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General Construction Updates

Surrealplaces said:
Yeah, I'm not sure either. I believe it's to do with the 'perception' of doom and gloom. At least this is my experience from some people I know in that age group. Every single one of them wants to live inner city, but are afraid to get into the purchasing game...much of it due to the perception I think.
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The whole idea of "catching a falling knife" might come into play. Why buy now, when you will get an even better deal if you wait a few more months or a year or two....
 
UrbanRED said:
As a young person in the inner city, I see it as because the financial tradeoff of buying a place vs. renting doesn't currently make sense. My two bedroom condo is ~$2K a month including utilities and internet; to buy the same place in my building would cost ~$550K. With a 20% down payment, the mortgage alone comes out to $2,229.43 per month at a 3.6% interest rate over 25 years. When you include maintenance, condo fees (~$500/month), and property taxes, the tradeoff just doesn't make much sense. If you have the self discipline to save money it's a much smarter decision to take the differential and invest in the markets.
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$550k!? Are you living in Trump tower? :p

I picked this place randomly off an MLS search. $274,900, 2 bedrooms, top floor unit, 848ft^2.

https://www.realtor.ca/Residential/...V-SW-Beltline-Calgary-Alberta-t2r0l7-Beltline

Only kicker is that it's in an older building.
 
Social Justice said:
$550k!? Are you living in Trump tower? :p

I picked this place randomly off an MLS search. $274,900, 2 bedrooms, top floor unit, 848ft^2.

https://www.realtor.ca/Residential/...V-SW-Beltline-Calgary-Alberta-t2r0l7-Beltline

Only kicker is that it's in an older building.
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That's the problem - you have to look for comparable places.

https://www.realtor.ca/Residential/...V-SW-Beltline-Calgary-Alberta-T2R0B1-Beltline

This is in my building; $540K, >$500/month in fees.
 
Ahh. The building with the huge special assessment! The huge balcony is really nice though.
 
JonnyCanuck said:
Are you referring to a special assessment to condo owners of Castello? Wasn't this for balcony repairs? If so, do you know how much it was for?
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I don't know for how much, but I remember a rumour it was in the $50,000+ range. Where I am, larger units (1,200-1,300 sq ft) but with smaller balconies sell for about $400,000, maybe marginally more if recently renovated. Have to ask yourself whether a higher ceiling height and being 10 years old instead of 40 is worth a 50% price premium. I would say no.
 
MichaelS said:
The whole idea of "catching a falling knife" might come into play. Why buy now, when you will get an even better deal if you wait a few more months or a year or two....
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Very true. Real estste prices are unlikely to increase in a rising interest rate environment. Many buyers have never experienced rising rates during their lifetimes so reality may take a while to sink in.
 
Does anyone know what they are surveying the Telus line on the south side of mission road towards macleod? Dreaming of one day the Mission Road Innovation project actually happens.
 
A couple of projects underway on 33rd ave SW.

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A quick update for the Professional Building at Meadows Mile. They are now featuring it on the Meadows Mile Website. Turns out the site is two buildings ("coffee house" and professional building). Looks pretty nice from the updated renderings. They are saying Q2 2019 opening. The access road is closed off right now for utility tie in. I'm sure the retail strip and Holiday Inn are not impressed, the alternate access from Heritage Drive is not obvious. But there is only a Nail shop open in the retail, and the Holiday Inn is not open yet, so not a big deal at this point.

Friday shots:


Professional Bldg Construction IMG_2506 by ferreth, on Flickr


Professional Bldg Construction IMG_2505 by ferreth, on Flickr


Professional Bldg Construction IMG_2504 by ferreth, on Flickr
 
Joborule said:
Took shots with my potato camera of the renders of Sunridge's renovation:

e33olUk.jpg


UMnt119.jpg


AGuWb6F.jpg
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Im happy for the renovations but kind of disappointed at the same times seeing its a lost opportunity for it to be redeveloped into a proper TOD mall. I don't know if the renovations are gonna help much bringing back the footfalls. Sure would like to have atleast 1 or 2 malls redevelop along LRT points like they are doing in Vancouver and Toronto proposals.

The pic below is the Richmond CF mall proposal. I know its massive density but theres no reason why Calgary can't attempt these sorts of developments in phases. Especially seeing how mid tier malls are dying in NA, sunridge renovations seem very underwhelming.
richmond-centre-redevelopment-f.jpg
 
Speaking of mall renovation/TOD, is anything further happening with the east end of North Hill mall (Sears)? I believe someone posted a rendering a while back which included two residential towers but haven't heard anything recently.
 
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