The Rideau Street project, now in its third phase, which is being facilitated by Claridge Homes was a big hit last weekend as buyers lined to put down $5,000 in exchange for reserving a condo home.
After an hour and an a half of the sales commencement, Claridge raised the prices by $10,000. The new condominium building will have 28 floors and 226 units. Construction is expected to be completed by summer 2013, with the build out set to begin in 2011.
Dan Kosabek, a mortgage lender, described the scene when the first sales deposits began, “It was wild, absolutely crazy.”
Jeffrey Mziray, a real estate agent, was one of the first to hand over his $5,000 cheque. He will be moving from a small condo in Phase 1 to a two-bedroom condo in Phase 3 of Claridge Plaza.
Mziray chose to purchase the larger condo as an investment, or a future home. Keeping in mind that the project will not be completed until 2013, Mziray states, “That is four years out and a lot can happen.”
Shawn Malhotra, vice-president of Claridge Homes and the son of the company’s founder, has said that Claridge Plaza is “one of the hottest selling condominiums in the city.” This can be evidenced by the buildings prime location, among other factors.
Contact Chris Coveny to find out how to sell or purchase Ottawa area condos. Contact him at OttawaMove.com.