Quote:
Originally Posted by Chadillaccc
So why can't the city just take charge and allow condos to be constructed en masse? It might take a while to get the equipment up there, but once it is, they could have 5 towers going at a time in a city that size with its massive population demands for rental, condo, and hotel spaces.
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First off building condos up here costs a mint due to the excessive land costs and the hugely inflated manpower costs. The framing, the electrical, the plumbing, it all costs a premium and I am not talking 10 or 20% more.
Second of all the condos built up here are more often then not built to a low standard. Things like the Penhorwood have killed the faith people have in condos but things like the massive leaking issues in The Peaks up in Timberlea and the massive issues The Ridge have had such that condo fees in a 1120sqf place are pushing $1000 and they are getting hit with special assessments like crazy murders the market.
Third of all with the massive rental costs in the city places sell for a HUGE premium despite the costs because inventors know they can rent a 2 bedroom condo out for $2800+ and as such you cannot touch one for under $450,000. I have been in the market for a long time, the top floor 2 bedroom 990sqf units in The Waterfront are selling for $550,000, that is a HUGE PPSQF.
The condo market in Fort McMurray is bonkers due to the low quality of most of the available contractors and the astronomical prices they charge. A good developer still have to use local trades and the "good" tradespeople can live anywhere and make good money, and they thus don't choose to live in FMM.
There is a HUGE market for high end condos in an awesome downtown development, but try to build one with great contractors and a high level of craftsmanship, you cannot afford to put non-local trades people up in $200 a night hotels in town in order to get the quality construction.