Wouldn’t glenora be better than Oliver for this price point and demographic? Close, but not “too close” to downtown. Less “poors” around, mostly other luxury homes.
At the time of construction-release, I believe that was their mindset. Obviously, hindsight is a b**ch, but considering the new demographic we're seeing here (interprovincial migration from ON and BC), as well as the current trend in Oliver, I do have the impression that it would be more successful there.
To my point, The Clifton is probably the highest-end condo development we've seen in Edmonton in ages, possibly ever, it's about 40% sold, despite the ridiculous price point, and it's in west Oliver. That area is becoming increasingly trendy and very attractive for more affluent people. Especially at the very west end of the neighbourhood (see the enclave of Wadhurst Rd/102 ave/125 st).
I would imagine a lot of the target would be downsizing glenora residents?
I think that was a misguided effort. A condo costing as much as their big ass home, with a hefty condo fee, is little incentive for people downsizing to consider. These units were originally marketed in the mid-to-high 800s for the smallest, up to $1.5M+ for the largest, and condo fees are upwards of $1500.
And to tie in these two points:
It ends up being a little bit about the "old money" vs "new money", vis-à-vis the location and target. West Oliver/Westmount seem to be attracting more of the "new money", like younger professionals (older millennials, in their mid-30s and early 40s) with established careers that are now replacing GenX and baby-boomers in top positions. While a lot of these will still look for SFH, there's a larger percentage of this demographic that thrives in a more vibrant, urban lifestyle.
