CALGARY | Live on the Park | FT | 18 FLOORS - Page 13

Sands · #**241** Posted **Nov 18, 2013, 3:23 PM**

Quote:

Originally Posted by geotag277

Just a cursory glance at MLS for some comparables. Mark on 10th penthouse available for 861K which is under $700 per square foot (Park's is over $800), Mark's is on a much, much higher floor. Also a 3 bedroom 3 bathroom 2000+ sqft unit at Waterfront for 1.2M, also a much higher floor works out to under $600 per sqft.

Personally I just think they are overvaluing the terrace in that price because the unit size just doesn't match at all.

I think the biggest reason for this seemly steep price is This is the only terraced unti left in this building. therefore they can and should price it a bit higher than peers where there are abundent inventory left.

geotag277 · #**242** Posted **Nov 18, 2013, 5:50 PM**

Quote:

Originally Posted by Sands

I think the biggest reason for this seemly steep price is This is the only terraced unti left in this building. therefore they can and should price it a bit higher than peers where there are abundent inventory left.

I don't know if I follow that logic. For me it's the other way around - a move in ready unit to me would be worth a premium to a unit that isn't even finished yet in a new building that doesn't even have an established board of directors or bylaws. Why way a premium for something with so many unknowns?

The price just seems out of wack compared to what I've heard the penthouses in most new buildings go for, including 6th and Tenth (almost 2000 sq ft + terrace), Guardian (almost 2000 sq ft), and Mark on 10th (similar sized units).

Another interesting comparable: the Five West penthouse is on MLS - about the same sqft, three very large balconies - works out to about $200 per sq ft less compared to the Park building.

geotag277 · #**243** Posted **Nov 18, 2013, 5:51 PM**

Quote:

Originally Posted by lorenavedon

Since when did Calgary price/sqft prices start equalling Manhattan? This still is Calgary right?

Check MLS lists for units being offered from newer buildings (2006+) - you may be shocked

Deepstar · #**244** Posted **Nov 18, 2013, 6:08 PM**

I would take the pricier penthouse at Live on Park over the one at Mark, just because I would actually prefer one less tall - larger terrace and closer to the ground is more appealing to me - also because of the location. The one at Waterfront looks like a decent deal though.

Quote:

Originally Posted by geotag277

Just a cursory glance at MLS for some comparables. Mark on 10th penthouse available for 861K which is under $700 per square foot (Park's is over $800), Mark's is on a much, much higher floor. Also a 3 bedroom 3 bathroom 2000+ sqft unit at Waterfront for 1.2M, also a much higher floor works out to under $600 per sqft.

Personally I just think they are overvaluing the terrace in that price because the unit size just doesn't match at all.

geotag277 · #**245** Posted **Nov 18, 2013, 7:45 PM**

Also, 1.3M can get you an entire FLOOR (with direct elevator access and everything) at Arriva, almost 3000 sq ft.

Also if you like the location the Union Square penthouse was sold not too long ago for about 1.3M, which has 800 more square feet:

http://www.penthousesincalgary.com/RecentSales.php/Details/5/2601-215-13-ave-sw-calgary-ab

Alright alright, I'm done hijacking the thread now

Sands · #**246** Posted **Nov 18, 2013, 8:36 PM**

Quote:

Originally Posted by geotag277

Also, 1.3M can get you an entire FLOOR (with direct elevator access and everything) at Arriva, almost 3000 sq ft.

Also if you like the location the Union Square penthouse was sold not too long ago for about 1.3M, which has 800 more square feet:

http://www.penthousesincalgary.com/RecentSales.php/Details/5/2601-215-13-ave-sw-calgary-ab

Alright alright, I'm done hijacking the thread now

My logic is for the developer, they sold all terraced units in just matter of few days after it lauched the sales. They know terraced units are the hottest from The Park given the location. Plus all other terraced are already gone, which not only make this one more unique, also developer has less financial pressure to move its inventory quick.

I understand your logic when compared to other Penhouse out there, but there are lots of factors forming into a purchase decision, certainly $/ft is a key one but not all. And the end of day this developer need is one just one buyer ("who appreciates blalalallala" quote from developer

))))))

Deepstar · #**247** Posted **Nov 19, 2013, 10:09 PM**

The penthouse at Union Square might be larger, but I'd have to compare it with the finished unit at Live on Park to say for sure. At a quick glance the terrace at Live on Park looks to be bigger. Also, I, personally would rather be down lower, and right now there aren't many large terraced penthouses at the 18 floor level.

1.3M might seem steep to you and I, but remember that for many people in this city, 1.3 million is pocket change and getting the exact thing you want is worth more than price/sq ft. If I had lots of money, I would still take Live on Park over the Union Square penthouse. Just my own preference.

Quote:

Originally Posted by geotag277

Also, 1.3M can get you an entire FLOOR (with direct elevator access and everything) at Arriva, almost 3000 sq ft.

Also if you like the location the Union Square penthouse was sold not too long ago for about 1.3M, which has 800 more square feet:

http://www.penthousesincalgary.com/RecentSales.php/Details/5/2601-215-13-ave-sw-calgary-ab

Alright alright, I'm done hijacking the thread now

geotag277 · #**248** Posted **Nov 20, 2013, 2:21 AM**

Large, terraced, at the ~18 floor level:

http://sothebysrealty.ca/en/property/alberta/calgary-real-estate/calgary/40404/

Also over 2000 sqft - for 300k less...

I'm almost positive it will be sold as an investment property and rented at close to 6000/month.

lorenavedon · #**249** Posted **Nov 20, 2013, 3:19 PM**

problem I had with Park is I found the floorplans some of the most bloated and inefficient uses of space that ive seen. What I mean is, 900sqft 2 bedroom floorplans that are about as useable as a 750sqft 2 bedroom floorplan in other places. Problem is, you're paying huge money for that extra 150sqft of nothing

Surrealplaces · #**250** Posted **Nov 20, 2013, 7:06 PM**

That's pretty good value as far as penthouses go. I can see Deeptar's point of view though.....Personally If money wasn't a huge concern I would take Live on Park because I prefer that location. Is Live on the Park really expensive? It's definitely not cheap, but not outrageous either.....I think they are capitalizing on the location, which IMO is one of the best in the Beltline.

Quote:

Originally Posted by geotag277

Large, terraced, at the ~18 floor level:

http://sothebysrealty.ca/en/property/alberta/calgary-real-estate/calgary/40404/

Also over 2000 sqft - for 300k less...

I'm almost positive it will be sold as an investment property and rented at close to 6000/month.