Condo Crazy June 2, 2008Posted by DustinRJay in Calgary real estate, condos, supply and demand.
Tags: Adora, Akoya, Alberta Boots, Arriva, Assured on 14th, Astoria, Aura, Bluffs, Castello, Centuria on the Park, City Centre, Colours, Concord Pacific Calgary, CPA Lands II, Cristal, Destiny, Douglas Glen Condo Village, Eau Claire, Eden, Encore, Exchange, Five West, Gateway Beltline, Gateway Southcentre, Giffels at Stampede Station, Grand Haras, Grand Royal, Grosvenor on 15th, Grosvenor on 5th, Habitat for Humanity, Highbury, Horizon Housing Society, Hotel Arts East, International House, Kahanoff Expansion, Kai Towers, Keynote, LaCaille on 4th, LaCaille on 8th, Lake Placid Eau Claire, LaRive, Le Germain, London at Heritage, Luna, Marda Loop Mixed Use, Midtown Towers, Mission Crossing, Mode, Montana, National Condos, Nova, Nuera, Oscar, Ovation, Quarry Park, Ramsay Exchange, Renoir Suites, Riverfront Pointe, Riverside Quays, Skytower, The Crossings, The Seed, Triangle Lands, Tweed, Union Square, Varsity Landing, Verana, Vetro, Viva, Vox, WAM Chinook, Waterfront, Xenex
There are massive levels of new construction about to hit the condo market. There are a record 3,000+ condo units for sale in the resale market. This is relatively small in comparison to the whopping 20,000+ multi-family residential units that are in construction, approved or proposed for Calgary.
The following mosaic and slideshow was compiled based on condo construction due for Calgary.
Hat tip to Boris2K7 for providing detailed information on the Calgary Construction Forum.
ArriVa – No One Home? March 12, 2008Posted by DustinRJay in Calgary real estate, condos.
Tags: Arriva, Calgary real estate, condos, speculation
ArriVa is one of the most recent condo’s that have finished construction in downtown Calgary. Construction has finished a couple of months ago and there are currently 22 units in the building that have been listed by speculators for a total of $15 million as shown by the picture below. A review of other condo’s in the downtown Calgary region shows that there is similar amounts of speculative activity with many individuals having no interest in holding the property long term.
Calgary condo inventory has hit all-time record amounts and there are currently 2519 condo units for sale in Calgary. In addition, condo inventory is rapidly growing due to near record amounts of multi-family home construction in Calgary.
With Calgary condo inventory roughly triple last year, sales down 37% year over year for February, and listings up 40% year over year for February, I find it likely that many of these speculators will be unsuccessful with flipping there property and some will end up in foreclosure.
Credit: Original photo by Lumin8 on Flickr