Mizrahi Developments, in collaboration with Engel & Völkers, has announced its entry into the Ottawa market with its upcoming luxury condo development.
Situated at Westboro, 1451 Wellington The Residences at Island Park Drive is set to arise as the developer’s first foray into Ottawa.
“We are thrilled to be associated with this exquisite landmark building in Ottawa’s hottest west-end neighbourhood,” said Richard Rutkowski, real estate advisor, Engel & Völkers Ottawa Central. “Our perspectives on luxury real estate align perfectly, and I believe Mizrahi’s entrance to Ottawa signals the market’s move towards becoming one of Canada’s prime hotspots for luxury real estate.”
“Our collaboration with Engel & Völkers is a natural fit - we are a luxury landmark residential mid-rise project working with a luxury boutique brokerage. We also wanted global marketing to promote our exclusive project and we believe that we can reach exclusive buyers through the Engel & Völkers global network.” said Sam Mizrahi, president and founder, Mizrahi Developments. “The combination of experience and passion made Richard Rutkowski and Engel & Völkers the right choice for 1451 Wellington The Residences at Island Park Drive.”
With luxury home buyers steadily veering away from Vancouver and other global cities like London and New York, other major markets have been more than happy to take up the mantle of being high-end housing destinations.
“The safe havens are becoming less certain,” Christie’s International Real Estate chief executive Dan Conn told BNN Bloomberg late last year. “It’s becoming much more challenging in the hubs to find a high quality place to deploy capital.”
Among the major factors influencing these trends is a widespread malaise of uncertainty brought about by (among others) global military and trade tensions, the economic implications of Brexit, and the Hong Kong pro-democracy movement.
Data from a recent Knight Frank report showed that the price of luxury residential property in 45 global cities went up by an average of only 1.1% annually during Q3 2019, the slowest year-over-year increase since the end of 2009.
Vancouver experienced a 10% drop in high-end housing during this period, while New York suffered a 4.4% decline and London had a 3.9% decrease.