January 1, 2011
In the midst of a real estate slowdown, Calgary’s condo market is all of a sudden generating more heat than the Saddledome (sorry Flames fans). According to the Calgary Sun, a new five building development called University City, just sold 400 units in a four day period.
Check the math: That’s about four condos and a breakfast nook sold each hour.
Drake, a new condo and townhouse project that launched in October at the same time as University city, has also been selling units at a quick pace.
Located at 15 Ave. and 7 St. S.W., Drake will feature 175 homes starting at $159,900.
Jaydan Tait, the senior development manager at Grosvenor Americas in Calgary, says that Drake has sold 30 units already and that the company is pleased with the results.
University City is in the vicinity of Brentwood Village Mall, making it convenient for checking off one’s daily to-do list.
“University City had 85 condos priced under $199,900 and by 4 p.m. over 200 units in Tower One were sold,” said Calvin Buss of Buss Marketing. “University City launched Tower Two and sold over 200 condos in the following two days. There’s bountiful employment and abundant shopping and the Brentwood LRT station [makes] a 12-minute rush hour dash into the downtown core [a reality].”
And the excitement extends beyond just University City and Drake. Across Calgary, seven new apartment-style condominiums started construction in November.