[Halifax] NRTH Condos (5511 Bilby) | 27 m | 8 fl | U/C

[eastcoastal]

Originally Posted by Takeo

The parking is what kills me. When I bought a unit in Monaghan 4 years ago (before that project got cancelled) parking was $20,000. The prices don’t look TOO bad until you factor in parking. But who doesn’t need parking?! ...

I agree

I can understand not providing parking if location is right. Halifax has a small footprint, which might otherwise encourage alternative transportation options, but transit is not great (though there ARE quite a few routes that pass this site, it's not easy to get anywhere other than downtown).

Groceries aren't that convenient for fetching on foot here.

[Takeo]

Originally Posted by eastcoastal

I agree

I can understand not providing parking if location is right. Halifax has a small footprint, which might otherwise encourage alternative transportation options, but transit is not great (though there ARE quite a few routes that pass this site, it's not easy to get anywhere other than downtown).

Groceries aren't that convenient for fetching on foot here.

With a wheel-y cart you could manage fine. Young St Superstore is maybe a 10 min walk. Also there is that little weekend market around the corner on Isleville. And there's a car share (or two) within a few minutes walk of NRTH. But personally I need my own car for other things. I'm very active outside the city on weekends as a hiker and other activities. Plus I'm a Search & Rescue volunteer. So car ownership is a 100% necessity.

But yah... I thought "oh these prices aren't bad" then I saw the $40,000 for parking. Yikes. Anyway it's got me thinking about how I might increase my income. Haha. But sadly I think it's not for me. I could do 20% down but it would take a big chunk out of my retirement money. And even at 20% down I'd be house poor. Part of that is that the property taxes would be so high. High property tax + condo fees + high mortgage payment = not a whole lot of discretionary income left over for a single working professional.

I wonder what percentage of this condo may end up being foreign-owned?

[Takeo]

Originally Posted by RoxyTanyaM

Decisions must be made quickly because I'm certain all units will be sold at lighting speed.

That kind of concern may be self-fulfilling though. Goresbrook still isn't completely sold. And some units sold for less than developer pricing. But the market is nuts right now so you're probably right. it's a big decision though. Don't sit on it but don't rush TOO much. Make sure it's the right decision and you can afford it etc. They do have a 10 day escape clause tho' so that's helpful.

[Citizen_Bane]

I noticed today a 6th floor 600 ish sq. ft. unit at the Goresbrook listed for $399.900.00. The listing indicates deeded parking but I'm not sure that it's included in the listing price. Seems a bargain compared to NRTH. Still, I'd put my money in the Dutch Village area and enjoy twice the square footage and likely a better return on my dollar.

[someone123]

Originally Posted by eastcoastal

Groceries aren't that convenient for fetching on foot here.

With the North End today I'd guess that future improvements to the neighbourhood are being priced in to these units somewhat. By the time the condo is complete and occupied, there will probably be a few more options nearby, and in 5-10 years I think the shopping landscape will have changed a lot. But I am not so sure about full-service grocery stores and it's definitely a risk. It might not matter so much if there are good delivery options for staples and then good small shops for fresh produce.

The North End has a bit of a "problem" in that it doesn't have full service stores along the main older arteries like Gottingen or Agricola but there are suburban-style stores just close enough to siphon off a lot of that market; convenient for some but they might make it take longer to get more services in other nearby areas. Eventually, I think the old Sobeys locations at least (Queen St and Windsor) will probably get mixed use redevelopments.

I don't think foreign buyers (everybody means something different by this but usually it means investment buyers who don't live in Canada, though maybe they have kids who go to school in this country) are a big factor in this part of town. But I could see people cashing out of say Toronto real estate putting upward pressure on these prices. There are lots of people who bought shoebox Toronto condos circa 2010 who would see these as very affordable.

[eastcoastal]

Originally Posted by someone123

... The North End has a bit of a "problem" in that it doesn't have full service stores along the main older arteries like Gottingen or Agricola but there are suburban-style stores just close enough to siphon off a lot of that market...

That's a good point.

I recently rented a short term apartment in Montreal, very close to a metro station, and it was so nice to grab something from the depanneur on the way home for dinner that night. Longer-term grocery shopping was a couple metro stops away, but there were three or four deppaneurs within a couple of blocks that had limited but fresh and good produce and plenty of pantry staples.

[someone123]

Originally Posted by eastcoastal

I recently rented a short term apartment in Montreal, very close to a metro station, and it was so nice to grab something from the depanneur on the way home for dinner that night. Longer-term grocery shopping was a couple metro stops away, but there were three or four deppaneurs within a couple of blocks that had limited but fresh and good produce and plenty of pantry staples.

Rapid transit like subways often gives cities pedestrian-oriented focal points. Halifax is mostly lacking that except for a couple of small areas that happen to have very high population densities, like Spring Garden Road.

Halifax has a lot of medium density areas that are nice enough and probably not even much sparser than many neighbourhoods in larger North American cities but are low on services and convenience. Examples of this are parts of the North End (less and less applicable south of North Street), deeper South End, Armdale, Fairview, and Dartmouth. And Halifax is the most out-there North American I know of as far as having large areas of multi-unit buildings with few nearby businesses and services. They are like exurbs but where most people live in concrete highrises. They are not necessarily that high density because of the large spacing between buildings. Washmill Lake Dr is like this.

[Takeo]

Originally Posted by Citizen_Bane

I noticed today a 6th floor 600 ish sq. ft. unit at the Goresbrook listed for $399.900.00. The listing indicates deeded parking but I'm not sure that it's included in the listing price. Seems a bargain compared to NRTH. Still, I'd put my money in the Dutch Village area and enjoy twice the square footage and likely a better return on my dollar.

Yes that’s the listing I was referring to in my above post. As for Dutch Village, I lived in the area briefly and honestly, I couldn’t get out of there fast enough. Almost cried tears of joy when I relocated back to the North End.

[DigitalNinja]

These prices are crazy for me to think about for a 650 sq ft condo specially once you add in the condo fees your probably looking at the same costs as a $550k house or more.

I'm selling my renovated condo in clayton park that has 2 levels for $220k. I know that this is on the peninsula but still that is a lot of money for what you get...

[Takeo]

Originally Posted by DigitalNinja

These prices are crazy for me to think about for a 650 sq ft condo specially once you add in the condo fees your probably looking at the same costs as a $550k house or more.

I'm selling my renovated condo in clayton park that has 2 levels for $220k. I know that this is on the peninsula but still that is a lot of money for what you get...

Yah. What killed it for me was the property taxes. The high price (especially with parking) is a double whammy... high mortgage payment but also very high property taxes. And no amount of downpayment or amortization or interest rates etc. can change that number. I would have been looking at increasing my already high monthly housing expenses by $1000/month. Even if I could come up with that money (and be house poor)... if I'm managing to come up with an extra GRAND a month in my budget... I think I'm going to stay where I am put that in index funds and get a much better return (not to mention cash flow... you can't eat your condo). It is tempting though. Amazing location. And there's nothing else in the area (it's all apartments and houses). And nothing else planned that I know of in the area. I really really really tried to talk myself into it but for me I think it would not be the right move... financially.

[RoshanMcG]

Just passing along some renderings of this one I came across on Urban Capital's website.

[Dmajackson]

Demolition of the former locksmith is now complete. The abandoned house on Bilby is next.


Halifax Developments Blog (Photo by David Jackson)

[Dmajackson]

The sales centre has been removed. Does anyone have insider information on if this is moving forward?

[Arrdeeharharharbour]

I checked Viewpoint... it appears that 61 of the 71 units in the building are either sold or are pending sale. Is the condo market strong or are folks just desperate for a place to live and will buy anything that is available?

[Drybrain]

Originally Posted by Arrdeeharharharbour

I checked Viewpoint... it appears that 61 of the 71 units in the building are either sold or are pending sale. Is the condo market strong or are folks just desperate for a place to live and will buy anything that is available?

Well, very strong population growth in HRM, but housing inventory for sale is around the lowest level in years, so I would imagine there's a sellers' market effect at play.

[coastalkid]

Originally Posted by Dmajackson

The sales centre has been removed. Does anyone have insider information on if this is moving forward?

As of Monday there were only 8 units still available for purchase. I was told that the builder will start digging this month. Projected occupancy is March 2023.

[Dmajackson]

Originally Posted by coastalkid

As of Monday there were only 8 units still available for purchase. I was told that the builder will start digging this month. Projected occupancy is March 2023.

Great to hear, thanks!

There is The Stackhouse at ground level, site prep starting on Bilby Place, and finishing work on The Bilby all on the same block right now. Add in The Elevation on Robie up the street, Brewery Market, and I believe 5555 Almon will start up soon and this little neighbourhood is Halifax's own boom town.

[Dmajackson]

Coincidentally this project is going to community council next week for approval of some non-substantive changes to the approved development agreement.

Case 22523 Staff Report

Proposal Details

The major aspects of the requested non-substantive amendments are as follows:

• Increased building height (interior floor to floor height changes - not additional storeys) – from 85 feet to 90 feet- 3 inches;
• Changes to building stepbacks at upper levels due to safety setback requirements from recently installed power lines by Nova Scotia Power;
• Changes to building cladding materials (to include aluminum glazing and railings);
• Changes to articulation of fenestration and balconies;
• Increase in the residential unit count from 63 to 71;
• Inclusion of more units consisting of two or more bedrooms from 28 to 30;
• Increase in the landscaped open space and recreational space to a total of 10,202 square feet combined; and
• An increase of bicycle parking spaces to meet LUB requirements.

Also the lots were consolidated in November 2021 which is another sign the development is moving ahead.

[IanWatson]

Huh. I wonder how those changes mesh with pre-sales. Presumably if they’re increasing unit counts but not increasing the number of floors then they will need to adjust floor plans. Or have they already been selling the new floor plans under the assumption that they’ll be approved for the DA amendments?

[IanWatson]

Originally Posted by IanWatson

Huh. I wonder how those changes mesh with pre-sales. Presumably if they’re increasing unit counts but not increasing the number of floors then they will need to adjust floor plans. Or have they already been selling the new floor plans under the assumption that they’ll be approved for the DA amendments?

I've answered my own question: they're already advertising based on 72 units and the floor plans show that as well.