CplKlinger
Senior Member
"I'm not like other development nerds."You see I'm built different, since I have all 12 of these popping up in my feed at once
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Downtown Real Estate
- Thread starter Daveography
- Start date
ChazYEG
Senior Member
I follow all 12 of them, too, and then some, hahahahaIf you use this website frequently you have at least three of these youtubers popping up in your feed:
-The B1M
-RM Transit
-Not Just Bikes
-Jago Hazzard
-Adam Something
-Wendover Productions
-City Beautiful
-Vanishing Underground
-Oh The Urbanity!
-Alan Fisher
-The Four Foot
-Simply Railway
You see I'm built different, since I have all 12 of these popping up in my feed at once
Oilers99
Active Member
This is why downtown condo developments have proven to be so unsuccessful lately, despite many here pushing for them, people are not willing to pay the prices. At these numbers developers are losing money.
occidentalcapital
Senior Member
that's why most are going rental. Will need a reset on land values, construction costs, for new condos to come in to vogue again.
Oilers99
Active Member
So make believe world? how would construction costs go down especially in light of supply constraints as well as wage and overall inflation?
Condos don't work in one of the most affordable markets in relation to wages in North America, this tells you that this is not a market for downtown condos as many would like it to be, hence the desire for greenfield development. Many have mentioned a greenbelt, or moratorium on greenfield development, all this will do is drive up land values higher like seen in Toronto.
archited
Senior Member
^^^^ It's not the reason that condo prices have gone through the roof in Vancouver and Toronto. In Edmonton, there are only a handful of condo developments that have shown any kind of customer response to amenities -- Marriott Condos, Symphony (best overall example), Pearl (not so far behind Symphony) and Gene Dubb's building on 103 St and 102 Ave. Until Edmonton developers (and I underscore "Edmonton Developers") get a better grip on the market, the demand won't be met. There will be a bunch of condo concepts coming to the fore in Edmonton in 2022 from developers who do have "it" figured out.
kcantor
Senior Member
per buildable our land costs don’t have much impact on end pricing.
our construction costs aren’t likely to come down even post covid given supply chain and energy and code compliance requirements.
future projects are likely to require more equity and more expensive construction financing and longer construction schedules.
If there’s going to be any great reset for condos (or even new rental for that matter) to come into vogue, it will have to be based on higher prices, not lower costs.
Oilers99
Active Member
The reason that overall downtown condo prices have not risen is not because there are not enough luxury buildings. Luxury buildings by their definition cater to a small percentage of the population. In Toronto and Vancouver, the market demands condo buildings for different types of income earners. There is not enough demand overall for condo purchasers in the Edmonton market and no there are not a number of downtown condo projects being unveiled in 2022, you are making that up.
Oilers99
Active Member
thanks ken - generally speaking land does not account for more than 10% of the overall project cost on a vertical project.
additionally in a rising interest rate environment and rising cost environment the equation leads to higher borrowing and production costs for developers, as well as lower purchasing power for customers, not a good recipe for downtown condo development.
archited
Senior Member
If I am making that up then it is only because of what I am being told by developers and architects in Edmonton. What a crass thing to say -- and who are you to know better!
Oilers99
Active Member
Sure I will believe it when I see a number of downtown condo projects being launched in 2022 not rental. I am aware of the Edgar project on 124 street, but this will be a smaller project with a limited number of units for sale not like the Vancouver and Toronto style projects you are expecting.
Gronk!
Senior Member
On the outside of Rogers Place they need to do something with the old Baccarat Casino space.
On the inside of Rogers Place they need to do something with the old Grand Villa Casino space.
On the inside of Rogers Place they need to do something with the old Grand Villa Casino space.
TAS
Senior Member
What project does Edgar have on 124 st with units for sale?
Oilers99
Active Member
Stevey_G
Active Member
I’ll check them out! My Goto recommendations are:If you use this website frequently you have at least three of these youtubers popping up in your feed:
-The B1M
-RM Transit
-Not Just Bikes
-Jago Hazzard
-Adam Something
-Wendover Productions
-City Beautiful
-Vanishing Underground
-Oh The Urbanity!
-Alan Fisher
-The Four Foot
-Simply Railway
You see I'm built different, since I have all 12 of these popping up in my feed at once
-Critical Drinker
-Redlettermedia
-Bedtime Stories
-Maritime Horrors
-AVGN
-Internet Comment Etiquette
-Aperture
-Barely Sociable
-Melodysheep
-SEA
For those of you that want good quality content shaking your YouTube suggestions up
