Million Dollar MLS Condo Sales September 2013
Between September 1, 2013 and September 30, 2013, there were 571 MLS condominium sales (excluding single family residential).
The lowest condominium sale price for the month was $131,500 while the highest was $2,075,000.
In narrowing the parameters and looking only at sales over the $1,000,000 mark and the highest sale price, there were 2 sales within the range.
Aside from the “stats” - there’s so much more insight to be found by digging a little deeper. For example, I find it interesting that there were 46 Calgary MLS condominium properties for sale in the million dollar plus price point, however only 2 of them sold.
I’d say that this is likely attributed to the fact that those in the high end condo market have an abundance of options, are more selective on suitability and often have the luxury of time when it comes to deciding on a purchase.
The two sales that did occur, included a single family bareland condominium home in the NW quadrant while the other was a penthouse apartment in the SW.
The single family bareland condominium property was a large scale family home in a newer community close to the Light Rail Transit (LRT) system while the other was a “house sized” apartment style layout on the outskirts of the inner city but within very close proximity to the new SW leg of the LRT. So, although both properties are condo’s they’d be servicing a very different type of buyer and/or lifestyle.
It’s worth bearing in mind that options abound in the condominium sector. There are penthouse properties, single level apartments, two storey townhouses, single family in a condominium environment, villas, age restricted buildings etc., but they all have one thing in common – a monthly “contribution” associated with ownership.
To shed a little more light on the condominium sales data, it is interesting to note that of the 571 sales for the month, 17 sales, including the two over a million, were in the $600,000 and up category and all but 1 were in the SW quadrant of the city. That leaves us with 554 of the sales occurring between $131,500 and $599,999.
condominium segment is often considered “starter” or “first time” buyer
territory and as we can see the bulk of the sales did occur on that lower end
of the scale however, with several in the $600,000 and up category there are
some serious “elite” condominium properties in our market - many on par with single family pricing however both offer entirely different lifestyles.
Food for thought: it's worth bearing in mind, that regardless of price point, condo living most often fulfills lifestyle or convenience factors.
What does all this mean? As with a single family home, the condominium sector has a number of variables that need to be considered when assessing our real estate market and general market statistics alone don’t necessarily give you the full picture. Lifestyle, location, monthly condominium fees, amenities, management of corporation, proximity to downtown/family needs, commute time, views, square footage etc., are all factors that influence the various price tags, quadrants of the city and communities with the value you place on all of them being paramount.
September 1, 2013 – September 30, 2013
MLS Condominium Sales - $1,000,000+ (excluding residential)
Total MLS Condo Sales = 571
Lowest Sale Price = $ 131,500
Highest Sale Price = $2,075,000
of Sales $1,000,000+ = 2 or .35%
% of Sales – General
$600,000+ = 3%
Under $600,000 = 97%
If you’d like more insight into what’s happening in the real estate market, don’t hesitate to get in touch.