The Vancouver-based developer of a luxury condo tower in Eau Claire remains “bullish” about the market despite the volatility in the energy sector in the first part of 2015 and a new condo report suggesting overall sales will fall this year.
Grant Murray, vice-president of sales for Concord Pacific, which is building The Concord luxury condo complex in Eau Claire, said the first phase of the project has sold 50 per cent of its 105 residential units.
Recently, the project held a ground-breaking ceremony which sparked more interest in the development.
“We’re absolutely bullish. . . . I don’t see any downturn from our perspective in this price range… The people that we’re appealing to in this market are not affected by any kind of downturn or swing. They’re looking long-term. they’re looking for lifestyle,” Murray said.
In 2014, a condo in the tower sold for $7 million, the fourth most expensive condo sale ever in the city, but the highest ever on a cost per square foot basis.
Concord Pacific is planning to build 218 luxury homes in two towers, including a $13-million penthouse, at 6th Street and 1st Avenue S.W. near the Peace Bridge. The Concord’s 105-suite West Tower will be 14 storeys with construction expected to start in March 2015 and completion by the fall of 2017. The East Tower will be 17 storeys with 113 units. It will be completed six months to a year following the first tower.
Calgary’s new condo apartment market can expect fewer sales this year, given the softer economic conditions and weaker in-migration, but they will still be above 2008/2009 levels, says a housing market report by the Altus Group.
The Altus Group report said 3,500 new condo apartment sales took place in the city in 2014 consisting of 2,300 low-rise units and 1,200 high-rise. That’s up from 3,400 in 2013 with 1,900 low-rise sales and 1,500 high-rise.
“There were 1,900 unsold units in condominium apartment projects in Calgary at the end of 2014 — or about one-fifth of the total units in projects being actively marketed,” said the report.
“The split was roughly equal between high-rise and low-rise projects. Virtually all of the unsold units are in projects under construction or pre-construction phases – less than 100 units are in projects that are completed.”
In the resale housing market, according to the Calgary Real Estate Board, there were 673 condo apartment sales in the first quarter of 2015 which was down 37.4 per cent compared with the same period in 2014. The average sale price has also dipped by 3.18 per cent.
mtoneguzzi@calgaryherald.com
Grant Murray, vice-president of sales for Concord Pacific, which is building The Concord luxury condo complex in Eau Claire, said the first phase of the project has sold 50 per cent of its 105 residential units.
Recently, the project held a ground-breaking ceremony which sparked more interest in the development.
“We’re absolutely bullish. . . . I don’t see any downturn from our perspective in this price range… The people that we’re appealing to in this market are not affected by any kind of downturn or swing. They’re looking long-term. they’re looking for lifestyle,” Murray said.
In 2014, a condo in the tower sold for $7 million, the fourth most expensive condo sale ever in the city, but the highest ever on a cost per square foot basis.
Concord Pacific is planning to build 218 luxury homes in two towers, including a $13-million penthouse, at 6th Street and 1st Avenue S.W. near the Peace Bridge. The Concord’s 105-suite West Tower will be 14 storeys with construction expected to start in March 2015 and completion by the fall of 2017. The East Tower will be 17 storeys with 113 units. It will be completed six months to a year following the first tower.
Calgary’s new condo apartment market can expect fewer sales this year, given the softer economic conditions and weaker in-migration, but they will still be above 2008/2009 levels, says a housing market report by the Altus Group.
The Altus Group report said 3,500 new condo apartment sales took place in the city in 2014 consisting of 2,300 low-rise units and 1,200 high-rise. That’s up from 3,400 in 2013 with 1,900 low-rise sales and 1,500 high-rise.
“There were 1,900 unsold units in condominium apartment projects in Calgary at the end of 2014 — or about one-fifth of the total units in projects being actively marketed,” said the report.
“The split was roughly equal between high-rise and low-rise projects. Virtually all of the unsold units are in projects under construction or pre-construction phases – less than 100 units are in projects that are completed.”
In the resale housing market, according to the Calgary Real Estate Board, there were 673 condo apartment sales in the first quarter of 2015 which was down 37.4 per cent compared with the same period in 2014. The average sale price has also dipped by 3.18 per cent.
mtoneguzzi@calgaryherald.com
