Condo Living TV - Article #12

It only takes a few days scoping out the Calgary condo market to appreciate what’s included has become far from “standard” fare.

Higher ceilings in suites, as well as wine rooms, theatres, and other in-house amenities rivaling those of luxury hotels – right down to the concierge – are fast becoming the norm of what’s included as Calgarians’ salaries climb right in stride with their expectations.

“Condos started out in Calgary about 30 years ago, and they were essentially a cheaper form of housing, and now the market’s changed to a point where you’re getting buyers purchasing for the lifestyle, not the price,” says Calvin Buss, president of Millennium Realty Ltd.

Buss sums up who’s walking away with keys to the city’s condos as four groups: aging Baby Boomers, who may have single-family digs and a downtown condo; 35- 50-something execs eyeing a “fun lifestyle” to pair with thriving careers; young couples breaking their banks to invest in a first home after university; and those migrating from other provinces to work in the downtown core.

Particularly among the first two groups, who often have disposable incomes, nothing “standard” will do in terms of finishing and in-house perks, says Buss, adding today’s condo dwellers aren’t afraid to up the ante by as much as $100,000 to live in the style they are accustomed to.

“If they were planning to pay $600,000, then they’ll spend $700,000. If you are looking at standards, people want more than less,” says Buss, adding fitness rooms, hotel-style lobbies and wine cellars have become increasingly popular and almost expected in high-end addresses such as Eau Claire’s Princeton and Chateau LaCaille.

As the trend shifts toward smaller suites, shared-use amenity rooms from wine-tasting and temperature-controlled storage to big-screen theatres with popcorn machines and high-quality sound are adding to the appeal of condo living.

“Theatres are becoming a popular amenity because the one thing you can’t do is jack up the sound in a condo because you have neighbours,” says Buss.

Individual units are also providing more for condo buyers’ bucks – things like cork- flooring, concrete countertops, wine coolers or salad drawers crafted into kitchens – says Buss, who equates the shift with a movement toward space-saving housing styles in larger cities such as Vancouver.

“You can even get TVs that pop up at the foot of the bed with the push of a button, or have a Van Gogh in your living room that moves when you want to watch TV,” says Buss.

But thanks to the increasingly competitive nature of the Calgary condo market, buyers don’t have to spend a fortune to have all the perks of higher-end addresses at their fingertips, as they’re generally paid for with monthly condo fees as a group.

“It’s all about lifestyle for the condo buyer,” says Richard Popowich, sales manager at London at Heritage Station, a new condominium complex by Westcorp that will see four towers and a host of creature comforts at residents’ fingertips and attached to the C-train transportation corridor.

Condo shoppers – many who are young, hardworking professionals – do their homework and look to get the most out of their investment, as well as the convenience of being able to do some shopping, catch a C-train to careers and sneak in a workout after a lengthy day at the office, says Popowich.

That’s why at London, where condos start in the $130,000s for bachelor suites, just about every amenity imaginable was included in the master plan because that’s what the market is demanding.

“Competition can be a good thing – it drives everyone to offer better value,” he says.

Kohler fixtures, solid-core doors, stainless steel appliances, porcelain tile flooring, granite countertops and higher-than-average ceilings within units, as well as a 24-hour concierge, beer- and wine-making room, eight guest suites, a rooftop patio, fitness room, library and a boardroom are just a few features planned to be at residents’ disposal in the 1215-unit “urban village.”

“We offer a lot of amenities that appeal to someone buying a condominium – they are just not looking for the same things single-family buyers are interested in,” says Popowich.

For more hints and tips about buying and owning a condominium in Calgary, watch Shaw TVís Condo Living with Barb Mitchell, every Wednesday, Saturday and Sunday.

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High Standards