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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Edmonton Condo Market: Weekly Update

December 12, 2008 · Filed Under Edmonton Condo Market, Weekly Condo Stats · 2 Comments 

Sales were down for most types of Edmonton condos this week. The drop in condo sales was most noticeable for Edmonton townhouses. Although inventory is down (Edmonton low rise condos have dropped below 1000 units) I expect that will increase substantially in January once people have digested their Christmas turkey. Buyers are continuing to have lots of choice with strong negotiating positions.

(Previous week’s numbers are in brackets). For the past 7 days:

 

New Condo Listings:

  • Edmonton All Types -  109 (106, 98, 116)
  • Edmonton High Rise - 17 (19, 21, 18)
  • Edmonton Low Rise - 64 (46, 49, 64)
  • Edmonton Townhouse - 28 (41, 28, 34)
  • Surrounding Areas - 16 (19, 17, 24)

Sold Condos # of Units:

  • Edmonton All Types - 38 (44, 64, 50)
  • Edmonton High Rise - 7 (4, 9, 9)
  • Edmonton Low Rise - 21 (23, 34, 25)
  • Edmonton Townhouse - 10 (17, 21, 16)
  • Surrounding Areas - 5 (7, 10, 5)

Sold Condos Avg Selling Price (000’s):

  • Edmonton All Types - 236 (227, 231, 237)
  • Edmonton High Rise - 230 (253, 249, 210)
  • Edmonton Low Rise - 233 (243, 211, 227)
  • Edmonton Townhouse - 249 (206, 254, 268)
  • Surrounding Areas - 262 (235, 251, 229)

Active Condo Listings:

  • Edmonton All Types - 1977 (1987, 2156, 2179)
  • Edmonton High Rise - 330 (322, 343, 338)
  • Edmonton Low Rise - 988 (1001, 1083, 1099)
  • Edmonton Townhouse - 655 (664, 730, 742)
  • Surrounding Areas - 348 (347, 391, 385)

 

Price per square foot for the past week reversed its declining trend and was up overall for condos in Edmonton, and was up fagain for Edmonton low rise condos. There was a noticeable drop in the price per sqft for condos in places like St. Albert and Shewood Park. Below is a comparison of the Avg $ / Sqft: 60 days vs. the past 7 days.

 

December 12 Avg Selling PRice per Sqft

December 12 Avg Selling PRice per Sqft

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Edmonton Condo Market: Weekly Update

December 5, 2008 · Filed Under Edmonton Condo Market, Weekly Condo Stats · 1 Comment 

Not a steller performance for the Edmonton condo market this week. Continued economic uncertainty, mixed with some political instability poured on top of what’s typical for the time of year and you end up with lacklustre condo sales.

Condo sales were down for Edmonton highrise, lowrise, and townhouses. Average price was also down. The bright spot was the drop in inventory of condos in Edmonton and the surrounding areas.  

(Previous week’s numbers are in brackets). For the past 7 days:

 

New Condo Listings:

  • Edmonton All Types -  106 (98, 116, 118)
  • Edmonton High Rise - 19 (21, 18, 22)
  • Edmonton Low Rise - 46 (49, 64, 54)
  • Edmonton Townhouse - 41 (28, 34, 43)
  • Surrounding Areas - 19 (17, 24, 26)

Sold Condos # of Units:

  • Edmonton All Types - 44 (64, 50, 42)
  • Edmonton High Rise - 4 (9, 9, 7)
  • Edmonton Low Rise - 23 (34, 25, 25)
  • Edmonton Townhouse - 17 (21, 16, 10)
  • Surrounding Areas - 7 (10, 5, 11)

Sold Condos Avg Selling Price (000’s):

  • Edmonton All Types - 227 (231, 237, 208)
  • Edmonton High Rise - 253 (249, 210, 267)
  • Edmonton Low Rise - 243 (211, 227, 194)
  • Edmonton Townhouse - 206 (254, 268, 205)
  • Surrounding Areas - 235 (251, 229, 259)

Active Condo Listings:

  • Edmonton All Types - 1987 (2156, 2179, 2217)
  • Edmonton High Rise - 322 (343, 338, 341)
  • Edmonton Low Rise - 1001 (1083, 1099, 1125)
  • Edmonton Townhouse - 664 (730, 742, 751)
  • Surrounding Areas - 347 (391, 385, 386)

 

Price per square foot for the past week continues to decline, down another $2 / sqft, although it was up for Edmonton low rise condos.  Below is a comparison of the Avg $ / Sqft: 60 days vs. the past 7 days.

 

 

 

 

 

 

 

 

 

 

 

 

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Edmonton Condo Market: Weekly Update

November 28, 2008 · Filed Under Edmonton Condo Market, Weekly Condo Stats · 1 Comment 

This week new condo listings are down again which is to be expected considering the time of year, and condo sales saw a respectable uptick of 14 units over last week (64 compared to 50 last week).

The average selling price for the overall condo market was down, including Edmonton townhouses and low rise condos, but actually rose in the surrounding areas, and for high rises in Edmonton. Inventory is declining very slowly with a drop of 23 units over last week. (Previous week’s numbers are in brackets). For the past 7 days:

 

New Condo Listings:

  • Edmonton All Types -  98 (116, 118, 181)
  • Edmonton High Rise - 21 (18, 22, 34)
  • Edmonton Low Rise - 49 (64, 54, 83)
  • Edmonton Townhouse - 28 (34, 43, 64)
  • Surrounding Areas - 17 (24, 26, 30)

Sold Condos # of Units:

  • Edmonton All Types - 64 (50, 42, 44)
  • Edmonton High Rise - 9 ( 9, 7, 3)
  • Edmonton Low Rise - 34 (25, 25, 25)
  • Edmonton Townhouse - 21 (16, 10, 16)
  • Surrounding Areas - 10 (5, 11, 12)

Sold Condos Avg Selling Price (000’s):

  • Edmonton All Types - 231 (237, 208, 229)
  • Edmonton High Rise - 249 (210, 267, 204)
  • Edmonton Low Rise - 211 (227, 194, 223)
  • Edmonton Townhouse - 254 (268, 205, 241)
  • Surrounding Areas - 251 (229, 259, 245)

Active Condo Listings:

  • Edmonton All Types - 2156 (2179, 2217, 2222)
  • Edmonton High Rise - 343 (338, 341, 338)
  • Edmonton Low Rise - 1083 (1099, 1125, 1140)
  • Edmonton Townhouse - 730 (742, 751, 744)
  • Surrounding Areas - 391 (385, 386, 426)

 

Price per square foot for the past week continues to decline, down another $1 / sqft which doesn’t sound like much but is a decline of over $4000 per month on a 1000 sqft condo. Below is a comparison of the Avg $ / Sqft: 60 days vs. the past 7 days.

 

Edmonton Condo Market Avg Price per Square Foot

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