250 Somerset St. The event will feature several pre-construction opportunities in the city as well as a crash course on condo buying. You can register on facebook or simply send me an email at Nick@bennettpros.com

To listen to the Bennett Pros podcast click here. http://bennettpros.com/gold_customform1.asp

Bayshore Shopping Center's expansion

Bayshore got approval from the city's planning committee this week on a massive expansion bringing it's rental space from the current 754,00 sq.ft to more than 1,000,000 sq.ft as well as adding additional parking spaces. The first stage of construction which is slated to start in the spring of 2012 would bring the rentable area to approximately 915,000 sq.ft. The expansions are estimated to be about $150 million.

This expansion will have positive effects on the housing in the area, including a face lift valued at $40 million on a housing area across the road from Bayshore named Accora Village which houses over 7,000 residents. Thus increasing home values in the area.

There are still plenty of approvals left to get from the city but the project is off on the right foot.

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.

Distillery Warehouse Lofts

Distillery Warehouse Lofts site. Under construction. Msg me for details on how to purchase at this amazing location. Condos will be ready this time next year! Get pre construction prices while construction is going on! Ask me how!

Be a home owner today in Orleans.

Did you know that there is over 15 condos in Orleans listed under 200k right now. You could own your every own 2 bed, 2 bath condo for around 1000$ a month (mortgage payment, condo fees and taxes) with 5% down. Ask me today!

Were number 1

An Ottawa real estate saleswoman has found herself on top of the world, thanks to her focus on marketing.

Marnie Bennett, an agent with Keller Williams, and founder of Bennett Real Estate Professionals, has been named the No. 1 Broker Worldwide for Keller Williams Realty International in 2010.

Bennett, 57, employs a team of 30 employees, including her three children, her husband, and some of her extended family.

Her team sold 627 new and resale homes last year, besting more than 80,000 other Keller Williams agents around the globe.

"Though there were challenges in 2010, we simply remained focused on our customers," says Bennett, who describes herself as "thrilled" with the recognition for her team's achievement.

Bennett, a fixture in Ottawa's real estate industry for 30 years, has developed a reputation as Ottawa's "condo queen," and her success in selling condominiums propelled her to the top of the Keller Williams ladder. She says she is involved in 25 per cent of all new condo sales in the nation's capital. More than 350 of the units she sold in 2010 were new, and a large number of those were condos. Her group helped to sell about 250 resale homes last year.

Her climb to condo royalty started in 2004 when she was contacted to help market Terry Guilbault's $60 million condominium development at 90 George St. on the edge of the ByWard Market. Bennett says it was then she realized Ottawa's condo potential.

The city has high average incomes, affordable real estate and the largest concentration of baby boomers in Canada.

As those people downsized, the market would be ripe for a condominium sales specialist. She hired interior decorators to help stage model homes and condos, filled a warehouse with quality furniture and brought 17 licensed real estate agents on staff to help with sales initiatives.

Demand for her marketing and sales expertise skyrocketed. She has been involved in several condo developments including, most recently, an Ashcroft Homes project on Richmond Road in Westboro, on the property that once housed the Sisters of Visitation Convent.

Barry Nabatian, an analyst with real estate research firm Shore Tanner and Associates, applauded Bennett. "She is really successful. She is very well known in Ottawa," he said.

"That is really impressive. She has really developed a knack for this."

Nabatian said a driving factor in her success has been the strength of the Ottawa real estate market through the economic downturn. While the volume of resale homes dipped between 2009 and 2010, average selling prices have increased by six to seven per cent, said Nabatian. Many other markets, especially those in the United States, have fared far worse.

© Copyright (c) The Ottawa Citizen

Read more: http://www.ottawacitizen.com/business/Queen+condos/4168054/story.html#ixzz1C9Ln3rks

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!

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

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