Buying a condo in Downtown
Edmonton can be tricky. With so many
factors to consider, how does one choose? And what guidelines should one use to
choose the best for relatively reasonable price? Well, the opinions can vary from realtor to
realtor, but there are some fundamentals one should consider. So here we go! Some thoughts on the subject I
would like to share with you.
1. When you purchasing a condo, you are not only
buying the unit but also the building.
As common property expenses are shared by all the owners based on unit
factors, many buyers fall in love with the property on inside and disregard the
building or the entire condo complex. (note: the bigger the unit the more unit
factors and voting power the owners will have as well as their share of the
expenses). So make sure you do your
homework regarding the entire property, its structural deficiencies, financial
situation and so on.
2. Low condo fees do not always express the true
nature of the property. Good examples
are: brand new buildings which are being sold by the developer/builder. Guess what, most of the new construction will
lure you in with promises of low condo fees, however, what they are not telling
you is that the developer is paying all utilities and expenses till majority of
the units are sold out and the board of directors with the new appointed
management company takes over the control of the property. Once the builder is gone, the board faces the
classic scenario of increasing the condo fees drastically within a year or two
to cover all the operation expenses and contributions to the reserve fund. Also, most of the buildings in the Downtown
area will include all utilities, some even power, and others no utilities at
all.
3. Concrete or wood structure? Well, if I had to choose I would go with
concrete but that is not always a rule of thumb. Concrete buildings tend to be better for
sound proofing and are most of the time cooler in summer. The amount of common property space per unit
factor can be less expensive to maintain compared to low-rise wood structure apartment
condos.
4. Location is everything. Some of the most popular spots for Downtown
& Oliver would be: definitely 104 street and north of Jasper Ave where you
will find: the Icon Towers, Century, upcoming Fox high rise, Philips Lofts, the
Ten, and further down on 105 street: the Quest, Legacy, 5th Street
Lofts. 104 and 105 Street south of Jasper Ave and next to the river valley: Omega, Hillside Estates, River Vista, Peregrine
Point, Vivacity, Marquise, and upcoming Symphony on 106 street. Also very popular is the condo belt between 109 and 112 street with the
Cosmopolitan, Alta Vista, Railtown, Venitian, Imperial, and Meridian
Plaza. Further to the south of Jasper
Avenue on 110 and 112 Street: Grandin Manor, Westwind Estates, Madison, Savoy. And definitely more new construction west on Jasper towards 117 street: Illuminada
towers, Serenity, Uptown Estates, and the upcoming Pearl Tower. These are just some of the names and
locations you will come across.
5. Parking is always a consideration in the Downtown
core. A majority of the condos will come
with one parking stall, some may be outside (most of the time they are
energized), some underground, and some parkade and maybe secured or not. Be aware when you look at listings online and
you note “2 parking stalls” clarify upfront whether the stalls are separate
from each other and not tandem (one behind the other). Tandem parking is of less value and more inconvenient
that separate stalls. So what is the
value of a parking stall? That can vary on many factors, usually an underground
parking stall in newer building may run you anywhere from $10,000 to $30,000
and higher depending on demand and availability. You may also want to consider
the amount of visitor parking that the building or the condo complex has. It can get expensive really quick for your
family members and friends to come and visit you.
These are just a few
points to consider when purchasing a condo in Downtown Edmonton. Make sure you do your homework and work with
right people who have the knowledge of the Downtown market, the buying process,
and of course representing your best interests.
Even though there is much greater transparency now due to the internet
and social media, its having the ability and knowledge to filter through all
the information to make an intelligent and low-risk choice.
