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Bob Armstrong
11-07-2008, 02:43 PM
There has been no information on this, though the Governors authorized the President to sell the building back in September in GL # 1.

I know the amount of any rejected offers would not be disclosed at this time. But can the membership be advised whether any offers at all have yet been received on the condominium? Just wondering how hard it is to sell in this dropping real estate market? Certainly seems it would be better to take less and get rid of it early, rather than holding onto it, and seeing the value continue to drop.

Bob

Jonathan Berry
11-07-2008, 04:00 PM
Normally, the property would be listed with an asking price.

When the abortive TKS plan was on tap this spring, I was able to find listings of Ottawa area commercial-industrial properties easily on the web, but at that time the CFC property was never offered for sale.

In the first half of the year, at least, Ottawa property values were rather strong. Here's good luck to "us".

Ken Craft
11-07-2008, 04:03 PM
Have you checked listings in Ottawa, Bob?

Bob Armstrong
11-07-2008, 04:14 PM
Hi Ken:

As a CFC member, I don't think I should have to skulk around like Sherlock Holmes on this. It's a simple question the Executive can answer, and not cost anyone any time, work, effort, etc.

And finding a listing price doesn't advise re number of offers rejected. And now that you mention it, I'll ask the Executive what the list price of the property is. They might as well answer 2 questions as one while they're at it.

Bob

Ken Craft
11-07-2008, 04:21 PM
I think the only question they would answer is whether it is listed and the asking price?

I'll ask again Bob: have you checked what is listed in Ottawa around the $150k rate?

Bob Armstrong
11-07-2008, 04:39 PM
Hi Ken:

And I'll answer again Ken that I have no intention of seeking out any information elsewhere, other than what the Executive can easily provide to the membership here on the CFC Chess Forum ( and they can later put a comparable note into the GL for the sake of those not following the official CFC discussion board ).

Bob

Jonathan Berry
11-07-2008, 05:51 PM
I think the only question they would answer is whether it is listed and the asking price?

I'll ask again Bob: have you checked what is listed in Ottawa around the $150k rate?

Well, I tried for Bob, and Ottawa MLS (at oreb.ca) is either down or poor connectivity with the West Coast. The best I could get was the "cached" page in google.

$150 K sounds like a disappointing asking price, considering the figures that have been bandied about. I wonder what 289-291 Olmstead Street (the location sacrificed to buy the office condo) is worth today. I always thought that Gladwin was a bad move.

Bob Gillanders
11-07-2008, 05:57 PM
I was also trying to find it the listing myself, but also unsuccessful.

However, it is listed with MLS. Asking price is $ 149,900.

Considering some people were speculating with prices as low as 100k, this asking price doesn't look so bad.

Kerry Liles
11-07-2008, 07:08 PM
I was also trying to find it the listing myself, but also unsuccessful.

However, it is listed with MLS. Asking price is $ 149,900.

Considering some people were speculating with prices as low as 100k, this asking price doesn't look so bad.


The asking price is pretty much irrelevant - it is the actual selling price I would be most interested in knowing... [of course!] From what I heard there is not a lot of demand for units there, so it might be a while before it is sold unless the asking price is whittled down... we'll have to wait and see I guess.

Peter McKillop
11-07-2008, 07:13 PM
Some pertinent questions:

1. Will the governors have any say regarding the disposition of the sale proceeds (keeping in mind that what the CFC handbook says and what CFC executives do are not necessarily the same thing)?

2. Will the Foundation be repaid from the sale proceeds?

Jonathan Berry
11-07-2008, 07:38 PM
it is listed with MLS. Asking price is $ 149,900.

Considering some people were speculating with prices as low as 100k, this asking price doesn't look so bad.
I thought I saw Larry Bevand quoted with a price starting with the figure "2" and having six digits before the decimal point. That was in a post that has scrolled off, on a board that doesn't exist, so you can mark it up to imagination. At the time, I was delighted to hear what I thought to be such a healthy figure.

Gladwin is in the middle of nowhere, in a remote area of an obscure mall, er, shopping complex. The last time I went there, even though I had been there a couple of times before, I found it only with difficulty. I am saddened but not surprised by the new figure.

Olmstead Street was next door to an LCBO (liquor store), a car dealership, and a funeral home. Which I called the Unholy Trinity. You go to one, go to another, then end up at the third. More importantly, it was close to two pretty good pizza places, which was useful on those long-haul address-stickers-on-the-magazine days, with local young strong players as wage-and-pizza serfs. I'll entitle the memoirs: Serfing Olmstead.

Bob Gillanders
11-07-2008, 07:54 PM
To answer Peter's questions:

1. Yes. The governors will be consulted on disposition of proceeds.
2. Yes. Foundation loan will be repaid.


Okay.

Jonathan Berry
11-07-2008, 09:07 PM
Here is the link to the listing:

http://orebweb1.oreb.ca/mlssearch/frm_SearchMlsDetails.asp?x_mls_num=712088

The Ottawa MLS site is difficult, but I suppose once you get used to it ... perseverence and patience 'r chess--and the CFC.

Stijn De Kerpel
11-08-2008, 02:02 PM
Hello Peter/Bob,

Some answers to your questions:

1. The MLS listing # is 712088 , and the asking price for the Office is 149,900.
2. The Foundation will be paid back any monies owing from the proceeds of the sale (this was one of the conditions of the CFC receiving the loan from the Foundation in the first place).
3. I signed the contract for the listing of the building this week - we have not received/rejected any offers as of yet (we have had a couple of viewings already).
4. I cannot speak for the rest of the Executive, but my position is to consult with the Governors for their input on what to do with the rest of the money after our creditors have been paid.

Let me know if you have any other questions.

Thanks,

Stijn.

Bob Armstrong
11-08-2008, 10:09 PM
Hi Stijn:

Thanks for bringing the members up to speed - good communication.

Bob

Peter McKillop
11-09-2008, 12:23 AM
Thank you, Stijn, for the information.