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