Neighbourly Ottawa - All that glitters in the Golden Triangle
This neighbourhood appears to be named after physical shape of the area. Generally, the Golden Triangle is bordered by the Canal on the East, Bank Street on the west, Laurier on the north and the Queensway on the south. Not quite a triangle but getting there. For the real estate boundaries, the west border ends at Elgin.
The neighbourhood has been synonomus with restaurants, the activities on Elgin and the proximity to downtown offices and the Parliament Buildings. For those living in the area, there is no problem walking to productions at the National Arts Centre and grabbing a coffee on the way home. While others circle the blocks looking for any kind of parking, the residents can either get by without a car or with reduced dependence on their cars.
There are a number of long term hotels in the area. Military personnel and government employees, on temporary assignment in Ottawa, find themselves staying in the Golden Triangle. This is often the out-of-townees’ first taste of Ottawa.
There are a lot of hotels, condominiums and apartments in the area. Sitting right beside these are many older single family dwellings being maintained by people who have embraced the urban lifesyle.
What has been selling in the Golden Triangle? Since January 1, 2008 until the end of July the Multiple Listing Service on the Ottawa Real Estate Board’s site for realtors shows the sales for the area of Elgin over to the Canal (MLS area 4104) as follows:
Residential
Detached: 9 sold with average price of $609,567
Row: 5 sold with average price of $455,000
Semi-detached: 9 sold with average price of $584,849
Condominium
20 Sold with average price of $335,355
The Golden Triangle is a choice neighbourhood for singles, seniors and professionals. There are schools and parks in the area so it is more than possible to raise a family here.
You may want to go for The Gold.
Listing your Ottawa Home - Things Buyers Will Notice #17
As I go out with Buyers looking at houses and host Open Houses on Sundays, there are things buyers seem to repeatedly notice. This series looks at the good and the not-so-good things that buyers have noticed.
Children
Not that children are lined up to be viewed but that all the paraphernalia that is synonymous with children is open for viewing.
Recently my Buyers and I were looking at a home that was immaculate in every nook and cranny. Based on the two children’s bedrooms, it was apparent that there was a pre-schooler and a baby living in the house. Both rooms were wonderfully decorated - not too many items, not too many toys strewn about and no smelly baby things. What was more wondrous was the family room. There were no toys in sight. Just when we thought the people did not have fun, we found the toys stacked neatly in the cupboard under the stairs. The house had been cleaned and staged for an Open House. Still!!!
There were baby proof items such as the spinning door knob covers and the kitchen cupboard door latches in the house. All other items related to children (such as that ever present net with $500 of bath toys hung over the tub) were boxed and put away. It was amazing.
My Buyers were not planning to have children. In other houses we had seen, the toys and heaps of children’s laundry were ever present. Not in this place. It was immediately possible for the Buyers to see themselves living in the home and to see that, with only painting the two children’s rooms, this house could become their haven.
We made an offer to buy the home.
Photo credit: Shelf System for Toys @ http://www.flickr.com/photos/wendycopley/2354794207/
Valerie Zinger ~ Ottawa, Canada ~ Ph. 613-723-5300 ~ Email vzinger@royallepage.ca
Civic Hospital Area - House Sale Trends 2003 to YTD 2008
|
Year |
Sold |
Average Price($,000) |
%D |
|
2003 |
28 |
$334.2 |
|
|
2004 |
22 |
$339.8 |
1.7 |
|
2005 |
22 |
$337.7 |
-1.6 |
|
2006 |
38 |
$400.6 |
18.6 |
|
2007 |
20 |
$432.2 |
7.9 |
|
YTD 2008* |
13 |
$449.6 |
4.0 |
Buying a House with an Oil Fueled Furnace
If you are looking at homes in older neighbourhoods such as the Glebe, Old Ottawa South, Alta Vista and Centre Town/ Golden Triangle, you might find a home that you want with an oil fueled furnance. Oil fuel, 
unlike gas, is trucked to the home and a tank is normally located in the basement where the fuel is stored. In the past, the tanks were buried outside. This is now illegal and very costly to remove. Most homes have had the tank removed and an interior tank installed.
Many people have grown up with oil fuel and have no concerns. Others find it unsettling to have to remember to have the tank filled and to have a tank of oil in the basement. With the cost of oil increasing substantially, there are buyers who are planning to convert to gas.
If you are buying and plan to convert to gas immediately, this reminder is for you. Ensure that your offer to purchase the home includes the instructions that the owners are NOT to fill the tank before possession. As a buyer, not only would have to pay for the full tank, as part of the adjustments, but then you will have to pay an additional $500.00 (approximately) to have the tank drained and removed.
If gas lines have not been run into a rural community, oil is one of the most common heating fuels. Conversion is not possible until the gas lines are installed.
Talk to plumbing and heating specialists to find out what kind of furnace is best for you and your heating needs.
Photo credit: 58 E. Mountain Street @ http://www.flickr.com/photos/richspk/2579445904/
Valerie Zinger ~ Ottawa, Ontario ~ Ph. 613-723-5300 ~ Email vzinger@royallepage.ca
Zinger #11 - Lay down your weary head
Buy some toss cushions. Winners/ Homesense stores have a great pillow selection and some are dirt cheap. These will freshen up the living, family and bedrooms. If your dog sleeps on the sofa, you might want to put out the pillows only when there is a scheduled showing of your home.
Feather your nest.
Selling or Buying in Ottawa - How to avoid unwanted advice.
Ask for advice only if you want to hear other people’s opinions.
- Not everyone is an expert but everyone has bought or sold or is contemplating buying or selling a house. They all have something to say. Valuable? You will have to determine the value.
- Listen to your real estate sales representative. Listen to the building inspector. Listen to the mortgage lender and to the insurance company. Listen to your mother and dad, if they are coughing up the cash. Try not to listen to the barista at Starbucks or the guys at your lunch table.
- Listen to those people you respect and who you consider to have some expertise. For everyone else, be polite but ignore them.
- At the very end of the day, it is you who will be living in the house and paying for it. If you can hear your heart and head use that information to help you with your decision.
Trust yourself.
Photo credit: Advice @ Flickr http://flickr.com/photos/wurzle/659315/
Valerie Zinger ~ Ottawa, Canada ~ Phone 613-723-5300 ~ Email vzinger@royallepage.ca
Zinger #10 - Pot
Okay, none of that either but I want you to toss out the pot pourri. The perfume is always awful. Nothing says “sad and desperate” like a big bowl of dead leaves, acorns, pine cones and bark.
Say “Bye Bye” to the Pot
Say Bye-Bye to 40 Year Mortgage Guarantees
There has been significant press around the Federal Minister of Finance’s decision to no longer provide government guarantees to 40 year mortgages. In addition, the guarantee is not available for 100% financing of a home. The buyer will be required to provide a minimum of 5%. This could be borrowed, but it will not become part of the government guarantee. These changes will become effective October 15, 2008.
What is Mortgage Insurance? A government guarantee is actually government backed mortgage insurance. Mortgage insurance (which is sometimes called mortgage default insurance) is a credit risk management tool that protects mortgage lenders from losses on mortgage loans. If a borrower defaults on a mortgage, and the proceeds from the foreclosure of the property are insufficient to cover the resulting loss, the lender will submit a claim to the mortgage insurer to recover its losses. (from the Department of Finance website)
What is the Impact of a 35 versus 40 year amortization period on a $200,000 Mortgage? If you cannot get a 40 year mortgage, then 35 year amortization periods continue to be available. The example Finance uses is: Reducing amortization from 40 years to 35 years on a mortgage loan of $200,000 with a 6 per cent interest rate results in a $41 increase in a borrower’s monthly payment, but the borrower will save $49,000 in interest payments.
Are there other changes? Four other changes will be taking place.
1. Credit Scores: “Canadian lenders have not originated many government-backed mortgages for borrowers with low credit scores. To ensure this practice continues, the new framework will establish a credit score floor of 620. There will also be a limited “basket” to provide for exceptions to this rule, recognizing that there are some borrowers with credit scores below 620 that otherwise represent low credit risks.”
2. Loan Documentation: The guarantee will now require a minimum loan documentation “standards to ensure that there is evidence of reasonableness of property value and of the borrower’s sources and level of income.”
3. Interest Only Mortgages will not be covered.
4. The total debt service ratio (portion of gross income that is spent on debt service and housing-related fixed or essential payments) will be set at a maximum of 45%.
I have included this information to give you a briefing on upcoming changes. If you need additional information, it is available on the Government of Canada Department of Finance site, with mortgage brokers, and at your financial institutions.
Before shopping for a new home, shop for your financing. Know what is available to you.
Photo credit: 3D Realty Handshake @ http://www.flickr.com/photos/lumaxart/2136953043/
Valerie Zinger ~ Ottawa, Canada ~ Ph. 613-723-5300 ~ Email vzinger@royallepage.ca
Mums the Word When House Hunting in Ottawa
In this age of technology, with nanny cams and voice recorders, it is best to say only positive things when looking at a house with your realtor.
I know you are going to be surprised, pleasantly or otherwise, with things in a home. In fact, what will give you most pause is how people decorate and the things they own and display. It is always best to keep your reaction to yourself until you leave the house. In some cases, it is because the owners are still there. Why do they stay? In other cases, it is because there is always a possibility that you are being recorded. Shocking? Yes. I think owners are nervous about having strangers in their home and reduce their anxiety by recording the visit. Whatever the reason, it is always best to keep quiet and touch nothing.
Now you have found the house you want to purchase. Our buying strategy is best developed outside of the house. The kitchen table looks comfortable and you want to sit and discuss next steps. Don’t! Go outside, go to the car, go to my office but do not have the discussion in the house you want to buy. If there are recording devises, the owners will have an indication of how much you are prepared to pay and other terms that you may negotiate. Why give away information?
Finally, if you are being recorded and you say negative things about the house, owners will take it personally and may decide not to sell you their home, no matter what your offer is. Why be insulting and negative? If the owner loves the home, then he or she will want you to love it as well.
Silence is golden.
Photo credit: Silence! Foolish mortals! @ http://www.flickr.com/photos/randomecho/298010188/
Valerie Zinger ~ Ottawa, Canada ~ Ph. 613-723-5300 ~ Email vzinger@royallepage.ca
Zinger #9 - This little light of mine…..
Yes, those low watt bulbs are fantastic for the environment BUT… if they take 2 minutes to warm up, buyers will have walked out of the room and not seen how wonderful your home is. For the days or weeks that your house is on the market, think increased wattage.
Shine a little light on your sale.
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Welcome
My name is Valerie Zinger. I am a Realtor in Ottawa. I look forward to listing your property or helping you find your home.
Phone: 613-723-5300 Click here to contact Valerie by Email at:
vzinger@royallepage.ca -
