The Clifton | 55m | 15s

This weather talk is kind of missing the point that Vancouver is quite obviously a more expensive market than Edmonton. So, it’s normal to be shocked by Vancouver level of pricing on a condo in Edmonton regardless of your weather preferences.

There’s a 5000 square foot home up the street from this on Wellington crescent for sale for 3.5M. There’s nothing wrong with spending money in Edmonton…but make it realistic. I guess the premium might be the privilege of being locked away from the outside world with other guaranteed rich people lol. Some of the comments here are extremely childish… commenting that people with money will spend it blindly just because they’ve got it… like @ChazYEG said, there must be something to justify the price here. Maybe private garages? Your own elevator? lol

You could even purchase this 47 unit tower for less than the top units in Clifton lol…
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A big problem I see with expensive condos in Edmonton is the unfairly high tax burden that condo owners have compared to Vancouver. Due to Edmonton's outrageously high tax rate (because we subsidize suburbia), this place is taxed similarly to a $25 million home in Vancouver.

This is something that should seriously look at being fixed, because it isn't helping create a strong core.
 
I know plenty of wealthy people who can (and have) shelled out millions on homes here. They also have homes in the US, Mexico and Vancouver/Victoria, etc. but their homebase is YEG. Most of these folk aren't really looking at making money when they sell. They want what they want and they will pay for it because they can. Buying into Clifton, Legends, etc are those buyers.
 
There is a lot of quiet money here, as there are not as many large public companies as some other cities. I can see a place like Legends appealing to them.

They are people looking for premium product, location and convenience. They don't want to buy and renovate a 50 year old apartment building even if it is cheaper or bigger.

They are not buying it in the expectation of quick capital gains, but as a longer term holdings. Although given our way below national average real estate prices they will probably do ok on that.
 
Agree with everything being said, but still missing the point that pricing at Clifton is unrealistic… I linked to the complete building sale simply as another metric to point out how off the pricing is. Do you guys work for the marketing team lol? Because your trying really hard to defend something that should be indefensible. So in this building your expected to pay 1-3million more to look at groat road and be Glendora adjacent?


2021spft on 20th floor of symphony for $989,900
3322spft on 53 floor of legends $3,100,000
Westblock unfinished penthouse for 2,249,000. Steal of a del compared to Clifton
And last but not least, a brand new listing
4107sqft One River Park 3.9mil
I know pearl tower has issues but still! 5196sqft! For 1.695mil!
 
I'm not playing in the same league as the Clifton or any of the above but my take would be what you get with Clifton that you don't with those:

  • Have to believe the finishes are of the highest quality
  • Facing a much quieter street than any of the above
  • Maybe the biggest factor would be they are all high end units meaning less neighbors to deal with which in a situation with a strata could be very important for alignment. Clifton would be like living on a street full of mansions whereas the other buildings above might be like a street with a couple mansions, some single family homes, and some townhomes.
Most important point made is folks with the kind of wealth to afford places like these aren't simply looking at dollars per square foot.
 
BASE said:
I'm not playing in the same league as the Clifton or any of the above but my take would be what you get with Clifton that you don't with those:

  • Have to believe the finishes are of the highest quality
  • Facing a much quieter street than any of the above
  • Maybe the biggest factor would be they are all high end units meaning less neighbors to deal with which in a situation with a strata could be very important for alignment. Clifton would be like living on a street full of mansions whereas the other buildings above might be like a street with a couple mansions, some single family homes, and some townhomes.
Most important point made is folks with the kind of wealth to afford places like these aren't simply looking at dollars per square foot.
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I would also add to this list: nearby amenities & safety

- Legends/Symphony struggle with a more CBD location with increased crime/homelessness. Almost none of this comparatively in 124th street area.
- West Block is getting pretty good, but only a handful of amenities in the base and still car dependent area mostly. Vs. Clifton has 10+ bars and nice restaurants within a 5min walk. Multiple clothing stores, art galleries, and cafes within 8mins.
- Proximity to glenora (for those who may live there already and are looking to move from bigger lot/yard to Condo) vs a farther move
- River valley views vs 104ave north views in Legends
- Agree on less residents too. Exclusiveness vs a 200+ unit building with more "average earners" in the 300-600k places.
 
No, don't work on their marketing team or have any connection with them! We can debate all we want, but the market will decide if the pricing is correct or not.

I do agree the location is an important part of this. We in Edmonton live in a bubble of relative affordability in a sea of affordability. So those people who are in this particular market, and probably more connected to pricing elsewhere, may not just be comparing this to a house price here.
 
Mattyeg said:
Agree with everything being said, but still missing the point that pricing at Clifton is unrealistic… I linked to the complete building sale simply as another metric to point out how off the pricing is. Do you guys work for the marketing team lol? Because your trying really hard to defend something that should be indefensible. So in this building your expected to pay 1-3million more to look at groat road and be Glendora adjacent?


2021spft on 20th floor of symphony for $989,900
3322spft on 53 floor of legends $3,100,000
Westblock unfinished penthouse for 2,249,000. Steal of a del compared to Clifton
And last but not least, a brand new listing
4107sqft One River Park 3.9mil
I know pearl tower has issues but still! 5196sqft! For 1.695mil!
Click to expand...
You decide its unrealistic pricing because you linked some comps lol? Sales by those who can afford + have chosen to buy have decided its not.

Beauty of market economics hey?
 
Oh sorry, did I miss the shovels in the ground announcement?

I’m not gonna bother commenting more until this project is cancelled :) see you then
 
Mattyeg said:
Oh sorry, did I miss the shovels in the ground announcement?

I’m not gonna bother commenting more until this project is cancelled :) see you then
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I don't see it being cancelled. Their sales were strong enough already and I suspect that maybe another unit sold should be enough to get shovels on the ground.
There may not be A LOT of market for things like this here, but certainly there is some, and it's very presumptuous to assume that there aren't enough buyers in a city this size, with how much money goes around here.
Again, there might not be many, but I could think of a few dozen people I know that, if they had the money, they'd buy it (me included), so I would expect that, amongst the people who already HAVE that kind of money, there are some who would be interested. Not everyone wants to be living in some of the places you mentioned previously, and a lot of the people with this kind of money don't really have a single property, anyways.
 
MacLac said:
I’d bet nickels to homeless people that Autograph has tailored this building to a group of buyers who have already expressed interest in purchasing
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cmd uw said:
The price is what the 'market' is willing to pay for it. It doesn't matter what price you, I or anyone else thinks is justifiable or not. The price makes sense to those who are signing the purchase contract. Over n' out.
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Completely concur.
As per pricing, who would want to spend 250 000 000.00 for a penthouse? that is what it costs in NYC's, so put that into perspective.
 
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