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Interesting:
HOMES: High-end condo market goes cold
Wed, Jan 14, 2009 2:00 PM EST
A penthouse in Ottawa's swank apartment building at 700 Sussex Dr. sold last year for $450,000 below its original list price.
And just down the street, the asking price has been lowered by $400,000 for a penthouse that belonged to the late TV newscaster Peter Jennings.
It's perhaps too early to tell whether these two facts are signs of a weakening in demand – and perhaps a drop in prices – for high-end condos. But, they at least suggest that there are bargains to be had for those rich enough to spend at least $1 million on a downtown Ottawa condo.
Penthouses at 700 Sussex came with a price tag of more than $1.5 million when the building in the heart of Ottawa opened a few years ago. They are large. They have spectacular views. And they are in the heart of the city, a two-minute walk to the National Arts Centre, the Rideau Centre and the ByWard Market.
According to records kept by the Ottawa Real Estate Board, a two-storey penthouse atop 700 Sussex sold in April 2008 for $1.1 million on the board's multiple-listing service (MLS). But the board's records show the same penthouse was originally listed on MLS for $1.55 million.
Then it was relisted for $1.3 million, the records show.
The listing for the penthouse, by Coldwell Banker Rhodes, said: "Clean lines, black granite, stainless steel and a multitude of windows create a modern, airy living space." It added that the apartment offered "spectacular, panoramic views from all principal rooms and the private rooftop terrace."
Ottawa real estate agent Marilyn Wilson, who specializes in homes and apartments that sell for more than $1 million, is enthusiastic about the 700 Sussex penthouses. "You just feel like you own the world" when you live up there, she says.
Ms. Wilson is listing agent for a penthouse at 489 Sussex Dr. that was to have been a retirement home for Mr. Jennings. He grew up in Ottawa and became perhaps the best known English-speaking journalist in the world, as longtime anchor of ABC's evening news.
Ms. Wilson's listing says: "This rare penthouse apartment is absolutely one of Ottawa's true dream properties! Situated in the ultimate location on Canada's Mile of History, the 3,000-square-feet penthouse was owned by the late Peter Jennings, and is the only apartment in Ottawa with full and unobstructed view of Canada's Parliament buildings, the Peace Tower and the Parliamentary Library."
The apartment is in a heritage building redeveloped by Mr. Jennings's sister, Sarah, and her husband. Mr. Jennings didn't live there, but hoped to do so for a period each year after retirement, which he did not live to enjoy after succumbing to lung cancer in 2005.
The Jennings apartment was originally listed on MLS for $1.5 million. Then it was relisted for $1.1 million. It was still available for that price, at last check in December.
Sarah Jennings had hoped the apartment would remain in the family, but her brother's children, Christopher and Elizabeth, want to sell.
The 700 Sussex penthouse that sold for $1.1 million was the only million-plus condo sale on the multiple-listing service in the first 11 months of last year.
However, there were three sales of about $2.5 million each for penthouses at 90 George, Ottawa's newest luxury condominium. These sales were not listed on MLS. The 90 George building is not due for occupancy until the end of February. One of the penthouses has been bought by Ottawa Senators sniper Dany Heatley, for whom it will be the ultimate downtown bachelor pad.
Terry Guilbault, developer of 90 George, says he's close to selling all apartments in the building. He says he expects to make a small profit.
Mr. Guilbault has two $2-million-plus apartments remaining for sale. Those should be a true test of where the high-end condo market in Ottawa stands today.
