Halifax’s Condo Real Estate Specialists

November 2012

Moirs Place Proposed Condos Planned For 2013 Posted on Nov 30, 2012

Developer Navid Saberi of United Gulf Limited is planning to begin construction of ‘Moirs Place’ condominium next year on the corner of the Bedford Highway and Moirs Mill Road. The building is planned to be eight stories with office space in part of the building and 60 condo units priced somewhere between $300,000.00 and $650,000.00 per condo.

 

-Chris

Q Lofts Expected To Break Ground Next Week Posted on Nov 27, 2012

The developer of the popular ‘Spice’ Condos is breaking ground on his new condo development ‘Q Lofts’. The development will be situated on a half acre block on the cusp of the hip Central Halifax/North End area at Roberts and James streets. These two level, open concept condos will introduce Halifax to a more modern approach to condo living with soaring 16 foot ceilings, large windows and balconies off most units. Peter Polly described the interiors of ‘Q Lofts’ to All Nova Scotia “Designer kitchens and bathrooms, quartz and marble countertops, high-end stainless steel Energy Star appliances, imported Italian stainless steel stairs and glass railings…” and this is just the standard finishes. They are also planning to achieve the LEED (Leadership in Energy & Environmental Design) designation through pouring thick concrete and using better insulation than commonly found in buildings. The building itself will also be excellently appointed with amenities such as a two rooftop patios, common rooms, a gym and underground parking for all 72 condos.

‘Q Lofts’ is definitely a condo development to watch in the coming year. Contact us for more information or to be put on our list for updates about this building as it progresses.

-Chris

Saint Lawrence Place New Construction Condos! Posted on Nov 21, 2012

Saint Lawrence Place is a new construction condominium development that fronts onto Dutch Village Road and Joseph Howe Drive in Halifax near to the Atlantic Superstore and most importantly the DQ.
Condo developer WM Fares Group have been working on this building since earlier this year and have most of the thirteen floors of concrete construction complete. The condos will range in size from 902 to 1837 square feet with higher-end finishes including granite counters, five appliances and come with a dedicated underground parking space and storage locker. The building itself will have a great amenities such as a party room, fitness room and two elevators to make it quick and easy to get to your door.  All of these excellent features come between $305,000.00 to $405,000.00 plus with condo fees that are expected to be between $300.00 and $400.00 per month depending on the unit.
Saint Lawrence Place is an exciting opportunity to invest in new construction in Halifax as prices typically will go up as the building gets closer to completion sometime around the end of 2013 or early 2014. It will be great to see the finished product and a new condo building bringing people closer to the downtown of Halifax!

For more information or pricing, feel free to contact us anytime.

-Chris

Condominium Board of Directors Posted on Nov 19, 2012

The condominium board of directors or condo board is an elected group of condo owners who are responsible for the administration and by-law enforcement of the condominium. Each condo development will have a board who are elected by the condo unit owners. The condo board cannot have less than three members and in larger condo corporations may have more members. The condo board would direct the management company in their duties and determine maintenance costs and time-lines and convey this to the rest of the unit holders.
-Chris

Halifax Condo Market Update – October 2012 Posted on Nov 14, 2012

Halifax condo market update – October 2012.  The data below is based on MLS® statistics for area 1-40 which encompass all of HRM

Figure 1 – All data based on MLS® statistics for areas 1 – 40 which encompass all of HRM

Figure 1 – All data based on MLS® statistics for areas 1 – 40 which encompass all of HRM

Overview

Average Price – Average price for a condo in Halifax increased by 5.4% compared to October of 2011.  The final quarter of 2012 seems to be showing a bit of upward movement in the condo market in Halifax.

Number of Sales – The number of condo sales in HRM were up by 6.6% compared to October 2011. After a slower market in the 3rd quarter, the 4th quarter is off to a good start.

Be sure to check back regularly for Halifax condo market updates.

Special Assessments: What’s So Special? Posted on Nov 03, 2012

A special assessment isn’t actually as awesome as it sounds. A special assessment is imposed when a maintenance issue presents itself that cannot be covered by the reserve fund. The condo board would determine the amount needed and each unit is then required to contribute the additional amount. The amounts that each unit pays is divided proportionally the way the condo fees are divided. These payments, once determined as necessary, are not optional, everyone must pay their share.
Things that might arise that could force a special assessment would be thing like a building’s furnace becomes inoperable or there is a major plumbing issue.
As soon as a special assessment is considered advance warning should be sent out to the condo owners and this information must be made available to potential buyers who are considering the building. The buyers can then make the decision to accept the cost or negotiate the fee with the seller.
-Chris