To sell or not to sell

[89coupe]

Man, I'm so tempted to sell my condo right now. Who has been shopping for houses lately? Whats the going price for something in the NW or SW in that 1700 to 2000 sq/ft range?

3 condos have sold in my building already.

$319,000.00 1163sq/ft
$275,000.00 1139sq/ft
$269,000.00 937sq/ft

I'm wondering if I should wait one more year or make the move now. :scratch:

Not to sure???

Any realtors on the boards?

[Melinda]

HRD2PLZ is a relator, pretty good one too :thumbsup:

[Clever]

from what i heard, there isn't alot of listing right now so prices are sky rocketing, but if any realtors can shed some light into this i'd appreciate it.

[benyl]

People are paying more than people are asking. Make sure you set your asking price high enough.

[sputnik]

New homes in the NW (Panorama Hills and the like) in the 1700 - 2100 sq ft size start at $300-350k for the base model. Be prepared to add 10-20% in upgrades once all is said and done.

[HRD2PLZ]

Originally posted by Melinda
HRD2PLZ is a relator, pretty good one too :thumbsup:


LOL, thanks for the plug Melinda :thumbsup:


I guess the median range in the NW/SW would be about $350K for a home in the 1700 - 2000SF range. Depends on what you are looking for though. The lowest price is $279K in Ranchlands.

This definitely is more of a seller's market, Listings are being sold so quick and most of them are going over list price. Its not because the prices are too low, its because demand is so high. For example, if you list your property $20,000 high because you want to "cash-in" chances are it will sit on the market and become stale. If you were to get offers on the property, unless someone absolutely LOVED the property, you would have a hard time getting them to pay over list price.

[Xtrema]

Given that condos' rate of increase is a few % behind single houses', if you're planning to make the switch, the eariler the better before the gap widens.

BTW, looking at these prices, are everyone ballers now? How can anyone with less than $50K annual family income afford a house?

[HRD2PLZ]

Originally posted by Xtrema
BTW, looking at these prices, are everyone ballers now? How can anyone with less than $50K annual family income afford a house?

Most of them can't. Last year our average Single Family home price was around $240,000, this year its up to $330,000.


CREB Stats (http://www.creb.com/public/hbuyer/hb-stats-residential.htm)

[blitz]

Originally posted by Xtrema
BTW, looking at these prices, are everyone ballers now? How can anyone with less than $50K annual family income afford a house?

I love how in Calgary, anything under $300k and 2000 sq ft is a "starter home".

[89coupe]

Originally posted by Xtrema
Given that condos' rate of increase is a few % behind single houses', if you're planning to make the switch, the eariler the better before the gap widens.

BTW, looking at these prices, are everyone ballers now? How can anyone with less than $50K annual family income afford a house?

From what I have seen its the other way around. At least for condos in the downtown core.

[89coupe]

Originally posted by blitz


I love how in Calgary, anything under $300k and 2000 sq ft is a "starter home".

No kidding. I bought my first house in 1999 in Tuscany. It was 2000sq/ft 2storey with a walkout basement and all the upgrades and a mountain view. I paid $224K at the time.:nut:

[Xtrema]

Originally posted by 89coupe


From what I have seen its the other way around. At least for condos in the downtown core.

I never checked the core. But I guess the slow commute from suburbs are putting pressure on downtown condos.

[89coupe]

Originally posted by HRD2PLZ



LOL, thanks for the plug Melinda :thumbsup:


I guess the median range in the NW/SW would be about $350K for a home in the 1700 - 2000SF range. Depends on what you are looking for though. The lowest price is $279K in Ranchlands.

This definitely is more of a seller's market, Listings are being sold so quick and most of them are going over list price. Its not because the prices are too low, its because demand is so high. For example, if you list your property $20,000 high because you want to "cash-in" chances are it will sit on the market and become stale. If you were to get offers on the property, unless someone absolutely LOVED the property, you would have a hard time getting them to pay over list price.

So which is it? Over selling price or not? Are you trying to say that there are bid wars going on between realtors for a HOT property? So if someone listed a property for X amount 10 bids come in and then the war for who wants it most starts?

[Aleks]

The forecast for this year is 15-25% increase in residential prices. It is totally mad out there now. I got a place for 218K in october and now my realtor is sure he could sell it for 235-240K easy. My brother is trying to get into a place and the prices are going up literally every 24hours! It's total madness. I don't know how long it can continue this way.

[Melinda]

Originally posted by blitz


I love how in Calgary, anything under $300k and 2000 sq ft is a "starter home".
Haha no kidding. Rolland and I are looking at houses right now and wanna spend probably no more than $240k just so we can still live a decent lifestyle as well as have the home. The houses in the central area of the city in that price range are so small or such fixer uppers! We have to go out to the 'burbs to get a decent place...haha anyone know how bad the commute is from cranston?

Apparently the prices are still climbing so quickly that we'd be stupid not to jump on something pretty quick...that's what we've been told anyways! So you might be okay to hold onto your condo for a while, but I dont know if their market is as strong as houses right now!

[HRD2PLZ]

Originally posted by 89coupe


So which is it? Over selling price or not? Are you trying to say that there are bid wars going on between realtors for a HOT property? So if someone listed a property for X amount 10 bids come in and then the war for who wants it most starts?

Many properties are selling over list price because of multiple offers. To maximize your offers the property still usually has to be close to market value. Most properties that are extremely over valued are becoming stale in our market.

For example, one listing I had recently was at $519,900. Client didn't want it on the MLS system (even though it would bring the most money). I advertised it as an Exclusive Listing to agents in the industry who regularly work the area as well as to the agents in my brokerage. We ended up having 5 offers on the property and it sold without conditions for $531,000.

[89coupe]

Originally posted by Aleks
The forecast for this year is 15-25% increase in residential prices. It is totally mad out there now. I got a place for 218K in october and now my realtor is sure he could sell it for 235-240K easy. My brother is trying to get into a place and the prices are going up literally every 24hours! It's total madness. I don't know how long it can continue this way.

That is the other thing I'm pondering, how long will this retarded market last?

Should I wait another year?

IMO the asking price for a new home is way way over priced.

[Xtrema]

Originally posted by Melinda
.haha anyone know how bad the commute is from cranston?

Isn't their only exit is on 22X and it's jammed up all the time?

[Moonracer]

We're thinking of selling our condo as well pretty soon. Seems like the perfect time. We want to get a "new" smaller house in the crossfield area. That's the area we are now and like it alot. I'm talking 1200 sq. ft. unfinished basement and all. Should be able to get something for around 200k, last time I checked anyway. :dunno: *fingerscrossed*

[HRD2PLZ]

Originally posted by 89coupe


That is the other thing I'm pondering, how long will this retarded market last?

Should I wait another year?

IMO the asking price for a new home is way way over priced.

That is really hard to say. I think with all of the new condo developments upcoming and currently under construction, condos might level out this year or next. Houses are a different story, new home construction is absolutely insane right now with prices going up over night, and as a result, the resale homes are following suit.

You can try and get in to a home before it becomes too expensive, or wait and see what happens with the market. At any rate, you already own property which gives you an advantage over those who are still waiting to purchase their first home. At least while you decide what you are doing your property is building equity and appreciating in value :D

[Xtrema]

Originally posted by HRD2PLZ
For example, one listing I had recently was at $519,900. Client didn't want it on the MLS system (even though it would bring the most money). I advertised it as an Exclusive Listing to agents in the industry who regularly work the area as well as to the agents in my brokerage. We ended up having 5 offers on the property and it sold without conditions for $531,000.

Was that in Hamptons? I saw a home there which I walk/drive by everyday and I swear the For Sale sign went up with Sold sticker. :D

[HRD2PLZ]

Originally posted by Xtrema


Was that in Hamptons? I saw a home there which I walk/drive by everyday and I swear the For Sale sign went up with Sold sticker. :D

No, it was in Sundance... A lot of popular areas are like that now :thumbsup:

[stevieo]

wow by the time im able to save up for a downpayment and everything ill be eating dirt for breakfast cause i won't be able to afford anything haha

[sputnik]

Originally posted by stevieo
wow by the time im able to save up for a downpayment and everything ill be eating dirt for breakfast cause i won't be able to afford anything haha

Thats what happens to many people who buy cars before houses.

[Aleks]

Originally posted by sputnik


Thats what happens to many people who buy cars before houses.

haha so true I'm so glad I didn't buy a brand new car right out of school. It sure was tempting.

[max_boost]

Originally posted by Melinda

Haha no kidding. Rolland and I are looking at houses right now and wanna spend probably no more than $240k just so we can still live a decent lifestyle as well as have the home. The houses in the central area of the city in that price range are so small or such fixer uppers! We have to go out to the 'burbs to get a decent place...haha anyone know how bad the commute is from cranston?

Apparently the prices are still climbing so quickly that we'd be stupid not to jump on something pretty quick...that's what we've been told anyways! So you might be okay to hold onto your condo for a while, but I dont know if their market is as strong as houses right now!
Yah you aren't going to find very much for $240k Mel. If you spend upwards of $300k, you might be able to find some really nice 800-1000sq.ft character bungalows that have been completely renovated. I missed out on a huge 50X120 lot, 900sq.ft completely renovated bungalow in REnfew a few months ago. It was a private sale and I even offered $20k over his asking price but he didn't want to renege on his word with the other buyer. Even the shacks sitting on 25X120 lot that are primed for demolition are asking above $230k+ LOL.

Newer infills are going to be over $400k minimum. I paid $430k for mine and my neighbour with the exact same house paid $320k for his two years ago! WTF! haha

[89coupe]

My idea is to sell my place and buy a porch style home with a detached garage in the back. This would be a smaller home, say around 1700sq/ft max. Make it into a Two bedroom home instead of 3, making the two rooms larger with a nice ensuite off the master, develop the basement and add a 3rd bedroom and washroom along with an entertainment room. Then build a big ass garage out back. Starting prices for homes like this are 250K I figured for an extra $100K I could mac it out pretty nice. A buddy and I are going to look at some places after work today.

[/////AMG]

Damn, I hate Clagary!! This time last year we were sturggling to sell our house, now look at the property market. Damn it!

I really love Calgary. :)

[sputnik]

Originally posted by 89coupe
My idea is to sell my place and buy a porch style home with a detached garage in the back. This would be a smaller home, say around 1700sq/ft max. Make it into a Two bedroom home instead of 3, making the two rooms larger with a nice ensuite off the master, develop the basement and add a 3rd bedroom and washroom along with an entertainment room. Then build a big ass garage out back. Starting prices for homes like this are 250K I figured for an extra $100K I could mac it out pretty nice. A buddy and I are going to look at some places after work today.

I have a 1400 sq ft house on a HUGE lot in McTowne. I have enough room to build a 36x24 garage and still have a big backyard.

It is also a 2 bedroom design with a walk-in closet and en-suite in each bedroom. Seems to work well for my wife and I. We arent planning on having kids anytime soon (if ever) so any more square footage would just mean more cleaning. If you dont mind a slightly smaller house I would be talking to Heartland Homes in Auburn Bay in the SE. Private lake community with the biggest lake in Calgary and decent access to Deerfoot.

I paid $192,000 (base was $164,000) when I started building in March 2003 and now the house is worth over $240k without the garage.

[jer82]

Originally posted by Melinda

Haha no kidding. Rolland and I are looking at houses right now and wanna spend probably no more than $240k just so we can still live a decent lifestyle as well as have the home. The houses in the central area of the city in that price range are so small or such fixer uppers! We have to go out to the 'burbs to get a decent place...haha anyone know how bad the commute is from cranston?

Apparently the prices are still climbing so quickly that we'd be stupid not to jump on something pretty quick...that's what we've been told anyways! So you might be okay to hold onto your condo for a while, but I dont know if their market is as strong as houses right now!

Look in Airdrie.. I bought my house last year for 160,000 with about 1000 sq ft plus a developed basement, detatched heated garage and the commute is only 20mins-half an hour to downtown calgary

[89coupe]

This is my thought. I've owned a 2000sq/ft home in the past with my ex. We never used the dining room, ever! We never used the 3rd bedroom except for when our parents would come into town, once or twice a year. We never used the basement, which was a walk-out other then for storing boxes. When we had friends over we all hung out in the kitchen. So my idea is to buy a smaller home with a nice big kitchen and main living area and a half bath on the main floor. Up stairs have two good size bedrooms, a Master with a nice en-suite and a 2nd bedroom and a 2nd bathroom. Develop the basement and make a 3rd bedroom, another full bathroom and entertainment room. Now your little 1500 sq/ft of living space has become 2250 sq/ft of living space. Right now there are a few areas in the SW and NW that offer these porch style homes for 250K including lot & gst with detached garage options out back. I'm just waiting on a price from my Mom on a 26x26 garage package through Rona where she works. What I need to find out from the builder is how wide the lots are, cause my thought is to build the garage with garage door facing the house and have a side road and pad in front of the garage with just a small area for grass or patio

[Melinda]

Originally posted by max_boost

Yah you aren't going to find very much for $240k Mel. If you spend upwards of $300k, you might be able to find some really nice 800-1000sq.ft character bungalows that have been completely renovated. I missed out on a huge 50X120 lot, 900sq.ft completely renovated bungalow in REnfew a few months ago. It was a private sale and I even offered $20k over his asking price but he didn't want to renege on his word with the other buyer. Even the shacks sitting on 25X120 lot that are primed for demolition are asking above $230k+ LOL.

Newer infills are going to be over $400k minimum. I paid $430k for mine and my neighbour with the exact same house paid $320k for his two years ago! WTF! haha



Originally posted by jer82


Look in Airdrie.. I bought my house last year for 160,000 with about 1000 sq ft plus a developed basement, detatched heated garage and the commute is only 20mins-half an hour to downtown calgary
We've actually found a few 2 story homes in the outter areas in the city for less than our mortgage price that we wanted to pay. We're not to worried at the moment about it, it'll work out :)

[Iqoair]

Check out Evanston, there are still some decent prices here, you just have to jump on them right away because they are almost off the market the day they hit it.

[TrevorK]

Wow. These prices are insane compared to Edmonton.

I can't believe how you guys can buy these houses - up here you can get really nice houses for well under 250K...

[legendboy]

if you want to sell you better do it now because prices are going to keep going up

[bksze]

Originally posted by legendboy
if you want to sell you better do it now because prices are going to keep going up


i think you mean for him to wait because if the prices are going to keep going up, then he'll get a higher sale price the longer he waits.

you guys are all talking about how hot the market is and it's correct but don't forget one thing, if you sell at the current market , you have to buy back at the current market, so just because you are about to cash in on your house, you're giong to be paying the same relatively speaking for another home . . . I'm not sure if that makes sense but to sum it up, if you're selling high right now becuase the market is so hot, dont' forget that unless you have another primary residence, the next house you buy, you will be also "buying high".


It might even be wiser to get your house appraised (depends on the value) and taking out a home equity loan in order to put a down payment on a condo or home project that has yet to hit the dirt. That way you can have the property appreciate during the time it takes to build and you don't have to take out a mortgage or loan until you take possession.

I have two condos right now and the only reason I would give them up is if I could get my hands on a decent infill where I could build two small houses, asides from that, may as well let them keep appreciating and watch how the market unravels itself.

The plan is to keep accumulating property until you think the bubble will burst. I think we have a good 5 years minimum yet and dont' forget we have cities like Toronto and Vancouver to follow should they pop first, however with the oilsands project, we have enough money to fund our economy for awhile.

Either way good luck, the more movement we have in our market, the higher the prices go for everyone involved!!

[89coupe]

I think I found a place. Gonna go check it out on Sat. I won't put my condo on the market until 3 months before posession of the house. By then I may be able to sell it for even more. Currently my realtor said I wouldn't have a problem selling it for $320K