I drove by the site the other day, and it had big signage saying something like "12 units sold last month" (don't remember the exact number and wording). I have no idea if that is accurate or up to date. Based on what I am hearing at other projects, I can't imagine they actually sold 12 units in any recent month.
 
MichaelS said:
I drove by the site the other day, and it had big signage saying something like "12 units sold last month" (don't remember the exact number and wording). I have no idea if that is accurate or up to date. Based on what I am hearing at other projects, I can't imagine they actually sold 12 units in any recent month.
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Not likely, unless maybe the bulk was to one investor or something like that.
 
On their website it says 30% sold.
 
UrbanWarrior said:
On their website it says 30% sold.
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Beautiful interior and exterior design as well as views, great location, quite affordable and good marketing(website is especially well done: https://nestyyc.ca/) but I feel like they may have shot themselves in the foot trying to sell condos with no parking. I may be wrong, but the vast majority of North American property owners also own cars, it kind of goes hand in hand. It's mostly downtown renters that don't own cars. If they just had parking, this would be doing much better in terms of sales IMO
 
I would for sure buy in this building if I weren't a student and had a decent income. The 15th floor NW corner unit is ?
 
Platopos said:
Beautiful interior and exterior design as well as views, great location, quite affordable and good marketing(website is especially well done: https://nestyyc.ca/) but I feel like they may have shot themselves in the foot trying to sell condos with no parking. I may be wrong, but the vast majority of North American property owners also own cars, it kind of goes hand in hand. It's mostly downtown renters that don't own cars. If they just had parking, this would be doing much better in terms of sales IMO
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They have been pushing hard to sell these condos to individual investors who will then rent them ... I don't foresee a lot of owner-occupancy in this building (at least not full-time residents) over the long term.

From their website:
NEST YYC is an amazing chance to own an investment property while still receiving a high ROI. The property comes ready-to-rent – all that’s missing is you.
Owning an Airbnb investment property is, without a doubt, a great way to earn extra money – and with the new release of smart properties within NEST YYC, now is the perfect time to seize this opportunity. Keeping up with the market trends is the key to success when it comes to real estate investing. Airbnb rental properties are becoming more appealing to tourists, holidaymakers and business travellers, as they offer multiple advantages when compared to the traditional hotel rentals. NEST offers a great return of investment to future investors with an average daily rate of $105.00, average monthly revenue of $2167.00 and annual revenue of $26,464.00, and that’s just if you select the 1 bedroom unit. Calgary has a high 11.8% ROI when compared to Victoria’s 3% and Vancouver’s 0.6%.
 
Buying a condo as s long term investment is pretty risky in my mind. If you bought downtown in the peak years 2006-2008 or 2010-14, when the market recovered after the great recession; your condo is probably not worth what you paid for it. Unless there is a dramatic improvement in demand over supply, it will be years before you recover the value, if ever. Never mind making money on it.
Buying a condo today to rent, may look attractive with the kind of rents that are being commanded. Wait until the glut of rental units (now under construction or planned) hits the market. Rent prices will suffer greatly. The winner will be the renters. The loser will be the condo investor who may not be able to rent it out for the price they want, or find a buyer to take it off their hands.
 
Well.... there is a new DP application filed for this site. Same architect. Same residential unit count ..70.

Does anyone know if the property has changed hands?? The previous developer behind the Nest couldn't get any sales traction. Then the pandemic hit. Then the website and sales center disappeared.
 
Mountain Man said:
Pretty sure BMP was the developer originally, and I'm not sure if they are even in business anymore.
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BMP was supposed to be the general contractor. The developer was private.
BMP does not seem to be active in Calgary anymore. I don't think they had a particularly good reputation. They do have some projects going on Vancouver Island.
 
They have burned many bridges in Calgary and nobody will work with them from the sound of it. I've heard them referred to as Butcher My Project from a few architects in the city lol. I do remember hearing they were in on the development side of this one as well, maybe just as a partner but I'm not sure. Hearsay is all I have to offer on this one lol.
 
Mountain Man said:
They have burned many bridges in Calgary and nobody will work with them from the sound of it. I've heard them referred to as Butcher My Project from a few architects in the city lol. I do remember hearing they were in on the development side of this one as well, maybe just as a partner but I'm not sure. Hearsay is all I have to offer on this one lol.
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You’re not the only one to have heard that. I have a buddy in the construction business and he said the same thing about them. Apparently they were turfed from some of their construction jobs.
 
Looks like Cairo Developments has this one now as well.
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https://cairodevelopment.ca/projects/
 
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