This city needs some higher end condo developments

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This city needs some higher end condo developments

I moved here recently from Calgary and one glaring ommision in the city seems to be a lack of high end condos set in awesome locations with great views, complete with unique open and more house-like floorplans, larger decks, and high end finishing.

There is a pretty clear $500,000 ceiling on condos in this city for a 2 bedroom standard layout in the 1300 sq foot range with your normal rectangle deck and normally these places are right on major busy roadways instead of being in really nice areas backing onto the greenbelt or right on the river. When they "have" built the development on a piece of land with promise such as Longboat Landing or the condos on the Greenbelt in Timberlea they have been uninspired cookie cutter designs. With the redevelopment of the downtown riverfront and the new development in Parsons Creek with the water features I hope they begin to get more into higher end condos, places where a penthoue suite might cost $1,000,000 but it is 2000 sq feet and has a 1200 sq foot+ patio with a hottub and overlooking a forest or backing right onto the river.

It would be nice to see this city go foward with that riverfront re-development and really start to push towards ramping up architecturally distinct high end condos in that area. Enough flat topped rectangle buildings, get some stepped back rooflines and some character, get the larger outdoor/deck spaces that can go hand in hand with such designs, this city has the economy to justify such places, there are people out there who would pay for a really nice unit in a condo complex that is a step above the rest and more in line with what Calgary has in the area of Eau Claire. Hopefully the city realizes that it has a potential goldmine on the riverfront if they do this redevelopment with the new boardwalk right. The potential for high end residential, the potential for patios for resauarants and lounges looking out over the boardwalk and river, small shopping arcades between developments the opportunity is huge.
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This city needs some higher end condo developments

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Re: This city needs some higher end condo developments

Unread postby jango » Mon Dec 10, 2012 10:36 pm

:mrgreen: forgive me please but i was laughing the entire time i read this. again i'm not being mean

but welcome to the Mc.... :mrgreen:

you sound like I did when i first came and told my real estate agent I was looking for a single detatched house for 500K,,,,, the look on her face I will never forget :mrgreen:

don't expect to get what you are accustomed to up here or think anyone will give a damn, its fort mc, like it, learn to love it, or as some do leave.... :arrow: 8-)
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Re: This city needs some higher end condo developments

Unread postby palmseed » Tue Dec 11, 2012 4:56 pm

I think Tropics idea is a good one. If you are happy with a 5 room, box shaped condo, that's great. I think there's alot of people that aren't interested in owning a yard but would gladly pay a little more to buy a nice designed condo as described.
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Re: This city needs some higher end condo developments

Unread postby Tropics » Tue Dec 11, 2012 9:00 pm

jango wrote:you sound like I did when i first came and told my real estate agent I was looking for a single detatched house for 500K,,,,, the look on her face I will never forget :mrgreen:


I am not thinking that way. I am not expecting the condos to be cheap. I own a condo in a building in Calgary that has two penthouse suites, the asking price on the 2 9th story unis were 2.4 million and 1.7 million, which is more then pretty much any house being sold in Fort Mac listed on MLS atm. A 7th story unit that went for just under 1 million was 2012sq feet and had a 1600 sq foot patio.

The funny thing about Fort Mcmurray real estate is that it is the low to mid end that is hugely inflated in price, if you actually spend 1.2 million or more on a house here you get something pretty close to what is also worth 1.2 million in Calgary. The problem is that if you only have $500k to spend you get something that in Calgary would be worth $350k. The more you spend in Fort Mac the closer you actually get to value for the dollar when compared to the other major center in Alberta, there are acreages for sale in Saprae Creek that have asking prices that are quite on par for what they would be worth in Calgary or Edmonton.

Much as with houses, if they build high end the prices people pay will likely end up being a far better value for the dollar. I would rather spend $900,000 on a condo that sells for $900,000 in Calgary then spend $450k on a condo that sells in Calgary for $300k.

The only place that there is actual value for the dollar in this city is on single family homes at or over about the 1.2 million range, those houses are actual 1.2 million dollar houses everywhere in Alberta. Anything lower priced then that and you start to get fleeced.
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Re: This city needs some higher end condo developments

Unread postby jango » Wed Dec 12, 2012 12:11 pm

I hear yah Tropics, I too was abit taken back at the value for money out here, the 1million and above out here are soem impressive homes,
seems the 500k margin is going to stick around for some time
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Re: This city needs some higher end condo developments

Unread postby Tropics » Sun Nov 10, 2013 11:57 am

I am bumping this with pictures of what I want, and what still does not exist here. These are the types of developments that need to be built along the new riverfront pathway system.

Image Art in Toronto

Image Arthur Erikson design for Concord Pacific in Calgary (they butchered it for Calgary and are now not really building this design at all).

These are are the types of floorplans I want to see as the norm for the higher end units in these buildings that will be built on the water. Not exactly these but open floorplans with large outdoor spaces to make use of the views over the water.

Image

Image

Image

Image

Image

Image
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Re: This city needs some higher end condo developments

Unread postby MacDaddy » Wed Nov 13, 2013 2:23 pm

Sadly there is more profit in selling lots of low end crap. From what I have seen in this town you have to build your own place and have a secret list of the contractors in town you can trust.
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Re: This city needs some higher end condo developments

Unread postby realitybites » Fri Jan 24, 2014 8:05 am

I'm weighing in here a bit late, but as they say, 'better late than never'.

It appears Tropics has gained a bit of perspective on life in Fort Mac since posting 'this city needs some higher end condos'. He/she must have since noticed that Centron still has more than 70 unsold condos in the Eagle Ridge development, which are essentially the best quality in town. These have been on the market for between 2 and 3 years, and they are struggling to get rid of them. There isn't a market for large condo developments beyond what is available. In fact, over half of all condos in Fort Mac are rentals, and not owner occupied. People who move to Fort Mac to make a life typically want a family home, as close to Southern standards as possible.

The pictures of condo decks posted by Tropics seem almost surreal when considered in the Fort Mac context. People living in condos here don't typically use their decks/balconies much, and if they are the sort that do, it's only feasible a few months of the year. These pics are more wishful thinking than a realistic view of life here.

I suspect that Tropics is now planning for early retirement....where else, in the tropics :D
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Re: This city needs some higher end condo developments

Unread postby Tropics » Fri Feb 07, 2014 1:21 pm

realitybites wrote:I suspect that Tropics is now planning for early retirement....where else, in the tropics :D


Bleh, the reality of Fort McMurray bites.

I have actually looked at the Centron stuff, the best corner units in the Vistas backing onto the greenbelt actually sold very quickly. The 1 bedroom units they have left do not come with underground parking, which is a HUGE negative in this city, and the 2 bedroom units are all priced well over what is available on the used market atm, which is more of an issue given the recent problems Centron has had with leaking in the parking structure and the fact that for a while banks refused to give mortgages for units in that complex.

The Ridge has massive issues as well. They have some great "looking" units but the issues the building has had have sent the condo fees through the roof, condos in the 1100 sqf range pushing near $1000 a month in condo fees due to payments to fix issues in the building.

The top floor corner units in the "Waterfront" by Liam First on King Street with the 12 foot ceilings sold out for approximately $550,000 per a unit for 990 square feet in a wood frame building and they are still a long way from possession. That is a fairly strong market TBH for the high end units. That is a massive price per a square foot and they sold the prime units out fast.
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