Downtown East Village Real Estate Market
Downtown East Village real estate statistics as of February 19, 2018 - The number of active homes for sale in Downtown East Village is 27 listings out of which 27 units are condominiums and 0 units are townhouses/attached homes. The average asking price of homes in Downtown East Village is $451,681 or $551 per square foot based on an average size home with 791 square feet of living space (measured above grade). Active listings in Downtown East Village have been on the market for an average of 147 days while the average number of days that homes have been listed on the MLS® in all of Calgary is 59 days.
Downtown East Village Condos in City Centre Calgary
Downtown East Village in Calgary first started out in the early 1900s when the area was alive with activity and growth. However, by 1913 this boom was ending, and unfortunately, the district did not recover. Rather than being used for housing, it became a hub for commercial and industrial development, with a few high-rise residential buildings put into the mix. The addition of the LRT and closure of 8th Avenue at Macleod Trail in the 80's further damaged the area, cutting it off from easy access to downtown. As a result, lots become vacant, and East Village turned into a rundown area with increased crime.
East Village Real Estate & Redevelopment
In an effort to revitalize this area and rejuvenate the neighbourhood, the city council put together the East Village Redevelopment Plan. This was funded by the Community Revitalization Levy, which was a first in Canada and means to provide long-term financing to complete the entire rebirth of this area. In 2007 the construction began to take place, first with the Rivers District and the undertaking of a stormwater treatment pond in Fort Calgary. As rejuvenation continued, broken down buildings were torn down to make way for luxury condominiums, residential homes, and commercial buildings.
While still underway, the Redevelopment Plan has made a huge impact on the look and feel of Downtown East Village. One building it has helped create in particular is the National Music Centre, which is close to opening after being under development since 2013. The future for Downtown East Village is bright, with a new branch of Calgary Public Library and many other in-demand buildings being designed. There will even be a new pedestrian bridge created to link St. Patrick's Island with East Village and the Bow River pathway system to the north. This will help cut commute time and provide the new residents in the area with easy access to St. Patrick's Island, which is also under redevelopment.
Individuals who purchase real estate in East Village are doing so during an exciting time. The redevelopment has created a beautiful combination of commercial and residential real estate. With more people and businesses moving in, property values are sure to improve while still being quite affordable at the moment. There are many condos for sale in East Village to choose from for buyers.
Downtown East Village Amenities and Highlights
As stated above, the National Music Centre now calls Downtown East Village home. Opening on Canada Day in 2016, this is a performance and concert venue that has been built with modern architecture and state-of-the-art interior designs. This community is also located close to the Calgary Telus Convention Centre, Scotiabank Saddledome, the Talisman Centre, and BMO Centre. Concerts and sporting events can also be found at Flames Central, which is only minutes away in downtown Calgary near the CORE Shopping Centre.
For even more shopping opportunities, Macleod Trail SE and 1st St SE are both just minutes away. Those looking for something different can find Cowboys Casino just off of Macleod Trail SE to the south. This has restaurants, poker, and other gambling options. Another great spot to visit is Calgary's Chinatown, which is located on the north border of this community. This area features the Dragon City Mall, Chinese restaurants, and the Chinese Cultural Society for visitors to enjoy.
Many schools serve East Village, including both private and public. There are also colleges and universities in proximity as well. When it comes to healthcare, Sheldon M. Chumir Health Centre is nearby on 4 St SW. Although many of the amenities are easy to walk to, residents can also drive or use public transportation to get to where they need to go.
Downtown East Village Recreation
The beautiful recreation spots surrounding East Village make it easy for residents to enjoy the outdoors. St. Patrick's Island is one of the most popular places to visit as it's just across the George C. King Bridge. With redevelopment having changed the look of this island, it's now home to beautiful parks, playgrounds, and ample outdoor space. This is situated next to RiverWalk, which borders East Village to the northeast. Both of these spots provide stunning views of the Bow River and lush green landscaping.
Those travelling south of the community can find Elbow River, which is surrounded by the Natural Riverbank Area on 12 Ave SE and ENMAX Park along the opposite side. Residents in Downtown East Village are also close to the historic Fort Calgary, which is home to beautiful outdoor grounds, historical exhibits, a community garden, dinner theatre, and events throughout the year.
If you'd like to learn more about available condos in Downtown East Village Calgary, please don't hesitate to contact us, Joe Samson & Associates at CIR REALTY, 403-681-9651.