Luxury Real Estate

I caught an article from a February 2014 issue of Forbes magazine by Jean Folger the other day related to investing in the luxury real estate market. It had some strong recommendations and ideas for Buyers that all made good sense and I thought I would put some thoughts to paper and share them.
Everyone has a different view of what luxury is of course but I would hazard to say that most of us who work in the area in Ottawa consider this end of the market to be the small percentage of market that sits at the very top end of the scale. Unlike markets in Toronto, Oakville, and Vancouver where there are dozens and dozens of listings over $2,000,000 the market in Ottawa would be smaller with the top end capping out at about $3,500,000 on average.
This is due to the fact that the economy of the Nation’s Capital is driven primarily by the public service. Toronto and Oakville for example have significant financial sectors and Vancouver of course is quite international in its economic scope.
It is wise to work with an agent who has the experience and who understands the market, which means knowing the neighbourhoods and the builders to start as well as the fact that some of these luxury properties are not always listed. Rather, they are quietly listed or are considered “pocket listings”. The Ottawa luxury market is a small one but it is broad and diverse offering a variety of lifestyles from estate living in Rideau Forest to Manor residences in Rockcliffe Park.
As with any purchase, due diligence is required and a knowledgeable agent can help guide you in this process. For example, the Village of Rockcliffe Park has a heritage over lay and as a result Buyers must pay close attention to the guidelines when considering renovations or major construction prior to your purchase.
The house inspection is an area where you as the Buyer will learn about the home and the other buildings associated with it. Some properties may require special inspections such as for swimming pools, or wells, irrigation systems, outdoor fireplaces and kitchens as well as spas, fountains, heated driveways, complex sound and lighting systems to name a few.
No matter the reason for your purchase, whether your moving up or making an investment or both, it is always advisable to put yourself in the hands of a reputable, knowledgeable agent with whom you have a good relationship with that hopefully will last a lifetime!