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First it was 18, then we heard 25 a while ago. So 5 more storey's since the 25 announcement? |
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Your point is that you like the $300,000 price for a 900 sq foot downtown unit. But you'd also wait several years before putting money down. However at $150,000 I suspect you might beg borrow or steal the money today for a deposit. That's kind of my point. If they want a big bang and momentum, start at $150,000 and give off an impression of limited availability by selling floors 5 through 15. If they sell those all out and get some free PR of maybe some people lining up or even better, hope that some people start jostling each other in the line. Once the hype machine is fully cranked up, then sell more premium units with extra goodies, perhaps adding $10,000 per floor. You can always do freebies like fireplace, granite, etc. to close some sales. But they never want to be seen as lowering the price. That's the playbook used for these projects elsewhere, I could see them trying it here. Though I could also see them just starting off asking top dollar on day one and wondering why sales are so slow off the bat. It's all about creating a compelling value proposition, and I'm not sure small condos at $300,000 in the city center have mass appeal (yet). |
I haven't had a chance to read through all this unit price speculating but there is no way they will be going for anything less than $250K, which I'm inferring someone is suggesting Westgate to advertise. If you look on MLS, condos all over Regina are going for well over that price. With the corner of Albert and Vic being a prime location (at least it should-be), I cannot see the units going for less than even $300K. No company would be doing as much as Westgate is doing with its open houses and development discussions or the other companies who are already building large condo developments elsewhere in the city (mostly in the east) if they didn't think they were going to get market rate, which right now I'm estimating to be anywhere between $300K and $400K.
My 33 year old house that is 800 sq ft was purchased for $235K in the summer. If I could have bought a brand new 900 sq ft condo downtown for the same price or less, I would be ridiculously angry now and the real estate market would be collapsing. Or am I missing a point... |
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Someone did ask them about the proposed or current Rose street condos and they'd never heard of them specifically. That's when the boss man piped up and said they purposely wanted to avoid doing local research cause they didn't want to be tainted by old established local attitudes. It caught my attention cause the way it was said sounded kind of blunt, and it was also sort of funny that he would say that at a session that was set up under the guise of seeking local input! |
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1050 sq feet, 10' ceilings, upgrades, 1 secure indoor parking spot, price: $235k 1280 sq feet, same as above but with extra bathroom, etc, price: $300k Because that's the current specs & pricing of units listed on skhomes and MLS as of today. There were numerous units in all 3 of the major downtown condo towers that sat vacant all through the spring, summer, and fall. Not sure how your agent missed that if you were interested in that. The prices fell from $300+ to the low $200's and still no bites. I know several that eventually decided to de-list and just grab the short term rent money until that market picks up. This was after months and months with very few showings. One got an offer but it was for less than $200k. You might be seeing people attempting to sell their suburb condos for $300k. But just because somebody's asking $300k doesn't mean they're getting that or anything close. And for some reason those condos at the outskirts are more popular than downtown. Don't ask me why, I don't like 'em. |
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I cant speak for all of the downtown conversions. But in regards to the TD Bank conversion, The sound proofing was absolutely horrible. I had clients of mine who lived there and they said they could stand in one end of the condo and hear into their neighbours unit which was at the opposite end. I personally would never even consider looking in that building. |
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Just out of curiosity, what are property taxes on a $300,000 dt condo?
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So I guess that means the tallest building in Saskatchewan. Great to hear. |
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Although it's great to hear of something so high going up in Regina, I think it's gonna make the skyline a bit awkward... That location isn't exactly central so for a while it's going to look a little off-kilter. |
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Regarding TD, I have heard of some noise issues on back-to-back walls, but one corner unit hearing another corner unit would be quite unlikely. Maybe the person reporting it is confused about which unit they are hearing. Probably the Plains building will be similar to the others, possibly better but the differences would be likely small. |
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But yes at TD and Hamilton, fees are disproportionately high and rising. New rules are pushing up fees in most condos to beef up reserves. For some of the currently listed condos, fees are stated around $200-300. So the original point still stands... that high rise executive condos are currently struggling to sell in the 200's. What will happen as tons of extra supply comes on stream? |
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The Plains ones they are trying to qualify for a tax incentive that might reduce that for the first several years (though I wonder if that might be tied to where the owner works since its under the walk to work program) |
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