Quote:
Originally Posted by djforsberg
I haven't had a chance to read through all this unit price speculating but there is no way they will be going for anything less than $250K, which I'm inferring someone is suggesting Westgate to advertise. If you look on MLS, condos all over Regina are going for well over that price. With the corner of Albert and Vic being a prime location (at least it should-be), I cannot see the units going for less than even $300K. No company would be doing as much as Westgate is doing with its open houses and development discussions or the other companies who are already building large condo developments elsewhere in the city (mostly in the east) if they didn't think they were going to get market rate, which right now I'm estimating to be anywhere between $300K and $400K.
My 33 year old house that is 800 sq ft was purchased for $235K in the summer. If I could have bought a brand new 900 sq ft condo downtown for the same price or less, I would be ridiculously angry now and the real estate market would be collapsing.
Or am I missing a point...
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How would you like it if the Plains/Westgate condos are:
1050 sq feet, 10' ceilings, upgrades, 1 secure indoor parking spot, price: $235k
1280 sq feet, same as above but with extra bathroom, etc, price: $300k
Because that's the current specs & pricing of units listed on skhomes and MLS as of today.
There were numerous units in all 3 of the major downtown condo towers that sat vacant all through the spring, summer, and fall. Not sure how your agent missed that if you were interested in that. The prices fell from $300+ to the low $200's and still no bites.
I know several that eventually decided to de-list and just grab the short term rent money until that market picks up. This was after months and months with very few showings. One got an offer but it was for less than $200k.
You might be seeing people attempting to sell their suburb condos for $300k. But just because somebody's asking $300k doesn't mean they're getting that or anything close. And for some reason those condos at the outskirts are more popular than downtown. Don't ask me why, I don't like 'em.