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Workin' hard for the money |
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The Owl examined median family income earlier this week and showed that Albertans earn considerably more than households elsewhere in Canada. But just how many hours are spent each week at work to bring home those big paycheques? |
One conversation with the man the bedding industry has dubbed the “Wizard of Ahhs” is all it takes to be convinced that with his mattress-design expertise he can and will solve the greatest sleep discomfort.
“Mattress making is like cooking to taste: We have the idea and we make the first rendition and we keep remaking and tweaking it until it's perfect,” Earl S. Kluft, owner of the luxury bedding brand E.S. Kluft & Co., told FoxNews.com.
Priced at $33,000, Kluft’s Palais Royale bed, sold exclusively at Bloomingdale’s, is his hand-tailored take on the 1940s “Rolls Royce” of mattresses -- the “Aireloom.”
Bloomingdale’s wanted to develop an “ultra-premium bed” and tapped Kluft to design “a line that would accommodate their customers’ affluent lifestyles,” he said.
The Palais Royale features monogrammed handles and more than 10 lbs. of cashmere, mohair and Joma wool. Inside the mattress, layers of Talalay latex and certified organic cotton felt allow for airflow, while thousands of hand-sewn cotton-wrapped steel springs give it a strong support.
“This mattress is fabulous!” reads a costumer review by looking4comfort on Bloomingdales.com. Another customer, Balzacnyc, writes, “This is far and away the most comfortable mattress I’ve ever tried.”
With his mattresses he aims to merge exclusivity and accessibility. The goal is to get consumers hooked on the brand, so that they stay loyal and eventually graduate from the “entry-level” mattresses offered to the pricier models.
Kluft is a third-generation mattress maker. In 2004, he founded the company hoping to revitalize Aireloom luxury mattresses -- a beloved American mattress brand.
What distinguishes from other luxury mattress makers -- think Sealy Posturepedic, Shifman, Tempur-Pedic, Stearns & Foster -- is that it is a very basic design handcrafted with top quality products.
“It’s not designed in mass based on a single test,” Kluft said.
For those who can’t afford Kluft’s higher-end beds, there’s a new design, the “Aireloom Aspire,” which starts at $1,999, also at Bloomingdale’s. He compares it to Mercedes-Benz’s C Class.
The Aspire Collection will be available in three models. Each mattress is finished with a unique heavy-weight, double-knit cover, and features a stylish chenille fabric.
Kluft promises that once you try one of these beds, “you won’t want to sleep on anything else.”
Terri Stephens
CIR REALTY
403.827.4663
Throughout 2013, Calgary has led Canada’s upper-end real estate market in nearly every category.
Calgary ended the summer with a strong finish and experts predict sales momentum to continue into fall, as resale and rental inventory remains tight. Strong employment and migration numbers reflecting the city’s continued economic health will drive demand- it is estimated that for every 300 square feet of new office space created, an additional person is added to downtown Calgary.
The high number of executive level jobs created will continue to fuel demand for top-tier real estate specifically, as newcomers take advantage of the city’s relatively affordable real estate market to “buy up”.
In spite of the floods experienced by the city this summer, there is not enough data to date to show any long-term impact on the housing market, particularly in the high-end.
According to Statistics Canada, about one-quarter of Canadians are spending too much on housing costs. “Too much” is defined by Canada Mortgage and Housing Corporation (CMHC) as 30% or more of household income. Are you house rich and cash poor?
First off, it’s important to understand what CMHC’s “household income” refers to in order to measure if you are over or under the suggested 30% threshold. They define household income as pre-tax household income, which is a questionable metric due to our tax code.
We have a graduated tax system in Canada where every taxpayer files their own tax return, so there can be a big difference in after-tax income between two households with identical household incomes. A household where two people are earning $50,000 each in Ontario, for example, has after-tax income of about $75,840. A household where one person is earning $100,000 – the same gross income as the $50,000 times 2 household – has only $69,841 of after-tax income. That’s a difference of about 8%, so not immaterial.
What are “housing costs”? According to CMHC, these costs include rent and utilities for renters. For homeowners, included are mortgage payments, property taxes, condo fees and utilities.
Several factors are ignored by the 30% rule of thumb. What if a couple has two cars and they drive long distances to work, so transportation costs are higher than a couple with no cars? What if they have kids? They’re not cheap either.
