Downtown Real Estate

[David A]

Poorly informed then and the reason they get more closer to the edge is that those are the 1970s-80s towers that snagged all of the prime spots and are now in their major lifecycle renewal moments which may worry some, but are a natural part of any building now or in the future. As such prices reflect that and are often a bargain.

Most of the buildings in the prime spots, but not all, are also nicer and not surprisingly probably have nicer amenities and are better maintained. Hence the level of condo fees.

You want very low condo fees, get a lower floor unit in a new building overlooking a grocery store parking lot near the edge of the city.

 

[SarcasticMarmot]

Do you buy a car and not budget for gas, oil changes, new tires and car washes?

Exactly, people balk when I share what my condo fees are but then I compare them to their cost of utilities, insurance, maintenance, and home repairs and its usually fairly close. The condo fees are usually a little higher than their costs on a comparable SFH, but then I don't have to do yard work, home maintenance, or shovel snow when its -30 and that is 100% worth it to me.

 

[tkoe_]

Why would someone buy a condo in Edmonton when you can get an entire house not that much further away? Condos will remain a tough sell until the price of houses rises more.

 

[Gronk!]

Why would someone buy a condo in Edmonton when you can get an entire house not that much further away? Condos will remain a tough sell until the price of houses rises more.

To quote @SarcasticMarmot "I don't have to do yard work, home maintenance, or shovel snow when its -30 and that is 100% worth it to me."

 

[Barnaby]

Why would someone buy a condo in Edmonton when you can get an entire house not that much further away? Condos will remain a tough sell until the price of houses rises more.

Centrally located houses virtually all run you around $500k minimum. Condos are much cheaper unless you're comparing brand new condos to older homes.

 

[David A]

Why would someone buy a small car, when they can get a big truck? Why would someone go to eat at a fast food place when they could go to a fancy restaurant?

Why would someone wear a T Shirt when they can wear a nice shirt or blouse? Why!! Oh why? Probably because not everyone wants exactly the same thing as you.

 

[tkoe_]

I'm not saying that no one wants a centrally located condo, but the market speaks and people in Edmonton generally prefer houses and generally they can afford them. I'm sure many condo-dwellers in DT Toronto would kill to be able to afford a house. The difference in Edmonton is that many people can still afford them.

 

[IanO]

Maybe. You'd be surprised how many people want a no maintenance, walk-away for trips and urban experience.

But to your point, it is a selling feature of Edmonton.

 

[David A]

Yes, less maintenance, more freedom to travel, a number of decent restaurants, bars and entertainment venues nearby and great views are some of the reasons why someone would buy a centrally located condo.

Now, I'm not saying no one wants a house in the suburbs ...