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

[McKellarDweller]

Originally Posted by Harley613

$2800 a month for that?!? You can get a better 1 bedroom in Manhattan for that price in an older building.

It's petty of me, I know, but I hope the rug is pulled out from under some of these investors and they are met with empty units and/or lower than expected rent prices at some point. For a couple of decades, it's been way too easy to put down a tiny set of deposits, have your rental condo go up in value 20-40% while it was being built, and then charge an exorbitant rent that more than covers your operating expenses. This type of behavior only enriches the investor landlord, at the expense of other people home shopping. Yes that's the investors' own prerogative and not really any of my business, all I am saying is there has to be some sort of risk to this the way there is with any other inflation-beating investment, and I will be more satisfied if it backfires on more people.

[AuxTown]

Originally Posted by McKellarDweller

It's petty of me, I know, but I hope the rug is pulled out from under some of these investors and they are met with empty units and/or lower than expected rent prices at some point. For a couple of decades, it's been way too easy to put down a tiny set of deposits, have your rental condo go up in value 20-40% while it was being built, and then charge an exorbitant rent that more than covers your operating expenses. This type of behavior only enriches the investor landlord, at the expense of other people home shopping. Yes that's the investors' own prerogative and not really any of my business, all I am saying is there has to be some sort of risk to this the way there is with any other inflation-beating investment, and I will be more satisfied if it backfires on more people.

The risk is that it WILL eventually backfire for condo investors but it's been a while. It definitely backfired 2011-12 when people couldln't unload 2 bedroom condos to save their lives and many sat vacant for a time. Obviously, we have more than recovered from that now but there will be a time when this happens again. It's the main reason I keep my investing far from the real estate market. Many will argue that it is the best place to put your money in Ottawa, but I would suggest that the hassle of being a landlord is significant and the returns (over 10 years let's say) just aren't that good.

[S613]

Originally Posted by AuxTown

Many will argue that it is the best place to put your money in Ottawa, but I would suggest that the hassle of being a landlord is significant and the returns (over 10 years let's say) just aren't that good.

I agree with you in theory...and absolutely in regards to mom+pop speculators. However, I think many underestimate the wealthy in Ottawa/those investing in Ottawa market via (pre-construction) units such as these. They are often very diversified and have used their capital investment in these condos as a replacement for their bond portfolios. They tend to hold these units for 3-7 years and are simply looking for a blended average that is less "volatile" than say their equity portfolios, hence often using a "ladder structure". This is effectively what my gf and I do...however we are more "hands on" so are happy to buy/fix single family units in developing areas (for higher ROI)...friends think we are being highly speculative (when really it is a small fraction of our overall investment portfolio).

Unfortunately, Ottawa in my humble opinion is at the beginning stages of a divide between those with capital and those with labour (even great salaries) say Toronto 10 years ago. Hopefully, our city will embrace mixed use developments with a diversity of buildings to improve the core in a more "vibrant way".

[OTSkyline]

The other issue is just the very limited amount of units available which drives the prices up so much. Ottawa has been under-building for a while now and especially as of late - the city has grown a lot in the past few years and has welcomed a lot of immigrants and people relocating within Canada.

There's a lot of new apartment towers going up now (finally) but it had been a while. Unfortunately it looks like builders have, for the most part, stopped proposing/building condos now in exchange - so the increase in apartments being built isn't necessarily in addition to, but now in exchange of condo towers that were going up in the past few years.

[Hamada]

Looks like the glass balcony installation is under way for the remaining floors. I noticed it while driving on prince of wales today.

[Sheezy]

Can't believe they dont have major commercial space at ground level.... anyone know what the retail they have planned here?

[UrbOttawa]

As it gets closer to being finished, I think the choice of silver mullions is almost more egregious than the balcony fiasco. From afar the balconies don't look too bad, but the combo of silver mullions and dark spandrel looks pretty terrible. IMO dark mullions (plus the original translucent lit crown) could've potentially salvaged this building..

[AuxTown]

Only thing we can hope for now is a cluster of tall buildings to take all the attention away from this one

[905er]

Originally Posted by AuxTown

Only thing we can hope for now is a cluster of tall buildings to take all the attention away from this one

I was literally thinking the exact same thing!

[Harley613]

I wonder what Siamak Hariri and David Pontarini think about those balconies. Their vision has gone completely to waste. Look at One Bloor to see what Icon could have been (a mini version of).

[rumple-stilts]

Originally Posted by Harley613

I wonder what Siamak Hariri and David Pontarini think about those balconies. Their vision has gone completely to waste. Look at One Bloor to see what Icon could have been (a mini version of).

These two buildings are like comparing apples to oranges. One bloor has curved glass panels are essentially the same on every floor, just shifted by removing a flat panel to provide the impression of undulating lines up the length of the facades. The One, was designed with a multitude of different shaped curved glass panels on every floor. HPA should have known that this was likely to be value engineered from the get go, and given the developer in question, their design approach was the big failure here.

[J.OT13]

Originally Posted by Harley613

I wonder what Siamak Hariri and David Pontarini think about those balconies. Their vision has gone completely to waste. Look at One Bloor to see what Icon could have been (a mini version of).

Hariri designed the 60 fl Claridge proposal across the street, so it seems they aren't too concerned.

Personally, I would not want to work with a developer who butchered my design to that level.

[OTownandDown]

All they had to do was install curved, slab-edge mounted, frosted glass rails. It was the entire reason for not going with a typical box with square balconies. 90% of the curving glass would have been the same friggin radius, even. Its not like each piece would have been absolutely custom.

The additional cost would have been minimal, more than taken up by the cheap curtain wall tradeoff.

The least they could have done was paint the slabs, something other than just bare concrete.

Its the ultimate bait and switch to get a building permit at such a prominent location. Shame.

At least from more than 1km away it's less noticeable that there is 'undulating' anything, and it's just your unassuming glass condo box that may or may not be a bit chaotic in the balcony area.

[J.OT13]

Claridge Icon somehow won two awards from The Greater Ottawa Home Builder's Association design awards. Cleary, those must be bogus.

https://ottawacitizen.com/life/housing-design-awards-keep-celebrating-and-carry-on

[McKellarDweller]

"Claridge Homes won six awards, including two for its ICON condo project — high-rise apartment, condo or rental, 5 storeys or more and condo or rental apartment Suite, 676 sq. ft. or more"
This building isn't even finished. Did the apartment suite that won the design award have a finished balcony?! What is the minimum criteria for the awards won for this building, and what else was nominated and didn't win?!

[YOWflier]

Originally Posted by J.OT13

Claridge Icon somehow won two awards from The Greater Ottawa Home Builder's Association design awards. Cleary, those must be bogus.

https://ottawacitizen.com/life/housing-design-awards-keep-celebrating-and-carry-on

They are horsesh!t. I own and live in a house that won its builder such an award years ago. The amount and severity of defects in this place is/was pathetic.

Of course if I decide to sell this place I will plug the heck out of that award…

[SL123]

Saw some neat pictures on instagram of the view from the Icon above the clouds.

https://www.instagram.com/p/CXbnpfVLhyP/?utm_medium=copy_link

[intj]

I moved into Claridge Icon a few weeks ago, as a first-time owner. I was priced out of buying a house in the area, so I was excited that they built this condo in my neighborhood. The views are amazing. The neighbors are great. No regrets.

[intj]

Here's the northern view of the Gatineau hills from my living room. I could stare at this all day.

[GeoNerd]

Originally Posted by intj

Here's the northern view of the Gatineau hills from my living room. I could stare at this all day.

Which floor is this? If i were to guess I'd say 24th. Was I close?