Claridge Icon [505 Preston St] | 143m | 45 fl | Completed

[jay2018]

Originally Posted by gjhall

Some would cost more, some wouldn't. When commercial rents in an area go up, the products don't necessarily go up. The same is true for wages.

Also, those making the least tend to 1) spend all their money, since they don't have the wiggle room to save, and 2) spend all their money LOCALLY since they generally can't afford to travel or buy luxury items.

Whereas, give a middle class person like me a raise and I'll probably either save it or spend it some place far away on an awesome trip.

As it was noted earlier in this chain, the minimum wage has not increased at the pace of prices, so there's an adjustment that probably needs to be made.

The current high rent, low wage, high unemployment state of affairs won't sustain itself forever.

I work for a small company if min wage was increased to $14 they would have to make major cuts we would more then likely go from 20 staff down to 10-12.

[JackBauer24]

Going fast??? Fast would indicate a high rate of sales....
I've been to their office three times, here is what their sales were at each visit....

May 2013 - 12% of the building was reserved. They had just opened, nothing was officially sold yet as people hadn't signed their contracts. Not bad at all for an opening month.

July 2013 - 11% of the building was either reserved or sold. Purchasers had started writing contracts and some had firmed up, others were simply on hold.

September 2013 - slightly over 9% of the building was reserved or sold. Most of the sales were of the same style of suite - the one bedroom facing Dow's Lake (the Pacino or DeNiro). The percentage had dropped because some people who had signed a contract or reserved a suite, never followed through with their purchase or rescinded from their contracts.

Originally Posted by cr872190

Considering 2 units have closed in the last 48 hours, I just got off the phone with the sales manager of the Icon and posts on their Facebook page:

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Ciaran FitzPatrick
Has the Icon project been cancelled?
Like · · 5 hours ago via mobile


Claridge Condos
Hi Ciaran, no, it has not been cancelled - far from it! Units in Ottawa's newest, tallest, luxury condominium are going fast! Check here for more information on Claridge Icon: http://www.claridgeicon.com/

Unlike · Reply · 1 · about an hour ago
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This project is not scrapped... yet. They are still pushing units and will do so for a while into the new year. That being said the market is clearly slowing and he units are not selling anywhere near as fast as Claridge had hoped.

[ars]

Originally Posted by cr872190

Considering 2 units have closed in the last 48 hours, I just got off the phone with the sales manager of the Icon and posts on their Facebook page:

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Ciaran FitzPatrick
Has the Icon project been cancelled?
Like · · 5 hours ago via mobile


Claridge Condos
Hi Ciaran, no, it has not been cancelled - far from it! Units in Ottawa's newest, tallest, luxury condominium are going fast! Check here for more information on Claridge Icon: http://www.claridgeicon.com/

Unlike · Reply · 1 · about an hour ago
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This project is not scrapped... yet. They are still pushing units and will do so for a while into the new year. That being said the market is clearly slowing and he units are not selling anywhere near as fast as Claridge had hoped.

Well that's some good news. I hope it stays afloat.

[gjhall]

Originally Posted by jay2018

I work for a small company if min wage was increased to $14 they would have to make major cuts we would more then likely go from 20 staff down to 10-12.

It's really not that simple. People don't hire employees because they have extra cash flow and they like having them. Rather, they hire employees to be productive and create profit for the owners. Why else have a company?

So, the only way they would do that is if they have 8-10 people who produce less than $14 of value per hour. In which case, their productivity level is pretty poor, and the business probably isn't very profitable.

[jay2018]

Originally Posted by gjhall

It's really not that simple. People don't hire employees because they have extra cash flow and they like having them. Rather, they hire employees to be productive and create profit for the owners. Why else have a company?

So, the only way they would do that is if they have 8-10 people who produce less than $14 of value per hour. In which case, their productivity level is pretty poor, and the business probably isn't very profitable.

If everyone just made say $14 that would be one thing but those making above min wage now would want a big raise so some making $14 now would want $18 etc in my companys case it would be a issue.

[Postmaster]

I'm not entirely surprised this project's destiny is in question. On the good side, it might make Claridge re-examine its way of doing things and maybe up their quality in a meaningful way.

[gjhall]

Originally Posted by jay2018

If everyone just made say $14 that would be one thing but those making above min wage now would want a big raise so some making $14 now would want $18 etc in my companys case it would be a issue.

Then either give them a raise or let them quit. Doesn't mean we shouldn't have a higher minimum wage though.

[Rob64]

I'm somehow starting to doubt that this is cancelled.

The Ottawa Citizen interviewed Shawn Malholtra today and he mentioned The Claridge Icon as being a great example of what Claridge can do.

SM: Our newest building is Claridge Icon, on Preston Street. It’s such an innovative design that embodies the very best that Ottawa has to offer. As the tallest building in Ottawa, it carves out a new identity in the Ottawa skyline. We had the pleasure of working with world-class architecture firm Hariri Pontarini, and worked hand-in-hand with the city to create an iconic gateway to downtown Ottawa. We feel this is a great example of what we can do.

If it was on the verge of being canned, would he really bring it up as a building that is carving a new identity for Ottawa's skyline?

http://www.ottawacitizen.com/homes/Condo...aridge+Shawn+Malhotra/8993184/story.html

[jay2018]

Originally Posted by gjhall

Then either give them a raise or let them quit. Doesn't mean we shouldn't have a higher minimum wage though.

I would like to see the minimum wage increase by $6 but not all at once but a $2 increase per year my only concern is for the small companys.

[JackBauer24]

Or is it too crazy to think that he would use an interview with the Citizen as opportunity to promote a project that needs sales?

Selling less than 10% since May isn't great, no matter how you cut it. Traditionally most new condos, especially with ones with the hype Icon had behind it, get 20-30% of their sales in the first month or so. If they don't can it, I would expect a re-design a la Edge/Bowery.

Originally Posted by Rob64

I'm somehow starting to doubt that this is cancelled.

The Ottawa Citizen interviewed Shawn Malholtra today and he mentioned The Claridge Icon as being a great example of what Claridge can do.



If it was on the verge of being canned, would he really bring it up as a building that is carving a new identity for Ottawa's skyline?

http://www.ottawacitizen.com/homes/Condo...aridge+Shawn+Malhotra/8993184/story.html

[ars]

Originally Posted by JackBauer24

Or is it too crazy to think that he would use an interview with the Citizen as opportunity to promote a project that needs sales?

Selling less than 10% since May isn't great, no matter how you cut it. Traditionally most new condos, especially with ones with the hype Icon had behind it, get 20-30% of their sales in the first month or so. If they don't can it, I would expect a re-design a la Edge/Bowery.

Using a Q&A as an opportunity to prevent it from being cancelled? I think that would be stretching it. The Icon is Claridge's most ambitious project yet.

[JackBauer24]

Originally Posted by ars

Using a Q&A as an opportunity to prevent it from being cancelled? I think that would be stretching it. The Icon is Claridge's most ambitious project yet.

I'll let you in on a little secret. When you see stories, interviews, etc... In the paper highlighting a particular new condo or housing project, the Citizen, or whatever other publication, wasn't looking for a story, the builder pays for that type of publicity. So it's really not a stretch to think that a developer would use an article to promote their only unique project.

[gjhall]

Originally Posted by ars

Using a Q&A as an opportunity to prevent it from being cancelled? I think that would be stretching it. The Icon is Claridge's most ambitious project yet.

They said ages ago that they expected 3 years of sales, given the scale of the project and the state of the market. So no surprises, really.

[Rob64]

On the 26th, Claridge is releasing new floor plans and special pricing. Whatever that means.

[JackBauer24]

I interpret it as - they don't have anywhere near the sales they expected so they have to go back to the drawing board to try to squeeze out more. Claridge is not the first builder to do this, but it certainly isn't a good sign for the project - especially one that was in the news as much as this one. The only comparison I can think of, with regards to being in the news, is Lansdowne - their sales seem to be moving along just fine.

Originally Posted by Rob64

On the 26th, Claridge is releasing new floor plans and special pricing. Whatever that means.

[gjhall]

Originally Posted by JackBauer24

I interpret it as - they don't have anywhere near the sales they expected so they have to go back to the drawing board to try to squeeze out more. Claridge is not the first builder to do this, but it certainly isn't a good sign for the project - especially one that was in the news as much as this one. The only comparison I can think of, with regards to being in the news, is Lansdowne - their sales seem to be moving along just fine.

It's not very unusual at all for a builder to change up the floorplans as the sales process moves forward. Minto did this with UpperWest when they were being asked for more 2 bedroom units I believe.

Claridge said at some point early on they expected it to take 3 years of sales before construction.

[JackBauer24]

Many builders have done this - heck, the Edge had to completely change. In my opinion, it's simply a response to the market. Projects that offer innovative and practical designs, and those that have been created to appeal to a specific demographic, generally have no problem selling. Projects that are simply duplicates of previous projects with little to no improvements, or offer nothing unique, often have issues with sales and usually have to re-design, or in some cases, re-brand.

I understand that it takes time to sell a building of that size, however, they are less than 10% sold out after being open since May - roughly 6 moths ago. At 20%/year, it'll be longer than 3 years. However, sales aren't a consistent thing, generally buildings get most of their sales at the very beginning, when construction starts and then at the very end when people can actually walk into the suite they want to buy. After 6 months, the opening sales momentum has surely died down. But these new plans may be enough to build sales momentum back up, only time will tell.

Originally Posted by gjhall

It's not very unusual at all for a builder to change up the floorplans as the sales process moves forward. Minto did this with UpperWest when they were being asked for more 2 bedroom units I believe.

Claridge said at some point early on they expected it to take 3 years of sales before construction.

[S-Man]

On the 26th, Claridge is releasing new floor plans and special pricing. Whatever that means.

I've been expecting this for a while now.

[S-Man]

This project should have radio spots featuring the theme song from The Jeffersons.

It will be a much better than those godawful Bowery ads, which, as I've pointed out many times before, are —, —, — and make me want to puke.

[gjhall]

Originally Posted by S-Man

This project should have radio spots featuring the theme song from The Jeffersons.

Presumably you mean this?

http://www.youtube.com/watch?v=MYcqToQzzGY

Would need a little edit, but pretty close.