HomeDiagramsDatabaseMapsForumSkyscraper Posters
     

Go Back   SkyscraperPage Forum > Regional Sections > Canada > Manitoba & Saskatchewan

Reply

 
Thread Tools Display Modes
     
     
  #61  
Old Posted May 7, 2014, 1:07 PM
Cyro's Avatar
Cyro Cyro is offline
Moderator
 
Join Date: Jan 2013
Posts: 5,198
Photo Update:From Construction Thread April.25th.2014

Quote:
Originally Posted by 1ajs View Post
D condos
__________________
♥ ♥
Reply With Quote
     
     
  #62  
Old Posted May 7, 2014, 1:58 PM
Simplicity Simplicity is offline
Registered User
 
Join Date: Feb 2014
Posts: 1,773
Quote:
Originally Posted by Cyro View Post
Photo Update:From Construction Thread April.25th.2014
So, a muddy site, a sign from a year ago, and a rig doing some geotech?

I don't get what this picture is supposed to imply...

All anybody is saying is that when prices start climbing to numbers heretofore unforeseen in Winnipeg and a not-insignificant amount higher than were originally stated, there becomes some question as to whether the project is feasible anymore.

Isn't the point here to be discussing the projects in light of all the variables?
Reply With Quote
     
     
  #63  
Old Posted May 7, 2014, 2:19 PM
esquire's Avatar
esquire esquire is offline
Think about Winnipeg.
 
Join Date: Oct 2001
Posts: 19,930
Quote:
Originally Posted by Buddy1010 View Post
I received a price list for d condo the other day. Are people in Winnipeg actually going to pay 405,000 for a 820 sqft condo? That was the cheapest 2 bedroom available on the lowest floor. Wow
It's stuff like this that makes me wonder why anyone would commit to buying a condo before it's built. I mean, great for the people who buy in the pre-sale phase to get these projects off the ground, but I won't ever be one of them.
Reply With Quote
     
     
  #64  
Old Posted May 7, 2014, 2:26 PM
Riverman's Avatar
Riverman Riverman is offline
Fossil fuel & rubber
 
Join Date: Feb 2009
Location: Cobourg, ON/Mesa, AZ
Posts: 3,451
Those prices are horribly out of line. You can get a nice house in River Heights for that.
Reply With Quote
     
     
  #65  
Old Posted May 7, 2014, 2:33 PM
esquire's Avatar
esquire esquire is offline
Think about Winnipeg.
 
Join Date: Oct 2001
Posts: 19,930
Quote:
Originally Posted by Riverman View Post
Those prices are horribly out of line. You can get a nice house in River Heights for that.
For what it's worth, the prices for some Waterfront Drive condos were in that ballpark when they went on the market nearly a decade ago, when houses were much cheaper than they are now, and for the most part they sold out. It seemed even more implausible then (when $450K still bought one hell of a house) as compared to now, but some people just prefer the condo lifestyle...
Reply With Quote
     
     
  #66  
Old Posted May 7, 2014, 2:56 PM
Simplicity Simplicity is offline
Registered User
 
Join Date: Feb 2014
Posts: 1,773
Quote:
Originally Posted by esquire View Post
For what it's worth, the prices for some Waterfront Drive condos were in that ballpark when they went on the market nearly a decade ago, when houses were much cheaper than they are now, and for the most part they sold out. It seemed even more implausible then (when $450K still bought one hell of a house) as compared to now, but some people just prefer the condo lifestyle...

Well, those condos on Waterfront had a tougher go than most people thought. A lot of them ended up being sold incomplete at a discount with the purchaser finishing the unit.

A unit did sell for over $500/sq ft last week in D, but you'd be hard pressed to sell many at that rate, I'd think.

Pre-sale condo units are largely the domain of spec buyers. I couldn't agree more that it wouldn't be something I'd do (buying a pre-sale condo to live), but thankfully these people are willing to or nothing would ever get built. That said, if your spec buyers don't think they can push their option to somebody else, it's going to be trouble because they make up a significant portion of your pre-sales in a lot of cases. I'd think buying pre-sale at $493/ft and trying to push it at $515 just to cover your costs is probably a little too risky for most. I'm curious to see what happens here, especially with a record number of condos currently on the market...
Reply With Quote
     
     
  #67  
Old Posted May 7, 2014, 3:09 PM
h0twired's Avatar
h0twired h0twired is offline
Dynamic Positivity!
 
Join Date: Jul 2006
Location: Winnipeg
Posts: 2,851
Quote:
Originally Posted by Riverman View Post
Those prices are horribly out of line. You can get a nice house in River Heights for that.
Nothing ever goes wrong with houses in River Heights.
Reply With Quote
     
     
  #68  
Old Posted May 7, 2014, 3:44 PM
Cyro's Avatar
Cyro Cyro is offline
Moderator
 
Join Date: Jan 2013
Posts: 5,198
Quote:
Originally Posted by Simplicity View Post
So, a muddy site, a sign from a year ago, and a rig doing some geotech?

I don't get what this picture is supposed to imply...

I appreciate the confirmation of what I saw in the photo as well, not necessary, but accurate nevertheless.
__________________
♥ ♥
Reply With Quote
     
     
  #69  
Old Posted May 7, 2014, 3:48 PM
Simplicity Simplicity is offline
Registered User
 
Join Date: Feb 2014
Posts: 1,773
Quote:
Originally Posted by Cyro View Post
I appreciate the confirmation of what I saw in the photo as well, not necessary, but accurate nevertheless.
I'm just asking what the photo was supposed to convey. You posted it as a response...
Reply With Quote
     
     
  #70  
Old Posted May 7, 2014, 3:50 PM
wags_in_the_peg wags_in_the_peg is offline
Registered User
 
Join Date: Oct 2006
Location: Winnipeg, MB
Posts: 1,885
Quote:
Originally Posted by Riverman View Post
Those prices are horribly out of line. You can get a nice house in River Heights for that.
a "OK" 1140 sq ft house in Norwood Flats just went for $350k. crazy as although it's quite nice inside, it's not mint.
__________________
just an ordinary Prairie Boy who loves to be in the loop on what is going on
Reply With Quote
     
     
  #71  
Old Posted May 7, 2014, 3:53 PM
drew's Avatar
drew drew is offline
the first stamp is free
 
Join Date: Feb 2004
Location: Hippyville, Winnipeg
Posts: 5,742
Quote:
Originally Posted by h0twired View Post
Nothing ever goes wrong with houses in River Heights.
Yeah, it's possible some people appreciate straight floors... and no amount of money will get you that in River Heights!

$405k will still buy a lot of house in Winnipeg, but it doesn't go far in the more popular areas, and even less so if you are comparing a nicely fitted out condo, where a similarly priced house will usually require updates and significant renos to get the same modern looks.

Trust me, up till last fall we had spent 12 months searching for a house in River Heights, Crescentwood, Wolseley, etc. $500k is the sweet spot for a really nice, no more work required property in these areas.

We ended up getting a old fixer upper in Wolseley, with straighter floors than any house in River Heights could ever dream of!
Reply With Quote
     
     
  #72  
Old Posted May 7, 2014, 6:47 PM
Buddy1010 Buddy1010 is offline
Registered User
 
Join Date: May 2014
Posts: 3
I personally think it's crazy. I could see 350,000 reasonable. Downtown living brand new place on the river etc. 400? Give me a break. That's for a main floor suite!!
Reply With Quote
     
     
  #73  
Old Posted May 7, 2014, 10:14 PM
GoldenJet GoldenJet is offline
Registered User
 
Join Date: Apr 2014
Posts: 14
Quote:
Originally Posted by Buddy1010 View Post
I received a price list for d condo the other day. Are people in Winnipeg actually going to pay 405,000 for a 820 sqft condo? That was the cheapest 2 bedroom available on the lowest floor. Wow
That pricing is completely out to lunch, are you sure those are accurate? Compare that to the second phase of SKY on Waterfront or Village Junction on Stradbrook.
Reply With Quote
     
     
  #74  
Old Posted May 7, 2014, 10:28 PM
Riverman's Avatar
Riverman Riverman is offline
Fossil fuel & rubber
 
Join Date: Feb 2009
Location: Cobourg, ON/Mesa, AZ
Posts: 3,451
Quote:
Originally Posted by h0twired View Post
Nothing ever goes wrong with houses in River Heights.

Doesn't matter. Location matters.
Reply With Quote
     
     
  #75  
Old Posted May 7, 2014, 11:06 PM
biguc's Avatar
biguc biguc is offline
Registered User
 
Join Date: Mar 2003
Location: pinkoland
Posts: 10,472
Yes, crooked floors do matter. And some people don't want to live in River Heights, which is the point you grumpy old men don't understand: downtown condos and River Heights houses are only comparable in that they're places people can live. To people who don't give a fuck about anything else, paying a lot of money for a downtown condo doesn't make sense. The reason there's a market for condos is because an increasing number of people want nothing to do with River Heights or the hassles of caring for a house. Not to mention a lot of people are getting into living in real neighborhoods.

Believe it or not, different people like different things. You think people who spend lots of money on a condo are crazy, but that's what they want. I may call spending lots of money banging Thai lady boys crazy, but that's what some people want. The market doesn't judge, and the ultimate litmus test of any price is if people pay it.

People who these condos are made for are paying these prices. You don't get it because they are not made for you.

It's also worth noting that while you go choking and spluttering over the madness of people living in 500 square feet, you ignore the amenities in these condos that expand the functional living space beyond the unit itself. In the case of Glasshouse, a gym, mini theatre, common penthouse, and rooftop patio make 500 square feet look ample.


Quote:
Originally Posted by Buddy1010 View Post
I personally think it's crazy. I could see 350,000 reasonable. Downtown living brand new place on the river etc. 400? Give me a break. That's for a main floor suite!!
The lowest level condos are four or five floors above the main floor. There's also a nice looking terrace on that level, overlooking the river.
__________________
no
Reply With Quote
     
     
  #76  
Old Posted May 8, 2014, 1:21 PM
cheswick's Avatar
cheswick cheswick is online now
Registered User
 
Join Date: Nov 2010
Location: South Kildonan
Posts: 1,615
Quote:
Originally Posted by GoldenJet View Post
That pricing is completely out to lunch, are you sure those are accurate? Compare that to the second phase of SKY on Waterfront or Village Junction on Stradbrook.
Sept 2011 pricing I was quoted for Sky2 was $281k for a 950 sq ft two bedroom unit. The largest unit which was 1524 sq ft with two beds and two baths was $409k. That was 2 and a half years ago but I see your point.
Reply With Quote
     
     
  #77  
Old Posted May 8, 2014, 3:12 PM
wags_in_the_peg wags_in_the_peg is offline
Registered User
 
Join Date: Oct 2006
Location: Winnipeg, MB
Posts: 1,885
Quote:
Originally Posted by wags_in_the_peg View Post
a "OK" 1140 sq ft house in Norwood Flats just went for $350k. crazy as although it's quite nice inside, it's not mint.
cancel that, asking price $315k, 13 offers later received $386k, there is no way that Winipeg is an affordable city anymore. at lease we have great winters and springs!
__________________
just an ordinary Prairie Boy who loves to be in the loop on what is going on
Reply With Quote
     
     
  #78  
Old Posted May 8, 2014, 3:19 PM
Riverman's Avatar
Riverman Riverman is offline
Fossil fuel & rubber
 
Join Date: Feb 2009
Location: Cobourg, ON/Mesa, AZ
Posts: 3,451
Quote:
Originally Posted by wags_in_the_peg View Post
cancel that, asking price $315k, 13 offers later received $386k,
Music to my ears.
Reply With Quote
     
     
  #79  
Old Posted May 8, 2014, 4:16 PM
cheswick's Avatar
cheswick cheswick is online now
Registered User
 
Join Date: Nov 2010
Location: South Kildonan
Posts: 1,615
Quote:
Originally Posted by wags_in_the_peg View Post
cancel that, asking price $315k, 13 offers later received $386k, there is no way that Winipeg is an affordable city anymore. at lease we have great winters and springs!
Afforadability in Manitoba is pretty much on par with Sask and a bit higher than AB.

The most recent RBC affordability index has Manitoba at 38% for a bungalow, 38.6 for a two storey and 24.9% for a condo.

For comparison:
Sask: 37, 40.1, 25.5
AB: 32.7, 34.6, 19.9
Toronto: 55.6, 63.7, 33.9
Montreal: 38.8, 50.8, 30.6
Vancouver: 81.6, 86, 41

The affordability index is the percentage of income a median houshold would have to spend to service their home mortgage, taxes and utilities, assuming 25% down, 25 year amortization.

To qualify for a mortgage the max a bank will allow is 32%, so the further the number is away from 32%, the further away an average houshold is from being able to purchase a home.

MB's average since 1985 is 35.1, 36.6, and 21.2 so yes houses are getting less affordable, but probably not to the extent a lot of people imagine.

And yeah, house ownership in Vancouver is limited to the wealthy, even a condo is out of the reach of the median household.
Reply With Quote
     
     
  #80  
Old Posted May 8, 2014, 4:30 PM
Flatland Metropolis's Avatar
Flatland Metropolis Flatland Metropolis is offline
Registered User
 
Join Date: Oct 2013
Location: Winnipeg
Posts: 216
Quote:
Originally Posted by wags_in_the_peg View Post
cancel that, asking price $315k, 13 offers later received $386k, there is no way that Winipeg is an affordable city anymore. at lease we have great winters and springs!
Winnipeg has certainly felt like a sellers market for some time.
Reply With Quote
     
     
This discussion thread continues

Use the page links to the lower-right to go to the next page for additional posts
 
 
Reply

Go Back   SkyscraperPage Forum > Regional Sections > Canada > Manitoba & Saskatchewan
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 11:26 AM.

     

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2018, vBulletin Solutions, Inc.