Underwood Tower | 99.06m | 31s | Western Securities | Zeidler BKDI

General Rating of this project

  • Great

    Votes: 2 4.7%
  • Very Good

    Votes: 6 14.0%
  • Good

    Votes: 31 72.1%
  • So So

    Votes: 3 7.0%
  • Not Very Good

    Votes: 1 2.3%
  • Terrible

    Votes: 0 0.0%

  • Total voters
    43

Operater

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Hi Group,

I May Sound Harsh, but I Will Actually Believe it When I SEE Construction Start on the Lot! Yes Western Securities Owns the Land etc. What I Don't Understand is That IF the Economy is Bad for BOTH Condos/Apts, Why Build in the First Place. I Guess for Now its Easier to Build on Empty Land on the Hopes that the Property Can Produce Some Income as Rental Property and Pay Its Way for the Time Being Rather Then Paying Taxes to the City on Empty Land Doing Nothing. It Must B Costing Western Securities a Fortune Doing Nothing With the Land as I See It. I Know Something About Land/Appraisels When I Lived in Mtl Years Ago B 4 I Moved WEST. Did It for 4 Years - Simple floor Plans, Sales Charts ,Grafts, Site Maps for Sales etc. Learned a Lot in the Process so Nothing Surprises Me When I See the Price of Land Going Up or Down. For Now I will Sit on the Side Lines and See How This Project Sorts Itself Out.

Tnx,
Operater,
 

Surrealplaces

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Hi Group,

I May Sound Harsh, but I Will Actually Believe it When I SEE Construction Start on the Lot! Yes Western Securities Owns the Land etc. What I Don't Understand is That IF the Economy is Bad for BOTH Condos/Apts, Why Build in the First Place. I Guess for Now its Easier to Build on Empty Land on the Hopes that the Property Can Produce Some Income as Rental Property and Pay Its Way for the Time Being Rather Then Paying Taxes to the City on Empty Land Doing Nothing. It Must B Costing Western Securities a Fortune Doing Nothing With the Land as I See It. I Know Something About Land/Appraisels When I Lived in Mtl Years Ago B 4 I Moved WEST. Did It for 4 Years - Simple floor Plans, Sales Charts ,Grafts, Site Maps for Sales etc. Learned a Lot in the Process so Nothing Surprises Me When I See the Price of Land Going Up or Down. For Now I will Sit on the Side Lines and See How This Project Sorts Itself Out.

Tnx,
Operater,
Not harsh. That's always the case with all construction sites, it's u/c until it's actually under construction. Rental is a different market, and different when it comes to financing. Also the building had its permit approved before the new building code changes....it's possible that factored in also.
 

maestro

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Hi Group,

I May Sound Harsh, but I Will Actually Believe it When I SEE Construction Start on the Lot! Yes Western Securities Owns the Land etc. What I Don't Understand is That IF the Economy is Bad for BOTH Condos/Apts, Why Build in the First Place. I Guess for Now its Easier to Build on Empty Land on the Hopes that the Property Can Produce Some Income as Rental Property and Pay Its Way for the Time Being Rather Then Paying Taxes to the City on Empty Land Doing Nothing. It Must B Costing Western Securities a Fortune Doing Nothing With the Land as I See It. I Know Something About Land/Appraisels When I Lived in Mtl Years Ago B 4 I Moved WEST. Did It for 4 Years - Simple floor Plans, Sales Charts ,Grafts, Site Maps for Sales etc. Learned a Lot in the Process so Nothing Surprises Me When I See the Price of Land Going Up or Down. For Now I will Sit on the Side Lines and See How This Project Sorts Itself Out.

Tnx,
Operater,
Your writing style is difficult to read.

Rentals are a different real estate investment than condos. It's not based on selling right away. It's also not a bad time to build with so much private equity being made available for real estate development. I'm hesitant with this development myself with all the previous false starts.

They haven't lost anything here. They bought a long time ago when values were well below what they are now. They're in a good position to ride out the downturn if this doesn't go ahead. IMHO, Selling the site now wouldn't be smart.
 

UrbanWarrior

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In reality, who knows... we're talking about at least 2.5 - 3 years of build out with this one, so by the time it's even done, the city might be swinging back into boom mode. :)
 

Surrealplaces

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Your writing style is difficult to read.

Rentals are a different real estate investment than condos. It's not based on selling right away. It's also not a bad time to build with so much private equity being made available for real estate development. I'm hesitant with this development myself with all the previous false starts.

They haven't lost anything here. They bought a long time ago when values were well below what they are now. They're in a good position to ride out the downturn if this doesn't go ahead. IMHO, Selling the site now wouldn't be smart.
I didn't know there were so many false starts for this one. I know they were ready to go a couple of years ago, but that's the only one I know of.
 

UrbanWarrior

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There was one a couple years ago and then another one like last year or late 2015. Those are the only ones I can remember.
 

maestro

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In reality, who knows... we're talking about at least 2.5 - 3 years of build out with this one, so by the time it's even done, the city might be swinging back into boom mode. :)
Everyone wants a piece. You have real estate development being crowd funded through unrealistic promises. I don't think today's investors look that far ahead.
 

BKha

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You don't think developers look that far ahead? I would expect all developers to look at least 2-3 ahead at a minimum.
 

JonnyCanuck

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That's exactly what this developer is banking on ... full recovery by 2019. If Calgary has not recovered by then, this recession will rival the one back in the 80's. Perish the thought.
 

Always_Biking

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It's gonna be interesting to see how the next few months go. If the market can move a couple of hundred apartment condos per month like it did in January, 2-3 years out could be perfect timing. If the economy heats up, that rate could increase and we could possibly see a shortage.
 

Beltline_B

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They should rename the first tower to 'Oh Claire Tower'
Good one. It took me a minute to figure that one out lol. There are quite a few times in the series where Frank says 'oh Claire'. I can hear him saying that in his southern accent.
 

maestro

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That's exactly what this developer is banking on ... full recovery by 2019. If Calgary has not recovered by then, this recession will rival the one back in the 80's. Perish the thought.
It's a rental tower. It's supposedly a long term investment over the course of 25 to 30 years. You may be right regardless if this is insider info or speculation. If the developer is banking on 2019, their interests would most likely rest selling at a higher price to the next investor than occupying it with renters and very, very slowly make their investment back through the income. Very few 100% privately funded rentals have been developed in the past 30 years based on the ROI from income and nothing has really changed there to cause this rental building boom.

Demand for rental housing has importance but, it isn't the number one thing.
 

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