Forty-three (43) percent of condos currently for sale in Airdrie on MLS® are Court Ordered sales. Sensationalism aside, it’s all because of a single condo project.
41 units in Crown Shores (700 WILLOWBROOK RD NW) have been listed by the Court of Queen’s Bench: click to view
The CPI Crown Property property is situated on the south side of Airdrie Rd. (Highway # 567) on the west side of the CP Railway and east of Nose Creek.
According to their site, it was to be a 512 unit project with the first phase beginning in spring/summer 2006. Phase I was completed with possession being issued in 2009.
From their December 2010 Newsletter:
Phase I of Crown Shores was previously sold out. We are having difficulty in closing approximately 50 units. Some people are unable to close as they have lost their jobs, cannot qualify for mortgages, are going through divorce, are transferred out of the province, or simply have changed their mind as property values have dropped. We are heavily into marketing at this point in time, sending 30,000 brochures via the post office in Airdrie and surrounding areas, email promotion, Google ads, as well as a write up in the Condo Guide. We anticipate a sell-out early next year. As many of you are
aware, court action has been required to facilitate closings of prior sales. This is due to illegal liens that have been placed on title.
This project was built during the most adverse times. When sales of Phase I took place, they were made at market prices at the time, which were low. Subsequently, we entered a period of construction cost inflation which we had to absorb. There have been many delays caused by many factors, most of which were beyond our control.
Just a heads up for those following the Airdrie market and wondering why the condo listings spiked this month.
Related news & articles:
CQSC Steering Commitee Site: Memorandums, Newsletters, correspondence
CTV – January 2010: Economy Stalls Condo Project
Airdrie Echo – City comes down hard on Crown Shores Developer
Condo Living – June 2009: Crown Shores – Affordable Condo Lifestyles