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News Michael Prentice Wed, Oct 8, 2008 This house at 15 Monkland Ave. in the Glebe went for $1,275,000 - $80,000 more than list price - after being on the market for just eight days. (Etienne Ranger, OBJ) When Barry Kiefl put his Glebe home up for sale this year, he says a procession of potential buyers trooped through the house on Monkland Avenue, near the Rideau Canal. A bidding contest ensued, in which several offers were made – and Mr. Kiefl found a buyer for $80,000 more than list price. The sale – for $1,275,000 – was the highest in the Glebe on the Ottawa Real Estate Board's multiple-listing service this year. It was a dramatic example of the hot market for resale homes in the Glebe – despite the current slowdown in home sales nationwide – which is a neighbourhood dotted with solid older homes, attractive to prosperous young families who want to live near shops and restaurants and close to the heart of Ottawa. Mr. Kiefl, a media research expert who spent many years with the CBC, said he wasn't surprised the house sold in eight days for more than list price. He said the listing agent, Keller Williams Ottawa Realty, knew the strength of the market and priced the house accordingly. The sales prospectus described the property as "a truly grand home (built in about 1929) with original charm from the billiard room in the basement through to the third-floor master retreat." Brent McElheran, an agent with Royal LePage Team Realty, said a client of his was among the losing bidders. The client offered $55,000 over list price. "I have won a few and lost a few this year in bidding for properties over $850,000 in the Glebe," said Mr. McElheran. He said one of his clients paid the list price of $1.25 million for another home on Monkland Avenue that did not go on MLS. In some parts of the Glebe, house prices have risen by more than 16 per cent in the past year, according to Mr. McElheran. The Glebe, while a very desirable place to live, is far more affordable than Rockcliffe Park, where Ottawa's priciest homes are located, real estate agents have said. Three homes in the Glebe have sold for more than $1 million on MLS so far this year. The next 17 highest-priced sales in the Glebe were all between $746,000and $975,000. RE/MAX reported that Ottawa recently showed the highest increase in the country in sales of homes over $750,000. There has been a 36-per-cent increase this year in this price bracket, RE/MAX said. All agree that the Ottawa housing market generally remains buoyant. The average sale price across the city in August was almost $281,000, a jump of 5.1 per cent over August 2007. Homes are also selling faster, and were on the market for an average of 37 days compared with 42 days in the summer of 2007, says Heather Skuce, president of the Ottawa Real Estate Board. The board does not release statistics for neighbourhoods. But real estate agent Tony Rhodes of Coldwell Banker Rhodes says: "I have the feeling that prices in the Glebe are rising dramatically, and will continue to do so. It is urban living at its best. It's a fabulous lifestyle. And there is a steady inventory of homes, with older people downsizing." Mr. Rhodes says the Ottawa housing market is strong – except for homes costing more than $2 million. In the Glebe, he says, there may be 10 or 15 buyers at a time looking for homes at up to $1.5 million. Marnie Bennett, an agent with Keller Williams Ottawa Realty, estimates prices in the Glebe may be rising at an annual rate of seven to 10 per cent – or close to twice the city-wide average. "Anything urban" is being sought by buyers wishing to curb travel expenses, she says. Sellers in the Glebe typically get close to asking price. An exception was a house at 165 Clemow Ave., one of the Glebe's ritziest streets. The house sold this year for $901,000 after being listed for $1.3 million. Sales agent Gregory Blok, of Keller Williams Ottawa Realty, said the reason was that a home inspection showed the house needed "quite a bit" of repairs By Michael Prentice
"Gets it sold!" |
