Sunday, November 29, 2009

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®

Thursday, November 26, 2009

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.

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®

Monday, November 23, 2009

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

Thursday, November 19, 2009

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.

Wednesday, November 18, 2009

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.

Monday, November 16, 2009

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.

Friday, November 13, 2009

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!

Thursday, November 5, 2009

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.

Monday, November 2, 2009

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