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Dark Knight / Le Chevalier Noir
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I tried to post this on the CFC board but I was unable to.
The CFC has recently listed their industrial/commercial condo for $149,000.
Jonathan Berry said:
"I thought I saw Larry Bevand quoted with a price starting with the figure "2" and having six digits before the decimal point. That was in a post that has scrolled off, on a board that doesn't exist, so you can mark it up to imagination. At the time, I was delighted to hear what I thought to be such a healthy figure."
A few years ago I saw a unit for sale in the same strip. Out of curiosity, I called the agent and he said they were asking $230,000. I have no idea what they got for it. Since then I spoke with Gerry Litchfield who figured it was probably a double unit. I kept the paperwork on that unit ...but heck if I can find it :).
And here is the link (which took a bit of finding; the first problem was that the Ottawa MLS web server was down much of Friday) to the MLS listing of the CFC's Office Condo, asking price $149,900:
Unfortunately not a good time to sell, prices are down, mortgages are harder to obtain for purchasers etc. There's a price to be paid when you dither & delay.
And here is the link (which took a bit of finding; the first problem was that the Ottawa MLS web server was down much of Friday) to the MLS listing of the CFC's Office Condo, asking price $149,900:
More Information: ( from icx.ca Listing ID: 7721174 )Description
End unit in desireable area with exposure.2 prkng.spots.Ist.flr.:approx.600 sq.ft.office space+Kitch.+app.300sq.ft.shippng/recvng/storage area at rear with 8x8 grade level O/H dr.2ND.Floor=apprx.900 sq.ft.offices with.recep.area, 3 pc.bath and full kitchen=could be rented separately. Adjacent visitors parking. Easy to view.Quick closing if required or tba.An excellent investment for small business!!Call L/A re parking.
Private Listing Remarks
Easy to view.Show anytime -There is an alarm system in place. Quick closing or TBA. "A GOOD BUY". Show and Sell. Prop.Mgmt= VAL ROCA Corp. 613-744-1199"""NOTE"""-Seller may rent all or a portion of either floor***Lock box at rear door.Keys are for front doors. Entry for upstairs is by interior rear stairwell at rear of main floor office.Until other key is found.Parking spaces 106 and 34++
Commission Description
2.5%
Property
OwnerShip : Freehold
Tax Information Tax Assessment Description : 2008 gross taxes were $6,168.
Here is the link for complete information re: CFC Condo ( includes property taxes, commission to co-operating brokers -- 2.5% , etc ) compliments of IXN
For example the CFC will have to pay $3747.50 to the buyer brokerage should the "condo" sell at $149,900. The commission to PRUDENTIAL TOWN CENTRE REALTY INC., BROKERAGE is not known ( only to the CFC executive ) but would be in addition to the buyer's commission. Often this commission is the same as the buyer's commission - but is negotiable dependant upon the services provided by the selling brokerage.
Final comment: property is NOT a condo . There is no condo maintenance fee. Classified as an office unit. However, it has the look and feel of a condo. 3 piece bath, full kitchen and appliances.
Here is the link for complete information re: CFC Condo ( includes property taxes, commission to co-operating brokers -- 2.5% , etc ) compliments of IXN
For example the CFC will have to pay $3747.50 to the buyer brokerage should the "condo" sell at $149,900. The commission to PRUDENTIAL TOWN CENTRE REALTY INC., BROKERAGE is not known ( only to the CFC executive ) but would be in addition to the buyer's commission. Often this commission is the same as the buyer's commission - but is negotiable dependant upon the services provided by the selling brokerage.
Final comment: property is NOT a condo . There is no condo maintenance fee. Classified as an office unit. However, it has the look and feel of a condo. 3 piece bath, full kitchen and appliances.
The link asks for a user password.
Would you happen to know the governments latest Market Value Assessment for the unit? The latest government valuations were issued within the last month or so.
My appologies if the link requires a password. I was unaware that it required one. The link was provided by IXN of which I have access.
Government market value assessment can be "pulled" by going to www.mpac.ca. My understanding is that as a citizen you are entitled to access 6 different assessments of your choosing. But please dont quote me.
The best indication of an assessment value are the yearly property taxes. In this case the CFC pays $6,168. per year in property taxes for the "condo". This number is usually multiplied by a constant ( for the area ) to get the assessment value.
Just as a bit of information, I was having dinner with friends of mine 2 weeks ago. One asked me if the "Chess club" was located at Gladwin. I said that was the CFC office. Turns our that the architect firm she works for owns one of the other condos in the same building. They bought it about a year ago. I asked her how much they paid for it. "Almost $150k" was her reply. So it sounds like the price mentioned above is appropiate.
Just as a bit of information, I was having dinner with friends of mine 2 weeks ago. One asked me if the "Chess club" was located at Gladwin. I said that was the CFC office. Turns our that the architect firm she works for owns one of the other condos in the same building. They bought it about a year ago. I asked her how much they paid for it. "Almost $150k" was her reply. So it sounds like the price mentioned above is appropiate.
That's the sort of thing MPAC takes into consideration to set a market value.
Two more "comparible" units have just come up for sale at 2212 Gladwin Cres, Ottawa. Units are selling together and are side-by-side C5 and C6. The CFC unit is E1.
I asked the guy who bought the condo, and he told me the price. Less than the CFC wanted, but probably more than most of us expected.
If someone wants to throw in a prize, here's a trivia question for you (well, not so trivial given the amount of money it was worth): what did the new owner find so valuable about the property that the CFC had no use for?
While I have your attention, here's two things the CFC needs to do between now and when the money is all gone:
First, the CFC's charitable status. There needs to be 2 legally separate organizations, which share salaries and combined financial statements. This is common practice among non-profit organizations (e.g. charities cannot lobby, but their sister group takes donations for education). The CFC needs to list all of its Programs that it wishes to spend money on. Those most acceptable to Revenue Canada as charitable (e.g., Youth) are assigned to the registered charity (Foundation). Those least acceptable to Rev. Cda (e.g. Membership Services) are assigned to the CFC. Afterwards, the charity's revenues will come from charitable donations; and the CFC's revenues will come from memberships, user fees, and sponsorships. Budgeting will continue to be critical.
Second, the CFC needs to communicate to its sources of revenue (usually people who play chess) reasons why they should give money. For the Foundation, reasons to donate beyond getting a tax receipt, e.g.: descriptions of how the money is spent (Programs) and the percentage spent on Programs vs. Admin (min.60-70%). For the CFC, reasons to be a member or to pay a user fee, e.g.: benefits of membership (access to the on-line magazine) and user fees (official rating). To carry it out, the CFC will need a mailing to those with no email on file - a contest is always a good way to gather emails. After that, regular (weekly) e-mails are excellent reminders that we exist and that we need money.
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