Hudson House & Grandin Manor Condos

Hudson Houses & Grandin Manor 2009 Real Estate Market Update

Hudson House Condos:
Location: 10130 - 114 , Edmonton, Alberta, High Rise built in 1992 - Zone 12

2009 year to date, 12 condos have sold in Hudson House through MLS® System, ranging in sold price from 277,500 (two bedroom, 1,173 sq.feet) to 940,000 ( 2,250 sq.feet, 2 berdroom penthouse). These units have sold for the average price of 409,074 / 283 per sq.foot with a list price of 433,490 / 300, and average size of 1,392 square feet . It took on average 56 days for Hudson House condos to sell, with 197 days being the longest to 14 the quickest. Average sold-to-list price ratio stood at 94 percent, ranging from 100% to 90%.

Click on the table for a larger view

Grandin Manor Condos:

Location: 9741 - 110 Street , Edmonton, Alberta, High Rise built in 1999 - Zone 12

2009 year to date, 15 condos have sold in Grandin Manor, ranging in sold price from 377,500 (two bedroom, 1,076 sq.feet) to 450,000 ( 1,044 sq.feet, 2 berdroom on the 9th floor). These units have sold for the average price of 409,933 / 375 per sq.foot with a list price of 422,272 / 387, and average size of 1,094 square feet . It took on average 47 days for Grnadin Manor condos to sell, with 111 days being the longest to 12 the quickest. Average sold-to-list price ratio stood at 97 percent, ranging from 105% to 91%.

If you would like to receive more detailed information on this year's sales and current listings of Hudson House / Grandin Manor condos for sale, send us an email at info@edmontonrealestateweb.com and indicate it in the comments.

Free Online Condo Evaluation

"Sell My Hudson House / Grandin Manor Condo"

Data provided by REALTORS® Association of Edmonton

Downtown Edmonton Christmas Day

My family and I took a stroll in downtown Edmonton, on Christmas Day, to help digest the massive feasting over the last few days. Despite the chill, there were several other Edmontonians also taking in the beautiful light displays.  My children were fascinated with the live sheep at City Hall's Nativity Scene, and we all enjoyed the smooth ice and festive music.

We were awed by the size and sparkle of the Christmas Tree in Churchill Square. It was a great place for an impromptu snowball fight, initiated by my brother-in-law, George!!

Of course, no trip downtown would be complete without a trip to the Legislature.  There were more brave souls taking pictures there.  It is a great place for a walk, as most trees are lit up with different colours. 

I would definitely recommend bundling up, and going for a stroll in the evening.  Happy Holidays Edmonton!

Sincerely, Derek Hulewicz.

Illuminada and Uptown Estates Condos

Edmonton Illuminada and Uptown Estates Condominiums - Real Estate Market Update


Illuminada 1&2 Condos:

Location: 10028 - 119 Street / 11933 - Jasper Avenue, Edmonton, Alberta - Zone 12

There are currently two Illuminada Condos For Sale through MLS® System, ranging in price from 439,900 (two bedrooms and one bathroom, 1,079 square feet) to 1,249,000 (three bedroom, 2,454 sq.feet  penthouse).
2009 year to date, 13 condos have sold in Illuminada One and Two, ranging in sold price from 249,000 (one bedroom, 582 sq.feet) to 1,250,000 ( 2,432 sq.feet, 3 berdroom penthouse).  These units have sold for the average price of 563,298 / 398 per sq.foot with a list price of 601,246 / 420.  It took 93 days for Illuminadas condos to sell, with 223 days being the longest to 9 the quickest.  Average sold-to-list price ratio stood at 94 percent, ranging from 100% to 89%.

Click on the table for a larger view

Uptown Estate:


Location: 10046 - 117 Street, Edmonton, Alberta - Zone12

There are presently five Uptown Estates Condos For Sale through MLS® System, ranging in price from 425,000 (two bedroom 1,124 sq.feet) to 1,399,000 (two storey, three bedrooms 2,493 sq.feet).  The average size of these high rise condos is 1,397 sq.feet and list price 662,555 / 452 per sq.foot.

2009, year to date, 8 condos have sold in Uptown Estates building, ranging in sold price from 415,000 - two bedroom 1,125 sq.feet unit, to 1,199,000 - three bedroom 2,347 sq.feet penthouse. The average sold price for these condos was 555,486 / 421 sq.feet, list price 585,200 / 442 and size 1,302 square feet. The sold to list price ratio stood at 95 percent, ranging from 98% to 91%, while days on market was 117, range: 241 days to 30.

If you would like to receive more detailed information on this year's sales and current listings in Illuminada / Uptown Estates High Rise by email, send us an email info@edmontonrealestateweb.com and indicate it in the comments.
 

Free Online Condo Evaluation

"Sell My Illuminada / Uptown Estates Condo"

Data provided by REALTORS® Association of Edmonton

The Legacy and Vivacity Condos

Edmonton Legacy & Vivacity Condominiums - Real Estate Market Update

The Legacy Condos:

Location: 10303 - 105 Street, Edmonton, Alberta
There are currently two Legacy Condos For Sale through MLS® System , ranging in price from 244,900 to 278,000, two bedrooms and one bathroom, average size of 760 square feet.  In the last 90 days, 3 units have sold in Legacy, for the average price of 265,666 / 317 per square foot with a list price of 272,466 / 325.  It took on average 15 days for the units to sell and they sold for 97 percent of the list price.

2009 year to date, 10 condos have sold in this high rise downtown building, ranging in sold price from 167,000 - one bedroom to 288,000 - two bedroom on the 19th floor.  The average sold price for the two bedroom units was 259,933 / 313 per square foot, list price 266,311 / 321 and size 830 square feet.

Click on the table for a larger view

Vivacity Condos:

Location: 9819 - 104 Street, Edmonton, Alberta
There are presently two Vivacity Condos For Sale through MLS® System, ranging in price from 339,500 to 409,900, all two bedroom with an average size of 1,141 square feet and list price of 383,100 / 339 per sq.foot.  In the last 90 days, 4 units have sold in Vivacity, for an average price of 353,000 / 352 with a list price of 361,350 / 361.  The sold to list ratio was 97 percent and it took 90 days for the units to sell.

2009, year to date, 18 condos have sold in Vivacity high rise, ranging in sold price from 260,000 - one bedroom 709 sq.feet, to 420,000 - two bedroom 1,253 sq.feet.  The average sold price for these condos was 320,705 / 344, list price 332,580 / 356 and size 937 square feet.  The sold to list price ratio stood at 96 percent, range: 93% to 99%, while days on market was 86, range: 35 days to 181.

If you would like to receive more detailed information on this year's sales and current listings in the Legacy / Vivacity by email, send us an email info@edmontonrealestateweb.com and indicate it in the comments.

Free online Condo Evaluation

"Sell My Legacy / Vivacity Condo"

Data provided by REALTORS® Association of Edmonton

Rossdale

Rossdale Real Estate Market Update 2009 Year To Date

I must say it is one of my favorite neighbourhoods in Edmonton with an awesome central location next to river valley and plenty of biking and hiking trails for those who love the outdoor. Now, let's look at some numbers as I know I am not the only one who likes playing with the stats.

22 properties have sold through MLS® System in Rossdale ( Zone 12) in 2009, 5 single detached homes, 15 low rise apartment condominiums and 2 townhomes. 

The average sold price for a house in the area was far away from cheap, 623,800 / 306 per square foot with a list price of 641,640 / 314.  The cheapest Rossdale house sold for 522,500 and most expensive for 722,500.  It took on average 55 days to sell these homes, range 177-16 days, while sold to list price ratio stood at 97 percent, 99% highest and 95 lowest.

click on the table for a larger view

As to low rise condos, 15 units have sold, 9 in Rossdale Court and 6 in the Parliament Plaza.  We will break down the stats in two:

Rossdale Court Condos: 9 sold
Average: Sold Price: 298,666 / 262 per.sq.foot List Price: 311,222 / 272
Sold Price Range: 265,000 - 333,000
Size: 1,152 square feet, All units 2 bedrooms
Days-on-market: 37, high: 137, low: 8
Sold-to-list price ratio: 95 precent, high: 99%, low: 95%

Parliament Plaza Condos: 6 sold

Average: Sold Price: 263,166 / 256 per.sq.foot List Price: 272,833 / 266

Sold Price Range: 232,000 - 310,000
Size: 1,029 square feet, All units 2 bedrooms and 2 baths
Days-on-market: 45, high: 118, low: 9
Sold-to-list price ratio: 95 precent, high: 99%, low: 95%

Townhomes: 2 sold,

1st for 365,000 list price 374,900, 2nd for 412,000 list price 419,500

Average sold price 388,500 / 248

Average size: 1,562 sq.feet, DOM: 56, S-to-L price ratio 97%.

Rossdale Homes For Sale

"What is My Rossdale Home Worth? Selling My Rossdale Home"

If you thinking of selling your home, don't hesitate to contact us for a free online evaluation.
Data provided by REALTORS® Association of Edmonton

Downtown Awarded By The Responsible Hospitality Institute

Edmonton, City of Champions and also known as a gateway to the north, has been named by the Responsible Hospitality Institute as the most Sociable City in North America. Downtown, Whyte Avenue and West Edmonton Mall was one of 13 entertainment districts which were awarded.


“The cities that received awards are outstanding models for planning and managing nightlife. Their city leaders are at the forefront of innovation for harnessing dining and entertainment as an economic engine to drive revitalization and increase city funds,” said RHI president Jim Peters.

It's a good news that is needed not only for our city but also for the province, despite most recent statement by Ontario Environment Minister John Gerretsen at the UN's climate meeting in Copenhagen describing Alberta's oil sands as an embarrassment.

Way to go Edmonton !

The Imperial Condos

The Imperial building is located at 10235 - 112 street, on the east side of Oliver and south west of Grant MacEwan College.  This six floor concrete condominium complex was built in 2008 and is home to 112 units, ranging in size from 750 to 1,162 square feet.  The main entrance and the lobby face west onto 112 street.  Access to the heated underground parking and visitor stalls are located on the east side of the building. All the units include a balcony, in-suite laundry, storage and a fireplace.  Top floor units offer unique large size patios located on the roof which can be accessed by a staircase from the lower balcony.

Some of the amenities nearby are: Grant Macewan College on 104 avenue, Oliver Village and Oliver Square Shopping Plazas, also a variety of shops, small businesses, cafes, restaurants and services are located on Jasper and 104 avenue, Corona LRT station, and more.

The Imperial Real Estate Market Report

In the last 90 days, 6 units have sold through the MLS® System in the Imperial building, ranging in sold price from 267,000 to 339,000.  The average sold price was 302,416 / 345 per square foot and list price 308,083 / 351.  The sold to list price ratio was 98% and it took on average 23 days for theses condos to sell ( range between 8 to 50 days).

2009 year to date, 22 condos have sold in the Imperial, ranging in sold price from 200,000 to 406,000 with 4 being one bedrooms and 18 two bedroom units.  The average sold price for the year was 281,727 / 318 per square foot and list price 290,269 / 327.  Average days-on-market was 33 and sold-to-list price ratio 97 percent.

If you would like to receive more detailed information on this year's sales and current listings in the Imperial by email, click on the link and indicate it in the comments.

Free online Imperial Condo Evaluation

"Sell My Imperial Condo"

Data provided by REALTORS® Association of Edmonton

Saskatchewan Drive Or A Parking Lot?

Finally we got some snow, maybe a bit more than some.  The driving conditions this morning were terrible.  Saskatchewan Drive was one big parking lot and the traffic was moving probably one mile per hour.  If you were trying to get Downtown via Low Level or Walterdale  Hill Bridge, you might as well get your skies.  The traffic from Downtown towards the University was a bit better, mind you, I saw cars spinning out ( including my own ) on Scona Drive, luckily, no harm done.  I did manage to crawl my way up at 2 clicks an hour.

Saskatchewan Drive Near Lavine Road

Traffic Jam Southbound On Scone Drive

 

Downtown and Oliver Real Estate Market Update

We have seen another decrease in the inventory in November for Downtown and Oliver condos.
There are currently 224 condo units for sale throught the MLS® System in Oliver and Downtown Edmonton, 5 percent less than in October (236), ranging in price from 118,000 to 2,888,000.  There are 7 properties for sale for over one million and 30 above 500K mark. 

Average sold price per square foot

49 condominiums have sold in November, ranging in sold price from 121,000 to 765,000.  14 units have sold under 200K, 22 between 200-300K, 9 between 300-400K, 2 between 400-500K, and 2 between 600-800K.

The average sold price was 263,816 / 278 per square foot and list price 277,870 / 292 per square foot.  On average per square foot, Downtown and Oliver condos were selling in November for 4 percent less than in October of this year, and 2.2 percent higher compared to October of 2008.

Number of condo units sold

Average sold-to-list price ratio was 95 percent, one percent lower than October and days-on-market stood at 52, compared to 42 in October.  The current absorption rate stands as of today at 4.6.

Average Days-On-Market

Downtown & Oliver November Sold History Data

Data provided by REALTORS® Association of Edmonton

Created by Derek Hulewicz

Condo Value

What is a value of your condo? How is it determined?  Who is the best source for you to contact? How do you confirm the information that you have obtained? These are just some of the questions that you maybe asking yourself.

To come up with the right value is not an exact science due to the constantly changing market conditions, new listings that come onto the market, as well as the person doing the evaluation.

The value is generally calculated based on comparables.  The current listings and the recent sales in the building and/or the buildings that are similar in age and location are compared with the evaluted unit. 

The unit is compared by size, number of bedrooms and bathrooms.  Level location and a quality of view can substantially add to the value.  Also upgrades like new kitchen, appliances, flooring, light fixtures and bathroom(s) and any other improvements add to value as well, no brain surgeon needed so far.

Parking, size and location, can play an important part in pricing as some stalls may not accomodate larger vehicles like SUVs, vans, and the larger pick up trucks. This may be due to water and heating pipes that may limit the height and size needed for a large automobile.

Floor location ie: corner unit versus next to elevator, or a  unit close to the laundry room is another factor that needs to be considered. A unit next to the elevator may actually be a benefit for those with limited mobility.
These are some of the general points that are taken into consideration.  When comparing condos (for evaluation purposes) to others and currently sold, the art of value finding is half a battle.  However, comparing it to other buildings is whole other kettle of fish. 

Find Value Of My Condo

Find out what your condo is worth by email.  Free and no obligation.  Your email address and information is kept confidential and you will only be contacted based upon your requests for additional information or services:)

Omega Condos

Omega Condominiums Real Estate Market Update

The Omega building is located in the central part of Edmonton, on the north west corner of 105 street and 99 avenue.  This downtown high rise building was designed by architect, Fraser Briusmead and constructed in 2004 by Edmonton based Langham Properties Ltd.  Omega is a home to 58 condo units, which range in size from 64.8 to 141.4 square meters, and also to Starbucks Cafe located on main level to the east of the front entrance.  Some of the features of this tower are close to the river valley, Jasper avenue, Alberta Legislature Grounds, Bay and Corona LRT Station.

So far this year, 6 units have sold through MLS®, ranging in sold price from 249,000 to 330,000.  The average sold price stood at 286,166 / 322 per square foot and list price 302,383 / 340 per square foot.  The average sold-to-list ratio was 94 percent, days-on-market 31 and size of the sold condos 922 square feet.

Comparably in 2008, 5 units have sold ranging in price from 274,000 to 310,000.  The average sold price was 286,600 / 374 per square foot and list price 299,520 / 390 per square foot.  Sold-to-list price ratio stood at 95 percent and days-on-market 75.

If you would like to receive more detailed information on the past sales in the building, send us an email and indicate this in the comments.

Free online Omega Condo Evaluation by email.

Selling My Omega Condo

Data provided by REALTORS® Association of Edmonton Created by Derek Hulewicz, REALTOR®

Renaissance Place Condos

Renaissance Place condominiums are located at 9918 and 101 street, south of Jasper Avenue, near river valley and downtown core.  This high rise building, which was built in 1979, is a home to 190 units, ranging in size from 570 to 742 square feet.  The main entrance and the lobby face east.  The main entrance and the lobby face east. There is Unmetered City Parking in front and across the street w/2hr max M-F.

The building has 18 levels which are serviced by two elevators. Main lobby is quite large and includes on site management office.  The building also has an underground parking.  Swimming pool and jaccuzi are located on the 3rd level, overlooking the river valley.  The Renaissance Place also includes a recreation room with pool table, sauna, exercise room and a large outside patio.  Every floor offers access to paid laundry and garbage chute.  The interesting feature of this building are the balconies which are quite spacious.

MLS® Sales Report for 2008 and 2009

Looking back at the sales numbers, 17 units have sold in 2009 in the Renaissance Place on MLS® , ranging in sold price from $157,500 to $220,000.  The averages sold price year to date was 181,970 / 261 per square foot and list price 190,252 / 273 per square foot.  The average size of the sold units was 699 square feet, sold-to-list ratio 95 percent and days-on-market 61.

Renaissance Place Condos For Sale

Double click on the table to in large the view.

Comparing last year's numbers to 2009, only 10 units have sold in 2008, ranging in price from 175,000 to 235,000.  Average sold price for 2008 was 202,140 / 296 per square foot and list price 214,859 / 314 per square foot.  The average size of the sold condos was 686 sq.feet, sold-to-list price ratio 94 percent and day-on-market 54.

If you would like to receive more detailed information on this year's sales and current listings in Renaissance by email, click on the link and indicate it in the comments.

Free online Renaissance Condo Evaluation
"Sell My Renaissance Place Condo"

Data provided by REALTORS® Association of Edmonton Created by Derek Hulewicz, REALTOR®

Year to Date Downtown Market History

Year 2009 is almost behind us as Christmas holidays and New Year approaches. We got a dusting of snow couple days ago, yet temperature remains about average for this time of year. I am sure we will pay in the next few months to come. Every so often, we like to look at comparables for the year. It is just another way to evaluate the real estate market for Downtown and Oliver. We consider number of condominiums sold, average sold price, per square foot sold price, average days on market and sold-to-list ratios.

2009 Year to date - Downtown and Oliver condos

707 units sold, price range 75,000 - 2.3 million, sold price 271,701 / 281 per square foot, Days on market 55, Sold-to-list price ratio 95%.

2008 January 1 to November 22 - Downtown and Oliver condos

649 units sold, price range 103,500 - 1.45 million, sold price 277,785 / 303 per square foot,  Days on market 56, Sold-to-list price ratio 95%.

2007 January 1 to November 22 - Downtown and Oliver condos

649 units sold, price range 119,900 - 950,000, sold price 279,610 / 330 per square foot,  Days on market 26, Sold-to-list price ratio 98%.

2006 January 1 to November 22 - Downtown and Oliver condos

850 units sold, price range 61,000 - 1,378,000, sold price 213,206 / 228 per square foot,  Days on market 22, Sold-to-list price ratio 100%.

Data provided by REALTORS® Association of Edmonton

Edmonton Real Estate - home page

Molson Canadian Brewery

Many of us wondering what is to become of the old downtown brewery. Molson Edmonton has been closed for over two years now. Located on 104th avenue and 121st street, east of Glenora Gates condos, the brewery had been operating from 1913 until August of 2007. It was first financed in 1913 by politician and businessman William Henry Sheppard a former mayor of Strathcona and was acquired by Molson in year 1958.

So it sounds like the city has big plans for the old Molson’s buildings.  I hope they will follow through.  Edmonton Journal has published an article where it stated that a Vancouver-based company, which plans to eventually develop the site, has acquired the brewery. The entire area has been under ongoing historic review by the city and the province. The plan is to develop the site with housing, retail stores, offices and restaurants while maintaining its historical charm.

As of now, the site stands empty, with a chain link fence around and no sign of construction. Some say, that the decline in real estate pricing since July of 2007, construction costs and global recession, had postponed the project by few years. I would agree and think is just matter of time, as Edmonton’s market conditions are improving and development costs make it more feasible to redevelop now.

If you have any information regarding this project, you are welcome to comment.

Edmonton Real Estate - home page

Condo Fees

We all wish we could pay as little as possible. Many wonder "where does my money go and how is it spent?" Some of the first time buyers have many questions regarding condo fees and special assessments, "what is included?", "how often do I pay?"

Well, your usual condo fees include heat, water, sewer, management fees, insurance, maintenance, landscaping, snow removal, major improvements and reserve fund. I mentioned "usual" as some building like Centurian Towers include electricity and cable and some like the View or Gates on 17th carry their own furnace and water tank, so you have to pay for electricity, water and sewer on top of the condo fees. Also, the bigger the size of the unit, the higher the condo fees.

Another thing to note is that newer condominiums will have lower condo fees as the maintenance and reserve fund contribution is low. Older condos require to be upgraded and need more attention, therefore the costs run higher.

Here are some of the newer Edmonton Downtown Condominiums and the condo fees break down:

All utilities except electricity, phone and cable:

The Imprerial - 1 bed, 750 sq.feet condos fees 217.00

River Vista - 1bed, 720 sq.feet condo fees 254.00

The Legacy - 2bed, 824 sq.feet condo fees 309.00

Pelegrine Point - 2bed, 955 sq.feet condo fees 340.00

The Parliament - 1bed, 750 sq.feet condo fees 142.00

Panache on 12th - 1bed, 713 sq.feet condo fees 249.00

All others except electricity, water, sewer, heat, phone and cable:

Gated on 12th - 2 bed, 770 sq.feet condos fees 170.00

Glenora Gates - 1bed, 910 sq.feet condo fees 225.00

The View - 1bed, 865 sq.feet condo fees 169.00

One of the draw backs on the older buildings, especially built in 1960's and 1970's, that a special assessment is almost unavoidable. The cost of replacing old windows, elevators, flooring, painting or structural deficiences and others, most of the time can’t be covered by the reserve fund. The board of directors votes in a special assessment, usually paid through installments on the top of the condo fees. The extra payments can be unattractive for many buyers who will rather pay extra for a newer unit. A peace of mind most of the time, I say "most" because even newer buildings have issues due to poor construction like Glenora Gates, which is a topic for another post.

Downtown & Oliver Real Estate Market Update

Wow. It’s already middle of November and still no snow on the ground. I hope the weather will stay like this till Christmas, that would be a nice bonus. Speaking about bonuses, good news for the sellers. The inventory for Downtown and Oliver condos has decreased again in the last 15 days. Let’s look at some numbers.

There are currently 232 condos for sale on MLS® in Oliver and Downtown, that is 1.7 percent lower than at the beginning of November. The price ranges from 118,000 to 2,888,000 with 192 properties under 500K mark. In the last 15 days, 22 condominiums have sold for an average price of 245,042 / 272 per square foot with a list price of 264,449 / 290 per square foot. Average sold-to-list ratio stands at 95% and days-on-market 48.

As Christmas and New Years approaches, we shall see a further slowdown in sales and inventory staying at the current level. As we have seen continues decrease in inventory since March and prices rising to new levels, all indicators point to stability in Edmonton real estate market.

Top 10 Reasons To Live Downtown Edmonton

On the ligher side

1.  You get to swim for free in summer.

2.  You get to skate for free in winter.

3.  No more designated driver - you can stumble home.

4.  Walking distance to EI office, a big bonus in this economy.

5.  Your parking stall can be an extra source of income.

6.  You can afford Starbucks, since you don't have to pay for gas, insurance, etc.

7.  Politicians are closer than they appear.

8.  Lower your chances of skin cancer - high rises block the sun!

9.  You don't have to go to New York to appreciate the Guggenheim.

10. Opportunities for charity abound!

Lest We Forget

Although the wars they fight in are not always "popular", these brave men and women have chosen to defend, protect and rebuilt.  They deserve our utmost respect.  Everybody has a relative or someone they know affected by war, this should be a global holiday.  I am proud that Edmonton gives such great honor to our Military.

Events: The Cosmopolitan Music Society celebrates Canada’s troops with "Lest We Forget" A Musical Tribute Saturday, November 7, at the Winspear Centre.

On November 11, John McDermott, will be performing his salute with the ESO, songs like Scotland the Brave, Loch Lomond, Danny Boy and My Bonnie.

Downtown and Oliver Real Estate Market Update

We are well passed Halloween and so far no snow on the ground yet. I am hoping for a warmer winter this year and am curious as to the conditions of Edmonton real estate market in the coming months.  So far this year, the market has been stable with pricing moving into a possitive territory and inventory decreasing.

There are currrently 236 condos for sale in Oliver and Downtown Edmonton, ranging in price from 118,000 to 2,888,000 with 196 under 500K.  The average current list price is 386,987 / 337 per sq.foot.  The inventory has decreased again by 10 percent from 263 condos available at the begining of October, yet sales remain stable.

65 condos have sold in November with 62 under 500K mark.  The average sold price was 264,607 / 290 per square foot with list price of 274,714 / 302 per square foot.  The absorpation rate stood at 3.6 with days-on-market of 42 and sold-to-list price ratio of 96 percent.

Average price per square foot - condos under 500K

Number of condos sold in Oliver and Downtown

Average days on market

Data provided by REALTORS® Association of Edmonton

Created by Derek Hulewicz

Edmonton Real Estate

Happy Halloween Edmonton

Edmonton Real Estate

Condo Inspection - Newer Construction

Should you get your newer condo inspected? The answer is YES. Even though, newer high rise and low rise buildings carry warranties, it may take sometimes a long time before you can get the builder to fix any deficiencies. If I was buying, I would definitely hire an inspector. The costs can vary but the average inspection is around 400.00 dollars.

I have recently worked with a client who was buying a condo in a newer downtown high rise. Upon inspection, we found that 3 electrical plugs that didn’t work, a worksmanship deficiency when the building was constructed. The problem could be as simple as a broken wire connection or more complex where the entire line would have to be rewired which would involve removing part of the drywall and so on. To make the story short, the cost to fix it could be as little as couple hundred dollars or as much as couple thousand. In such case the buyer may proceed with the purchase if the seller agrees to further price reduction because of the false wiring. The question is how much should you ask for, which in this case is hard to assess. Well, my client was ready to walk away. However, after further conversation with the other party, the sellers agreed to fix the problem. Peace of mind for my client, definitely worth to spent that few hundred bucks.

Edmonton Real Estate

Downtown and Oliver Real Estate Market update

We surely got a jump start to winter with couple warm days to follow.  I'll take it.  

Downtown and Oliver Edmonton real estate market seems to be steady in the first two weeks of October.  As of today, there are 255 condos for sale in downtown area and 214 below 500K mark, that is 3 percent lower than in September .  The inventory is getting lower again ( see the below trend) and yet sales are decreasing as the Christmas holidays are getting near. 

Inventory in June 332, July 293, August 273, September 263, 1/2 of October 255

34 condos have sold through MLS® system in Oliver and Downtown Edmonton , 32 under 500K and 2 above that price.  The average sold price was 260,950 / 280 per square foot and list price 270,092 / 290 per sq.foot. Days-on-market ratio is higher at 58 and sold-to-list price is sitting at 96%.  No change in absorption rate which is 4.2.  Even though the per square foot price is lower this month by 3.7 percent so far, I wouldn't get to excited till we see the monthly statistics. 

If you would like to add your thoughts as to the future of Downtown Edmonton real estate market, please don't hesitate to comment.

Edmonton Real Estate

Downtown and Oliver Condos Market Update

It's already October and it seems like the summer was never here. The colder temperatures and yellow leaves on the ground are just the reminders of the inevitability of cold winter coming our way. Will Edmonton real estate market bring cold or warm welcome to our homes as the new year approaches? The answer by some is "neutral". I let you figure out what they mean by that.
The last months number of Downtown and Oliver condos sold through the Edmonton MLS® have decreased slightly by 8.5 percent as September is historically a slower month. 63 condos have sold in total for the average price of 265,552 and list price of 275,556 and 60 under 500K mark.

Below graph shows average sold price per square foot - Downtown and Oliver condos under 500K mark

The price per square foot have increased by 4.8 percent from 277 per sq.foot in August to 291 in September. The inventory has also decreased by 3.7 percent, good news for the sellers. The absorption rate stood at 4.2 with an average sold-to-list price ratio of 96% and days-on-market of 42.

Number of Downtown and Oliver Condos Sold

Statistics table For Downtown and Oliver Condos sold in September under 500K double click for a closer look

Data provided by REALTORS® Association of Edmonton

When looking for properties visit our Edmonton MLS® Search