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In the beginning was the word...
05-30-2013, 11:04 AM,
#5
RE: In the beginning was the word...
May 30, 2013:

I was on the hunt yesterday for information on a condo/townhouse development in Calgary that has an indirect tie to a SC property development that went belly up in 2010. This Calgary development is in an up and coming area of Calgary called Mission - if you are ‘on the edge’ this is where you want to be.

Back in 2010, the development was called “Lumiere”; however, French names are now passé and the developer who took over this project decided a fresh start was needed and a new name was in order and headed to …guess where… for inspiration? New York City!! Yes, Gibsons has its “New York Brownstone Inspired” townhomes (Island Vista) and Calgary has its very own “Tribeca.” Of course, In New York, Tribeca refers to an area of New York that is “the” place to live if you are an “oh so hip” actor or musician with truckloads of money. Oh, well, Calgarians can pretend.

The presales for this 82-unit Calgary project began Feb 10, 2012 and within 4 days were 60% sold and within ten months all units were gone. The complex is under construction and completion is scheduled for this December. The developer is private Vancouver company that according to the following 2011 CIR Realty, Calgary, web post decided Vancouver’s condo market was exhausted and pastures were greener on the other side of the Rockies:

Quote:Bucci Development Energized About Calgary’s Condo Market
Posted by Steven Phillips on Friday, August 26th, 2011 at 12:42pm.

Bucci Developments Ltd is a Vancouver based company that is setting its sights on the Calgary condo market. After realizing that the Vancouver condo market was tapped out, and that Calgary was experiencing a renaissance of sorts it seemed a reasonable move to Mike Bucci, the owner.

This isn’t the first venture into cowboy country. Bucci’s first development was back in 1998 when they put up the Lake Bonavista 350 unit condo project. The company also built the Xenex tower, and 18 storey condo tower located in the Beltline. That was prior to the recession.

Bucci’s current project is Next, a four story condo complex that the company bought out more than a year ago. Located in the Bridgeland area and overlooking downtown, Bucci got the land at a very good rate because at the time the condo market in Calgary was considered saturated. So far 78 of the 132 units have sold since they went on the market in February.

Other projects are also in the works, including an 82 unit project in the Mission district, located at 4th Street SW and 20th Avenue. Those units will go on sale starting in October. Construction will begin in February of next year with target completion date sometime in June of 2013.

I was poking around the Tribeca website to see if I could determine the date that Bucci took over this development and headed to the ‘News’ tab. Well, well, well…didn’t I find something interesting. Mr. Bucci just couldn’t resist adding this post since it makes him look so smart.

Quote:Posted on August 28, 2012
“Calgary – A Good Place to Buy” – Ozzie Jurock

Each week we receive a copy of “Jurock’s Real Estate Insider” facts by email. We always enjoy the read and respect Ozzie’s insight into the state of the Western Canadian real estate market and where it is likely heading. Last week’s email had a nice section on the Calgary real estate market. Here’s a bit of the information provided:
  • Calgary continues to buck national housing trends
  • The 1,936 residential units sold in July represent a 21% increase over July 2011 – WOW!
  • Year-to-date condominium sales are up 9%
  • Listings for both single family homes and condos are DOWN!
  • Average condo price up 6% from July 2011 to July 2012
Ozzie’s Major Point is: “Calgary is definitely in an upswing, driven by a bouyant economy, strong inward migration (from BC) and low real estate prices. This will continue. Good place to buy.”

He goes on to talk about the outward migration of people from BC to Alberta and Saskatchewan and wraps is up with a great line: “Values grow where people go…and people go where jobs grow!”

Check out Ozzie’s website (http://www.jurock.com) for lots of great real estate market information and education.

Well, Ladies & Gentlemen, once again, the BC Oracle has spoken: WOW!

So, ten years ago, Ozzie was pumping BC’s west coast and Alberta money flowed in and last year he was pumping Calgary and likely BC money flowed in; so, what do you think Ozzie is pumping now, eh?

Let’s see, what does Ozzie say? Oh, yes - “Values grow where people go…and people go where jobs grow!” Hmm, my bet it isn’t in Canada.

Nope, went to his website and apparently in his May 23, 2013 fact sheet he recommends...Malaysia followed by Phoenix...guess, Mr. Bucci, you should get all your shots, visas, etc and start packing your bags. Remember, the Oracle has spoken.
Reply


Messages In This Thread
In the beginning was the word... - by Skook - 03-20-2013, 04:31 PM
RE: In the beginning was the word... - by Skook - 03-23-2013, 08:55 AM
RE: In the beginning was the word... - by Skook - 03-25-2013, 07:45 AM
RE: In the beginning was the word... - by Skook - 05-30-2013, 11:04 AM

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