By Lynda Cox
The fall has been unusual in so many ways. Weather and condo sales have been 2 positives. The condo market has led sales after years of stalled and declining prices. Good News indeed. Why now you may ask? Starting in 2008 the condo market gradually became glutted with new builds along the Rideau corridor. Hundreds of units became available with attractively low condo fees. RESULT: the resale condo market tanked badly seeing sellers take small to big losses if circumstances forced them to sell after owning for less than 5 years. Most realtors recommended that sellers wait if possible. WHY? Resale condos are older condos, their condo fees are naturally higher having built up over the years. New condos have lower fees. Simple. Presently the market is evening out. Older condos are catching up. Demand is still high and inventory of new builds is diminishing.
We all realize that Lowertown has its fair share of challenges: safe injection sites, panhandlers and even some fatal criminal activity BUT Lowertown has much much more than its fair share of delights. Street artists, open farmer’s market, new and long-standing shops providing everything from soup to nuts. Byward Fruit and Vegetable Market where you actually get to know the owners, Sasloves Meat Market, Home Hardware, Mantovani’s 1946, Rene Levesques just to name a few. We can have breakfast at the “Obama” bakery, shop for a gift, have lunch at Fiazza Pizza, then dress up and head to one of the many restaurants in The Courtyard for supper. We can literally do this over and over for days delighting in different cafes, restaurants and bars each time we venture forth. We are so fortunate. It is so much fun.
I moved to LowerTown four years ago and despite the challenges I love every minute of my walking lifestyle here. It has a European feel. It is lively. It is eclectic. It makes me feel thankful every day. It keeps a person centered. One can’t become too anonymous or too indifferent when you are constantly bumping into inquiring tourists, school groups, sidewalk opera singers, visual artists, street people, the neediest of our city and often the loveliest of our city. We hear church bells ringing every day, we see and hear the fireworks from our backyards and balconies, we walk to Remembrance Day and Canada Day parades and ceremonies…. I dare say there is not another neighbourhood in Ottawa where you will find it all, like you find it here in our “hood”. Let’s continue to celebrate our diversity!!!!!!!
Let’s Look at the Lowertown Real Estate Market ( from July 1 to time of writing)
SOLD 13 Residential Sales ranging from $258 for a semi-detached on St. Patrick to $600 for a detached home on Rockwood. Three of these sales had bidding wars and the houses sold over their asking price. 28 Condo Sales ranging from $221 for a 2 bed on Cumberland to $619 for a 2 bed at 700 Sussex. Days on Market ranged from 5 days to 490 days. 3 Conditional Sales are posted at this time.
ACTIVE 7 Active Residential Listings ranging from $359 for a rowhouse on King Edward to $589,900 for a semi-detached on Cathcart Square. 56 Active Condo Listings ranging from $239 for a studio apt on York to $1,599,000 for a 3 bed new- build on Bolton.
Let’s keep talking…….