There is another condominium project starving for potential buyers.
It’s the Colors project by Battistella located on the corner of 1st Street SW and 13th Avenue SW (right beside Chocolate Condos in the Beltline district). Once again, the location is good considering the project is in the inner city. The project is probably months away from completion and appears to be desperate for buyers. The following is a promotion that Battistella is running to spur sales. Needless to say, the promotion is “meaty.” Are these promotions honest elements of a “balanced” marketplace?
Even when promotions and marketing are rampant for these developments, buyers are retreating at a more staggering pace. Most sellers were anticipating increased sales numbers during the “spring rush.” But with sales volumes so low, what will be the financial outcome?
Condo April 1 – 15 2008: 294, 588 (projected) 30% decrease
Condo April 2007: 839
Condo April 2006: 922
With many more new condo developments hitting the market soon, there is severe trouble ahead. Inventory levels will be astronomical while sales continue to dwindle. Soon many condo developers will have to cannibalize their competition with heavier promotions and price reductions to attract buyers. The cannibalization will extend to the already heavily saturated inventory of resale condos. It will be a fierce race to the bottom.
If you’re a potential condo buyer out there in the Calgary market; the best thing to do is to wait.
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How many people are looking to buy a smart car a mountain bike and a condo? I think they just severely reduced the number of potential buyers.
desperate.
COLOURS. You’re in Canada. COLOURS. There is no project in Calgary called “Colors.”
condo sales are still not bad in Abbotsford. Its slower than before but not bad.