Richard Bergeron

There are hundreds of condominium buildings in Calgary. Each one is unique in its own way. Some have very distinguishing features such as a great architectural design, a swimming pool, running track, or maybe retail shops in the buildings. But can you name something that less than 10 condominium buildings in Calgary possess? The answer is a building concierge. This person is, by definition according to Webster’s dictionary, a caretaker or doorkeeper. In today’s age of busy lifestyles a concierge is so much more to the people who are lucky enough to reside in a building featuring a concierge service.

“Knowing that Arnold and Elaine, our building’s concierge’s, are on the job to ensure my guests are warmly greeted and know where to find my condo gives me great peace of mind. Not to mention the added sense of security I have because everyone who enters the building is received at the front desk” says Chateau La Caille resident Carol Bennet.

For Don Skelton of 500 Eau Claire, having a concierge in the building meant he could renovate his condo without taking on a scheduling nightmare. “When we moved into the building we had no idea of the value that having a concierge would bring. We spent months having work done on our condo, and if we had to let each tradesperson into the unit day after day, I would have had to quit my job. With our concierge there to let each tradesperson into the unit, our renovation went much smoother than expected. We couldn’t have done it without their service.”

Service is what the job of concierge is all about. For the owners and residents in the building, service can mean different things to each one. A smiling face to greet you after a gruelling day at the office, co-ordinating tradespeople for your renovation, facilitating fire equipment testing, disseminating condominium corporation information to all owners, having someone to accept your drycleaning when it is dropped off are a few of the many responsibilities and services a concierge has to offer. Most importantly, the concierge is the face of your building’s community that the rest of the city sees on a daily basis. The concierge is also a reflection of those who reside in the building.

With so few buildings in Calgary offering this dynamic service it is not surprising that these buildings are so desirable for people looking to buy condominiums. And this demand seems to be increasing. Of the few buildings offering concierge service, all but two have been built in the past seven years. Currently, there are 2 new concierge buildings under construction in the Eau Claire area alone and a third in Connaught. Maybe you see a need in your life for the services a concierge has to offer! Find out which concierge will meet your service needs.

The face of the real estate market place in Calgary is once again changing. Just when it seems there couldn’t be any more real estate rules to be broken, a new twist has been thrown into the mix. Auctioned real estate has come to Calgary!

You may have read that a home in NE Calgary sold recently through an auctioning process. In other parts of the world auctioned real estate is common due to the lack of a successful MLS system. In the past auctioning real estate in Alberta has been mostly limited to estate sales. An auctioning mentality is not new to Calgarians.

Many resale properties marketed through the MLS system are currently being sold under a multiple offer situation, where all the buyers know that all competing offers will be presented to the seller at the same time. This heightens the excitement around the offer process and buyers get caught up in the energy of the unknown. What will it take in terms of price to “win” this property? In order for their “bid” to win out, buyers need to know the maximum they will pay for a property to win out in the bidding process. This process is very similar to that experienced at an auction.

As the supply of resale residential property in Calgary continues to remain low, buyers will continue to compete for new inventory. So the benefits to the seller in the auctioning format may initially appear obvious: they are guaranteed the best price for their property.

Is this really the case? The seller is vulnerable by only exposing their property to a fewer number of prospective buyers than if the property was marketed on the proven MLS system. Especially today Calgary is experiencing a real estate frenzy where by there are 1,000’s of prospective buyers working diligently with real estate professionals through the highly acclaimed MLS system. By not taking advantage of the proven MLS system using an experienced and reputable real estate professional the selling price may in actual fact be limited.

What is outrageous is the seller without realizing it may be leaving money on the table! Another drawback for the seller is the lack of information regarding the perspective buyer who places the highest bid. Using an auctioning process anyone can bid on the property. For Sale By Owner in this situation does not have the backup of a real estate professional representing the buyer to make sure that the deal closes without incident.. A buyer working with a Realtor is more likely to have been guided through the qualifying and pre-approval process for purchasing a property, thereby minimizing the possibility of a sale collapsing through due to the buyer not qualifying for a mortgage.

It appears Calgary will be seeing more auctioning of real estate before long. People love to try new things! But keep in mind, a new format doesn’t automatically mean more money for your property. Auctioning your valuable property may in fact mean less!

As diverse as the population is in Calgary, so are the communities that make up the inner city. Over the past 10 years as each area has seen an increase in new development, each has also been defining and refining it’s own identity.

Beltline – the communities just south of downtown include Connaught, Mission, Cliff Bungalow and Lower Mount Royal collectively make up the Beltline. A perennial favourite with the younger crowd due to it’s proximity to downtown jobs, restaurants and bars, shops and coffee houses. Many residents live here without requiring the use of a vehicle, all amenities are so close! There is always something to do, someone to meet or somewhere to go in the Beltline. There have been numerous new condo developments here over the past 10 years, as well as many older rental buildings being converted to condo ownership.

Victoria Park/East Village – this is an area to watch over the next several years. As the Calgary Exhibition and Stampede continues it’s land expansion and re-development, the surrounding community will have new life and vitality to spare! A ton of new, high rise, high end condo and commercial buildings are slated for the new Stampede Station area, offering upscale urban living at the gateway to Downtown. The city’s plans for the East Village will offer new and exciting condo opportunities for future residents, while also providing the services and green space inner city dwellers crave. Victoria Park also offers a unique selection of warehouse/loft condo buildings, not found anywhere else in the city.

Kensington – across the river the area of Hillhurst and Sunnyside are always on the cutting edge of trendy. Smaller condo developments, rental conversions and renovated character homes give this area a flair all it’s own. With Prince’s Island park and the Bow River Pathway system on it’s doorstep, a multitude of Kensington shops, services and restaurants to choose from and Riley park at the back door, it’s easy to see why so many people are clambering to live in Kensington.

Bridgeland – another area that has seen it’s share of redevelopment in it’s recent past with even more on the horizon, is Bridgeland. What used to be a predominately single family home area has been jump-started and energized with new condo construction, including the re-development of the former General Hospital site into The Bridges. If an ethnic flair is more to your liking, you will love the Italian groceries and restaurants, Tai food and other great services Bridgeland has to offer. And don’t miss out on some of the best skyline views this city has to offer, all from Bridgeland.

As you can see, no matter what your lifestyle, tastes or budget, the inner city has the perfect match for you.

Dreaming of Luxury? Calgary’s condominium market has many buildings and units that fit the luxury criteria. Even though luxury can mean many things to many different people, chances are, there is a condominium that matches your definition and requirements.

When “luxury” is discussed, most people picture in their mind a high-end level of finishing. Features like gleaming hardwood floors, stainless steel appliances, gourmet kitchens, marble and granite counters and floors, sumptuous ensuites, oversized casings and mouldings, soaring ceilings and non-stop views are but a few of the images that you would expect to see in a “luxury” condominium. Calgary offers many buildings both new and established that automatically fit these images, but there are many individual units in a variety of buildings across the city that have seen spectacular renovations that place them firmly in the category of “luxury”. All you need to do is look at the number of condominiums that sell for more than a half a million dollars these days (nearly 70 in the past year alone on the MLS!).

Perhaps your version of luxury has more to do with a great location or proximity to amenities than with finishing. Adding the luxury of more time to your life may be what you are after. Many people are moving into inner city areas to facilitate an increase in personal time. With people’s busy lives, a shorter work commute, being walking distance to the gym, grocery store, movie theatre, restaurants and other services is what many people consider a luxury. There are many condominiums that match this criteria without being accompanied by a hefty price tag!

And don’t forget the luxury of additional services that a condominium building can offer owners. More and more buildings in the city are offering concierge services for their owners. For some, a concierge can be a true luxury, facilitating a multitude of services, not the least of which is security for the building. Additional amenities in some buildings now include fully equipped exercise facilities, car wash bays, whirlpool saunas, lap pools, wine cellars, meeting and board rooms, party rooms, hobby rooms, movie theaters and guest accommodations.

Almost all condominiums offer owners the luxury of having maintenance done for them. The management company co-ordinates snow removal, lawn and garden maintenance, garbage removal, building maintenance including parkade and carpet cleaning, elevator maintenance, administrative duties and many more behind the scenes jobs that owners don’t have to worry about. All this is looked after through the owners condominium fees.

So is luxury on your mind? Look to condominiums and let your dreams come true!

Go into any new condominium show suite these days and what do you see? Sleek, contemporary, urban furniture, perfectly staged to showcase the new homes offered for sale. But look a little closer and you may notice that as lovely as the furniture is, it’s on a scaled down size as well. You may wonder, are people getting smaller? No, the condos are! Condominium space is at a premium in Calgary. New condo buyers are adapting to much smaller living spaces. In fact, new condo owners confess that letting go of “stuff” they have been holding onto for years has been quite liberating.

One way people are doing this is to maximize all available floor space with furniture with great design. Sculpted chairs instead of loveseats, chaise lounges instead of bulky couches, ottomans that double as coffee tables or additional seating are but a few of the furniture choices today’s condo buyers are utilizing. And there are more choices than ever, to suit every budget range. From Ikea to Home Evolution, scaled down, chic furniture is available for everyone. For a lot of new condo buyers, new furniture is a major propriety after moving in!

Another trend appearing more frequently in newer condos is the use of builder installed built-in furniture. In additional to functional furniture, you’ll see built-in computer/work stations in numerous show suites around the city. Tucked against a wall or around corner is a customized work station for the new condo owner. It takes up less space than a desk and you don’t need a separate room to put it in. A perfect match in your cozy new pad!

But what does a new condo buyer do with all the “stuff” that we all seem to haul around? Christmas trees, bikes, winter snow tires for the car, your old stuffed animals you just can’t bear to part with? You certainly won’t be able to put all these items in a 650 square foot 1 bedroom condo! The solution is additional storage space or lockers in the building for each owner. This feature is rapidly becoming mandatory for buyers, and developers are listening by providing appropriate storage space conveniently located in the building.

If smaller condo living appeals to you the next step is to make a list of the amenities you require that will suit your new lifestyle.

Your pride and joy sits alone, cold and exposed to the elements ever since you drove it home. It just doesn’t make sense that what you have worked so long and hard for doesn’t have a warm, safe place to roll into at the end of the day.

Isn’t it time you made the decision that no mater what, you will find a safe and protected home for….your coveted car! For many of us our cars define and represent to others who we are. This defining statement says in some cases more about us than the clothes we buy the jobs we have and the places we live. So how does our obsession with cars fit into the world of condominiums you ask?

Parking, especially downtown, has become a luxury item and has become a major amenity when purchasing a condo. The question to ask is does a parking stall come with the proposed purchase of a condo? If so, is the stall exposed to the changing and unpredictable elements or is it in a secured underground parkade? This distinction can make a huge difference in the price of the condominium unit and its desirability. As the price of new cars and insurance escalates common sense dictates that this prize possession must have secured parking.

In today’s untraditional real estate market purchasing a new, to be constructed condo, the price of an underground parking stall can affect the total purchase price by up to $27,000! When purchasing a second stall you can expect to double the cost. In this day and age the need for a second stall is a necessity, to accommodate a significant other or guests that may come to visit as visitor parking downtown is at a premium Sales have been lost due to buyers not having access to additional secured parking.

The number of available stalls and their locations are not the only considerations when looking at the parking issue. Parking stalls can be individually titled, just like the residential unit you live in. Or they can be assigned or leased to owners at the discretion of the condominium corporation. Which scenario you have in a building can affect the value of that stall. Individually titled stalls carry with them more perceived value as they can potentially be sold to another person separately from the residential unit. In addition to their additional value they also carry with them added expense. What most people don’t realize is that the City of Calgary affixes a property value to these titled stalls and then proceeds to tax them in addition to the condominium unit. This is not the case when parking stalls are classified as common property under the condominium corporation. It is important to pay attention to which form of ownership your buildings parking stalls falls under.

Building security is also a major consideration when purchasing a condo. In some cases, the easiest way for a non-owner to gain access to a building is through underground parkades. Calgary Police Officers regularly schedule meetings with building owners to assess security issues and solutions. Being a pro-active condo buyer will help protect your car day and night!

When condominiums are purchased “new” from a developer, the square footage of each unit is derived from architectural measurements are the standard by which every builder works from. They are the building’s blueprint, complete with mechanical locations and dimensions, from which the building is constructed.

Purchasing a new condominium is very similar to purchasing a new single-family house. When talking about square footage, defining the space you’ll own from your neighbor’s space they’ll own once the building is completed is the difference. Here’s an example to illustrate. When you purchase a new 2,000 square foot home, you never subtract the area made by the 2 x 6 exterior walls even though these walls are built in from the foundations outside edge, nor would you subtract the area within which your mechanicals are run, effectively reducing your total useable space. When talking about the size of your home, you say you have a 2,000 square foot home, not what’s left after the exterior walls and mechanicals are subtracted from the size of your finished home.

To derive the final, legal square footage of condominiums, (that size which appears on the registered condominium plan), the unit is measured in the later stages of construction. This is due to the rules of condominium ownership. You own your unit’s space, exclusive of the common space that now exists between units, within exterior walls and mechanicals. You own a representative share of the common space, not the space itself. It is in this common space where the buildings mechanicals, plumbing, soundproofing and support structures are located and these are jointly owned by all unit owners.

When a new building is constructed, many units are built together, at the same time, not separately as with a house. Therefore, construction considerations are compounded. For instance, if the developer decides to add or upgrade a new air circulation system to enhance marketability, this could affect where the air ducts need to be located to optimize airflow/cooling or where some of the other mechanicals are located. Plumbing and other mechanical locations may need to be amended for proper installation. These and other factors, including deducting the exterior unit walls, all affect the final legal floor area of each unit.

When you insure your condominium, the insurance is for your contents that you own, not for any of the common property or the unit itself. The condominium corporation maintains a separate insurance policy for the building including units and common property. With condominium ownership you own a percentage of the total common property. Each owner is responsible for his or her share of the cost of maintaining the common property. This is paid through condo fees.

It is important to remember that the unit factor that was provided by the builder prior to the final registering of the condo plan remains the same once the plan is registered at land titles. Therefore your percentage of total ownership in the common property does not change. This places all condominium owners on the same level playing field when they go to resell their units just as when they originally purchased new.

Plastered all over the news these days are stats regarding the Calgary residential real estate market. It’s hot, it’s quick and home owners are realizing substantial appreciations in their property values. You, as a condo owner, may be thinking now is a good time to take advantage of this situation. There are several areas you need to be aware of and prepare for in terms of marketing your condo to prospective buyers compared to an owner of a single family home.

Most condo buyers and sellers are aware that certain condominium documents are required when a condo is sold. What most people don’t realize is that the items to be included in this package, and the right of a buyer to receive them, is mandated by Alberta Law. If you are selling your condo, what do you need to provide to the buyer, how do you obtain them and what is the cost?

Most condominium buildings hire a management company to look after the day to day running of the condo corporation, under the direction of the board of directors. This management company is also responsible to maintain all the documents pertaining to the corporation. The management company, must, upon written request from an owner, provide the following documents:

• Bylaws of the corporation
• Financial statements
• Monthly balance sheet
• Budget and fee schedule
• Reserve fund study and plan
• Amount in the reserve fund
• Details of any special assessments or judgements against the corporation
• AGM minutes and last 12 months of board minutes
• Percentage of owner occupied units
• Insurance certificate
• Management agreement

Be aware, the management company will not provide these items for free! The cost for an entire package can range in price from $100 – $700! This cost is the owners responsibility and these documents must be provide to any buyer. Keep in mind, an informed buyer will most likely make an offer subject to the receipt and approval of these documents. It is always easier to have these documents ready to go for a buyer once an offer is accepted.

There is also valuable information for you, the seller, in these documents. The bylaws will dictate if you can market your property by way of a for sale sign. Many condominiums will not allow signs of any kind. So how are you going to let people know your property is for sale? Will a Realtor be able to place a lock box on the property to gain access to your property for showings? Information regarding issues like these can be found in the bylaws, or by checking with the management company. If your ability to market the property yourself is limited by the bylaws, you may want to employ the services of a Realtor who has a comprehensive marketing plan that deals specifically with condominiums.

Another major issue buyers are looking for pertains to special assessments. Are there any coming, are any payments outstanding or has a special assessment been amortized over a period of time, in essence increasing the monthly condo fee? Special assessments can have a major impact on the marketability and market value of your property. Don’t let there be any surprises waiting for you!

In order to capitalize on your equity and investment and to avoid any pitfalls, an experienced condominium Realtor will be able to guide and assist you in achieving a successful sale of your condominium.

Get ready, Calgary, for “big city” floor plans! And I don’t mean “spacious” floor plans. The downtown condominium market is seeing a huge supply and demand for 1 bedroom floor plans under 650 square feet that used to be unheard of in Calgary. New developments like Tarjan Pointe, Chocolate, Union Square and Midtown have a high percentage of their suites under the 650 square foot mark. In most cases, these are the suites that are selling out the fastest!

In comparison to larger units in a new development, the smaller units will be the most attractive to some buyers based solely on price point. Both first time buyers and investors alike will look for the lowest price point. But don’t be surprised by the prices. These cozy 1-bedroom suites are not cheap! Prices can range from $130,000 to over $230,000, depending on the level of finishing. That’s over $330 per square foot! And we are seeing more buyers willing to pay for high end finishing even in these smaller units. Most newly constructed single family homes in Calgary fall well under that figure.

So what is driving this new trend of smaller, more expensive units? There are several factors to take into consideration. The first is land value. There are fewer empty lots to be bought in the inner city core. So that means prices for land close to downtown has moved up. Add increased construction costs and the profit a developer is going to make on a building is decreased. A good way for them to keep their profits up and supply the markets thirst for quality is to design creative, well appointed smaller sized floor plans and charge more per square foot for them.

Another reason is the huge influx of skilled and educated young people in Calgary. Calgary has the highest percentage of people with post secondary education in Canada. With interest rates low, many of these people appreciate the benefits of owning property rather than renting. Even though they may be fresh out of school, they are looking to buy. The lower priced condos match what their budgets can afford. And the location is close to where they are working. Plus, with occupancy up to 18 months away, they have more time to save the down payment needed at closing. This down payment also acts as an investment with future increases in equity in the property. Owning is affordable and you’re making money. Seems like a match made in heaven!

Although some people may speculate that these smaller, more expensive condos won’t fly here in Calgary, they certainly seem to be filling a necessary niche of the inner city market.

Condominium living is all about the Lifestyle! You hear it all the time, but what does it mean? With the rising cost of everything these days, for a lot of people the “lifestyle” for them is all about affordability. The inner city of Calgary offers a diverse array of amenities that appeal to all demographics of people all looking for ways to maximize their lifestyle.

How does condominium ownership fulfill the affordability need? The most obvious is the initial purchase price of a condominium verses a single-family home. In Calgary for the first quarter of 2005 the average price for a condominium was only 65% of the cost of a single family home ($276,776 for single family homes verses $180,984 for condominiums). But don’t let the average condo price scare you as there are many condo’s on the market that you can own for less than renting, as the mortgage payment is less than a rental payment! Combine lower condo prices with low interest rates and it is very affordable to own a condo in Calgary’s vibrant market place today. You can also look at a longer mortgage term to ensure your monthly budget will be protected longer when rates go up (which the experts are saying they eventually will). Also make sure that when you are looking at the perfect affordable condo that you take into consideration the monthly condo fee for the unit, otherwise your monthly budget could be thrown out!

Another benefit to owning an affordable condo is if the building you buy in has fitness and recreation facilities. You may even cancel that gym membership if you live in one of the numerous condominiums that offer exercise and workout facilities, whirlpool sauna, a pool or even a running track. These benefits are included in your condo fee, so why pay for an extra gym membership? You can save that monthly gym membership expense and keep your overhead low while staying in shape!

For many inner city condominium owners a huge perk on the affordability front is the ability to live and still enjoy life without needing to use a car (yes, it is possible!). Many inner city residents live within easy walking distance of work, friends, recreation facilities, the grocery store, coffee shops, restaurants and outdoor leisure space. You, too, could say goodbye to your monthly car payment, insurance, gas and regular maintenance, plus the cost of a parking stall downtown for work! Depending on what kind of car or SUV you drive, this can amount to as much as rent! The inner city is a diverse and eclectic area waiting to be explored on foot, bike or even roller blades!

Another consideration to look at when buying an affordable condominium is to look at a unit with an extra bedroom over and above your own needs. For a marginally small increase in the purchase price, you can look at subsidizing your monthly overhead by taking on a room mate. Why not have someone else help pay that mortgage payment, or pay off your mortgage faster than you expected? Plus, when it comes time to sell, your extra bedroom condo may have appreciated more, giving you additional buying power for your next home.