Condo Living and the Current Market: Is this the time?
Whether you are single, a couple, whether in your 20’s or 30’s or mature and downsizing, you have no doubt thought about buying a condo at one time or another. There can be various attractions to the lock and leave lifestyle, including very low maintenance, as well as good security and an interesting walkable lifestyle close to the river pathways, restaurants, bars, cafes, stores and grocers.
?According to the Calgary Real Estate Board, condo sales activity in August was the highest in six years, but due to new listings, inventory levels remain relatively high. With 332 sales and 1,786 units in inventory, the months of supply remains above five months – a buyer’s market!
Though prices are 2% higher than last year, they are 16 per cent lower than previous highs. If you buy a “newish” but not brand new condo, lucky for you - the haircut has typically already been taken by the original owner, so there is less risk to you.
Prices have not gone up for condos like they have in the detached homes, and there is better choice.?There are many amazing deals out there right now!
As an example, I love this clean, bright, open and modern 2 bedroom 2 full bath condo in the East Village by the high end builder Bosa - click above. It has gorgeous wrap-around walls of floor to ceiling windows and AMAZING VIEWS of both the downtown to the west as well as the river, from the whole living area as well as both bedrooms and the over-sized balcony. It comes with an assigned underground heated parking spot and storage, and the gym, steam room, sauna, high end entertaining and billiards room opening onto the outdoor park and BBQ area are best in class. The highly walkable location is perfect, in the dynamic and trendy East Village area, super close to downtown,?and steps to the c-train, river pathway system, Superstore, the Rooftop Bar@Simmons, Sidewalk Citizen Bakery, Phil&Sebastian, Charbar, Alt Hotel, fitness and yoga studios, hair and aesthetics salons, the new library, and more. The sleek design, all-day concierge and overnight security, outdoor space and amenities are incredible for this price.
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The views and location make this unit extremely attractive to rent out short or longer term. When you don’t need to use it personally, store your stuff in the storage locker, take off and rent it out nicely furnished for a sweet premium. VRBO and AirBnB can provide super returns and in my experience more exceptional properties such as this capture an impressive premium in the short term market as well as more rented nights per year, if that’s what you are ever looking for. The more spectacular properties can pay for themselves by providing higher revenues and they are also nicer for you, as owner, to actually spend time in. But do your due diligence and check the bylaws of each building to see if there are any restrictions.
Note when buying, its important to always pay attention to the condo board and only buy in a well maintained and structurally sound building (which I believe this to be). We all know horror stories of buildings with envelope issues (or even older, post-tensioned concrete issues) and the attendant special assessment or high condo fees, but these problematic buildings have largely worked their way through the system and issues will typically be disclosed in the course of normal due diligence by a reputable condo document review specialist.
Regular engineering reports, reserve studies, plans as well as budgets are required by law, which mitigate risks as well.
Note also that higher condo fees can also reflect a conservatively run condo and well funded reserve fund, as well as good amenities.?Don’t forget that these payments essentially replace the need to save for replacing the roof, furnace, A/C, water heater, painting the exterior and decking, and many other capital expenditures, as well as covering maintenance of the exterior, cutting grass and clearing snow. Many condo fees also cover major utilities such as heat, water, sewer and BBQ gas, excluding electricity, as well as insurance on the building, leaving the owner to just get condo insurance covering the interior improvements, appliances, fixtures and personal belongings.
Is the condo life for you? I would be happy to answer any questions and/or show you this stunning listing, or any others you may be interested in! Just call or text me at 403 560 6589!