[JonnyCanuck]

I asked specifically if there was future unit releases coming but was told there wasn't. Unless they are up to some shady games, it appears that's it.

Was also a bit skeptical.

Plenty were sold to Toronto investors is what I was told.

Yeah. That is what I was thinking. Graywood is Toronto based so there would already be a lot of established connections. Investors from Toronto or Vancouver would view a Calgary luxury project as a bargain in comparison to their home markets. Also, probably would not care a whole lot about details i.e fit & finish etc. Not sure what return on investment is going to be like in 5 years however.

 

[JTron]

I asked specifically if there was future unit releases coming but was told there wasn't. Unless they are up to some shady games, it appears that's it.

Was also a bit skeptical.

Plenty were sold to Toronto investors is what I was told.

That's kind of what I figured too.

 

[Stephen Ave]

Just got caught up on this thread. Thanks to everyone posting the renderings.

Developer and sales team said it sold out late last week.

Did they give any idea on a construction start?

 

[zaslansky]

Did they give any idea on a construction start?

No unfortunately they did not.

 

[zaslansky]

Are any locals or someone knowledgable of the area able to give some insight into what a NW view would be from the higher floors? Would you be able to see the Rockies on a clear day? The balconies seem to wrap around the units, offering views of both N and W.

 

[Urban Outdoorsman]

Are any locals or someone knowledgable of the area able to give some insight into what a NW view would be from the higher floors? Would you be able to see the Rockies on a clear day? The balconies seem to wrap around the units, offering views of both N and W.

You can for sure see the Rockies from the NW

 

[Chinook Arch]

Are any locals or someone knowledgable of the area able to give some insight into what a NW view would be from the higher floors? Would you be able to see the Rockies on a clear day? The balconies seem to wrap around the units, offering views of both N and W.

You would be able to see the Rockies to the NW from most of the floors and the whole skyline of the Rockies from about the 15th floor and up I would think.

 

[MichaelS]

Just depending on if the neighbouring building to the west is blocking your view of them or not.

 

[MissingMiddle]

Damn, I'm surprised, but good for them.

Toronto market is struggling to meet demand, so I can see how out of town investors would be bullish. I have to believe this will encourage other condo development.

 

[MissingMiddle]

It looks like an energy drink can

As good of a time as any to follow up on this. This was the reference for the fellow F1 fans:

 

[outoftheice]

My only concern is that with most of the units purchased by out of town investors will sit empty as it's more just a real estate play for them. A new tower is exciting to see but I want the population boost that comes with it and I worry we may not get that here.

 

[UrbanRED]

My only concern is that with most of the units purchased by out of town investors will sit empty as it's more just a real estate play for them. A new tower is exciting to see but I want the population boost that comes with it and I worry we may not get that here.

I'm sure they'll be mostly rented out. It's pure financial stupidity to buy and leave it empty

 

[MichaelS]

Especially since Calgary hasn't seen price appreciation in condos for nearly a decade now. So, just sitting on a condo won't increase your net worth the way it does in Vancouver or Toronto.

 

[JonnyCanuck]

Especially since Calgary hasn't seen price appreciation in condos for nearly a decade now. So, just sitting on a condo won't increase your net worth the way it does in Vancouver or Toronto.

It could be that out-of-town investors believe that Calgary/Alberta is due for another real estate boom. They might just end up parking their money in the end. A condo boom in the inner city would require an influx of population either from other areas of the city or migration. While there is proven population growth, most of that demand is being satisfied with purpose rental buildings. These did not exist during that last condo boom. Condo investors had no trouble finding renters for their properties. Now a condo investor has a whole lot of competition from high end rental buildings that offer all the same amenities and more of a condo building. The other thing that does not exist now compared to before .... thousands of good paying O&G jobs in the core.... another incentive for buying and living downtown.

 

[zagox]

Especially since Calgary hasn't seen price appreciation in condos for nearly a decade now. So, just sitting on a condo won't increase your net worth the way it does in Vancouver or Toronto.

I presume that’s the core investment thesis - condos in downtown Calgary are priced way way cheaper relative to other Canadian cities than they were in 2013, which could make them more likely to appreciate in the future.