Here’s a potentially hypothetical question.

If you were in the market for a 3-bedroom penthouse, and its 1,100 sf wraparound terrace with skyline views just so happened to have an enormous neon-like sign above it, would you consider this to be a feature or a bug?

The sign does turn off at 11PM, but before then, it creates this awesome/lovely pink glow on the terrace. My sense is that this will be fairly divisive. You’re either going to love it or you’re going to hate it. Which side are you on?

Let me know in the comment section below.

Winnipeg has a building along its waterfront that, I am told, is affectionately referred to as the "spaceship." Designed by the award-winning architecture practice, 5468796, the spaceship is a 41-unit circular condominium building that is raised up on 35 foot stilts in order to fabricate views outward from the site. Sans stilts, the site wouldn't have really had any.

The raised up portion is made up of two circular floors, each with 20 identical units (so 40 in total). The 610 square foot units are all pie-shaped studios that splay outward to a 22 foot wide living room/bedroom. Supposedly, a circle creates 30% more perimeter glass than if the building were orthogonal. So good for views. I should know this.

The building is organized around a central core and circulation system. The building's common area corridors are also open and exposed to the elements. A fascinating design decision given the climate in Winnipeg, and most of Canada. But this would be good for build costs, good for the building's overall efficiency/loss factor, and probably pretty good if you're worried about things like airborne viruses.

Completed in 2017, the hard cost budget for the project was supposedly $4.75 million. The developer in me is wondering how the hell they built 28,000 square feet for $170 per square foot. And the Torontonian in me is aghast at studios as large as 610 square feet. These would be generally sized 3 bedroom suites here in Toronto (I kid).

On top of the building's two floors is also a pretty unique penthouse suite that can be rented on Airbnb for what looks to be a reasonable price. The main living space is essentially a glass box with 360 degree views of the city. I am ashamed to say that I have never been to Winnipeg. But as soon travel resumes and these provincial boundary checkpoints dissolve, I think it might be time for a trip to the spaceship.

All photography by James Brittain Photography

My friend Christopher Bibby -- who is a real estate agent here in Toronto -- is in the Globe and Mail today talking about how Toronto-area buyers have returned to downtown. The article is by Carolyn Ireland and in it Bibby cites two of his recent deals: A large 2 bedroom suite at 168 King Street East that just sold for $1.2 million and an even larger penthouse at 388 Richmond Street West that just sold for $2.4 million.

(Sidebar: 388 Richmond Street West is one of my all-time favorite buildings in the city and was developed by Howard Cohen nearly two decades ago. For more on Howard, check out this post I wrote back in 2016.)

These are two examples of buyers who want to live in the city. Of course, there are countless others who are making moves right now. As Bibby points out in the article, the mood has certainly shifted from what we were seeing last year in the condo space. Condo buyers today are even starting to comb through expired listings in the hopes of finding off-market deals.

I view this kind of real estate activity as a leading indicator for what's to come in the the city. Rental activity is naturally going to lag until people starting returning to offices en masse and downtown life fully resumes. It's more of a short-term "buying" decision. But as a condo purchaser, it's easy (and probably better) to look through the short term.

I think that's what people are doing right now and they're saying to themselves, "yeah, I want to be in the city." I know that's how I feel.