It wasn’t that long ago that highrise condo living in Calgary was limited to just a dozen or so buildings. However, since the turn of the century, condo living across the city has not only become much more commonplace, but highrise living has also become very trendy in the Beltline, East Village, Eau Claire, Downtown West and Mission communities.
Over the past 10 years, over 30 highrise condos have been built in Calgary, so perhaps it isn’t surprising three enterprising realtors decided to create the Highrise Condo Group (HCG). Julie Dempsey, Steve McKenna and Tim Huxley, all members of Sotheby’s International Realty Canada have not only created HCG, but have developed a comprehensive new website devoted to highrise condos in Calgary (highrisecalgary.com).
Collectively, HCG has 40+ years of experience in condo sales in Calgary. They understand the economics of condo development and sales “inside and out,” having worked with developers (to build and sell condos) as well as with buyers and sellers of new and resale condos. And, over the past 10 years, they have actually lived in several of Calgary’s new condos, and currently have personally invested in Calgary’s highrise condo market. As they readily admit, “we’ve got lots of skin in the game.”
HCG is proud to share the lessons they have learned over the years to maximize the value for their clients, both buyers and sellers. Things like:
#1 Always buy quality.
They are shocked how often experienced buyers are willing to purchase condos in poor buildings or in poor locations in quality buildings.
#2 Always buy the best view.
One of the key selling features of a condo is the view. So, if you have a view, show it off to full advantage. If you are looking at two condos and can’t decide, choose the one with the best view. Huxley likes to say, “Buy as much height as you can afford.”
#3 Do your homework.
It is important that you know as much as you can about not only your condo, but also the building. For example, visit the parking stall to determine how easy you can park in it, where it is located relative to the elevator or how low in the parkade is it. A poor parking spot can be a time waster and negative for resale. Huxley also recommends buyers verify measurements of all rooms don’t rely on marketing condo plans.
#4 Visit often before buying.
McKenna encourages his clients to visit a condo several times before buying. He suggests you visit in the daytime and night, as well as on weekends to experience how clean the building is and what happens in the neighbourhood.
#5 Get to know your neighbours.
Dempsey makes sure her clients talk to people who live in the building. She loves to hijack residents in the condo elevator so she can drill them with questions about what it is like living in the building and the immediate neighbourhood.
#6 Get a “statement of occupancy.”
Dempsey encourages her clients to purchase a “statement of occupancy.” For about $20, it will tell you how many of the units are owner-occupied and how many are rented. Typically condos with higher homeowner occupancies increase in value more than those with lots of investment units.
#7 Be aware of pending developments.
It may be a parking lot today, but in a few years it might be a 20+ condo that blocks your view of downtown or the mountains or an unoccupied building today can be a nightclub tomorrow. On the plus side, a new condo nearby can bring more retail, restaurant or café and maybe even better transit service. It pays to know what the neighbouring landowners might have planned for future developments and what the land uses are.
#8 Are you really going to use the amenities?
Your condo fees are paying for the amenities even if you don’t use them. An extra $100/month in condo fees for amenities you aren’t using is $1,200 you could be using for other things like paying your mortgage.
HCG has noticed today’s highrise purchasers are not only looking for great views but also outdoor space. Even if a condo is only 500 square feet, if it has a good-sized balcony, will be more attractive, retain its value and be easier to sell. Units located at the top of the podium (the two to four storey base of many condos that often have office or town house condos) with a patio are hot, hot, hot.
Concierge services are also becoming more the norm. While you might think having a concierge is a luxury you don’t need, it is amazing how convenient it is to have someone receive or pick up packages for you, or let in tradesman. It is especially economical in highrises where you have 200+ units to amortize the costs. In some cases, sister condos like Luna, Stella and Nova share a concierge.
HCG believes Calgary will see more condos like Mark on 10th where Landmark Qualex pioneered using the rooftop as shared amenity space for all residents rather than a private multi-million dollar penthouse suites. The concept has been very well received. McKenna says, “It is like living in a luxury hotel. Residents love the space and really use it, unlike amenities in lots other condos buildings that never get used.”
Dempsey feels there is a growing starting interest in downtown’s eastern communities - East Beltline (east of 4th St SW), East Village, Inglewood and Bridgeland.
When asked if there is any interest from developers to build three-bedroom. Family-oriented condo units, the HCG group members shook their heads saying, “there is still no market in Calgary for families wanting to live in highrises given the cost is over $500 per square foot which means a 1,500 square foot condo would start at over $750,000. You can get a lot of house for $750,000 in today’s market.”
Highrise Condo Group’s website is definitely worth checking out and those who are interested can not only sign up for free condo market reports, but their FREE limo tours, which typically take you to five different inner-city projects by various builders.
I’m in - sounds like and interesting and informative way to spend a Saturday morning.
Note: This blog was commissioned by Condo Living Magazine for their November 2016 edition.