Sales are launching today for one of the most unique residential condo projects Calgary has ever seen.

The N3 development in East Village is designed with Generation Y in mind with parking for bicycles and ‘microcars’ only.

Knightsbridge Homes, which is developing the concept, said the project vision also includes social open spaces for entertaining and hosting, Wi-Fi connectivity throughout and fully-furnished IKEA units. Also, to support the marketing platform of – No car, No parking, No problem – each buyer will receive a $500 credit to Car2Go and an urban bicycle.

It will be located near the historic St. Louis Hotel along 8th Avenue S.E. at 4th Street and consist of 300 condo units averaging about $225,000. Occupancy is expected by the summer of 2017.

Joe Starkman, president of Knightsbridge Homes, said the price point, as well as the unique development concept, is tailored to attract buyers in the 20-to-35-year-old demographic.

The N3 development, which stands for New Attitude, New Living, New Vision, held an official launch of the project on Friday. It is being co-developed with Metropia.

“We were fortunate we had a pretty strong seniors population. What we needed to make sure is that we had a difference in incomes as well as different (residences) . .  As a community, people are recognizing the strength in East Village and what we really have going for us. It is a different space.”

N3 will be located near the LRT line. Knightsbridge also owns a parcel of land on the other side of the St. Louis which could be another future condo development.

“We had a sensational location. The East Village redevelopment by CMLC is like second to none. I’ve travelled all over the world. This is one of the most incredible undertakings being done anywhere. To the community itself, that was a cornerstone,” said Andrew Brethour, president of PMA Brethour Realty Group which is handling sales and marketing for the condo.

Knightsbridge is planning to develop a pedestrian area on either side of the St. Louis Hotel, where CMLC expects retail and commercial use will be developed for that building.

Knightsbridge has developed a mixed-used,  four-tower University City project of 705 condo units in the northwest community of Brentwood. Only 24 units remain unsold there.

CMLC says East Village will be home to more than 11,000 residents upon completion in 2027. It will also be home to the new Central Library, the National Music Centres, an urban shopping centre, and two hotels.

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A planned East Village car-free condo tower has sold 90 per cent of its 167 units in five days, according to officials.

The N3 project, to be located near the historic St. Louis Hotel along 8 Ave. S.E., and 4 St., is being developed by Knightsbridge Homes, of Calgary, and Metropia, of Toronto, with an expected occupancy of summer of 2017. The average price of available units is $260,000.

According to Altus Group, a real estate research company, 1,430 new Calgary condos sold in the first half of this year, compared with 2,758 for the same period in 2014.

The resale condo market in Calgary has also taken a hit this year. Through Tuesday, there have been 2,517 MLS sales in the city, down nearly 31 per cent from the same period a year ago, according to the Calgary Real Estate Board.

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The Calgary region posted the country’s largest new home price declines in July, says Statistics Canada.

 

Its New Housing Price Index fell 0.3 per cent locally from June, tying the region with Kitchener–Cambridge–Waterloo in Ontario.

 

“Builders in both areas cited lower negotiated selling prices, as well as lower list prices to stimulate sales as the main reasons for the decline,” the federal agency said.

 

Prices on an annual basis increased 0.3 per cent in July. Nationally, the index rose 0.1 per cent in July and it was up 1.3 per cent from a year ago.

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Owning a home in Calgary at market price remains more affordable than it has been on average since the middle of the 1980s, says a new report released Monday by RBC Economics Research.

But the latest Housing Trends and Affordability Report said movements in oil prices are likely to exert a stronger influence on the market direction in the short term.

Alberta’s housing market is still feeling the impact from the oil price shock,” said Craig Wright, senior vice-president and chief economist, RBC. “That said, the dust began to settle this spring, and we saw a gradual recovery in confidence, which helped rebalance demand-supply conditions. Home re-sales started to turn around, and sellers no longer rushed to list their properties.”

RBC said prices remained under slight downward pressure for the most part in the second quarter, which helped keep the cost of home ownership in the province on a descending course from the first quarter.

The RBC Housing Affordability measures, which capture the proportion of pre-tax household income needed to service the costs of owning a home at market values, fell slightly in Calgary for both two-storey homes, by 0.8 percentage points to 31.9 per cent, and bungalows, by 0.4 percentage points to 32.4 per cent. The measure for condos stayed relatively the same, rising by 0.1 percentage points to 19.5 per cent.

Across the province, the measures fell 0.5 percentage points to 32.5 per cent for two-storey homes and 0.1 percentage points to 31.7 per cent for bungalows, while rising 0.2 percentage points to 20.1 per cent for condos.

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