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Bucci Developments bullish on Calgary condo market
CALGARY ` A Vancouver-based developer is bullish on the Calgary residential condominium market
`We`ve totally shut down our Vancouver operations for the time being. We`ve put all our eggs in the Calgary basket,` said Mike Bucci of Bucci Developments Ltd. `Vancouver`s priced out the local market. The only way to play in the Vancouver market is with serious help from friends and family and inside scoop. But as a pure real estate play Vancouver doesn`t work right now.
`But you look to Calgary and you see one million square feet of net office absorption in a quarter. That`s a lot of bums in desks and they`ve got to sleep somewhere at night. And we`re able to buy land at well below replacement cost, especially through the foreclosure process. So we`ve done that a couple of times and construction costing is still quite cheap. So we`re able to provide a really high-end product cheaper than what`s currently available from the boom days.`
Read the full article here.
CALGARY ` A Vancouver-based developer is bullish on the Calgary residential condominium market
`We`ve totally shut down our Vancouver operations for the time being. We`ve put all our eggs in the Calgary basket,` said Mike Bucci of Bucci Developments Ltd. `Vancouver`s priced out the local market. The only way to play in the Vancouver market is with serious help from friends and family and inside scoop. But as a pure real estate play Vancouver doesn`t work right now.
`But you look to Calgary and you see one million square feet of net office absorption in a quarter. That`s a lot of bums in desks and they`ve got to sleep somewhere at night. And we`re able to buy land at well below replacement cost, especially through the foreclosure process. So we`ve done that a couple of times and construction costing is still quite cheap. So we`re able to provide a really high-end product cheaper than what`s currently available from the boom days.`
Read the full article here.