strata said:
The price the market is willing to pay for < 3 story infill is going to need to go up, or we are going to see a pull back on new projects.

With the land prices in this general area, and the "new normal" for construction prices on new builds, I have no clue how you can build something with good quality exterior/interior finishes and make money for a unit this size at $650,000
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Rental numbers are working better then sale numbers on many of these projects.
 
Here's the thing about this location. It's really great and next to a near future LRT stop, amazing restaurants, the river valley, it's close to bus stops that can get you down Jasper Ave quickly, etc. I agree that it should have been more dense, possibly with no parking. But to Ian's point, I live in a very similar home to these townhomes, and I agree that parking is kind of necessary to attract the kind of buyers you want, not specifically due to the price range IMO. I'm pretty anti car, but I would want a townhouse with a garage, even if it's just for a home gym and bikes.

The "problem" with higher density in this area is honestly the neighbours in this area. I had the pleasure of speaking with a very close resident to these homes that is an advocate for the ERVCC (I believe). She was polite, but frankly as NIMBY as they come. As a younger person that also owns a home, I struggle to wrap my head around protesting density in a neighbourhood that borders downtown.

Something to remember is that this was all passed prior to the ZBR, and I think Cantiro would have considered a different route today.
 
Barnaby said:
Here's the thing about this location. It's really great and next to a near future LRT stop, amazing restaurants, the river valley, it's close to bus stops that can get you down Jasper Ave quickly, etc. I agree that it should have been more dense, possibly with no parking. But to Ian's point, I live in a very similar home to these townhomes, and I agree that parking is kind of necessary to attract the kind of buyers you want, not specifically due to the price range IMO. I'm pretty anti car, but I would want a townhouse with a garage, even if it's just for a home gym and bikes.

The "problem" with higher density in this area is honestly the neighbours in this area. I had the pleasure of speaking with a very close resident to these homes that is an advocate for the ERVCC (I believe). She was polite, but frankly as NIMBY as they come. As a younger person that also owns a home, I struggle to wrap my head around protesting density in a neighbourhood that borders downtown.

Something to remember is that this was all passed prior to the ZBR, and I think Cantiro would have considered a different route today.
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One cost savings on building these townhomes was no basements.
They bought up all the houses for about $2 million and then had the costs of tear down and land prep.
They've built 11 townhomes and asking $10 million. I wonder what the cost of construction of these units are - again, no basements - all the mechanical is on the main floor.
 
Barnaby said:
Here's the thing about this location. It's really great and next to a near future LRT stop, amazing restaurants, the river valley, it's close to bus stops that can get you down Jasper Ave quickly, etc. I agree that it should have been more dense, possibly with no parking. But to Ian's point, I live in a very similar home to these townhomes, and I agree that parking is kind of necessary to attract the kind of buyers you want, not specifically due to the price range IMO. I'm pretty anti car, but I would want a townhouse with a garage, even if it's just for a home gym and bikes.

The "problem" with higher density in this area is honestly the neighbours in this area. I had the pleasure of speaking with a very close resident to these homes that is an advocate for the ERVCC (I believe). She was polite, but frankly as NIMBY as they come. As a younger person that also owns a home, I struggle to wrap my head around protesting density in a neighbourhood that borders downtown.

Something to remember is that this was all passed prior to the ZBR, and I think Cantiro would have considered a different route today.
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I echo this. Especially the residents resistance.
My former boss lives right across these, and she and her husband almost picked up torches and pitchforks to fight what was built. There would've been a revolution.

Also, to whoever said that people buying in the area are not looking for space for a car and "gear", note that the vast majority of the houses in this enclave have 2 to 4-car garages. The average resident of the enclave is not the kind of person who'll ever forfeit owning cars altogether, even though they might not use it all the time, unfortunately.
 
In my mind, to make this location work you have to attract buyers who will pay top dollars for location. For sure, 95% of Edmonton buyers with money probably have two cars and plenty of gear (we certainly reinforce this by how we build our city), but I guess my point is that increasingly developers will also have to consider that there are buyers who prioritize things other than cars and toys. I never suggested that all of these units should have had no parking...this is Edmonton after all. Rather my point was that there should be flexibility by developers to let buyers focus on what's most important to them, ie. provide options. This is just a personal example, but me and my family live two blocks from this location and we were excited to see this development at first because eventually we will have to 'upgrade' (we currently live in a standalone house but it's only 1,300 sqf). The house we live in currently has no garage and we do not have a car, so paying a premium price for a townhome with a two car garage was a dealbreaker for us. If they had provided an option for a unit with no parking (and more space OR lower price) we would have seriously considered this option. The same goes for my mum who currently lives outside of the city and is looking to downsize in the city. She wants to be central and values this location, but doesn't want to dish out for parking she won't need.

We also have to remember that Alberta is getting an influx of new residents from other parts of the country, many of which are far less car focused than many existing residents. Developers need to adjust and not just plonk a suburban version of a townhouse in the middle of the city. The outcome speaks for itself, imo.
 
ChazYEG said:
Also, to whoever said that people buying in the area are not looking for space for a car and "gear", note that the vast majority of the houses in this enclave have 2 to 4-car garages. The average resident of the enclave is not the kind of person who'll ever forfeit owning cars altogether, even though they might not use it all the time, unfortunately.
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This is true, though worth noting that 3 or 4 of the really old homes on Wadhurst Road have no garages at all (because they back into a ravine and front-facing garages were not the norm back then).

I agree with the broader point that there is an extremely limited market for homes without dedicated parking, though. (And certainly not at these prices!) Personally, while I love this location, if I had to spend this amount of money, I would probably prefer to just buy a skinny SFH infill for a comparable price 1-2 blocks away.
 
Gus Haynes said:
This is true, though worth noting that 3 or 4 of the really old homes on Wadhurst Road have no garages at all (because they back into a ravine and front-facing garages were not the norm back then).

I agree with the broader point that there is an extremely limited market for homes without dedicated parking, though. (And certainly not at these prices!) Personally, while I love this location, if I had to spend this amount of money, I would probably prefer to just buy a skinny SFH infill for a comparable price 1-2 blocks away.
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You could buy a skinny 3-4 blocks away that is actually more square feet, has a basement and you own some land - plus save $200-250k.

Or a couple of blocks away for less money is this better build that is larger and has a beautiful yard.
www.edmontonrealestate.pro

40 Sylvancroft Lane Nw, Edmonton Property Listing: MLS® #E4361213

***Assumable CIBC mortgage with a 2.3% rate and 22 month term. Sylvancroft Estates! Built by Alair Homes loaded with luxury upgrades! FLOOR TO CEILING WINDOWS that allow tons of natural light throughout the open concept main floor, & makes this the perfect home for entertaining! Featuring 9’...
www.edmontonrealestate.pro www.edmontonrealestate.pro
 
occidentalcapital said:
Personally I do expect a number of these to sell come spring summer. Premature to be writing an obituary now.
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Oh, I mean, these will sell... Eventually. But for it to sell out it'll either take a while, as prices go up in general and they stay the same (becoming comparatively cheaper), or they'll have to cut prices by at least $150k.
 
I'd be very interested at 650, but as mentioned above, it's out of whack with the market.
 
Turn that main floor from awkward small room + two car garage into actual livable space and I would even consider it at $800k. Most skinnies in my neighbourhood are more expensive than that.
 
Balconies done and panels added - looks sharp.

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