Claridge Icon [505 Preston St] | 143m | 45 fl | U/C - Page 28

canabiz · #**541** Posted **Jun 23, 2014, 11:41 PM**

Quote:

Originally Posted by Harley613

I bet all the other stalled projects are helping the sales of this one. I'm still confident it will be built at 45 stories within four years.

If I were an investor (looking for cash flow + appreciation), I would question whether potentially waiting 4 years for this to be completed is a wise investment decision.

TOexpat · #**542** Posted **Jun 29, 2014, 7:16 PM**

I call bullshit on all of those "penthouse" units being sold to anyone other than family and friends. People who are smart with money don't tie up their capital for four or five years and it is never wise to buy the most expensive house on a block. People pay for exclusivity and I can't imagine why anyone with cash would want to pay to live above a bunch of renters of crappy little claridge units. I hope they have an exclusive elevator or else the ride down in the morning will take 20 minutes where they can pick up the student renters and 20-something first time owners.

The penthouse at 90 George has not sold for six years (or however long Heatley has been gone) and there is a really nice penthouse at 700 Sussex that has been on and off for sale (on again now) that are much cheaper and in much better locations and do offer exclusivity. Merit also has some very nice units in the price range of these.

And all of this in a severely struggling condo market. Adds up to bullshit IMHO.

YOWetal · #**543** Posted **Jun 30, 2014, 1:29 PM**

Quote:

Originally Posted by TOexpat

I call bullshit on all of those "penthouse" units being sold to anyone other than family and friends. People who are smart with money don't tie up their capital for four or five years and it is never wise to buy the most expensive house on a block. People pay for exclusivity and I can't imagine why anyone with cash would want to pay to live above a bunch of renters of crappy little claridge units. I hope they have an exclusive elevator or else the ride down in the morning will take 20 minutes where they can pick up the student renters and 20-something first time owners.

The penthouse at 90 George has not sold for six years (or however long Heatley has been gone) and there is a really nice penthouse at 700 Sussex that has been on and off for sale (on again now) that are much cheaper and in much better locations and do offer exclusivity. Merit also has some very nice units in the price range of these.

And all of this in a severely struggling condo market. Adds up to bullshit IMHO.

The market for penthouses does remain strong. Both 700 Sussex and 90 George have multiple penthouses that have been sold and re-sold over the years with significant appreciation over the past several years.

That said, I tend to agree with you on this case that it is most likely "sold" to an insider. While not as exclusive as 700 Sussex or 90 George it does have some advantages. For example it is easy to see a doctor at the civic being attracted to this site.

DubberDom · #**544** Posted **Jul 18, 2014, 5:42 PM**

Quote:

Originally Posted by defishel

...something tells me that this view is somewhat different today

J.OT13 · #**545** Posted **Jul 19, 2014, 10:34 PM**

Why's that?

migo · #**546** Posted **Jul 20, 2014, 2:36 PM**

Quote:

Originally Posted by J.OT13

Why's that?

Hint: Sir John Carling Building Implosion...

waterloowarrior · #**547** Posted **Aug 20, 2014, 8:16 PM**

Quote:

‏@davidreevely 27m
In distantly related news, Neil Malhotra told me the other day Claridge has sold enough units to break ground on the Icon.

https://twitter.com/davidreevely/sta...80473830125570

!!

ars · #**548** Posted **Aug 20, 2014, 8:53 PM**

Quote:

Originally Posted by waterloowarrior

https://twitter.com/davidreevely/sta...80473830125570

!!

That's pretty significant news :O

Harley613 · #**549** Posted **Aug 20, 2014, 10:15 PM**

I know this is gonna sound really weird guys but I had a dream last night that Icon broke ground haha!

J.OT13 · #**550** Posted **Aug 20, 2014, 11:56 PM**

Quote:

Originally Posted by waterloowarrior

https://twitter.com/davidreevely/sta...80473830125570

!!

Wow, April 1st already!!

PokerPukka · #**551** Posted **Aug 21, 2014, 4:12 AM**

Quote:

Originally Posted by ars

That's pretty significant news :O

What percentage of sales are expected before construction begins?
Any update on how many units have sold so far?

They should get 15% from each sale when they start building...

DEPOSIT STRUCTURE Deposit is calculated at 15% to be paid:
5% at time of signing an Agreement of Purchase and Sale
5% October 1,2014
5% at start of Construction
(from http://www.buzzbuzzhome.com/claridge-icon)

S-Man · #**552** Posted **Aug 21, 2014, 2:37 PM**

Somehow I find this hard to believe.

Stevenson · #**553** Posted **Aug 21, 2014, 4:32 PM**

18% sold is good enough for construction?

YOWetal · #**554** Posted **Aug 21, 2014, 4:47 PM**

Quote:

Originally Posted by Stevenson

18% sold is good enough for construction?

I guess if you are self financing and have a lot of confidence in the market.

There is also some logic in starting now in order to finish ahead of the other towers on Preston street. The softness in the market might prevent the other projects from starting and in 2-3 years when Icon is done they might be the only game in town.

Stevenson · #**555** Posted **Aug 21, 2014, 4:51 PM**

Quote:

Originally Posted by YOWetal

I guess if you are self financing and have a lot of confidence in the market.

There is also some logic in starting now in order to finish ahead of the other towers on Preston street. The softness in the market might prevent the other projects from starting and in 2-3 years when Icon is done they might be the only game in town.

this is a good point. If I'm a buyer I would feel way more confident buying if the building was already under construction

canabiz · #**556** Posted **Aug 25, 2014, 10:10 AM**

Quote:

Originally Posted by YOWetal

I guess if you are self financing and have a lot of confidence in the market.

There is also some logic in starting now in order to finish ahead of the other towers on Preston street. The softness in the market might prevent the other projects from starting and in 2-3 years when Icon is done they might be the only game in town.

Isn't SoHo Champagne within a stone's throw from the Icon?

1overcosc · #**557** Posted **Aug 25, 2014, 11:49 AM**

Quote:

Originally Posted by canabiz

Isn't SoHo Champagne within a stone's throw from the Icon?

Yep, but there's also a bunch of others that aren't starting for some time in the area--Nuovo, Champagne Phase 2, Soho Italia, the one at the Dow Honda site, etc.

canabiz · #**558** Posted **Aug 25, 2014, 12:50 PM**

Quote:

Originally Posted by 1overcosc

Yep, but there's also a bunch of others that aren't starting for some time in the area--Nuovo, Champagne Phase 2, Soho Italia, the one at the Dow Honda site, etc.

Understood.

My point to YOWMetal is there is competition for the Claridge Icon in the immediate vicinity with SoHo Champagne already under construction so no the Icon will not be the only game in town in that neck of the woods.

YOWetal · #**559** Posted **Aug 25, 2014, 1:24 PM**

Quote:

Originally Posted by canabiz

Understood.

My point to YOWMetal is there is competition for the Claridge Icon in the immediate vicinity with SoHo Champagne already under construction so no the Icon will not be the only game in town in that neck of the woods.

I had forgotten about SoHO Champagne. It is on the other side of the tracks, but basically the same market. The timing is very different though and they are clearly the first to market.

1overcosc · #**560** Posted **Aug 25, 2014, 2:56 PM**

If Icon launches right after the completion of Champagne that could place Icon as the only U/C project in the area. Although Nuovo is probably launching in the not-too-distant future.