Then we saw the plans for the new Royal Alberta museum unveiled, with discussion about the airport lands. Gary Klassen the GM of sustainable development Edmonton pointed out that Downtown encompasses 1% of the land in the city but is responsible for 10% of the tax revenue.

Several projects have been discussed so far.

• Jasper Avenue revitalization
• Central Park in the warehouse district
• River promenade works
• Improved Dowtown LRT connectivty
• More bike accessability
• Infrastructure upgrades
• Capital blvd upgrade
• Arena and entertainment district.
• Grant Macewan university growth
• The federal building upgrade
• Centennial plaza
• University of Alberta Downtown campus And more.

I’ll add more detail as I can for each of these projects and their impact on the real estate market in Edmonton when I have a chance.

Most of the time my answers have been very general with the acknowledgement that I don’t have intimate knowledge of what is going on downtown. I do believe that the people who have good solid information can take advantage of the opportunities that might arise. So, if you are interested in the answers then this is where you want to be on December 15th, 2011 from 7:30am to 3:30pm: www.Edmonton.com/downtown.
This information session on downtown hosted by Economic development Edmonton is where we will be to get the answers to our questions. See you there.
 

Today Sara and I attended a seminar hosted by Alberta Real Estate Foundation in their “thought leaders series," titled: "What are the characteristics of a livable, vibrant, sustainable neighbourhood?."  Basically it was a presentation on why sustainability is important. For example did you know that an average home produces almost 8000lbs of waste per year, and that only 3% of the treated water in Canada is used for drinking?

What was really interesting about today’s presentation was the discussion of ideas amongst the attendees. Lets face it, if the city of Edmonton embarks on a sustainability plan without us the citizens buying into it, it will fail. That top down approach just won't work. Granted not all ideas are good and there will be some very different perspectives on each idea. The following suggestions were made from participants at the presentation:

• The city of Edmonton creates a hard line around the city that says no development beyond this point.
• More flexibility is needed in zoning regulations for multi generational families and multi-family units in existing neighborhoods (other than just basement suites).
• More community based natural spaces and public meeting spaces are needed
• There should be more emphasis on community gardens
• Care should be utilized to understand the impact of sustainable initiatives on affordability
• More information is needed on how sustainable improvements affect the market value of properties
• Encourage community engagement to take on some of their own initiatives
• Make communities more walkable
• Time initiatives so as not to create artificial pressures on the market.

These are just a small sample of the ideas that were shared and discussed. So how does this all affect the average Edmontonian? There has been significant documentation that supports that our environment directly affects our quality of life and health. Areas with less public space or less walking areas tend to have higher incidences of diabetes and other related issues. Improper conservation of water might lead to lower quality and quantity of drinking water.

It is Vision that builds great communities, and Edmonton has a huge opportunity that many other cities wish they had. Edmonton has good transportation infrastructure, great health care and health care facilities, word class education and a fairly robust economy. Edmonton is still a hub to Northern Canada’s resources and related activities and unlike a lot of major cities where the downtown is the financial and social hub, Edmonton has the diversity of our employment which is not centred on the downtown. This can lead to a more robust city as a whole and is definitely worth talking about.

It's time to embrace our greatness as a northern city, it's time to think ahead, and it's definitely time to share your ideas about how this should happen. I don’t intend to be the spearhead of sustainable discussion in Edmonton so if someone would like to take it on please do, but I'm happy to help get it started.

There are 5 main factors that affect the value of your home: location, the home itself, the market conditions, your pricing strategy, and how well its marketed. Of course, the most important factor is location, and this means the lot itself, the neighbourhood, the city and the province. What can be tricky is deciding if a "premium" lot offered by the builder is actually worth the extra cost, and if it will improve your value when the time comes to sell.

Pie lot:

Most pie shaped lots are definitely worth the premium price - you get way more space than your neighbours, and more space between yourself and your neighbours. One downside is there tends to be less space for visitors to park, and there is generally not enough space between driveways for street parking. Another benefit though is that you have very little sidewalk to shovel in the winter. On the other hand, a reverse pie lot (where your front yard is wider than your back yard) is typically less desirable than a regular rectangular lot.

Lot orientation:

Most people prefer a lot where the back yard faces south, west or somewhere in between. This means you get the sun in your back yard for most of the day. You often seen owners of homes that have back yards facing north or east sitting in their front yards or driveways in the afternoons - a friend of mine calls them "garage people."

Green space:

A lot that backs onto green space is almost always worth a premium price. You have much more privacy, since your neighbours are so much further away. However, not all green spaces are created equal. Make sure you look into the restrictive covenants with regards to fences; some neighbourhoods require that the fencing along a green space be chain link. If you're on a fairly narrow green space with chain link fences, you actually end up with less privacy than you would backing onto other homes with a wooden fence. Siding onto green space gives you a little more space between you and your next door neighbour, but there will be foot traffic along the whole length of your lot

Corner lot:

Corner lots have to be assessed on a case by case basis as they can be more or less valuable depending on the situation. If you're on a corner lot siding onto a busy street it's less valuable. A definite downside to corner lots is sidewalk maintenance - in most cases you will have 3-4 times as much shovelling to do in the winter as your neighbours have to do on rectangular lots. However, in some cases the sidewalk along the side of your home is maintained by the city. So a corner lot, on a quiet street, with city maintenance can be quite valuable. In a city where it snows for half the year, shovelling is a major consideration for most home owners.

Walk out lot:

In general, a walk out lot has more value than a regular lot, but as in all cases there are some better than others. It is particularly important to find out what you back onto with a walk out lot: if you back onto a busy street or other homes your walk out home becomes a giant fishbowl towering over the neighbours for everyone to look in on. A severe slope can be less attractive to families, since kids will have to go down lots of stairs from the deck in order to play in the back yard (plus its harder to see them down there from inside the home). A shallow slope can lead what Sheldon calls an "alligator pit" where your walk out area is actually below grade - excellent landscaping is particularly important in this case.

Restrictive covenants:

No one likes to be restricted from doing what they want to do, but restrictions are generally a good thing when it comes to neighbourhoods. When you drive through a neighbourhood with no restrictions you get homes and fences in every shape, form colour and style under the sun. It usually ends up looking like a big mess. In general the more expensive the neighbourhood, the more restrictions you will find. Typical restrictions include the type and colour fencing, quality/type of exterior building materials, number and size of out buildings (garages, sheds etc), percent of coverage (how much space the home can take up on the lot), minimum number of trees, set backs, and height restrictions.

Power lines:

Whether you believe there are negative effects from living near power lines or not, your lot value will be lower if you're visibly close to large power lines. Perception is reality in real estate, and if power lines are the first thing a buyer sees when you're driving up to the home they will instantly discount it, if not take it off their list. The interesting thing is being just one block away can make all the difference in the world - the phrase "out of sight, out of mind" is really true in real estate.

So the most valuable lot in a subdivision would be a walk out pie lot, backing onto green space where the back yard faces south west and no power lines are visible. 

 "It's like the heart of Terwillegar-Riverbend finally came alive." Edmonton Journal.

Terwillegar Towne

The Terwillegar Riverbend Farmer's Market opened in May and has run every Wednesday night since from 5:30-8pm. It's the culmination of years of effort from many volunteers, and brings a real community feeling to a sub-urban part of our city. According to their web site:

The Southwest Edmonton Farmers’ Market is a not-for-profit, volunteer run organization committed to creating a community gathering place for the residents of southwest Edmonton. We connect local farmers, producers and artisans who provide fresh, locally grown and made food and hand-made goods with our citizens, fostering relationships that create a greater sense of community and a stronger local economy.

Together with the new Recreation Centre, shops, schools, a transit centre and more, Terwillegar Riverbend is becoming a town onto itself. Riverbend offers a variety of housing options in a large price range and has some of Edmonton's most popular neighbourhoods. View Riverbend homes for sale. 

Farmer's Markets around the city:

• South West Edmonton Farmer's Market, Wednesdays 5:30-8pm
• 104st Downtown Market, Saturdays, Saturdays 9am-3pm
• Alberta Avenue Farmer's Market, Thursdays 5-8pm
• Beverly Towne Farmers' Market, Tuesdays 4-8pm
• Callingwood Farmer's Market, Sundays 10am-3pm
• Castledowns Farmers' Market, Wednesdays 4-8pm
• Leduc Farmers' Market, Thursdays 10am-1:30pm and Saturdays 10am-1pm
• Old Strathcona Farmers' Market, Saturdays 8am-3pm
• Salisbury Farmer's Market (Sherwood Park), Thursday 4:30-8pm
• St. Albert Farmer's Market, Saturdays, 10am-3pm

If you visit any of our farmers markets remember to leave your pets at home.

If you listen closely you can hear it in the ads of some of the newer property developments. The first question I had about sustainability was: isn't that just another way of saying it's “green” without having a green designation? Short answer is: “not even close.” You can have a green project that is not sustainable.

The first time I asked that question the builder gave me a 91 page manual on the area structure plan which discusses sustainable principles in detail. I think Tyler Dixon, an architect at Ziola newstudio architects, sums it up best in the video below.

One of the things Tyler's counterpart and partner on the project, Tai Ziola mentioned to us, was that it is really exciting to work on a building where the builder isn’t going for the cheapest materials, for the lowest possible price. She believes that when you factor in the design and materials of the building that they envision, it will cost the owners less in the long and uphold its value better because of its sustainability and superior design.

Tyler Dixon says “sustainability goes way beyond green.” To give you a snippet of what he means here are some of the principles of sustainability that I learned from the condo project I’m working on:

• Maximize public green space in the neighbourhood by designating 20% of site and all public spaces.
• Create services that are close to home and within walking distance by ensuring that 100% of residents are within 450m of basic services.
• Provide jobs close to home by having commercial, retail and office space as well as a business park.
• Ensure that 50% of green space has habitat value
• Protect wetland areas
• Use landscaping that incorporates native vegetation
• Naturalize storm water areas
• Incorporate trees into parking lots and streets
• Encourage the natural flow of water and retention of wetland feature areas
• Reduce generation of wastewater and potable water demand
• Ensure 50% of buildings will have good solar orientation
• Create energy efficiency through green building standards
• Use trees and other landscaping to provide shading from the sun and buffering against cold and wind
• Use of on site bike racks
• Reduce heat absorbtion of buildings by requiring high standards for emissivity and reflectivity of the roof.
• Include low energy bulbs and follow a dark sky policy for areas such as wetlands
• Make it a walkable community by providing 40 – 50% of public streets for pedestrian traffic
• Provide trails and pathways that connect every parcel
• Increase demand for use of recycled material (check out optima’s gorgeous recycled wood cabinets)
• Provide public places for people to interact
• Minimize the amount of hard concrete surfaces.

These are but a tip of the sustainable ice berg. for more information please visit www.sunliving.ca (Natural Resources Canada). It will be interesting to see if the buying public embraces sustainability or still wants the same old, same old, cheap crap.

Learn more about new condos in Sherwood Park in a sustainable urban neighbourhood that will be under development soon - OptimaSherwoodPark.com.

It’s a green project unprecedented in Canada for its size, scale and proximity to the downtown core. Josh Wingrove, Globe & Mail.

You can also view videos and "display boards" and provide feedback on the city of Edmonton web site. I watched all the videos and thought there were a lot of great ideas, but I honestly didn't see any clear standouts amongst the proposals.

Image from KCAP Architects & Planners, Rotterdam, Netherlands

Depending on what article you read on the subject, the redevelopment will take anywhere from 20-50 years, starting in approximately 2014. The vision is to create a world class, sustainable, urban village, with loads of park space to attract sub-urbanites back into the city centre.

Typically the city would sell the land to a developer, who would then develop the land and then sell to builders. In this case, the city is the developer which both excites and frightens me. On one hand, the city will be able to ensure the development will meet the vision of "re-branding" our city. On the other hand, committees and elected officials have the ability to derail even the smallest project, 

So, what are the implications of this project from a real estate perspective? Will the surrounding neighbourhoods benefit from a project such as this? I would think that neighbouring areas like Alberta Ave, Westwood, Prince Rupert and Prince Charles Park could only stand to benefit from being near a development such as this one. On the other hand, if the city focuses heavily on this development, the downtown core (which arguably needs a lot of attention) could suffer and lose residents, pushing values down. One of the challenges noted by the city is that they need to attract sub-urbanites to the new development, not people who already live downtown.

This is a long time out, but would it be an advantage to be in early on a project like this, or would it be too risky? When I look at those videos I see a very desirable place to live, but how long will I have to live there before it's developed to the level in my imagination?

When you look at the athlete's village in Vancouver, I see all kinds of mistakes, and a resounding failure. The plan was to turn the olympic village into condos and sell them at a profit. Instead they flooded the market and have had to rent out many of the units, have slashed prices by up to one third of their original asking price and are using questionable practices to blow out the inventory now. Being in early there clearly wasn't advantageous as the buyer's getting in today can get a much lower price.

No matter what you think, I encourage you to let the city know. I for one am impressed with the proposals, and am excited about the direction our city is headed. I tend to be a bit of an optimist though

Anyone who has children that go to school you knows what I’m talking about.  The school is not just a place for kids to learn their abc’s, its where they go to grow up.  Although academic achievement is  extremely important schools are not just about the academics, but easiest way to rank a school is simply to line up their academic scores.  The Fraser institute has published just such a report for Alberta schools. While the report doesn’t let you know if the school has a great physical education or other special program, or if its a safe environment for kids to grow in, it is one benchmark for people to look at. Check it out at http://www.fraserinstitute.org/reportcards/schoolperformance/alberta.htm.

In a previous post we demonstrated the unique neighborhood search functions of this site.  This week we've added a new search for "new listings." This allows you to see all the listings that have been added to the Edmonton MLS® system in the past day – a quick and easy way to make sure you don't miss out on any new listings. It's even grouped by price range. Check it out and don't forget to bookmark the page!

There are also other specific searches set up such as:

• New homes and Condos – This searches only homes and condos in the Edmonton area built in 2008 or after.
• Luxury Homes – This search search is comprised of those properties that make up the top 2% of value in the Edmonton real estate market. At present there are properties in this category from $700,000 to $18,000,000. 
• Luxury Condos – This search of Edmonton luxury condos currently consists of properties between $500,000 and $2,900,000.
• University area real estate – Neighborhoods in this search include those in close proximity to the university of Alberta such as McKernan, Parkallen, Pleasantview, Queen Alexandra, Walterdale, Mayfair, Strathcona, Windsor Park, Ritchie, Hazeldean, Argyll, and Mill Creek Ravine
• Other specific area searches for Edmonton include: West Edmonton , Central Edmonton , South West Edmonton , North West Edmonton , South East Edmonton ,and  North East Edmonton
•  East Central Edmonton includes communities like Argyll, Avonmore, Hazeldean, King Edward Park, Mill Creek Ravine, Ritchie, Bonnie Doon, Cloverdale, Holyrood, Idylwylde, Kenilworth, Ottewell, Strathearn, Capilano, Forest Heights, Fulton Place, Gold Bar, Riverside, Gold Bar and Terrace Heights

If you can think of a real estate search you'd like to check regularly you can create your own at www.EdmontonRealEstate.pro or let us know what you'd like and we'll create it for you.

  Here is an example of a current home listed for sale, just click the "streetview" tab to check it out:

http://www.edmontonrealestate.pro/idx/single-family/E3198900/details.html

With streetview you can click and drag the image around for a 360 degree view, walk up and down the road by clicking on the road, or zoom in by double clicking.

Next to launch on our site will be "bird's eye view" which allows you to see homes from above and there will be more features announced soon.

Hope you enjoy!