Posted by Leif Olson on Thursday, February 18, 2021 at 10:58 AM By Leif Olson / February 18, 2021 Comment
You won't believe this! This just happened!
We just secured a condominium investment property for one of our dear clients. And it's right 118 Homewood in the Glebe. I need to tell you about it.
My name is Greg Hamre from RE/MAX Affiliates in Ottawa. This is a fabulous location. It's 118 Homewood, right in the heart of the Glebe.
It's a beautiful condominium. It's coming up for rental and the details of that in a minute and the story, but let me tell you about the location.
It's again in the heart of the Glebe. So there's action everywhere. Lansdowne Park is above it, right on the corner of this building.
What really intrigued me though, was the style of the building. It's chic in design and nature. It's got a great floor plan. It's right above Sporting Life, right across from my next stop
But when you go down to the garage in this unit, it's part of the main garage that connects all of Lansdowne Park.
So living in this unit in the winter, you can walk underground to Whole Foods underground till the LCBO underground to the fitness place up the corner here, underground all the restaurants with the patios underground to the theaters, all underground parking in this unit underground, the whole lifestyle is underground.
But if you're above ground, Saturdays and Sundays are the farmer's market here in the old castle.
There are terraces in the spring and summers. In the winter, you've got ice skating on the Rink of Dreams.
You have the canal, which 20,000 people visit every year. You have restaurants, you have the
Ottawa 67's, you have the
Ottawa REDBLACKSentertainment right here in the core of the Glebe.
And I'll tell you what my buyer is a savvy buyer in 15 years.
In 15 years is my fourth transaction with these clients.
We look in all areas of Ottawa for investment. This one had the best return on it. Less competition for rentals, and a real lifestyle that they need to be excited by.
This unit is coming up for rent in less than 30 days.
So if you know anybody that wants to live this lifestyle in the Glebe is looking for a rental. We have one coming.
When we first started out on this journey, though, we looked in the suburbs, we looked in the downtown Rideau street area. We looked in Centretown, and then we looked into Glebe.
We crunched all the numbers. We put a strategy together. We made sure that we knew what our competition was, what our bottom line numbers were.
And it's amazing how downtown Ottawa is the buy. It right now in this area here where we're on bank street and you could see a crane behind me here.
There's a new building being built, but that building there is a lease-only it's a retirement-style living lease.
The city of Ottawa is not allowing very limited new condos to be built at this time. They're encouraging rental only. So condo pricing can only go up because availability will not be there.
And we're seeing it. There is some great selection right now.
We negotiated this deal under the asking price in the heart of the Glebe in the best lifestyle Ottawa has to offer.
It was exciting. My clients were really excited that we landed. We secured this deal for them, and we secured it for under asking in a market where everything is going above.
That entailed strategy. Understanding the market, understanding what the seller's emotion was and making sure that our clients' needs were met.
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