Quote:
Originally Posted by Phil's neighbour
According to this from CBC ( http://www.cbc.ca/news/canada/manitoba/can-winnipeg-really-turn-around-its-downtown-1.2417756), Glasshouse is only 50 per cent sold:
"Construction is set to begin on their glass condominiums this winter, and about half the units have been sold."
Maybe it's just me, but I expected faster sales given the relatively affordable pricing. This puts it on the same leisurely pace as D Condos. Wonder how this bodes for the much bigger Fortress project down the street.
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I'm actually pretty impressed that Glasshouse is 50% sold for these reasons:
1) It's pretty much right on Portage Avenue downtown. Even 5 years ago, who would have thought there would be a viable market for a highrise condo tower at Portage and Hargrave, of all places?
2) Compared to most other downtown condo projects including those on Waterfront Drive, it's a relatively big project. 209 units is nothing to sniff at and the fact that they've allegedly sold over 100 is a pretty decent accomplishment.
3) If I remember correctly, Glasshouse came into the market after D Condos started selling, so they definitely did not have a headstart when it comes to the relatively small market for downtown condos in Winnipeg.
On that last point, I have to wonder how Fortress can hope to sell 400+ units. I would imagine that there would have to be a lot of suites sold to out-of-town investors to make it a go... with many of the locals interested in downtown condo living already owning in the Exchange District or committed to Glasshouse/D Condo, I'm not sure that there would be 400 Winnipeggers left over who could be persuaded to buy in, however tall or flashy the building might be.