If you're spending $5m+ on a home in Edmonton, it's likely not your only home, and you probably already have home(s) in whatever cities you desire.

Reminds me of the weird paradigm of housing: The more expensive it is, the less time the owner likely spends in it.
 
Some of you forget that the people that have $10mill to spend on a place in Edmonton, likely have their business and life mainly in Edmonton. Which would justify spending that money in a city you’ve built your life in.
 
IanO said:
2-3mil, sure, but 6-9mil can get you some pretty amazing places in Vancouver, Vic, Toronto, MTL, Palm, San Diego, hell NYC.
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I'd honestly choose a $6-9M in Edmonton over almost all of these cities, save for maybe NYC and Toronto.
Vancouver, Victoria, Palm Springs and San Diego are frankly overrated IMO, and I wouldn't have a happier life in either city than I have in Edmonton, and Montreal would probably be annoying to live in without speaking any French.
Especially Victoria and Palm Springs... I don't really see much attractiveness there other than maybe weather.
 
thommyjo said:
Lots of lonely people in great climates. Lots of life is the people you do it with, even if the place that lands you wouldn’t be your 1st round draft pick it starting fresh.
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Someone retired I know very well moved from a pleasant, warm BC city to a colder winter city (not Edmonton) because several of their kids and grand kids live there.

It is great to have a winter get away place if you can, which is what condos in places like Arizona are for, but with the restrictions and prices in BC, that doesn't work so well (and their winter weather is not very sunny). Particularly if your family and friends are elsewhere and can't travel to see you often.
 
As a thousandaire I definitely don't have a desire to leave Edmonton, in fact I really enjoy it here and think this neighborhood is a great place to live. That being said I definitely get that a condo in Edmonton isn't high on a millionaires wish list and I don't really get how there would be much of a market for more than a few condos in the whole of Edmonton priced at more than a few $million.
 
David A said:
a pleasant, warm BC city to a colder winter city
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And even this... Weather is such a matter of personal preference. I don't care how much people try to convince me, IMO Vancouver or Victoria, for example, DON'T HAVE NICER WEATHER than Edmonton. Damned be the warmer temperatures. The rainy, gloomy winters are MUCH worse on my mental health and general well being than the frigid winters here.

But back on topic:
I am surprised that these sold so well, considering the prices. These are high under any circumstance and in any place, and given the typical predilection for SFH over condos in Edmonton, in general.
I am also VERY, VERY curious about the kind of finishes these units will have, to justify at least some of the price.
 
Yes, one of the reasons I never moved to BC is because I knew I would really not enjoy prolonged stretches of cool, cloudy, gloomy weather, even if a bit above freezing. I also know someone else who left that part of BC because of exactly that. Unfortunately it took them a few years of being unhappy there to realize it and to arrange to go elsewhere.

Back on topic for me also - there are some people in Edmonton who are quite well off and some want a nice condo in addition to or instead of a SFH. Perhaps this is not a huge market, but not everyone wants a big house in the suburbs even if they can afford it. Things like location, amenities and quality have value too, not just square footage.
 
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…
www.avisonyoung.ca

Bristol Tower

Commercial real estate listings from Avison Young Canada. Properties for investment & leasing, including office, retail, industrial, multi-family & more.
www.avisonyoung.ca www.avisonyoung.ca
 
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.
 
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