What do you think of this project?

  • Total voters
    60
Glenco said:
No. The rentals are the first twelve floors above Stantec And have only been on the market since summer. They have a fair number of lights on compared to the condos.
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I noticed this the other day on my way home, wasn't sure if it was just a coincidence. But I noticed as well that there was a lot fewer lights on for the floors that are condos.
 
KreationYEG said:
I noticed this the other day on my way home, wasn't sure if it was just a coincidence. But I noticed as well that there was a lot fewer lights on for the floors that are condos.
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They're a little overpriced for the current market (Covid and shit), especially considering the condo fees.
I'll bet that in a year or two we'll see it come to life a little more, on the condo side, unless they decide to lower prices by at least 100k, on average.
 
Yeah, I guess it's not bad.

I'm still shocked by the prices. I get that the amenities are awesome. But idk who buys in sky for 750k for 800sqft when you can get 1000sqft for 600k in encore...

Even Legends has so so floor plans. They feel really similar to what you see in Toronto where the standards are lower for 700k price points. 700k in edmonton needs to be stronger.

Id even take west block over legends all day for Floorplans.

I hope Phase 2 is better built for our market. 350-650k is the sweet spot i think for 1 to 2 bedrooms.
 
thommyjo said:
Yeah, I guess it's not bad.

I'm still shocked by the prices. I get that the amenities are awesome. But idk who buys in sky for 750k for 800sqft when you can get 1000sqft for 600k in encore...

Even Legends has so so floor plans. They feel really similar to what you see in Toronto where the standards are lower for 700k price points. 700k in edmonton needs to be stronger.

Id even take west block over legends all day for Floorplans.

I hope Phase 2 is better built for our market. 350-650k is the sweet spot i think for 1 to 2 bedrooms.
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Agreed on the pricing, for current market conditions.

I'll bet on the sweet spot being 100 to 150k above this 350-650k in a couple of years (which is by how much they're above now, if you ask me).
 
Yeah, our market will grow into it. Need more DT, high paying employers though and more limitations on cheap detached home construction in the burbs. As long as you can buy a brand new infill for under 700k, itll be hard to sell condos this small for 750k.
 
While I agree overall lower prices here do put a cap on things such as this, I am not sure detached homes are really directly competing against this. I doubt that most potential buyers here are considering detached homes.

Given the unit sizes, I would see this project as being for people who already want a more central location, people who are downsizing and people looking for a second property including some out of town buyers.

More DT high paying employers would increase demand for downtown condos overall and so would help this project too. Unfortunately, good paying white collar jobs never have seemed to be much of a focus for this city over the years, except occasionally every once and while when people notice they can be quite beneficial.
 
It always was a hare-brained idea to convert them from rental to condos. The layouts just weren't right for the condo market or price point. And selling individual units is way more expensive + the building cannot then be sold as a whole to an institutional investor.
 
ChazYEG said:
They're up, but Sky Residences is still overpriced by a large margin.
If they cut 75~100k on average, it'd still be overpriced, but I could see them marketing the exclusivity and the "unique" factors to sell it some 50k above market prices.
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I've met a couple people who own units in in Sky Res while having drinks in the lobby bar, both are people with a lot of money and only come to Edmonton periodically for business. not too sure who else own those. I could see the oilers owning a couple units for players when they come up from Bako?
 
Vacs said:
I've met a couple people who own units in in Sky Res while having drinks in the lobby bar, both are people with a lot of money and only come to Edmonton periodically for business. not too sure who else own those. I could see the oilers owning a couple units for players when they come up from Bako?
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I know a couple of people who own there, mostly people who work downtown (some work in the tower itself). They paid the overpriced units out of necessity, but are not exactly super thrilled about it.
 
David A said:
While I agree overall lower prices here do put a cap on things such as this, I am not sure detached homes are really directly competing against this. I doubt that most potential buyers here are considering detached homes.

Given the unit sizes, I would see this project as being for people who already want a more central location, people who are downsizing and people looking for a second property including some out of town buyers.

More DT high paying employers would increase demand for downtown condos overall and so would help this project too. Unfortunately, good paying white collar jobs never have seemed to be much of a focus for this city over the years, except occasionally every once and while when people notice they can be quite beneficial.
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At a macro scale, less cheap detached housing does lead to more DT condo living. I work in Vancouver and lived in Toronto and almost all my friends lived in condos/apartments for a portion of their 20s. In edmonton, many go straight from their parents to a basement suite rental or a home they buy.

I dont think its because of "want" so much as whats affordable and culturally the norm due to prices and stock. When homes in Toronto are over a mil, young people happily pay 600k for a condo close to transit because its their best option.
 
I have beat this drum numerous times, but again consider the workforce in EDM. Lots of well paid blue collar/oilfield/in-the-field workers, who often work not centrally. Nisku, Fort Sask, Acheson, Leduc, Spruce Grove, Aurum, refinery row--employ hundreds of thousands here, nevermind all the out-of-town work. Not all but a lot of those jobs do require a work truck, or work van, which don't fit in the majority of downtown underground condo parking.

And even if one partner does work downtown, if the other doesn't, they probably won't be living downtown.
 
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