The Omega

Posted by Ambergate Realty Advisors on Thursday, October 22nd, 2015 at 12:45pm.

General Comments

Construction for this attractive concrete building started in 2004 and was completed in 2005. Built by Langham Properties Ltd and designed by the well-known Edmonton architect and musician Fraser Bruismead, it is reported that the building cost around $6.3 million dollars to construct.

The building offers 58 units across 14 floors. There is a gym complex for the use of residents and underground titled parking is provided with a total of 74 units. A pair of elevators make it easy to get up and down the tower.

Close to the downtown, city centre, river valley and Alberta Legislature, the higher units enjoy fantastic views across the Edmonton city skyline. A convenient Starbucks on the main floor and an easy walk to the Corona LRT station are popular features.

Market Overview

At the time of writing, (October 16th 2015) there are 2 units for sale, with an average value of $434,400. The most expensive unit on the Edmonton MLS® System is priced at $500,000 and the least expensive is $368,800.

Over the last 12 months the absorption rate, (units sold against total offered) was 66%. This is quite a bit higher than the market average for the downtown core, which is currently at about 56%.

Over the last 24 months, 9 units have sold in The Omega for an average time on market of only 31 days. The average value was $320,166. The least expensive unit sold for $278,000 and took only 9 days to sell. The most expensive unit was a 2 bedroom unit on the 12th floor with an asking price of $399,000. It sold for $378,000 and took 126 days to sell.

Known Issues & Management Concerns

At the time of writing this article there were no major concerns or special assessments. The manager is KDM Management Inc. of St. Albert.

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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