High-end properties lure with VIP treatment
Real estate agents pull out all the stops to sell high-end properties
As the sun sets over the city on a warm August evening, wellheeled real estate agents and their clients sip a glass of bubbly while exploring an elegant property and its thousand square foot rooftop terrace that showcases pristine views of Ottawa’s downtown skyline.
This may sound like a pictureperfect scene out of HGTV’s show Million Dollar Listing New York but it’s an exclusive agent showing in Hintonburg, an added touch that is becoming more common with the growth of Ottawa’s luxury property market.
The home is an award-winning penthouse loft in the area’s newest condo building Yard & Station on Stirling Avenue, designed by renowned architect Barry J. Hobin.
The structure, originally built in 1933 as a school, became the Odawa Friendship Centre in 1996 and was renovated and expanded by the boutique construction firm Morley Hoppner in 2016 as a luxury condo with classic loft windows.
Occupied last year, this is the first resale unit to hit the market. And given its chic design — not to mention its $1,699,000 price tag — its agents Lyne Burton and Dominique Milne at Engel & Völkers Ottawa Central spent $1,000 on the fully catered agent open house.
“This will be the first time we’ve done this type of evening event for brokers and their agents and/ or their VIP clients,” said Burton.
“It’s important that (the clients) have an opportunity to show the place as it would in the evening with some atmosphere ... show how the space would look if they had a social event,” said Burton.
While it’s not unusual to come across the odd sandwich platter at an agent viewing, Ottawa Real Estate Board president Ralph Shaw says agents are starting to raise the bar when it comes to matching their marketing budgets with the property’s price tag, which continue to climb.
“Some of the agents feel that to attract other agents that are in this category, both financially and geographically, to just do an open house maybe isn’t enough,” said Shaw.
“So they try to do something special to be that much more appealing for the agents to attend,” he added.
Agents aren’t just investing in wining and dining, either. Shaw says it’s more commonplace for realtors to include marketing extras — like video which can cost $400 to $1,500, staging that can vary from $1,000 to $5,000 and drone footage, which ranges around $350 to $500 — to showcase the property in the best light.
It’s important that (the clients) have an opportunity to show ... how the space would look if they had a social event.
“Today the big thing is the staging and video, and particularly in the higher end properties because there is more commission involved, so you can justify it,” said Shaw.
“All the waterfront now is pretty much drone photography and farms and that sort of thing ... there’s a lot of money being spent in different directions to promote (listings).”
High-end properties have been filling Ottawa’s MLS landscape over the past decade. According to OREB, in 2008 there were 52 properties sold over $1 million and there have been 202 so far this year. “There is no question that that would be stronger than inflationary activity, for sure,” says Shaw, who is also a broker of record with Century 21 Explorer Realty Inc.
Market research analyst Barry Nabatian is not surprised that buyers, sellers and agents are more invested in Ottawa in recent years. He says the “housing shift” is due in part to an increasing population and the fact Ottawa’s household incomes are typically among the top three in Canada. According to the 2016 census, Ottawa’s median household income was $86,589, with Toronto’s at $78,373; Ontario’s at $74,287; Montreal’s at $61,790 and Canada’s at $70,336.
“There have been more than 13,000 new jobs in Ottawa since 2015, and mostly in high-paid industries,” said Nabatian. “Population growth has been more than 10,000 annually in recent years. (This has) increased housing demand resulting in shortages of housing for sale, and for rental units. In the last year or so, housing resales have been getting multiple offers, and in many cases, homes have been sold for $10,000 to $30,000 higher than the asking prices.”
Realtor Chris Lacharity who works with Christie’s International Real Estate, has sold dozens of luxury properties over the years. He says he has held glitzy realtor showings at large homes “when required” in the past but the bulk of his marketing dollars are spent on quality images and print advertising to reach out-of-town clients.
“Because Ottawa has become more of a destination for people all over the world, we’ve placed ads in (Christie’s International) magazine for $6,000. That’s a bit of a chance to take,” said Lacharity. “And we definitely spend more money — along with photos, now it’s drones, and videos and staging.”
At Burton and Milne’s exclusive showing, the agents were met by hosts who escorted them to a private-access elevator that opened directly into the unit revealing an opulent great room with exquisite finishes and a wall of windows.
The guests mingled and enjoyed the special viewing, which also included a door prize.
Burton said the party was worth the investment given the exposure they received and the fact they already have a few leads.
“A few people made the comment that it was like New York City in Ottawa ... and a lot of the agents said it was one of the most spectacular units they’ve seen,” said Burton. “In the meantime, we do have a showing booked from that, so the sellers were absolutely thrilled.”