The Molly & Claude Team

The Molly & Claude Team Realtors Ottawa, Royal LePageTeam Realty

Architect – Minsuk Cho / 조민석

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Minsuk Cho is a Korean architect. Born in Seoul, South Korea in 1966 he studied at Yonsei University in Seoul and then at Columbia in the US. He is the recipient of many awards. He first worked with Kolatan and MacDonald Studio in New York. Then went to work with OMA in the Netherlands. He returned to New York and partnered with James Slade to create Cho Slade Architecture in 1998. In 2003 he started his own firm Mass Studies in South Korea.


Pixel House
2003, Gyonggi, South Korea




Cracked House
2005, Paju, South Korea




Xi Gallery
2005, Bussan, South Korea




Ann Demeulemeester’s Shop
2007 Seoul, South Korea




Oktokki Space Centre
2007, Seoul, South Korea




Missing Matrix – Boutique Monaco
2008, Seoul, South Korea




Shanghai Expo, Korea Pavilion
2010, Shanghai, China




Daum Space
2012, Jeju, South Korea




Songdo Triple Street
2017, Incheon, South Korea




Daejeon University Residential College
2018, Daejeon, South Korea




New Seoul City Hall
Seoul, South Korea




Dome Ino
Seoul






Ottawa Condo for Sale
Beacon Hill South
2020 Jasmine Crescent

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1105-2020 Jasmine Crescent
$279,900



Virtual Tour



Welcome to suite 1105 at 2020 Jasmine Crescents. Great views from this spacious 2 bedroom condo. Bright kitchen with breakfast bar. Laminate floors in living room, dining room, and bedrooms. Tiled floors in hallway, kitchen, and bathroom. Generous closets with closet organizer in primary bedroom. Large storage room in unit, and additional storage locker in room 78. Condo fees include all utilities. Outside parking space 189E. This building features great amenities including pool, sauna, hot tub, gym, tennis court. Expansive garden. Close to the ever-evolving Ogilvie shopping area including Costco, Farm Boy, Walmart, Loblaws, cinema, and Blair LRT station. Quick access to 174 and 417. 24 hour irrevocable on all offers.






810-2020 Jasmine Crescent
$299,900






Welcome to suite 810 at 2020 Jasmine Crescent. A spacious 3 bedroom with 2 bathrooms, awaiting your personal touch. Condo fees include all utilities. Parking space 57. This building features great amenities including pool, sauna, hot tub, gym, tennis court. Expansive garden. Close to the ever-evolving Ogilvie shopping area including Costco, Farm Boy, Walmart, Loblaws, cinema, and Blair LRT station. Quick access to 174 and 417. 24 hour irrevocable on all offers. Tenants may be present for showings. Note that photos are of similar size unit with different flooring.



Ottawa Real Estate News Release (OREB)
Residential Resale Slowdown Begins A Shift Towards Balance

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ottawa-real-estate-board-newsletter-presented-by-the-molly-&-claude-team-realtors

OTTAWA, August 4, 2022 – 

Members of the Ottawa Real Estate Board sold 1,110 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,718 in July 2021, a decrease of 35 per cent. July’s sales included 840 in the residential-property class, down 36 per cent from a year ago, and 270 in the condominium-property category, a decrease of 34 per cent from July 2021. The five-year average for total unit sales in July is 1,691.

“We are witnessing a profound slowdown in Ottawa’s resale market. July’s numbers reveal that Buyers are indeed putting on the brakes more heavily than what is typically expected during the mid-summer sales dip. Aggressive interest rate increases are surely impacting the decision to buy at the moment as well as other factors that I mentioned last month,” states OREB President Penny Torontow. “But there is a silver lining: with more properties continually being added to inventory, we are on the cusp of returning to a balanced market, and that is good news,” she adds.

“July saw 2,338 new listings added to the housing stock, which is on par with the 5-yr average and 5% lower than last year at this time. Our inventory for residential-class properties is currently around 2.9 months and 2.5 months for condominiums. A market is considered balanced with at least four months of supply, so we are well on our way to that paradigm.”

The average sale price for a condominium-class property in July was $425,694, an increase of 1 per cent from 2021, while the average sale price for a residential-class property was $716,354, increasing 5 per cent from a year ago. With year-to-date average sale prices at $805,238 for residential and $461,557 for condominiums, these values represent an 11 per cent and 9 percent increase over 2021, respectively.*

“The double-digit average price increases that we saw in the past couple of years right up until the early spring have now morphed into single-digit increases, which aligns more with our traditional stable year-over-year price growth. However, it is important to point out that average prices tally the entire spectrum of home sales across the city and region. If you look from neighbourhood to neighbourhood, there are so many differing characteristics and attributes, price increases will certainly fluctuate depending on where you live,” suggests Torontow.

“If you are selling your home, now is the time to be patient as days on market return to more normal timeframes. There are still many Buyers out there, but with more choice, they have less pressure and may take their time. Even though interest rates are still quite reasonable from a historical perspective, consumers are adjusting to this new reality. The rising cost of all goods means people need time to evaluate and adapt their mindsets.”

“I also believe it is time for the federal government to adapt and reassess the stress test. It was originally designed when rates were very low to ensure Buyers could manage rate hikes. With interest rates where they are now, they have to qualify at a 7-8% rate which no longer makes sense and takes many Buyers out of the market.”

“Whether you are a Buyer or a Seller, a professional licensed REALTOR® will help you navigate this shifting resale market. They have access to minute-by-minute sales data and local neighbourhood expertise that will assist you in making the best decisions for your circumstances.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 3,528 properties compared to 2,706 last year at this time.

* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.

Windmill plans new group home, residential towers near former site of Lincoln Fields Shopping Centre

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Windmill proposes to replace a 40-year-old residence for adults with physical disabilities with a new building, and add 2 towers to the site at 2475 Regina Street in Lincoln Fields. The proposed towers will be 19 storeys and 25 storeys. The mix of rental vs condo has yet to be determined. Details here on an Ottawa Business Journal post.

Is It Rude to Ask Guests to Take Off Their Shoes When Entering Your Home?

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Martha Stewart addresses the no shoe policy indoors. It can be a tricky topic here in Canada. In Asia of course it’s simply not a question shoes come off. But how to have a no shoe policy here. Martha with the help of Lauren Wellbank has suggestions. Of course in my mind in winter that’s not a question! Though I have had a guest come out from the slush and walk right in – but that’s another story.

Architect – William McDonough

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William McDonough is an American architect. Born in Tokyo in 1951, he studied at Dartmouth College and Yale University. McDonough is the founding principal of William McDonough + Parnters. His philosophy is to create designs that not only minimize the negative but create a positive effect on the environment.


901 Cherry Office Building
1997, San Bruno, California




Adam Joseph Lewis Centre for Environmal Studies
2001, Oberlin, Ohio




American University School of International Service
2010, Washington, DC




Bernheim Arboretum Visitors Centre
2005, Clermont, Kentucky




BSH Hausgerate Office




Fuller Theological Seminary Library
2009, Pasadena, California




NASA Sustainability Base
2012, Moffett Field, California




Nike European Headquarters
1999, Hilversum, The Netherlands




VMWare Corporate Campus
2009, Palo Alto, California



Sellers caught by price drops as housing market cools

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CBC.ca reports on the real estate market adjustment we are currently experiencing. The article shares the experience of a couple who tells us the effect the adjustment has had on their expectation of what their house would sell for. Having bought seven years ago at $350,000 they were expecting to sell at $890,00 but it sold at $740,000.

It would seem to me that an increase of 111 percent in seven years is good!

Garth Turner, financial adviser, and former Minister or CRA states “It was inevitable we would see the pendulum swing back. And here we are.”

I believe once we adjust to the new market it will be ultimately good for everyone. To see prices rise in an unreasonable manner keeps buyers who do not have infinitely deep pockets out of the market and ultimately creates an unsustainable situation. Sellers became expectant of selling $100,000 or more over asking! Perceptions and expectations need to be adjusted.

About Us

Molly Hoyle Sales Representative
Claude Jobin Représentant des ventes

E-Mail

claude@claudejobin.com




Phone / Address

Phone: 613.804.7979
1723 Carling Avenue
Ottawa, Ontario