The Icon Towers 1 and 2

Posted by Ambergate Realty Advisors on Friday, March 27th, 2015 at 3:59pm.

General Comments

These concrete framed towers located on 104th Avenue, and just north of Jasper Avenue, here in Edmonton are situated in what remains of the city's ‘warehouse district’ sometimes known as the ‘Fourth Street Promenade’. The North tower (Icon 2) has 30 floors and the South Tower, (Icon 1) 35 floors and they are easily one of the current landmark buildings across the Edmonton downtown core. These modern towers sit atop a brick rendered lower podium that features retail and professional office space designed to fit into the general streetscape. This look works well. As the eye moves up the building, the ultra-modern glass surface towers appear to launch right out of the roof for a dramatic effect. Built by Langham Developments, Icon 1 was constructed in 2009 and Icon 2 in 2010. This developer is playing a major part in modernizing the city’s skyline. Other Langham projects include: Langham, Omega and Fox Towers.

Market Overview

At the time of writing, (March 27, 2015) there are 9 units for sale across both towers, for a median value of $467,000. The least expensive unit is priced at $344,995 and the most expensive is $1,588,000.

Over the last 12 months the absorption rate (units sold against total offered) was 55%.

A total of 16 units sold, for a median time on market of just 37 days. The median value was $436,000. The least expensive unit sold made $328,000 and took only 14 days to sell. The most expensive unit sold for $635,000 and took 125 days to sell.

Known Issues & Management Concerns

According to one resident we interviewed, there was a curtain wall issue higher up the building perhaps on the 28th and 30th floors, allowing water to ingress (Icon 1). The cost of repair is rumored to be in the $800,000 range. We understand that the developer is going to pay for this. A new condo board replaced the incumbent management company in early 2015 and the new managers are Ayre and Oxford, according to the resident we interviewed.

Questions? Please all us. We would also be happy to discuss our cash rebate options with you.

Telephone: 780-760-2014 Website: www.AmbergateCondos.com

 

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