[Byron]

Hey guys, first time poster long time lurker... :P

Just wanted to see if anyone has any thoughts on Union Condos, I'm extremely close to closing the deal on one and wanted to see if there are any last minute words of wisdom or warning. It's a 1 bedroom for $363,000.... aside from the obvious high price, what are peoples thoughts on if condo prices are going to continue to rise, or if its topped out right now and will go down over the next year? Any serious replies would be greatly appreciated as this will be the biggest purchase of my life (soo far) thanks! :)

[Kevin_foster]

Never heard of them, so I'm assuming... Calgary?

[Boris2k7]

I assume you are talking about Union Square, first phase currently U/C.

I can't really say if it is a good deal or not as far as the prices go. I think that with the location on 1st Street, which is only going to get better, you will have some good resale value a few years down the road.

[Coldrsx]

been to the sales centre and know the area well.

Long term it will be a good location with a decent looking tower near a nice park.

price wise...363k for a 1bdrm is a lot and IMO not going to move that much further upward.

[jcornell]

Ive been looking for a condos for a bit. Just trying to find the right one. I have found some in the NW 1 bedroom for 205,000. (around 700 sc FT) But not really accessible by transit (a bus or two stop close). There was another condo project in ranchlands. I think the price for a 1 bedroom was around 260. But im going to guess that the condo your looking at is downtown or close to. hope this helps.

[Byron]

Yup I meant Union Square in Calgary,

I was also thinking that a one bedroom couldn't possibly go up from this, but I was talking to an arriva sales rep and their 1 bedrooms now are 480+ !!!

[NumberFive]

With all the flurry of real-estate in the past few years in this city (and everybody wanting to get into "the game"), let me give you this advice because I've seen too many people get caught up in this game...

Whatever you are buying, treat your purchase as buying a HOME, and not just another investment.

As for the area itself, I don't know anything about it... sorry.

[WhipperSnapper]

Home definitely first however you don't want to price yourself too high as you just never know when you will need to sell. The condo market across the country will eventually take a big hit. It will be more severe in some places than others where it could take a very long time for prices to reach the current levels again.

[240glt]

I'll sell you a 2 bedroom condo @ 15th ave & 11th st SW for $290k.. however it comes complete with a moody, reclusive IT nerd who can't cook or clean

[Rusty van Reddick]

There are lots of 1-bdrm condos in Bankview in the low 200s right now. You can find a 2 for under 270 now. Yes most of the cheaper units are conversions, but the finishings are new-ish, views are often great, you can walk to downtown or take one of many buses, and most conversions were of 1970s concrete buildings. Just my two cents.

[Western Spaghetti]

It's a decent price (relative to the market), in an area that is on the upswing. The best advice has already been mentioned. If this is for a home, then no problem, if it's strictly for investment, then maybe not so good.

[onishenko]

Depends on the sq. footage, layout, amenities, floor.... direction it's facing....

Personally, for that amount of cash I'd buy an older 2 bdrm in the Beltline, gut it, reno it completely, and be laughing. And by completely, I mean 15-20k-worth getting you... (hardwood floors, cabinets, appliances, fully painted, new casing and baseboard everywhere, lighting fixtures, new electrical outlets and switches, and even minor structural work...a wall or closet or so. Heck, you might even be able to pay for some built-in shelving at that price still)

[Stephen Ave]

Depends on the sq. footage, layout, amenities, floor.... direction it's facing....

Personally, for that amount of cash I'd buy an older 2 bdrm in the Beltline, gut it, reno it completely, and be laughing. And by completely, I mean 15-20k-worth getting you... (hardwood floors, cabinets, appliances, fully painted, new casing and baseboard everywhere, lighting fixtures, new electrical outlets and switches, and even minor structural work...a wall or closet or so. Heck, you might even be able to pay for some built-in shelving at that price still)

That's what I would be inclined to do as well, although nothing like a gleaming new condo with large glass windows.

[onishenko]

/\ The battle I face as well. Do you go for 650 sq. feet, glass curtainwall, central location and a great view (potentially), or 900 sq. feet, another bdrm and central location but smaller windows and not a nice/new shiny building? Tough call. I want both, but that cost too much for my pocketbook. In this case, I'd say buy for location, price and sq, footage and gut it as suggested above. But that's just the reno-guy in me talking.

[N&J]

I'd go for it, but not if it's for a quick flip. The area's rapidly changing for the better and the location's excellent.

[Just Build It]

I'd go for it, but not if it's for a quick flip. The area's rapidly changing for the better and the location's excellent.

Agreed, and as far as buying a property for a flip, it's too late for that..way too late, but if buying for a home, then it's a good spot.

[feifeiba]

Hey guys, first time poster long time lurker... :P

Just wanted to see if anyone has any thoughts on Union Condos, I'm extremely close to closing the deal on one and wanted to see if there are any last minute words of wisdom or warning. It's a 1 bedroom for $363,000.... aside from the obvious high price, what are peoples thoughts on if condo prices are going to continue to rise, or if its topped out right now and will go down over the next year? Any serious replies would be greatly appreciated as this will be the biggest purchase of my life (soo far) thanks! :)

Have you closed the deal?:)

[onishenko]

well this got dug up from the pile...

[Just Build It]

One nice asset to Union Square is that the east units look across to Colors. Not too shabby.

[Sylver]

RE: Just wanted to see if anyone has any thoughts on Union Condos, I'm extremely close to closing the deal on one and wanted to see if there are any last minute words of wisdom or warning. It's a 1 bedroom for $363,000.... aside from the obvious high price, what are peoples thoughts on if condo prices are going to continue to rise, or if its topped out right now and will go down over the next year? Any serious replies would be greatly appreciated as this will be the biggest purchase of my life (soo far) thanks!

Byron - I'm in the same position, about to close on my Union Condo, and trying to figure out what my options are. I have done various research and really, real estate prices are anyone's guess and in the end that's all they are, a guess. Are you going/did you close on the deal, and do you know if there are other options, as in not closing? It doesn't seem that way to me, there is potentially serious liability involved. Curious to hear what you've decided.

[Coldrsx]

short term prices will continue to weaken and there is definitely a sleeping dragon in terms of supply coming on... but long term things will settle and improve.