The Montreal Real Estate Blog

As long as I can remember the area around Notre Dame Street and de la Montagne has been continually changing.
Fields were cleared up, condos were developed on the west, then on the east side, a new student housing project is about to open. Many years have gone by since all the construction began, and amazingly enough this guy still has his for sale sign.

If I am not mistaken, it has been about seven years, maybe even more, that this property has had that same old sign: FOR SALE OR FOR RENT.

Previously, they had tenants on the main floor. Now, they don’t even have that. The building looks empty, run down and abandoned.
Trying to get the scoop on the situation here, I made a few calls to the number posted. No luck. If it’s not busy, the answering machine picks up. So, what’s the deal here? Is it for sale or not? Is it available for rent?
Are they selling out to the next developer? I think that’s just it.

photography: Ian Rogers

According to BonJour Quebec Magazine, the Godin Building:

“Classified an historic monument in 1990 by the Ministère de la Culture du Québec, the Godin Building was largely ignored in the 20th century. Built in 1915 by avant-garde architect Joseph Arthur Godin, this prestigious “income property” was one of the first Art Nouveau structures to be built in Montréal and was constructed entirely of reinforced concrete. .

Today, the building has experienced a renaissance. Architect Dan Hanganu (Musée d’archéologie, École des hautes études commerciales) began working on the site in 2003. In addition to restoring the façade, he added a new section to the existing building, thus giving birth to the Hôtel Godin, a true boutique hotel.”

As you probably know by now, the Hôtel Godin was sold last year. It is true that it was a remarkable boutique hotel. Unfortunately it never really achieved its full potential as a business; since their opening date on 2004 the hotel had a major setback: they were unable to get a liquor license (it’s a long story), but they did try their best.

“Without a liquor license at the Hotel, the prior owner made the decision to leave the restaurant space unfinished and vacant. This was a major setback because of the Hotel’s strategic location within the entertainment district of Montreal.” - HVS Capital Corp.

On July 9, 2007, Opus Hotel (Trilogy Properties Corporation), a Vancouver based hotel owner/operator, obtained the leasehold interest of Hôtel Godin for $24,350,000, according to HVS Capital Corp.

Even though it is owned and operated by a different group, and it’s now called The Opus Hotel, most of us still remembers it as the Hôtel Godin.

Related Blog post on Opus:

• Opus Brand Alive in Montreal - Vacant Ready
• The Opus Blog

As you already know, Montreal’s first quarter market reports were released last week, and the average price of a condo is now $205,000, a 2% increase from last year. Well, a price like that won’t get you much in Montreal’s hottest spots.

If the average price is 205k, what’s the most expensive apartment for sale at this moment? We searched online for properties over 3 million in the metropolitan area, and came up with 3 winners. But this one gets the cake:

It’s located in Old Montreal. The asking price is over 4 million, Read more »»

$80 million and three years later, the new and stylish Condo Hotel Le Crystal opens its doors for business. You know you’ve been waiting to hear about it.

The building itself is quite impressive to look at, and we’re not so worried about it’s popularity; considering they are also the owners of the trendy Le Saint-Sulpice in Old Montreal, (supposedly, one with the highest occupancy rates in the City) this new Hotel will be for sure a popular spot.

But forget about the 131 suites, what really got our attention was the 53 condos built in addition to the rooms.

According to the Gazette’s article, most of them have been already sold (of course).

“The Spa and some of the top floors are still under construction” - The condos, perhaps?

“…and are expected to be complete in the summer.”

If you want to pass by and pay a visit (even if from the outside), Le Crystal is located at:
1100 rue de la Montagne, corner of Blvd. René Lévesque. You can’t miss it, is the tallest building in that corner.

More news on condo developments? Subscribe Now!

Montreal has the highest concentration of historic monuments in Canada and more than 40,000 buildings are protected under provincial or municipal legislation. These buildings represent an exceptional collective heritage that the city’s administration is dedicated to protecting and promoting in various ways.

Photography: Caribb

Owners of classified buildings that are recognized as cultural property or located on a historic site, in the Mount Royal Historic and Natural District or in the Old Montreal historical district, must obtain authorization from the ministère de la Culture, des Communications et de la Condition feminine before carrying out alterations.

Owners who wish to modify the exterior of a designated monument or an immovable that is part of a heritage site must comply with the conditions applicable to the preservation of the specific elements of the building, as well as with the municipal by-laws. They must also first apply for a permit from the city.

These heritage buildings may benefit from financial assistance under a joint program of the city of Montreal, the ministère de la Culture, , des Communications et de la Condition feminine and the Société d’habitation du Québec. The by-laws concerning subsidies for the restoration and renovation of heritage buildings and for archaeological excavations was adopted for this purpose.

Join the Montreal Real Estate Blog!

Greater Montréal Real Estate Board Statistics

The resale market is heading for another record year with an11% increase of transactions during the first four months of 2007. According to data recorded in the Greater Montréal Real Estate Board’s (GMREB) MLS® system, 21,908 houses changed hands compared to 19,807 transactions between January 1 and April 30, 2006.

“The volume of transactions since the beginning of the year is exceptional,” says Michel Beauséjour, FCA, Chief Executive Officer at the Greater Montréal Real Estate Board. “Economic indicators continue to point in the right direction. Among others, sustained job growth during the first quarter bodes well for the resale market during upcoming months.”

The resale market for condominiums, from January to April 2007, showed an increase of 14% with 4,853 transactions compared to 4,239 for the same period in 2006. We also observe that the average sale price increased by 6%, rising to $204,000 in comparison with $192,000 in 2006.

The resale market for single-family homes also showed an 11% increase, with 14,242 transactions compiled in the GMREB’s MLS® system, against the 12,805 transactions recorded between January and April 2006. The average sale price reached $223,000 this year compared to $210,000 for the first four months of 2006, which represents an increase of 6%.

In the first four months of 2007, the volume of sales reached $4.9 billion, an increase of 19% compared to $4.1 billion recorded for the same period in 2006 in the GMREB’s MLS® system.

From January to April 2007, 39,563 new listings were recorded, representing an increase of 2% compared to the 38,698 new listings counted for the same period in 2006.

As of April 30, 2007, 38,335 residential listings were active in the GMREB’s MLS® system, as
opposed to 36,845 for the same period last year.

Source: CIGM

Dowload the full article

Technorati:montrealmontreal real estatereal estatepropertyhomesmarket conditions