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

[S613]

Also as an additional plus. The concrete is extra thick alongside exterior hallway in the “Brando”. Should hold the dreaded hallway noise at bay. In your calculations though do include for blinds in all units (they can be $$). Good luck and let us know what you end up with.

[YOWflier]

Originally Posted by dr.jallad

Hi everyone..
First of all, I would like to thank you all for the great contribution in this forum.

I am not sure if I can mention such a question here, please delete if not acceptable.
I am planning to purchase a 1 BR or 1 BR w Den condo in the Icon for investment but I am finding it difficult to decide which condo would be the best option for investment as I am not sure what is the rental market is looking for. So to limit the choices I would say that my budget is around 430K and the available condos for my budget are:

DeNiro: comes with Den and lowest cost per sq. ft (560/sq.ft 25th floor) but not lake view.

Pacino: Lake view but highest cost per sq. ft (677/sq.ft 36th floor) + no den.

Brando: Big floor area + lowest cost per sq. ft (560/sq.ft 26th floor) but not good floor plan + not lake view + no den.

Astaire: Lake view but small floor area and high cost per sq. ft (653/sq.ft 23rd floor) + no den.

Taylor: comes with den + lake view + big floor area + lowest sq.ft cost among lake view condos (623/sq.ft 28th floor) but above the budget.

Considering the above choices which condo would be the most profitable in term of lease price, easy to lease and easy to sell it in the future.
Thanks

As an investor and landlord here's my opinion.

Get something in the 600-700 sq. ft. range and don't skip the parking spot. A future buyer will likely want it even if they don't need it themselves. Prospective tenants may or may not want it, and if not, you can rent that (rules permitting) separately.

Be of a mindset that this is a longer term investment and your return will come mainly in the form of appreciation in value. Don't expect a huge monthly cash flow from condo because rent minus condo fees minus mortgage payment probably won't leave a ton remaining (assuming you're not buying cash outright). There are plenty of rental properties in the area so educate yourself on the going rental rate for a comparable unit and do your math factoring in all expenses.

If you aren't already one, being a landlord isn't a joke so be aware of what's involved and pray for good tenant(s). The landlord/tenant pendulum is heavily biased in favour of tenants.

[S613]

+1 for parking. So important.

[TheCanadianPatriot]

Today I noticed that the Icon is becoming quite visible from the Queensway between Vanier parkway and Nicholas (when heading West, obviously). As an Ottawa resident not used to such height, it's crazy to think that this building still has several more floors to go until it tops out!

Cheers

[dr.jallad]

Originally Posted by ServiceGuy

I am no expert landlord by any stretch but will share my view point dr.jallad. I suggest going for the least expensive unit if you are simply looking at rental income. The lake views are well suited for owner occupied suites but of course come with a premium price. Add in property taxes and condo fees (which always go up) and you may not get the return you expect until you sell. Add that to the large amount of new rentals about to come on the market and it may be a tough sell. From what I have seen on site the North view is under rated. You can see the Ottawa River, Gatineau Hills, fireworks, etc plus no highrise will be built blocking the view. East view will also not change but is also rather boring except for the Canada Day fireworks. West view is one at most risk of changing. SOHO Italia will be 27 stories across the street and Richcraft has a 55 story planned for the old Dow Honda location. They are unlikely to build but can sell off the lot to another builder given it has already been approved. If I think about this as a potential tenant the view would only solidify my decision rather than make my decision. Unit and rent cost would be the main factors to me personally.

Originally Posted by Skyway

I agree to go with low prices. Downtown condo where I live I am surprised how many foreign students rent condos near Ottawa U. Families must have deep pockets. I am wondering if Carleton U foreign students would rent. O train stop should be near.

Originally Posted by hokiefans

If I were renting, and was choosing between two units roughly the same size in the same building, I would likely go with the less expensive one as well. This is an interesting question because all of the New Pacinos are all gone, likely as investment units, and they are one bedroom and 645 sq ft facing Dow's Lake.

Originally Posted by S613

Personally... As an investment, I would purchase the “Brando”. Then with about $20,000.00 fully furnish the unit. If you require the help/eye of a designer to make the unit stand out (as I LOVE that units layout). Then it is 100% worth the small investment (relatively speaking). Your unit will command a quality renter, whom is willing to pay a little more for the “luxe life”. I also find my vacancy rates lower then peers and damage non-existent...why leave a “great rental” unless a larger life change. Just my two cents.

Originally Posted by S613

Also as an additional plus. The concrete is extra thick alongside exterior hallway in the “Brando”. Should hold the dreaded hallway noise at bay. In your calculations though do include for blinds in all units (they can be $$). Good luck and let us know what you end up with.

Originally Posted by ac888yow

As an investor and landlord here's my opinion.

Get something in the 600-700 sq. ft. range and don't skip the parking spot. A future buyer will likely want it even if they don't need it themselves. Prospective tenants may or may not want it, and if not, you can rent that (rules permitting) separately.

Be of a mindset that this is a longer term investment and your return will come mainly in the form of appreciation in value. Don't expect a huge monthly cash flow from condo because rent minus condo fees minus mortgage payment probably won't leave a ton remaining (assuming you're not buying cash outright). There are plenty of rental properties in the area so educate yourself on the going rental rate for a comparable unit and do your math factoring in all expenses.

If you aren't already one, being a landlord isn't a joke so be aware of what's involved and pray for good tenant(s). The landlord/tenant pendulum is heavily biased in favour of tenants.

Originally Posted by S613

+1 for parking. So important.

Many thanks to all of you for the valuable information.

Now it's more clear for me as I was uncertain to invest in the least expensive or a lake view unit! I limited my choices between the Brando and DeNiro but now I would go for the DeNiro since I will add 40K for the parking which was not in my plans so to stay within the proposed budget.

I am thinking to get it on the 25th floor, not lower as the number of units is more in the lower levels and I won't go higher as I can't see any advantage paying 14K more to get the unit in the 39th floor assuming that the view will be blocked for both levels in case SOHO and/or Richcraft towers built.

[S613]

Don’t know your financing/numbers of course but given that Soho Italy is 30 floors... and you would command higher views then their future million dollar units, it may be worth it for $50-70/month extra. Scrape the sky! Also no carpeting in bedroom or beige tile in bathroom. Sorry to play devils advocate.

[Spoonsy]

Anyone know what floor they've reached? Have they hit 40?

[HighwayStar]

Originally Posted by Spoonsy

Anyone know what floor they've reached? Have they hit 40?

The "January 16th" picture earlier in this thread looks like 36th floor is under construction. Those platforms around the entire building are on floor 20 so count up from there.

[hokiefans]

With these cold temperatures, I wouldn't be surprised if pouring floors has slowed a bit. Lots of respect to those folks who work outside in these conditions!

[AuxTown]

Originally Posted by hokiefans

With these cold temperatures, I wouldn't be surprised if pouring floors has slowed a bit. Lots of respect to those folks who work outside in these conditions!

My buddy is in the rebar business and he was up on top of Icon the other day. He said it was FREEZING COLD! Construction workers in Ottawa def deserve a Winter bonus.

[hokiefans]

https://photos.app.goo.gl/L4gmXisoygkKLqUC6

Looks like they have finished 37 and working on 38 but haven't finished the floor as yet. We could only see it from a bit further away, from the Heart and Crown. More progress on the windows, including the rounded area on the first couple of floors.

I have hopefully shared a couple of photos, taken yesterday January 25th, properly!

[GeneralLea]

Great updates, it's an intriguing project for sure.

[ServiceGuy]

January has been a tough month weather wise going from a floor per week to a floor per month on most sites I am familiar with. February is typically better once "Waterlude" starts.

[J.OT13]

I wonder at what point it will, or had, overtaken PdV C. One would think they would have planned a media event, but considering the tragedy a few years ago, maybe it's best they avoid that.

[dr.jallad]

Originally Posted by hokiefans

https://photos.app.goo.gl/L4gmXisoygkKLqUC6

Looks like they have finished 37 and working on 38 but haven't finished the floor as yet. We could only see it from a bit further away, from the Heart and Crown. More progress on the windows, including the rounded area on the first couple of floors.

I have hopefully shared a couple of photos, taken yesterday January 25th, properly!

Thanks for the nice photos. I hope that they put same glass for balcony windows as the one on lower floors instead of putting the ugly white aluminium.

[YOWetal]

Originally Posted by Marshsparrow

YES everything is great but just can't buy food, prescriptions or liquor within reasonable walking distance...

The Little Italy restaurant scene is a bit shallow and other than the hospital and NRC building there isn't much employment within walking distance either. Trillium LRT with the change would be a long haul to Centretown considering how close it is.

Nice looking building though I just wonder how rent-able it will be.

[harls]

Crappy photo, I know.

Here's a view of the Icon from Main / Hazel St.



I finally cleaned my camera sensor to get rid of the annoying dust spots. What a difference. Only took me 12 years to do it.

[ServiceGuy]

I didn't see Icon at first. What I saw was left over Tribeca cladding on a post.

[danishh]

yeah, anyone who bought with the intent of renting or flipping might have trouble the first few years. That's a lot of supply for one neighbourhood all at once.

[hokiefans]

Saturday was a snowy day! With the cold last week, the 38th is going slowly however the window installation is progressing. They have added the ground floor corner windows which really brings out the curvyness of the building, as well the windows on the 18th, just below the platform supports.

https://photos.app.goo.gl/Q76FN683Vtsi3TGn8