Andrew Kyle’s Blog - Calgary Real Estate

The Xenex on 12th is nearing completion - a sure sign of that is they took the crane down on Saturday (see image taken from my balcony on the 10th floor of the Emerald Stone). Another sign is, well, they told me so… move-ins are scheduled to begin November-December of this year. ;o)

This building, built by Bucci Developments, features central air conditioning, titled single parking stalls, and non-titled storage lockers. One thing I like about this building, and I think they are fulfilling a niche demand here, is the units are larger than most newer highrises in Calgary - most of the 1 bedroom units are in the 700 sqft range, and the 2+dens are 1200 to 1500 sqft - these are not tiny condos!

But here is the real reason I am bringing up this building at this time… they are now offering to pay Buyer Realtor commissions, meaning you can be represented by a Realtor in the purchase of one of their remaining units. If you have been shying away from buying a new condo because the developer won’t pay Realtor fees, thus encouraging you to go unrepresented into a complex purchase then this building might be for you.

Why would you need a Realtor representing you in the purchase of a NEW condo you might ask? Well here is just one example. There is a new building in Calgary, which I won’t mention by name, which opened a year or 2 ago where each unit in the building, from the small, inexpensive 1-bed units near the ground floor, to the two 2,000 sqft penthouses, pays the exact same condo fee. So regardless of size, and value, each unit pays the same condo fee - in effect the small 1-bedroom units are subsidizing the heating bills of the penthouses which are 4 times the size and 6 times the value. Do you think this will eventually affect the value of those 1-bedroom units? I would think so. Is this legal? Yes, in Alberta it is. Was this specifically pointed out to the buyers of those 1-bedroom units in advance? I don’t know, but if they were my clients you bet it would have been pointed out to them as we poured over the condo docs together!

That is just one reason you might want a Realtor representing you when you buy a new condo. Other reasons include:

• An assessment of the fair market value of the unit you are considering buying for comparison to the developers asking price.
• An opinion on the neighbourhood and exact location of both the building and the unit within the building (is the garbage chute going to be beside your bedroom?!).
• To point out things you may not otherwise think of such as noise and light considerations with the unit.
• And help with a proper inspection/walkthrough when the developer turns over the unit to you.

Another interesting feature of this building is the layouts are very much oriented toward “work from home” people. Most of the 1+den and 2+den units have the large den by your front door so you can meet clients without them seeing your sink full of dirty dishes. Ideal for the increasing number of folks (like Realtors amd Mortgage Brokers) who meet clients at a home office.

Check out the official website for more details, and then contact me for a rundown of the floorplans/units left and asking prices.