Blog by Michael Giesbrecht

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Land Rush in Calgary

More than 100 people desperate for a prime building lot near Calgary got their chance Saturday when a developer put 56 pricey parcels on the market - first come, first served.

Some had been waiting since Monday for a chance to pay from $260,000 to $525,000 for land in Elbow Valley West, an area just west of the city.

"There's a lot of people with a lot of money," said Ben Knopp, who had camped out all week. "But it's the market. It's real estate."

"The city is growing so much. You feel anxious. You need to be a part of it," said Donna Mcleod Huynh.

"This land is going to be developed. So we don't have a choice. We might as well get in on it"

Developer Peters Dewald Land Co. marketed the sale as a "land rush." The lots range between one-quarter acre and two acres.

The developer's "rules of engagement" explain that each buyer, who got a number when they arrived at the site, can reserve two lots with a $10,000 refundable payment on each.

But they have to close the sale within 10 days. And during that time, a challenger can try to buy the land.

If the original potential buyer doesn't close the deal as soon as a challenger indicates interest, the challenger gets the lot.

- from CBC



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