The Battle of Edmonton Condos: New or Remodeled?

April 29, 2009 · Filed Under Edmonton Condo Market, New Edmonton Condos · 1 Comment 

 

With all the marketing dollars spent by Edmonton condo developers on their new condo projects it’s hard not to love those shiny new condos. But what about the tried and tested downtown condominiums with solid upkeep and maintenance?

The River Vista in Edmonton's River Valley

The River Vista in Edmonton

 

I’ll be the first to admit that visually, the exterior of Edmonton condos built in the 70’s and 80’s are uninspiring for the most part. The irony is that when you are inside your unit looking out, you don’t see your exterior, you see everyone else’s. All else being equal, I’m sure we would all like to have that “wow” factor when we walk up to our condo building, or better yet when our friends drive up to visit!

 

But is all else equal?

 

Let’s take a closer look at Edmonton downtown and Oliver condos; both newly built (or almost new) listings, and remodeled units listed for sale from buildings that are older. These two bedroom condos for sale downtown: RES A Email Large, were built in 2005 or newer. The median asking price for these condos is $411.62 / SqFt which is considerably more than market value.  Buying a home or condo can be an emotional decision, especially for first time home buyers, and these buildings offer the style, colours, and finish that modern day condo-seekers want.

 

Top of the Valley - Edmonton Condominium

Top of the Valley - Edmonton Condominium

As of April 28, 2009 there were 59 two bedroom condos for sale in Oliver and downtown Edmonton that were built between 1970 and 1989. They can be found here: RES A Email Large. The median price per SqFt of $264.47 for these older units is quite different from those active condos that were built in ‘05 or newer; almost $150 dollars per SqFt.

 

With such a significant difference between the asking price of older and new condos; are there opportunities to purchase an older condo in Edmonton for a lower price? Could some of the money saved be spent on renovating your condo to your personal style?

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