- Joined
- Oct 22, 2007
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- 1,191
Over the last year, condomium prices, in particular apartments in Calgary have come down both in price and volume. In October barely 340 units sold citywide. So maybe we`re setting up for a major crash and maybe Calgary`s condo market is overbuild?
Think again! After years of muddled city planning, Calgary came up with a new strategy to fight urban sprawl. Build mini-downtowns around LRT stations. One of the first to benefit was the Brentwood shopping centre where Riocan together with developer Metropia and builder Knightbridge Homes proposed a 5 phase condominium development with nearly 700 new units.
The doors were opened of University City`s showroom 3 days ago. The First phase was a large 18 floor 216 unit tower right across from U of C, adjacent to a LRT station and surrounded by a major shopping mall, while located just off NW Calgary`s major traffic artery `Crowchild Trail`. There are underground parking stalls and excercise rooms.
The units range from 343 sft studios to 705 sft 2 bedroom aparments with a basic and a luxury interior package. Prices ranged from $159K upto 368K for an 18th floor unit. The mainfloor will be retail. Considering that you can buy 2 bedrooms apartment condos build in the 1980s with 730 sft in nearby desirable Varsity for around $210K the prices were quite reasonable. Considering the location and that this is the price you pay (after a deposit) 2.5 years from now when the first phase was supposed to be completed (so potentially 3% annual appreciation in REIN`s 2010 number 1 town to invest) this was a good deal. Rents are likely to be somewhat higher than the apartments available nearby because of its `first amongst premier` locations and the fact that the units are brand spanking new (or is it spanking brand new?).
Well many Calgarians thought so. Within a day the Phase I was nearly sold out! The project partners were so blown away, they decided to sell the units for a similar tower in Phase II as well and if favorable they would build both towers simulataneously. Both phases were virtually sold out in 3 days! The website for University City was barely functional and when you walked through the showroom facility you`d think it was WallMart with a good sale!
So when the price is right and the location is right, you can sell real estate, in this case they sold twice as many condos in 3 days then there were resale condos sold citywide for the entire month of October! Wow!
Think again! After years of muddled city planning, Calgary came up with a new strategy to fight urban sprawl. Build mini-downtowns around LRT stations. One of the first to benefit was the Brentwood shopping centre where Riocan together with developer Metropia and builder Knightbridge Homes proposed a 5 phase condominium development with nearly 700 new units.
The doors were opened of University City`s showroom 3 days ago. The First phase was a large 18 floor 216 unit tower right across from U of C, adjacent to a LRT station and surrounded by a major shopping mall, while located just off NW Calgary`s major traffic artery `Crowchild Trail`. There are underground parking stalls and excercise rooms.
The units range from 343 sft studios to 705 sft 2 bedroom aparments with a basic and a luxury interior package. Prices ranged from $159K upto 368K for an 18th floor unit. The mainfloor will be retail. Considering that you can buy 2 bedrooms apartment condos build in the 1980s with 730 sft in nearby desirable Varsity for around $210K the prices were quite reasonable. Considering the location and that this is the price you pay (after a deposit) 2.5 years from now when the first phase was supposed to be completed (so potentially 3% annual appreciation in REIN`s 2010 number 1 town to invest) this was a good deal. Rents are likely to be somewhat higher than the apartments available nearby because of its `first amongst premier` locations and the fact that the units are brand spanking new (or is it spanking brand new?).
Well many Calgarians thought so. Within a day the Phase I was nearly sold out! The project partners were so blown away, they decided to sell the units for a similar tower in Phase II as well and if favorable they would build both towers simulataneously. Both phases were virtually sold out in 3 days! The website for University City was barely functional and when you walked through the showroom facility you`d think it was WallMart with a good sale!
So when the price is right and the location is right, you can sell real estate, in this case they sold twice as many condos in 3 days then there were resale condos sold citywide for the entire month of October! Wow!
