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Ottawa housing market normalizing — but still pretty hot

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People looking to buy a home in Ottawa say the housing market is still hot, although the city’s real estate agency is seeing signs of a temporary slowdown.

Earlier this week, the Ottawa Real Estate Board released a report that said the resale market in June performed much like a typical June before the pandemic.

CEO Debra Wright says the market is showing signs of equilibrium.

“The prices stay about the same.” said Wright. “So far we haven’t seen a price drop, but we’re not seeing the volatility that we saw before.”

“This is still a very hot market”

The Real Estate Committee report said the average condominium price was $ 435,198 in June, up 21 percent from 2020. The average home sales price was $ 725,970, up 26 percent year over year.

The board of directors said that from one month to the next, those prices didn’t rise nearly as much as they did at the beginning of the year, which Wright said is a sign that prices are flattening out.

Edge Realty Analytics’ Ben Rabidoux says he’ll agree the market will normalize, but from an artificial and unsustainable high in the first quarter of 2021.

“It feels like you’ve gone from 150 kilometers to … 100 km / h. This is still a very hot market that just isn’t conducive to affordability,” Rabidoux said.

With limited inventory and a market heavily geared towards sellers, Rabidoux doesn’t see things going to be corrected anytime soon.

“We’re still in this strange world of incredibly low interest rates and post-pandemic recovery and we don’t really know how it’s going to resolve,” he said.

Dan Riendeau says he and his wife have seen between nearly 60 homes in the past two years but have been outbid several times in Ottawa’s hot housing market. 1:11

Buyers remain discouraged

And it is still a difficult market for buyers to find their way around.

Dan Riendeau has been looking for a home in Ottawa for the past two years, which included about 60 home visits.

Riendeau and his wife say they liked less than 10, and they were sometimes outbid by more than $ 140,000 for the homes they bid in.

“To say the market has eased a little … I’m not so sure. There are fewer houses on the market and the prices that are always asked are still above what they should be,” said Riendeau.

Riendeau says he and his wife earn above average salaries, but are discouraged and shocked to find semi-detached houses in town cost what he calls a generous estimate.

He says that buying a home feels very rushed and leads some to buy houses they like but don’t necessarily love because the market is so competitive.

“You are told that if you have any conditions to buy a house now, someone who does not have conditions will get the house before you.”

Josh Flynn says he and his wife sold a house they bought in 2013 before buying another this year, which put them in a better position in a competitive market, despite the fact that the search continued for two years and numerous bids. 1:13

“Don’t make yourself thin for property”

Equally stressful is the experience for those who bought successfully in 2021, like Josh Flynn and his wife Marcela.

They also started looking for a new home two years ago and the experience was very different from buying their first home in 2013.

“They had more time to be thoughtful and purposeful. It was a much more exciting experience as the whole process was one of anticipation and anticipation,” said Flynn.

“Today it’s a strategic game of chess combined with a bit of the lottery.”

Flynn has been on the buy and sell side, saying he still thinks the value of homes is aggressively increasing. For those looking to buy, his advice is not to rush.

“Don’t go for real estate. I think there is too much variability as a new home buyer right now.”

Josh and his wife Marcela recently bought their second home in Ottawa after looking for a purchase since 2019. (Josh Flynn)

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Slate Asset Management Announces Final Close of Slate Real Estate Capital I to Complete US$2.33 Billion Portfolio and Platform Acquisition from Annaly Capital Management, Inc.

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CHICAGO–(BUSINESS WIRE) – Slate Asset Management (“Slate”), a global real estate alternative investment platform, today announced the final closing of Slate Real Estate Capital I (“SREC I”). SREC I also today closed the first closing on the previously announced $ 2.33 billion acquisition of the commercial real estate business of Annaly Capital Management, Inc. (“the Acquisition” or “the Transaction”). The portion of the portfolio acquired from Slate Grocery REIT (TSX: SGR.UN / SGR.U) is still pending and is expected to close in the third quarter of 2021.

SREC I is Slate’s first debt-focused investment vehicle. The fund was oversubscribed with debt commitments from a global group of new and existing institutional investors, including a preferred equity investment from Goldman Sachs Asset Management’s Vintage and Vintage Real Estate Partners Funds. This investment builds on Slate’s existing partnership with Goldman Sachs Asset Management.

“Our primary focus at Slate is creating long-term value for our investors and we are excited to deepen and expand our relationships with valued partners such as Goldman Sachs Asset Management and other global institutional investors,” said Blair Welch, co-founding partner by Slate. “With the initial completion of this transaction, our platform and our team are now geared to exploiting convincing and creative investment opportunities across the entire capital stock.”

“By leveraging size and deep underwriting skills, Slate and the Vintage Funds have been able to structure a multi-faceted investment and acquire a high quality portfolio of real estate credit positions that combines downside protection and attractive return potential,” said Sean Brenan, Managing Director, Goldman Sachs Asset Management.

The acquisition will further expand Slate’s investment capacity and enable the company to offer bridging and transition loans, acquisitions of existing loans, investments in debt and flexible liquidity solutions for strong sponsors and assets.

Slate welcomes a group of new team members as part of the transaction and has hired additional professionals to ensure a seamless transition of the portfolio. Team members will join Slate’s offices in Chicago, New York, Dallas and Los Angeles.

BMO Capital Markets acted as financial advisor and Goodwin Procter LLP and McCarthy Tétrault LLP acted as legal advisor to Slate during the transaction.

About Slate Asset Management

Slate Asset Management is a global alternative investment platform with a focus on real estate. We focus on fundamentals with the aim of creating long-term value for our investors and partners. Slate’s platform offers a range of investment strategies including opportunistic, value-adding, core plus and leverage investments. We are supported by exceptional people and flexible capital that enable us to create and implement a wide range of compelling investment opportunities. Visit slateam.com to learn more.

About Goldman Sachs Asset Management Vintage Funds

By bringing together traditional and alternative investments, Goldman Sachs Asset Management offers clients around the world a committed partnership and focus on long-term performance. As the primary investment division within Goldman Sachs (NYSE: GS), we provide investment and advisory services to the world’s leading institutions, financial advisors and individuals, drawing on our deeply connected global network and tailored expert insights in all regions and markets over 2 trillion US dollars in assets regulated worldwide as of March 31, 2021. Driven by the passion for our customers’ performance, we strive to build long-term relationships based on conviction, sustainable results and mutual success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate and infrastructure. Founded in 1998, the Vintage Funds within Goldman Sachs Asset Management have been innovators in the secondary market and have invested over $ 40 billion since their inception. The Vintage Funds offer private market investors and managers worldwide liquidity, capital and partner solutions through private equity strategies. Follow us on LinkedIn.

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hot for sellers, tough for buyers

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CINCINNATI – The housing market is hot in the United States. And Cincinnati is no different.

It’s great for those looking to sell their home. But a challenge for anyone trying to buy one.

What you need to know

  • The real estate market in the greater Cincinnati area is one of the hottest in the country.
  • In June, listed houses were only on the market for nine days. The average sales prices have increased by 18.4% compared to the previous year.
  • Real estate agent Bob Dorger says it is a seller’s market.
  • Some sellers are willing to take the risk to take advantage of prices at the high end of the market.

“It’s definitely a sellers market. It can be a little frustrating to be a buyer due to limited inventory,” said Bob Dorger, owner of The Dorger Difference, a Cincinnati-based real estate agency affiliated with Comey & Shepherd Realtors.

Data released Thursday by Ohio Realtors shows sales in Cincinnati are up 10.9% year over year.

Cincinnati home sales for June 2021 (provided by Comey & Shepherd Realtors)

“We’re seeing entry level, moving and luxury properties all selling very quickly in the greater Cincinnati area, especially when a home is turnkey and ready to move in,” said Dorger.

According to Comey & Shepherd, listed homes in the greater Cincinnati area were on the market for an average of nine days last month. Compared to 23 days at that time last year.

Some sell before they’re even listed.

“In a typical market, houses sell in 30 to 60 days, so nine days gives you a barometer of how competitive the situation is. That’s why people have to be so strong with their offers,” Dorger said.

Comey & Shepherd said the average retail price for Greater Cincinnati was $ 301,969 in June. The average retail price last year was $ 254,152.

Sales prices for the year are up 18.4%, according to Ohio Realtors.

“This is a crazy market,” said Dorger. “We have never seen anything like it. There are many different factors – the pandemic, low interest rates, limited inventory. The perfect storm, so to speak, if you will. “

Selling a house

Mark Slaughter said he and his wife were already considering selling their Maineville, Ohio home. The prospect of a substantial return on their home investment provided the added incentive they needed.

“We knew what the market was like so we decided to sell the house,” he said. “Two people on my street made a profit of $ 100,000 and I wanted to do the same.”

It wasn’t long before they cashed in.

“Our house went to market at 3pm on Wednesday and at 3:30 pm people asked if we could go because they wanted to come over to see it,” Slaughter said.

The couple had seven or eight potential buyers the next day.

“By Thursday night we had four offers, two of which were cash and we accepted one of the cash offers,” Slaughter said.

Curtis Bailey, financial advisor at Quiet Wealth Management, said financial considerations shouldn’t be the only motivating factor behind a sale.

“I wouldn’t encourage people to sell just because the market is hot,” he said. “They have to live somewhere, and to take advantage of it they may have to live in an area they’d rather not want. However, I wouldn’t be surprised if property prices are higher in the next five to ten years.”

Buy a house

The interest rates are below 3%, which makes it an attractive time to buy. But a lack of available homes and condos can make it difficult for a buyer to find what they want.

Mark Slaughter tours a house with his wife (Image credit: Mark Slaughter)

Mark Slaughter tours a house with his wife (Image credit: Mark Slaughter)

One number that real estate agents like to look at is the months of the listing. That is the time it would take to sell all of the homes in the market at the current price if there was no new inventory.

Dorger said during a “normal, even market”, supply would take about six months. Right now it’s less than a month.

That’s part of what is driving the price hike. It has also led to bidding wars.

The Slaughters are in their fifth week of housing hunting. You’ve looked around Anderson Township, Liberty Township, West Chester, and a few other Greater Cincinnati suburbs.

So far, they have made offers for three properties, each of which is above the asking price. They were outbid every time.

Their most recent disappointment came on Friday when they deposited the check on their home sale.

“I woke up and went to three houses with my wife. We found one we fell in love with, “Slaughter said.” We made an offer, went to the broker to close our house and then put the check on the bank. Around 2 p.m. we were told: ‘No, you didn’t get the other house.’ “

Slaughter said they turned down two separate offers for a home.

“We offered and didn’t get $ 30,000,” he recalls. “That sale failed after the inspection. We told them that if they did a few repairs we would make them the same offer. But they refused that too.”

Bailey said people who want to buy need to take into account that prices are near the top of the market. So if you’re not planning on living in the house for five to ten years, maybe now is the time to consider holding back.

Slaughter said he was a little nervous about the overpayment. But he’s more concerned with finding the house that best suits his family’s needs.

At 51, he doesn’t want to move and “go through this over and over again,” he said.

“Buyer fatigue”

Slaughter said his agent Debra Ayers at Coldwell Banker Realty was great. They have been working together for more than a decade.

But he feels like he’s “bumping into a wall a bit”.

Bob Dorger, The Dorger Difference (provided)

Bob Dorger, The Dorger Difference (provided)

“I was free eight of the last 10 days, getting up at 7:00 a.m. each day to see the houses until 2 or 3 p.m. It was worse than work, “said Slaughter.

He and his wife will be visiting more homes this weekend. But planning ahead can be tricky as things change quickly.

Slaughter jokingly compared it to trying to find toilet paper last year.

“Every day we get a list of about eight houses that we will see the next day with our agent, but by the time we wake up this list will be reduced to five because three have closed overnight or are pending. It happens every day, ”he said.

The closure of the former Slaughters’ home took place on Friday. You have to move out by August 23rd. The couple knew that finding a home could be challenging and that they might need to find a short term rental.

They’ll do that if they can’t find anything in the next few weeks.

“We’re seeing a little buyer fatigue right now. We have buyers who tried to buy four, five, six houses and lost,” said Dorger. “Making the mental decision to buy a house is not an easy one.

Dorger said some buyers will “pause” their searches until fall or perhaps early next year when more inventory is expected.

A return to more traditional sales patterns is a “good thing,” he said.

“The current market is unsustainable, but I think we’re starting to see patterns that show we’re moving towards 2019 and pre-pandemic numbers,” Dorger said. “But I think it will be a strong second half of the year and we see 2022 strong as well. We don’t see it cooling off much anytime soon.”

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Real Estate News

Longmont-area real estate, commercial deals; July 25, 2021

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July 25th – Acts of confidence

This list includes trust deeds (to secure the repayment of a loan) of $ 750,000 or more. The information includes the borrower, the lender, the address or legal description of the property, the date the trust deed was deposited, and the amount.

Allen Paul and Brenna Rachelle Nichols, Tbi Mortgage Co., 2476 Claystone Circle, Erie, 7/1/2021, $ 787,030.00

Cornerstone Homes Caribou Ridge LLC, Elevations Credit Union, Mult Prop, 6/7/2021, $ 2,400,000.00

Ctc Properties LLlp, Community Bk Colo, 6/7/2021, $ 12,500,000.00

Daniel and Christina Alleman, Guaranteed Rate Inc., 7273 Spring Creek Circle, Longmont, 6/7/2021, $ 886,500.00

David B. Nelson, Bk Colo, 2040 Estes Lane, Longmont, 6/7/2021, $ 876,177.00

David B. Nelson, Bk Colo, 1974 McCall Place, Longmont, 7/6/2021, $ 1,172,548.00

David B. Nelson, Bk Colo, 2040 Estes Lane, Longmont, 6/7/2021, $ 1,172,548.00

David B. Nelson, Bk Colo, 1974 McCall Place, Longmont, 6/7/2021, $ 876,177.00

David B. Nelson, Bk Colo, 1974 McCall Place, Longmont, 6/7/2021, $ 787,822.00

David B. Nelson, Bk Colo, 2040 Estes Lane, Longmont, 6/7/2021, $ 787,822.00

David B. and Sherian L. Nelson, Bk Colo, 13 Birch Court, Longmont, 6/7/2021, $ 787,822.00

David B. and Sherian L. Nelson, Bk Colo, 13 Birch Court, Longmont, 6/7/2021, $ 1,172,548.00

David B. and Sherian L. Nelson, Bk Colo, 13 Birch Court, Longmont, 6/7/2021, $ 876,177.00

David J. Hudak, Guaranteed Rate Inc., 8249 N. 39th St., Longmont, 6/7/2021, $ 1,867,250.00

Diagonal Affordable LLC, Keybank, 6/7/2021, $ 16,021,950.07

Grove 3 LLC, Flatirons Bk, Mult Prop, 7/1/2021, $ 1,300,000.00

Holiday Ventures LLC, Anb Bk, Mult Prop, 6/7/2021, $ 2,720,000.00

Jeffrey B. Shellan, Elevations Credit Union, 6359 Snowberry Lane, Longmont, 7/1/2021, $ 1,452,000.00

John Lund Hotel LLC, Credit Union Denver, Mult Prop, 7/1/2021, $ 4,430,000.00

Mary Lou Nielsen, Am Advisors Group, 441 Vivian St., Longmont, 7/1/2021, $ 765,000.00

Mary Lou Nielsen, Fed Housing Commissioner, 441 Vivian St., Longmont, 7/1/2021, $ 765,000.00,

The story goes on

Michael Vyskocil, Fms Bk, 613 Frontage Road, Longmont, 6/7/2021, $ 1,312,000.00

Mount View Wadsworth Phase One LLC, Wells Fargo Bk, Mult Prop, 7/14/2021, $ 50,000,000.00

Oracle Lynn, Weinberg Servicing LLC, 69 227 County Road, Lyon, 6/7/2021, $ 1,075,000.00

Deeds

This list includes deeds (transferring title to a property) of $ 350,000 or more. The information includes the seller, buyer, address or legal description of the property, date of filing of deed and amount.

103 Sunset LLC, Hannah J. Cangilla, 103 Sunset St., Unit A, Longmont, 7/1/2021, $ 360,000.00

Ag Essential Housing Multi St. 1 LLC, Lennar Colo. LLC, Vl, 7/15/2021, $ 935,100

Allan L. and Kathleen R. Weyhrauch, James C. Shanor, 2275 Whistler Drive, Longmont, 7/1/2021, $ 543,000.00

Bernard J. and Susan Davis Smith, Susan Adamsthompson, 947 Reynolds Farm Lane No. B8, Longmont, 6/7/2021, $ 452,000.00

Binkm Co. LLC, Frf Properties 2017 LLC, Mult Prop, 7/1/2021, $ 570,000.00

Brian Englebardt, Ann M. Weatherby, 214 Vivian St., Longmont, 7/1/2021, $ 515,000.00

Calatlantic Group Inc, Kari Lynn and Michael Edward Donovan, 916 Cabot Drive, Erie, 7/1/2021, $ 628,500.00

Charles E. II and Annette H. Carlson, Morgan and Ashley Lee, 2226 Spinnaker Circle, Longmont, 6/7/2021, $ 626,500

Coal Creek Station Properties LLC, Coal Creek Village LLC, 6/7/2021, $ 4,850,000.00

Cw Realty LLC, Emily Beth and Kellen Michael Jacobs, 1301 County Road 84w, Allenspark, 6/7/2021, $ 475,000.00

Dale L. Bruns, John D. Deibert, 1626 Hideaway Court, Longmont, 6/7/2021, $ 760,000.00

Darren L. and Heather M. Christiansen, Elicia Strazzeri, 1821 Sweeney Place, Longmont, 6/7/2021, $ 455,000.00

David E. Chaknova Trust, Nova West LLC, 7/1/2021, $ 3,000,000.00

Erik and Amber Hicken, Christopher H. Greer, 4409 San Marco Drive, Longmont, 7/1/2021, $ 701,000.00

Erin Delargy, Thomas Merri Wurtz Living Trust, 1543 Gay St., Longmont, 6/7/2021, $ 516,000.00

F Alan and Kim C. Schwarz, Stefan Depetris, 1332 Aspen St., Longmont, 6/7/2021, $ 500,000.00

G A. Invest LLC, Steven Jacob Holdings LLC, 721 Confidence Drive, Unit 1, Longmont, 6/7/2021, $ 499,000.00

Giovannitti Real Estate LLC, Mojos Madhouse Pllc, 7/1/2021, $ 400,000.00

Hans Frederick Staab, Leslie Martin, 1038 Tulip St., Longmont, 7/1/2021, $ 372,000.00

Helen M. Coffman, Lynda Scarbrough Deremer, 1603 Sherman Way, Longmont, 7/1/2021, $ 610,000.00

Hotel Burlington LLC, Molly Hammock Schimpf, 1085 Hwy 7 Business Rte, Allenspark, 07/06/2021, $ 400,000.00

Jacob M. and Candice N. Anderson, Roger B. and Karen J. Haden, 935 Dakota Lane, Erie, 7/6/2021, $ 855,000.00

Jeremy C. and Cynthia D. and Andrea F. Sheehan, Sarah Roosevelt, 472 Golden Lane, Longmont, 6/7/2021, $ 590,000.00

Joel D. and Grace E. Snow, Stephanie Vanlangenhoven, 2611 Betts Circle, Erie, 6/7/2021, $ 663,000.00

John and Nancy Ries, Thomas Reed, 277 County Road 107e, Allenspark, 6/7/2021, $ 585,000.00

Jose Luis Saldana, Eric D. Heiser, 1015 Ninth Ave., Longmont, 7/1/2021, $ 417,000.00

Kenneth Andrew and Sandra Jean Bertelson, Jessica Podoll, 5866 Park Lane Road, Longmont, 7/6/2021, $ 870,000.00

Kenneth M. Orona, Jill S. Zimmerman Rutledge Declaration Trust, 1101 Chokecherry Lane, Longmont, 6/7/2021, $ 575,000.00

Lcf Erie LLC, Aaron Littlefield, 705 Delechant Drive, Erie, 7/1/2021, $ 876,800.00

Markel Homes Constr. Co, Jeffrey Woodruff, 741 Kubat Lane, Unit B, Longmont, 6/7/2021, $ 446,900.00

Markel Homes Constr. Co, Amanda Marie Ramirez, 741 Kubat Lane, Unit D, Longmont, 7/1/2021, $ 515,900.00

Marshall Dawson, Kirsten Koflowitch, 608 Sandpoint Drive, Longmont, 6/7/2021, $ 500,000.00

Marylou Schlapia Administrative Trust, Arturo Barcenas Vergara, 1506 S. Terry St., Longmont, 6/7/2021, $ 415,000.00

Maurice Fauvel Revocable Trust, Travis James and Rachel Marie Majors, 7213 Rozena Drive, Longmont, 7/1/2021, $ 725,000.00

Michelle R. and Jason M. Kelly, Jared T. and Kalie K. Stokes, 2221 Ridgeview Way, Longmont, 7/1/2021, $ 1,000,000.00

Quinata Family Trust, Andrew Thomas Hill, 715 Glenarbor Circle, Longmont, 7/1/2021, $ 725,000.00

Red Lyons Cabin LLC, Jesse Beightol, 183 White House Drive, Lyon, 6/7/2021, $ 575,000.00

Sara Ashmore, Rohail Abid, 234 Sweet Valley Court, Longmont, 7/1/2021, $ 519,500.00

Sarah Ann German, Logan Schlutz, 6 Emery Way, Longmont, 6/7/2021, $ 450,000.00

Sharlene F. Kesler, Nicola M., and David K. Gilbert, 3123 Concord Way, Longmont, 6/7/2021, $ 599,000.00

Stephen Adam and Sue Gladys and Mark David Robinson, Michael Z. Mowen, 1745 Shavano St., Longmont, 6/7/2021, $ 432,000.00

Stephen C. and Jessica L. Silver, Caroline L. and Stephen N. Jr. Scott, 1115 Cooke Court, Erie, 6/7/2021, $ 685,000.00

Steven B. Ashby, Lawrence W., and Patricia H. Greenberg, 3325 Camden Drive, Longmont, 6/7/2021, $ 630,000.00

Steve Weaver, Hamm Weller Bldg. LLC, 324 Main St., Longmont, 7/1/2021, $ 775,000.00

Toll Co. LP, Tamim and Kochie Aslamy, 2443 Claystone Circle, Erie, 7/6/2021, $ 939,900.00

Toll Co. LP, Dinuka Malinda Peiris Malalanayake, 1256 Limestone Drive, Erie, 6/7/2021, $ 744,300.00

Toll Co. LP, Allen Paul and Brenna Rachelle Nichols, 2476 Claystone Circle, Erie, 7/1/2021, $ 983,800.00

T Wayne Anderson, Oracle Lynn, 227 County Road 69, Lyon, 6/7/2021, $ 1,600,000.00

Venancio Lopez, Michael W., and Travis McCormick, 1074 Ponderosa Circle, Longmont, 6/7/2021, $ 442,500.00

Wallace B. III and Ruth A. and Anne Carr, Jordan J. Hardy, 2237 Eagleview Way, Longmont, 7/1/2021, $ 770,000.00

Wayne and Cindy Smith, Tarah N. and Gregory R. Palencar, 1524 Red Mountain Drive, Longmont, 6/7/2021, $ 625,000.00

Wg Longmont LLC, Peter B. and Carolyn C. Mattox, 5606 Four Leaf Drive, Longmont, 6/7/2021, $ 784,500.00

William G. Shafroth, Dana M. and Thomas and Elizabeth P. Blumenthal, 633 Wagener Road, Allenspark, 6/7/2021, $ 420,000.00

William Lyon Homes Inc, Kevin Laurin and Sandra Lynn Parkes, 1987 Marfell St., Erie, 6/7/2021, $ 733,600

Zach Stanley, Jorge Gonzalezmunoz, 2954 Hughs Drive, Erie, 6/7/2021, $ 718,000.00

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