[Halifax] Monaghan Square (6100 Young Street) | 2X54 m | 2x17 fl | Completed

[Dmajackson]

Landscaping has begun. Phase one is supposed to be completed next month.


Halifax Developments Blog (Photo by David Jackson)

[musicman]

I am counting 19 floors on this one including the penthouse.......

[terrynorthend]

Originally Posted by musicman

I am counting 19 floors on this one including the penthouse.......

I know there had been some talk here before of delays on the second tower, but both cranes are still up. Will they being going directly onto building T2?

[Takeo]

Originally Posted by musicman

I am counting 19 floors on this one including the penthouse.......

It's 18 stories but it's labelled as 19 because they named the 13th floor 14. There's a 5 story podium with their own floor plans. Then 12 stories above that with "tower" floor plans. Then the penthouse level with four suites.

[Takeo]

Originally Posted by terrynorthend

I know there had been some talk here before of delays on the second tower, but both cranes are still up. Will they being going directly onto building T2?

I think the plan is to keep on going. Worst case if they don't sell enough condos maybe some or all of the second tower will be rentals. I'm surprised it's not selling better. It's on the peninsula in a great area (5 min walk from Hydrostone) with amazing road connections and far better pricies, amenities and fees than any other new condo construction on the peninsula. Harris East probably has (had... it's sold out) the most comparable pricing to this building (starting at $199,900) but they are smaller and have no storage (2-3 closets and that's it, no in-unit or basement storage) and the only building amenity at Harris East is a roof top patio. I know that a bit of an apples and oranges thing since Harris East is in a very different neighbourhood and is more of a "Boutique" building... but still.

[fenwick16]

For people who are curious about the condo prices, here is a link - http://condos.monaghansquare.com/condos/

[eastcoastal]

Originally Posted by Takeo

I think the plan is to keep on going. Worst case if they don't sell enough condos maybe some or all of the second tower will be rentals. I'm surprised it's not selling better. It's on the peninsula in a great area (5 min walk from Hydrostone) with amazing road connections and far better pricies, amenities and fees than any other new condo construction on the peninsula. Harris East probably has (had... it's sold out) the most comparable pricing to this building (starting at $199,900) but they are smaller and have no storage (2-3 closets and that's it, no in-unit or basement storage) and the only building amenity at Harris East is a roof top patio. I know that a bit of an apples and oranges thing since Harris East is in a very different neighbourhood and is more of a "Boutique" building... but still.

Harris East's immediate neighbourhood is orders of magnitude more charming. Hopefully Monaghan Square's neighbourbood will improve, but right now it's mostly parking lots, strip malls and car-oriented streetscapes. It's close to the Hydrostone and other nice parts of the North End, but it FEELS very different.

[Keith P.]

Originally Posted by eastcoastal

Harris East's immediate neighbourhood is orders of magnitude more charming. Hopefully Monaghan Square's neighbourbood will improve, but right now it's mostly parking lots, strip malls and car-oriented streetscapes. It's close to the Hydrostone and other nice parts of the North End, but it FEELS very different.

I agree that Monaghan's neighborhood is lacking in charm, but it is safe and close to many amenities. Harris East is still a very sketchy area despite the gentrification that is happening.

I went to look at the website for Monaghan yesterday and they are promoting both rentals and condo purchases.

The price range for a 1 bdr plus den is around $400K depending on size. The units sound nice and some have generous floor space so in the current market they are probably not a bad value all things considered.

[Drybrain]

Originally Posted by Keith P.

I agree that Monaghan's neighborhood is lacking in charm, but it is safe and close to many amenities. Harris East is still a very sketchy area despite the gentrification that is happening.

I went to look at the website for Monaghan yesterday and they are promoting both rentals and condo purchases.

The price range for a 1 bdr plus den is around $400K depending on size. The units sound nice and some have generous floor space so in the current market they are probably not a bad value all things considered.

Oh, brother. The area around Harris East is really not sketchy, at all. There are social-service providers nearby, and their clients, but that doesn't equate to "sketchy", necessarily. It's quite safe.

Anyway, I agree that 400k isn't bad for a brand-new, well-appointed unit, but I am continually struck by the lack of much of a price advantage when it comes to condos vs houses. You can still get a decent two-bedroom house in the neighbourhood around Monaghan Square for less than $400,000. In cities like Vancouver or Toronto (or even Ottawa or Calgary) condos are significantly more affordable than houses in the same neighbourhood. From what I can tell (I haven't done an exhaustive price comparison) that doesn't seem to be the case in Halifax, which I continue to find confusing.

It's true that some people's first choice is a condo, but I do think those people are substantially in the minority. Which, I guess, might partially explain why a lot of our new developments are wholly or partially rentals.

[Takeo]

I would not call the Harris East neighbourhood sketchy. Yes there are some social services nearby like the Food Bank but I've never felt unsafe there at all. The tress and old Victorian homes on Harris Street are really really lovely. Anyone would be overjoyed to live there I'm sure. Monaghan has a different feel of course... it's Apples and Oranges. I only mentioned it because it's the only other place on the Peninsula that had a sub $200,000 entry price. Everywhere else is more like a $300,000 entry point. And Q Lofts (a block from Harris East) start at $400,000?!?! and are still far from sold out (even though it started planning and construction years before Harris East).

That said, I live in the Hydrostone and have spent a lot of time working just a block from Harris East and as far as shops and restaurants go I would much rather live in Monaghan. There's actually not that much on Argyle. There's EnVie and those two over-priced hipster bars (Brasserie and Lion & Bright) and that's about it unless you walk down to the south end of Gottingen. Oh also Ace Burger. So there are a few things. But within a 5 min walk of Monaghan you have:

• Italian Market
• Burrito Jax
• Lion's Head
• Tarek's Cafe
• Mother's Pizza
• Salvatore's Pizza
• Hamachi House

And if you count fast food there's also Burger King, Subway, Tim Hortons. Not to mention the worlds largest 24 hour convenience store across the street. Far more food options within walking distance. Plus you're minutes from the bridge and the highway. And as development continues it's only going to get better and denser. This area has been spec'd for density in the centre plan. Also a new Spirit Spa just opened across from the Hydrostone Market. It's really a great area to be in both in terms of shops / restos and also just plain logistics (so easy to get in/out by car).

[Takeo]

Originally Posted by Drybrain

Anyway, I agree that 400k isn't bad for a brand-new, well-appointed unit, but I am continually struck by the lack of much of a price advantage when it comes to condos vs houses. You can still get a decent two-bedroom house in the neighbourhood around Monaghan Square for less than $400,000. In cities like Vancouver or Toronto (or even Ottawa or Calgary) condos are significantly more affordable than houses in the same neighbourhood.

For sure. Toronto is insane now. The starting price for anything is basically a million bucks. I would say though that the condos there that are in that $250,000 price point are microscopic. Some are literally 380 s.f. Basically a bathroom + 1 room with a Kitchenette. Also although Monaghan had those cheap studios, the next jump up is pretty big. Going to a 1 bedroom and the price jumps almost $100,000. Kind of a loss leader in a way. For me the appeal of it though is:

• Brand New
• Underground Parking
• Amenities (gym etc)
• Zero Maintenance
• Etc.

I've looked at houses in the North End and you're right... the price isn't that much different. But you're getting a 75 year old house with who know what kinds of potential problems that's likely a total gut job if you want modern kitchen and bath. So you might have to sink another $30K - 50K into it. But it's a house. Which most people prefer. And you're right the differential isn't that big. It's a problem. That's why condo construction is largely focused in the downtown core.

[Takeo]

The Monaghan Condos have been cancelled. Buyers are having their deposits returned. Not sure if the second tower will be turned into rentals instead or just won't be built. I'm guessing it will be built, but not as condos.

[kph06]

Originally Posted by Takeo

The Monaghan Condos have been cancelled. Buyers are having their deposits returned. Not sure if the second tower will be turned into rentals instead or just won't be built. I'm guessing it will be built, but not as condos.

Final buildout as rentals vs the original proposed condo seems pretty typical.

[eastcoastal]

Originally Posted by Takeo

The Monaghan Condos have been cancelled. Buyers are having their deposits returned. Not sure if the second tower will be turned into rentals instead or just won't be built. I'm guessing it will be built, but not as condos.

Interesting... I wonder if this is to do with the market for condos in all of Halifax, or because if someone's paying for a condo on the Peninsula, they don't want it to be on top of a strip mall.

[Takeo]

Originally Posted by eastcoastal

Interesting... I wonder if this is to do with the market for condos in all of Halifax, or because if someone's paying for a condo on the Peninsula, they don't want it to be on top of a strip mall.

I think it's too many condos for the area. A big tower of brand new condos with brand new pricing probably only works downtown.

[terrynorthend]

Originally Posted by Takeo

The Monaghan Condos have been cancelled. Buyers are having their deposits returned. Not sure if the second tower will be turned into rentals instead or just won't be built. I'm guessing it will be built, but not as condos.

Ouch. Does one get interest on their deposit when this happens?

[Takeo]

Originally Posted by terrynorthend

Ouch. Does one get interest on their deposit when this happens?

Nope

[Takeo]

I can confirm they ARE going ahead with the second tower. But it will be apartments instead of condos.

[Takeo]

Originally Posted by eastcoastal

Interesting... I wonder if this is to do with the market for condos in all of Halifax, or because if someone's paying for a condo on the Peninsula, they don't want it to be on top of a strip mall.

Likely a little of both. The condo prices in Halifax are way out of whack. And it's not an aesthetically pleasing area. No "vibe" at all. I think it'll be amazing in 10 years. But not now.

[Takeo]

Originally Posted by kph06

Final buildout as rentals vs the original proposed condo seems pretty typical.

Depends on how the building is financed. The Keep started construction without ANY pre-sales because it was financed differently. But typically a condo developer goes to a bank for a loan and it's contingent on pre-sales. It's much easier to get financing for apartments.