Existing Condo Hunting

[flipstah]

I've been browsing around existing condos around downtown and their condo fees have big variances, even for properties in a similar neighborhood that have similar dimensions and amenities.

When you're looking around to determine a good complex, what's a good checklist to look for?

The ones I had in mind are:

- $ of condo fee/sqft (just to give myself a sense of value per month)
- Amenities vs. condo fee
- Existence of a reserve fund
- Age of building
- How the condo board is run (not sure how to check that but feels like a very good necessity)

[ercchry]

depending on the building some condo fees cover more things than other... like the condo i was in that had solar panels on the roof. condo fees included electricity

[Mitsu3000gt]

When I was looking, I wanted 1,000sq ft and it was almost impossible to find anything under $450/mo in the Downtown area.

There are companies that do full analysis' on condo buildings physical condition and finances. My Realtor did this for free when I was buying, I suggest getting a similar service.

Condo fees also almost only go up...mine started at $467 and now are $525 (down from $535...imagine my surprise when I got a letter saying they were going down LOL).

I'd budget $500 anywhere in the core/beltline for 800-1000 sq ft. Everything I looked at was around that. If anything I would bet they are slightly higher. $350-450 for the larger buildings with smaller units. Much higher than that and I would be asking questions. Everything but Electricity is usually included (Heat, gas, water). Some lucky folks even get Electricity included, like the Arriva building. Sometimes they're higher if the building has a gym/pool or security desk.

Most are based solely on square footage. They take the square footage of the entire building, divided into X number of units. Then they assign each individual/unit a number of units based on square footage. Each unit has an individual cost, so you pay proportionately to your unit size compared to everyone else in the building.

[CanmoreOrLess]

I lived in a condo for two years. A few things to keep in mind, make sure the number of windows are good for you and further the windows actually open for cross ventilation. I lived in a new condo that had two very small windows that actually opened. Make sure you are not on the lower floors as snow removal is a very loud process and is normally done in the early hours of the morning. Nothing like being awakened a few times a week in the middle of the night by an idiot with a leaf blower. The garage needs to have at least two separate garage doors, these things are serviced a few times each year, one door means it is tits up for a few hours during the day. Nothing in, nothing out. Your assigned parking space need to be usable by all vehicle sizes, when it comes to resale a difficult to park in space is a big negative.

I would only buy in a building that was seven years or older, it takes that long for it all to settle and the medium to big issues, if any, to become obvious. This was the advice from a highly qualified condo inspector, she does the inspections for large real estate investment clients like pension funds. It is the advice she follows.

[Disoblige]

Also reputable builder, flip.

[S-FLY]

I'm on my 3rd condo, and here's what I look for:

- Location (the neighborhood), time it takes to walk to work
- Condo fees per sq/ft
- Age of building (this factors into upcoming repairs)
- Reserve fund (to fund any upcoming repairs)
- Is it concrete? If it's wood construction (typically 4 floors or less), it must be a newer construction within the last 15 years.
- If it's older concrete, does it have post-tension cables? (cables in old concrete construction that held the building together. Costly to repair/replace).
- Does it have heated underground parking? (huge asset because of security and when it's cold out)
- Does it have in-suite laundry? (I hate when realtors put in their mls listing "en-suite laundry"... that tells me right away they don't know shit)
- Amenities
- Does it have extra storage?
- Is the parking and/or storage titled?

For me, high condo fees are a tell-tale sign of problems with the building or management. If I see condo fees that are on average less than $0.50 sq/ft, then it seems normal to me. Other factors menioned could raise that a bit...
Example: parking/storage is assigned instead of titled, condo fees include electricity (rare, but some buildings downtown offer this), etc.

Hope that helps.

[flipstah]

Sweet, thanks for all the info.

From what I saw, the average fees were $0.60/sqft and one just stuck out at $0.80/sqft with similar amenities, which got me started this thread.

Good to know about assigned vs. titled parking and storage. Didn't know assignment was an option. :thumbsup:

[Disoblige]

My condo fees are just under $0.53/sqft and I thought my condo fees were kinda high haha. Guess it's because of the bigger sq-ft.

Based on the location, I felt like I got my place for a good price, especially for prices around me. Also the sq.ft is quite large for a one bedroom. You can PM flip if I can be of any help.

But if you're able to be one of those early buyers for new builds, I'd totally do that. I'm pretty happy with the price I got for my 2-bedroom that's supposedly done in early 2015.

[flipstah]

The thing is they ask for 20% downpayment. My aim is 10% but can wait if I can add more into it.

2014 is my year to seriously look so I'll continue bumping the Downtown Condo Thread for new buildings that come up.

[Mitsu3000gt]

Originally posted by flipstah
Sweet, thanks for all the info.

From what I saw, the average fees were $0.60/sqft and one just stuck out at $0.80/sqft with similar amenities, which got me started this thread.

Good to know about assigned vs. titled parking and storage. Didn't know assignment was an option. :thumbsup:

Some parking is titled, but you aren't allowed to sell or rent it separately to the unit. It also has to be sold and bought with the unit. It can be quite limited with what you can do with it, but it does increase the unit value of course. Separate property tax bill for it and everything.

My condo fees are $0.519/sq ft to add to the comparison. They are fair for my square footage based on everything else I looked at.

[BananaFob]

My condo fees are right at .44/sf which is about average... works out to $643/mo with no amenities in the building though :(

Which building is asking for 35% downpayment? That's insane. Most pre-builds that I've been involved/looking at are 5-10% 15% tops...

[flipstah]

Originally posted by BananaFob
My condo fees are right at .44/sf which is about average... works out to $643/mo with no amenities in the building though :(

Which building is asking for 35% downpayment? That's insane. Most pre-builds that I've been involved/looking at are 5-10% 15% tops...

Avenue West End.

EDIT: Just checked my email. Should be 20%. Changing original post.

[BananaFob]

Originally posted by flipstah


Avenue West End.

Err... are you sure?

http://calgaryinnercityhome.com/new-condos/avenue/?fb_action_ids=10151740221666931&fb_action_types=og.likes&fb_source=other_multiline&action_object_map={%2210151740221666931%22%3A201167333400670}&action_type_map={%2210151740221666931%22%3A%22og.likes%22}&action_ref_map=[]

From what I've read and heard from the sales guys, it's 5/5/5 over 180 days.

[tpurcell4]

Originally posted by flipstah
The thing is they ask for 20-35% downpayment. My aim is 10% but can wait if I can add more into it.

2014 is my year to seriously look so I'll continue bumping the Downtown Condo Thread for new buildings that come up.

If you are looking to put 10% down, a couple things to keep in mind:
- post tension cables
- age restrictions

CMHC cannot insure any properties with age restrictions but will look at properties with post tension cables (as long as reports are up to date).

Genworth cannot insure any properties with post tension cables, but will insure properties with age restrictions.

If a condo has both you will need to put 20% down. This is also important to keep in mind in the future if you want to sell the unit, you will be limited to buyers with 20% down.

Also, look at the reserve fund study of the building. This is the report that outlines all the foreseen expenditures within the building and how the the condo board is budgeting for these expenses (example: 2015 - $20,000 regular maintenance and elevator repair, 2016 - $100,000 to repair roof, etc) This is how you will find out if the reserve fund is adequate or under funded. You will also be able to see what repairs were just done this year if the reserve fund seems low, but perhaps they just finished repairing a large item that was budgeted for initially.

My last point, is the building a condo conversion? (formerly rental apartment converted into individual titles to sell off units). These properties you want to look at the budget and reserve funds closely depending on how the condo board was set up. Some lenders will not look at them due to issues if the board was not set up properly or the reserve fund was not funded properly.

Good luck in you shopping!

Todd Purcell

[flipstah]

Originally posted by BananaFob


Err... are you sure?

http://calgaryinnercityhome.com/new-condos/avenue/?fb_action_ids=10151740221666931&fb_action_types=og.likes&fb_source=other_multiline&action_object_map={%2210151740221666931%22%3A201167333400670}&action_type_map={%2210151740221666931%22%3A%22og.likes%22}&action_ref_map=[]

From what I've read and heard from the sales guys, it's 5/5/5 over 180 days.

15%? Sweet! :drool:


Originally posted by tpurcell4


If you are looking to put 10% down, a couple things to keep in mind:
- post tension cables
- age restrictions

CMHC cannot insure any properties with age restrictions but will look at properties with post tension cables (as long as reports are up to date).

Genworth cannot insure any properties with post tension cables, but will insure properties with age restrictions.

If a condo has both you will need to put 20% down. This is also important to keep in mind in the future if you want to sell the unit, you will be limited to buyers with 20% down.

Also, look at the reserve fund study of the building. This is the report that outlines all the foreseen expenditures within the building and how the the condo board is budgeting for these expenses (example: 2015 - $20,000 regular maintenance and elevator repair, 2016 - $100,000 to repair roof, etc) This is how you will find out if the reserve fund is adequate or under funded. You will also be able to see what repairs were just done this year if the reserve fund seems low, but perhaps they just finished repairing a large item that was budgeted for initially.

My last point, is the building a condo conversion? (formerly rental apartment converted into individual titles to sell off units). These properties you want to look at the budget and reserve funds closely depending on how the condo board was set up. Some lenders will not look at them due to issues if the board was not set up properly or the reserve fund was not funded properly.

Good luck in you shopping!

Todd Purcell

Are these reports accessible when shopping around?

[kaput]

.

[sexualbanana]

Good post and good answers. I'm looking at either buying new or an existing condo, as well. So the answers here have been good. And it makes me feel good that I'm not the only one with the same questions.

[tpurcell4]

Once you have made an offer you will receive a copy in order to complete you reviews and have a condo document review done.

Most large condo companies in Calgary will post their condo documents on either:
www.condopapers.com or www.condodocsonline.com if you are willing to pay to review the papers before making an offer.

You should be able to have your Realtor find out about age restrictions and post tension cables before or while viewing a property, and usually the listing agent will make a note of it on the MLS listing.

When writing offers also be sure to include a condition to have the condo documents reviewed by a professional. More and more often we are hearing from both real estate agents and lawyers that it is not their job to review condo documents as their Errors and Omission insurance will not cover them if they provide advice that would lead to the sale of the condo based on their recommendation of the condo documents should a large special assessment or other issue come down the road, regardless of they knew about it or not. To have a professional look through the documents usually runs around $300-$500 and they read through every document thoroughly including the last few years of meeting minutes to determine if the board has made reference to any short falls or potential special assessments down the road.

[S-FLY]

By the way, condo fees are also paid on titled parking and storage. So depending on if the unit comes with titled parking/storage and how many sq/ft those spaces work out to, that may also factor into a larger per sq/ft total condo fee. The reason for condo fees to be charged on parking/storage is for maintenance items like cleaning the parkade every year, insurance...etc.

Example Condo Fees:
Suite - $356.21
Parking - $28
Storage - $7.47

[flipstah]

Is it normal for condo listings to say 'below grade' or is it now becoming regular descriptions post-flood?

[S-FLY]

It's normal. Some people won't look at condos below grade for security reasons or lack of windows/natural light

[BigMass]

because the housing market is so hot pretty much every single below grade unit is now on the market and STILL not selling lol. Imagine the pain in the ass it would be to sell it once the market stabilizes or starts to drop. If I search online i'll see all the stuff I saw 6 months ago still trying to sell

[flipstah]

Should I alarmed that multiple units in the same building recently popped up on MLS?

[BigMass]

Originally posted by flipstah
Should I alarmed that multiple units in the same building recently popped up on MLS?

sometimes yes. I went to see a unit a month ago and the building's elevator wasn't working and the entire common area smelled like natural gas or something. A couple weeks later like 6 other units in that building all of a sudden went up for sale. Seems obvious something is wrong with the building.

Another one I love is when people front run construction. They sell their unit with "AWESOME VIEWS" And right across the street they don't tell you that they're about to start construction on a building that will completely kill that AWESOME VIEW lol...

Another construction factor is where people start selling their units right before construction starts next door because you know for 2-3 years you'll have constant noise during the day.

Another one I see if people front running special assessments and the jacking of condo fees. They know something is wrong but no assessment has been made yet so they try to dump the place before something big hits. Seen units that seemed like awesome values, then a couple months later I notice that building just doubled its condo fees from $350 to $700... lol no thanks

Another thing I've seen with buildings like Vetro, some people have not been able to get insured mortgages on it because of the ratio of owners to renters. Apparently Vetro has a HUGE amount of renters and insurers don't like to see that.

[flipstah]

Originally posted by BigMass

Another one I see if people front running special assessments and the jacking of condo fees. They know something is wrong but no assessment has been made yet so they try to dump the place before something big hits. Seen units that seemed like awesome values, then a couple months later I notice that building just doubled its condo fees from $350 to $700... lol no thanks



How do you protect yourself in this case?

[BigMass]

Originally posted by flipstah


How do you protect yourself in this case?

Due diligence and patience. However in this housing market things get a bit crazy. For “hot properties” you have all cash buyers that waive all conditions in their offer to make sure they get they get the place. How is a regular person supposed to compete with craziness like that?

[flipstah]

Originally posted by BigMass


Due diligence and patience. However in this housing market things get a bit crazy. For “hot properties” you have all cash buyers that waive all conditions in their offer to make sure they get they get the place. How is a regular person supposed to compete with craziness like that?

I guess I have to keep an open eye on things. There's a listing I've been following for quite some time and it keeps going C/S; listed; C/S; listed.

It's a competititve price and I'll be checking it out today so we'll see what happens.

[BigMass]

Originally posted by flipstah


I guess I have to keep an open eye on things. There's a listing I've been following for quite some time and it keeps going C/S; listed; C/S; listed.

It's a competititve price and I'll be checking it out today so we'll see what happens.

link? don't worry not gonna snipe it under you lol

[flipstah]

Originally posted by BigMass


link? don't worry not gonna snipe it under you lol

Maybe later... :devil:

[S-FLY]

In my opinion it's only a concern if it's a large percentage of units in the building. An example, if the building only has 20 units and 3 of them come up for sale then I'd be worried. But if it has 120 units and 8 are for sale, then it's not a huge deal.

[flipstah]

Originally posted by S-FLY
In my opinion it's only a concern if it's a large percentage of units in the building. An example, if the building only has 20 units and 3 of them come up for sale then I'd be worried. But if it has 120 units and 8 are for sale, then it's not a huge deal.

2/12 units just went up for sale for one complex I'm checking.

[ercchry]

Originally posted by flipstah


2/12 units just went up for sale for one complex I'm checking.

perhaps someone is liquidating their rental units? or do you see two separate realtors?

[flipstah]

Originally posted by ercchry


perhaps someone is liquidating their rental units? or do you see two separate realtors?

No info on second unit; just recently appeared in my inbox from my realtor but no result in Realtor.ca

[Neil4Speed]

Originally posted by flipstah


2/12 units just went up for sale for one complex I'm checking.

Thats not really statistically significant, I would consider it moreso to be a coincidence.

[ee2k]

Could be coincidence as well. Spring market is just heating up. At times you also see events/sales/activities that defy every logic and known real estate rule. I had been in the market for the longest time until I found and eventually bought.

Condo fees of about $500 for a two bedroom unit are about right in the downtown area. The condo fee amount is not necessarily an indication of whether a building was managed right or wrong, nor whether or not there are major expenses coming up. It takes a certain amount of $ for upkeep and maintenance as well as operating expenses which include:
- Heating and hot water
- Elevator maintenance
- Snow removal
- Cleaning contract including common areas and parkade
- Plumbing, electrical etc inspections and maintenance
- Building management
- Contribution to the reserve fund: out of the $500, $150 could be going to the reserve fund, and you will only find out when you look into the docs. So this means that the operating expenses are only $350 which makes sense, with the rest going to savings for future work (which is a good foresight!)

Condo fees can be used to rapidly augment the reserve fund in preparation of large expenses such as windows or elevator to be replaced. These are some of the biggest expenses a building can bear and some have quoted up to $1 Million for windows. Elevators fully replaced cost $200K

I have come across new-ish buildings with $600 condo fees at about 850 sqft, and older 30 year old buildings with $500 in fees and 1050 sqft with the former having less in reserve fund than the latter. Each building is different, has different goals, different contribution styles and is managed by different people. The number of units in a building also matters, in that a building with 100 units at $500 is taking much more to maintain than a building with 50 units at $500. If your beef is with high condo fees, the best place to start may be to look for a large building with many units and manageable fees (Vetro I see at $383 now and that building by COOP has low fees too,) and then ask yourself how the $ is managed, how much the reserve fund is (I came across a large building with $70K in reserve funds which is stupid!) and what the reserve fund study lists in terms of upcoming major work and determine whether or not the building is prepared for them (which could mean an increase in condo fees or assessments in the near future.)

Don't just get hung up on condo fees. Ask yourself if the building itself gives you more, in terms of quality. I have come across buildings where majority of owners want to keep the fees low because they allow them to maximize their margins on rental units or make the building more attractive when it comes to selling. Also, think about the renter-owner ratio given that more renters mean less pride of ownership and it shows so much on the building (maintenance not upkept, noise, someone always moving, rental dramas.) Could you pay and extra $100 and get a good property, or even if you were to rent it out, a premium renter given that the building is so well maintained and is impeccable?

Finally remember that there are buyers out there that will still buy what you consider out of the norm and that bidding wars are back, even in areas you'd least suspect them to exist. Properties no longer last on the market as long as they did a year or two ago and be sure to have a good well connected realtor, not all properties for sale make it on MLS and there are some good buys out there.

There is no one formula to selecting the condo you want to purchase.

[msommers]

Lots of good info here so I'll share my info for a bigger sample to consider.

~875sq.ft and 0.38/sq.ft condo fees.
- No elevator, pool, or concierge. Has underground parking. Things I wanted and didn't want.
- At the time of buying, we had 83% owner:renter ratio. I think there are only ~30 units in the building so a number that high is wonderful. More people care about their neighbors and proactive maintenance.

Condo Doc Review
- I had it done by Condo-Check based on a few recommendations from a few different realtor friends. They did an alright job I guess, no red flags come up and things came back pretty positive. It was basically a condensed report of the Reserve Fund Study that had just been completed a few months prior to me making an offer. I had read through this myself so I kind of found the Doc Review a waste of time and money but I'd hate to have missed something to save a few hundred dollars.
- They were expensive though, I recall just over $400. Expert Condo Review Ltd. is supposed to be quite good and much cheaper.
- Condo documents are only released upon the seller accepting an offer. It blows me away anyone would buy a place without placing any conditions, that's so risky! BAM $40,000 special assessment :(

In older places like mine, for example, the HVAC system and roof are eventually going to major expensive repairs. Fortunately with the Reserve Fund Study, they had their own inspections done and based on that, an estimated life expectancy remaining without overhaul. If I'm in here more than 10 years, then I'll know what's probably coming.

PM some of the places you're looking at. I'm curious to see what's out there these days as I haven't even bothered to look lol.

[flipstah]

^PM'd.

[flipstah]

I hate how condo docs are released after making an offer. :banghead:

[ercchry]

Originally posted by flipstah
I hate how condo docs are released after making an offer. :banghead:

You can always amend your offer after reviewing... we got $5k back after our last home inspection... which is even better than a $5k lower offer since it came off our down payment :bigpimp:

[flipstah]

Originally posted by ercchry


You can always amend your offer after reviewing... we got $5k back after our last home inspection... which is even better than a $5k lower offer since it came off our down payment :bigpimp:

Yeah, I'm waiting to see what Condo First has to say with the assessment (if it was recently done; no action executed as of the documents I have).

[flipstah]

Fuck, no action taken. Last assessment was $100k for a parking drain + 24k roof membrane replacement

[flipstah]

Would you consider a low rise with <10 units with a <50k reserve fund?

[BananaFob]

Originally posted by flipstah
Would you consider a low rise with &lt;10 units with a &lt;50k reserve fund?

If the location was extremely awesome... sure. Or if there was some unique feature to it. Otherwise... nope. How old is the building?

[ercchry]

Originally posted by BananaFob


If the location was extremely awesome... sure. Or if there was some unique feature to it. Otherwise... nope. How old is the building?

i personally dont think its the best location... but everything i recommended he did the exact opposite :rofl:

[flipstah]

Originally posted by ercchry


i personally dont think its the best location... but everything i recommended he did the exact opposite :rofl:

lol this situation is different. Its built since the 70s.

I'll pull out and get my deposit back. :banghead:

[Neil4Speed]

Originally posted by BananaFob


If the location was extremely awesome... sure. Or if there was some unique feature to it. Otherwise... nope. How old is the building?

Just curious, what do you consider to be some of the extremely awesome locations in Calgary.

I think Xenex/Casetello definitely are, just a few blocks from the core.

[flipstah]

Originally posted by BananaFob


If the location was extremely awesome... sure. Or if there was some unique feature to it. Otherwise... nope. How old is the building?

The place was in Bankview so the unit is nice but not nice enough for me to take that hit. :(

The search continues!

[BananaFob]

Originally posted by Neil4Speed


Just curious, what do you consider to be some of the extremely awesome locations in Calgary.

I think Xenex/Casetello definitely are, just a few blocks from the core.

It honestly depends on where you work. I am right beside the Nexen building and I live in Xenex so it's literally a 5 block walk to work every morning. Location is key for me. I lived in Luna as well about 1.5 years ago, and that was great too. Castello is a beautiful building, I regret not pulling the trigger on a unit there last year.

[ee2k]

Originally posted by Neil4Speed


Just curious, what do you consider to be some of the extremely awesome locations in Calgary.

I think Xenex/Casetello definitely are, just a few blocks from the core.

Best quadrant for downtown area purchase, in my opinion is



11 Avenue to the north
14th Street to the west
20 Avenue to the south
5th Street to the east

+ all of Mission and Cliff Bungalow

[mazdavirgin]

Whats the price range you are looking at?

There has been some nice stuff listed around the Coop on 11th recently.

Stuff like:
http://beta.realtor.ca/propertyDetails.aspx?PropertyId=13992858

http://beta.realtor.ca/propertyDetails.aspx?PropertyId=14138806

http://beta.realtor.ca/propertyDetails.aspx?PropertyId=14169651

:dunno:

[ercchry]

buy for the bones, not the bling... remember, you can always change things in your place... but you cant change its location... like say... oh i dunno... on the steep hill part of 14th street where you get people doing WOT blasts going up it after their loser lap of 17th? :rofl:

check this one 1000sqft and only one shared wall... could easily have a roommate to help offset costs too

http://beta.realtor.ca/propertyDetails.aspx?PropertyId=14177811

[Mitsu3000gt]

^^I disagree with that, assuming most condo insurance policies are the same.

From someone who has been through 2 floods now (100% individual negligence, not the building's fault) the ORIGINAL SPEC is absolutely key, in terms of floor quality, finishing, cabinets, etc.

If you do any renos, and and if your place gets damaged, even if it's 100% the fault of someone else, you have to go through your own insurance, pay the deductible, and all associated premium increases. The condo buildings' insurance policy covers an original spec unit, not upgrades. They will not return your unit to pre-existing condition, but rather ORIGINAL condition (which can make a huge difference).

I'm glad that premium finishing was on the top of my list of must-haves when I was shopping. Had I bought low and done some renos up to my standard, I would be getting bent over right now, sans lube.

[flipstah]

Originally posted by mazdavirgin
Whats the price range you are looking at?

There has been some nice stuff listed around the Coop on 11th recently.

Stuff like:
http://beta.realtor.ca/propertyDetails.aspx?PropertyId=13992858

http://beta.realtor.ca/propertyDetails.aspx?PropertyId=14138806

http://beta.realtor.ca/propertyDetails.aspx?PropertyId=14169651

:dunno:

First two are beyond my range and the last one I might consider.

[ercchry]

Originally posted by Mitsu3000gt
^^I disagree with that, assuming most condo insurance policies are the same.

From someone who has been through 2 floods now (100% individual negligence, not the building's fault) the ORIGINAL SPEC is absolutely key, in terms of floor quality, finishing, cabinets, etc.

If you do any renos, and and if your place gets damaged, even if it's 100% the fault of someone else, you have to go through your own insurance, pay the deductible, and all associated premium increases. The condo buildings' insurance policy covers an original spec unit, not upgrades. They will not return your unit to pre-existing condition, but rather ORIGINAL condition (which can make a huge difference).

I'm glad that premium finishing was on the top of my list of must-haves when I was shopping. Had I bought low and done some renos up to my standard, I would be getting bent over right now, sans lube.

...he is looking at old low rise buildings... no one wants an original spec condo in one of those :nut:

[flipstah]

Originally posted by ercchry
buy for the bones, not the bling... remember, you can always change things in your place... but you cant change its location... like say... oh i dunno... on the steep hill part of 14th street where you get people doing WOT blasts going up it after their loser lap of 17th? :rofl:

check this one 1000sqft and only one shared wall... could easily have a roommate to help offset costs too

http://beta.realtor.ca/propertyDetails.aspx?PropertyId=14177811

IMO, that steep part of 14th St is a better location than this one :rofl:

That's just me though. :)

[ercchry]

Originally posted by flipstah


IMO, that steep part of 14th St is a better location than this one :rofl:

That's just me though. :)

guess it depends what you value...

EDIT: and some times its also about value... look at this place a block over: http://beta.realtor.ca/propertyDetails.aspx?PropertyId=14169604

i dunno... i dunno... but for me, i could live with the first one for that price... since its also the only townhouse under $300k in the inner city right now

[ee2k]

Originally posted by flipstah


First two are beyond my range and the last one I might consider.

That den at Stella is not worth the price or even the advertisement. My cubicle at work is larger. I was super disapointed in that building, and the unit I saw sold for 369.

If the rommate thing is something you are willing to entertain, especially with a 2 bathroom scenario, you can command about $900 in the downtown area and offset your costs.

[BigMass]

Originally posted by ee2k


That den at Stella is not worth the price or even the advertisement. My cubicle at work is larger. I was super disapointed in that building, and the unit I saw sold for 369.

If the rommate thing is something you are willing to entertain, especially with a 2 bathroom scenario, you can command about $900 in the downtown area and offset your costs.

it's rather irritating what some people try and pass off as a "den". I've seen listings with an open nook in a corner referred to as a "den". Yeah cause im gonna set up my office right in front of the living room without any door to keep out noise :rolleyes: IMO unless its a closed off area that is able to hold a desk, chair and small cabinet or maybe a small single bed for a guest, it shouldn't be called a den.

[max_boost]

flip needs something modern and dynamic :D

while i agree renfrew is a fantastic area.

[msommers]

Why are you guys suggesting $350K+ places for a guy looking to buy his first home :nut: Relying on a roommate to make your mortgage + condo fee payment is not my idea mentally comfortable. Way too much stress.

This is comparative to two DINKs going out and buying a $700K unit (plus condo fees) as their first home. Absolute insanity!

[BigMass]

Originally posted by msommers
Absolute insanity!
http://upload.wikimedia.org/wikipedia/en/2/21/Carnac.jpg
how would you describe the Calgary real estate market?

[max_boost]

it is insanity lol

Ballers.....
Ballers everywhere!!!!

[flipstah]

Its too crazy right now.

:cry:

[Mitsu3000gt]

Originally posted by ercchry


...he is looking at old low rise buildings... no one wants an original spec condo in one of those :nut:

I dunno, my building is only 6 floors (not sure if that qualifies as low rise), and it's super nice. Original spec is hardwood, granite, professional stainless appliances, 9ft ceilings, crown moldings, etc. A big reason I bought it was that original spec was great. It's not super old though I guess.

[ercchry]

Yeah, that place flip put a deposit down on was all upgraded... and a 70s build, so not original spec unit at all

[flipstah]

Originally posted by ercchry
Yeah, that place flip put a deposit down on was all upgraded... and a 70s build, so not original spec unit at all

Upgraded unit but the complex needed work apparently. So sad.

[mazdavirgin]

Originally posted by msommers
Why are you guys suggesting $350K+ places for a guy looking to buy his first home :nut: Relying on a roommate to make your mortgage + condo fee payment is not my idea mentally comfortable. Way too much stress.

This is comparative to two DINKs going out and buying a $700K unit (plus condo fees) as their first home. Absolute insanity!

Well to be fair I am not sure what the alternative really is for flipstah. Anything in the dowtown area is running around 300k and up. I think this is more a reflection of how over valued the housing market is at the moment... The correction is probably going to leave quite a few people bloody.

[msommers]

I agree. Just means the criteria in the "needs" column have to shift instead of spending more than you have :)

[BigMass]

Originally posted by msommers
I agree. Just means the criteria in the &quot;needs&quot; column have to shift instead of spending more than you have :)

ahhh yes, be it ever so humble there's no place like home
http://www.thetinylife.com/wp-content/uploads/2009/12/ny3.jpg
"Hi, I'm Janet. A 38 year old investment banker making $500k/ year. Welcome to my 150sqft luxurious downtown Calgary pad that I just purchased for the bargain price of $1.6 million. Come to Calgary! we gots oil yo!"

[BigMass]

doublepost

[flipstah]

Originally posted by mazdavirgin


Well to be fair I am not sure what the alternative really is for flipstah. Anything in the dowtown area is running around 300k and up. I think this is more a reflection of how over valued the housing market is at the moment... The correction is probably going to leave quite a few people bloody.

Alternative is to stay with the famjam but the flip side is, house prices will continue to rise.

If it crashes, we're all fucked.

Just keep looking and make compromises.

[BananaFob]

Originally posted by flipstah


Alternative is to stay with the famjam but the flip side is, house prices will continue to rise.

If it crashes, we're all fucked.

Just keep looking and make compromises.

You and I have to sit down about real estate one of these days... People have been saying a correction is coming for years, and even the great recession barely made a blip on prices :p PM me if you want to hear some of my real estate buying stories :p

[max_boost]

Well there are some buyers i know who just
Made it back to 07 pricing so it can be tough being underwater for 7 years lol

[Neil4Speed]

Originally posted by BananaFob


You and I have to sit down about real estate one of these days... People have been saying a correction is coming for years, and even the great recession barely made a blip on prices :p PM me if you want to hear some of my real estate buying stories :p

I want to join and subsequently cry from the sadness that I wasn't born 5 years earlier.

[mazdavirgin]

Originally posted by BananaFob


You and I have to sit down about real estate one of these days... People have been saying a correction is coming for years, and even the great recession barely made a blip on prices :p PM me if you want to hear some of my real estate buying stories :p

Ask your parents if housing always goes up... You want something that mirrors exactly what we are seeing in Alberta? Look back to the 1980's and you will see almost exactly what is happening. Housing market up an obscene amount followed by a crash of epic proportions.

Why is it different now? If anything the housing market is in even worse shape seeing as we have abnormally low lending rates which will not stay where they are... An increase of even 1% cuts affordability by massive amounts. How anyone can think this will not have downward pressure on prices is beyond me.

The markets are not predictable but you can pretty much guarantee they will cycle. Markets have been rising too fast and without solid economic reasons behind them so we can expect a correction at some point. Cheap money and 40 year mortgages have wreaked havoc in the housing market.

I say this owning property and having a mortgage myself. However I am not delusional and convinced that housing can only ever continue going up especially when we are clearly in the unaffordable territory. Economics will catch up with us just a question of when.

[BananaFob]

Originally posted by mazdavirgin


Ask your parents if housing always goes up... You want something that mirrors exactly what we are seeing in Alberta? Look back to the 1980's and you will see almost exactly what is happening. Housing market up an obscene amount followed by a crash of epic proportions.

Why is it different now? If anything the housing market is in even worse shape seeing as we have abnormally low lending rates which will not stay where they are... An increase of even 1% cuts affordability by massive amounts. How anyone can think this will not have downward pressure on prices is beyond me.

The markets are not predictable but you can pretty much guarantee they will cycle. Markets have been rising too fast and without solid economic reasons behind them so we can expect a correction at some point. Cheap money and 40 year mortgages have wreaked havoc in the housing market.

I say this owning property and having a mortgage myself. However I am not delusional and convinced that housing can only ever continue going up especially when we are clearly in the unaffordable territory. Economics will catch up with us just a question of when.

Oh believe me when I say I'm the last person that thinks that the housing market won't eventually come down... however I do work in commercial real estate and am actively always looking at the condo construction market as I'm involved in the financing of several projects here in Calgary. The absorption of everything coming up is insane.

I myself have gone through 3 properties in the past 2 years... and probably moving again soon.

[ee2k]

Originally posted by BananaFob
The absorption of everything coming up is insane.

Nothing stands a chance it seems. And the money does not appear to come from overseas like in Vancouver and Toronto. And the times of buying at much higher than asking price on day one are back!

[BigMass]

http://calgaryinnercityhome.com/rets/AB/Calgary/T2R-0B7/7515849/135-SW-13-Avenue-1704/

what do you guys think? I like it but seems 30k overpriced compared to the one that Jordan just sold and the one on the 14th floor listed for 370.

[max_boost]

nice place bigmass but i can't see you shelling out 400k for 650sq.ft :D

spring is here and 89coupe and sugarphreak probably giggling on the side lines, housing boom, housing boom!

[max_boost]

Originally posted by Neil4Speed


I want to join and subsequently cry from the sadness that I wasn't born 5 years earlier. lol that's all it is. had i known would have picked up a couple more during the days where you just sign here _______ to buy a house haha

[ee2k]

Originally posted by BigMass
http://calgaryinnercityhome.com/rets/AB/Calgary/T2R-0B7/7515849/135-SW-13-Avenue-1704/

what do you guys think? I like it but seems 30k overpriced compared to the one that Jordan just sold and the one on the 14th floor listed for 370.

The view is all that this place has going for itself. Is that room where what appears to be a double bed is the den or the actual bedroom? Definitely overpriced to me given the square footage, the lack of formal dining space, half a kitchen and the unidentifiable den. New buildings, IMHO are overrated; double the square footage can be had for the same price in older buildings where sometimes it also includes similar views.

[sexualbanana]

Originally posted by ee2k


The view is all that this place has going for itself. Is that room where what appears to be a double bed is the den or the actual bedroom? Definitely overpriced to me given the square footage, the lack of formal dining space, half a kitchen and the unidentifiable den. New buildings, IMHO are overrated; double the square footage can be had for the same price in older buildings where sometimes it also includes similar views.

It has it's nice things, but my condo is 4 floors higher, 50 sq ft bigger, and I paid a lot less.

[max_boost]

Originally posted by sexualbanana


It has it's nice things, but my condo is 4 floors higher, 50 sq ft bigger, and I paid a lot less. look forward to checking your new digs. have always liked the colors building. :bigpimp:

[BigMass]

Originally posted by sexualbanana


It has it's nice things, but my condo is 4 floors higher, 50 sq ft bigger, and I paid a lot less.

which floor plan?

[BigMass]

what about this one?
http://www.century21.ca/Property/AB/T2N0E7/Sunnyside_Calgary/401_931_2_AV_NW

location seems insane. Its wood frame but top floor etc. Any opinions?

[sexualbanana]

Originally posted by BigMass


which floor plan?

9

[BigMass]

Originally posted by sexualbanana


9

nice se corner. Around when did you buy it and roughly how much did you pay? Wonder how much Colors has recently inflated in price.

[sexualbanana]

Originally posted by BigMass


nice se corner. Around when did you buy it and roughly how much did you pay? Wonder how much Colors has recently inflated in price.

I get possession in April for 370k

[ercchry]

Originally posted by BigMass


nice se corner. Around when did you buy it and roughly how much did you pay? Wonder how much Colors has recently inflated in price.

so $40k gets you a downtown view vs... uh.... suburbs and graveyard?

i dunno, that seems like an okay premium :dunno:

if you want to see something nutty.... check this out:

green space with ridge view vs ridge home in cranston:

http://beta.realtor.ca/propertyDetails.aspx?PropertyId=14041538

http://beta.realtor.ca/propertyDetails.aspx?PropertyId=13999868

...and thats the cheapest ridge home :nut:

[jwslam]

Originally posted by ercchry
<snip>
278 Cranleigh View is CoC assessed at 655k
102 Cranleigh Terr is CoC assessed at 1,070k
:dunno:

[ercchry]

Originally posted by jwslam

278 Cranleigh View is CoC assessed at 655k
102 Cranleigh Terr is CoC assessed at 1,070k
:dunno:

so? that has nothing to do with what im saying... look at specs... look at value difference... one has green space and an obscured view, the other is ridge and 170 degree view... $350k or 50% value difference... makes the 10% value difference in the colours building seem not so bad...

[jwslam]

Originally posted by ercchry
so? that has nothing to do with what im saying... look at specs... look at value difference... one has green space and an obscured view, the other is ridge and 170 degree view... $350k or 50% value difference... makes the 10% value difference in the colours building seem not so bad...
Yea I didn't get it either. People are crazy. Go buy a cottage.

[BigMass]

Originally posted by sexualbanana


I get possession in April for 370k

thanks for the info... great unit and price. Congratulations!

[ee2k]

Originally posted by BigMass


thanks for the info... great unit and price. Congratulations!

If you like the building so much and want to know numbers, get your agent to pull comparables in the building going as far back as a year so you can determine trend (or ask Jordan Lotoski.) IMHO agents should make this information readily available to their buyers, but in a market like Calgary's, they don't have to put much effort into it it seems.

[BigMass]

Originally posted by ee2k


If you like the building so much and want to know numbers, get your agent to pull comparables in the building going as far back as a year so you can determine trend (or ask Jordan Lotoski.) IMHO agents should make this information readily available to their buyers, but in a market like Calgary's, they don't have to put much effort into it it seems.

My agent will do it but im not gonna ask him to pull comps unless im interested in making an offer. I just wanted a beyonder's first hand experience. I might go this weekend to check out that unit but sometimes such a high price puts you off because I would value it at 370-380. sexualbanana is 4 floors higher at $370k and 90 more sqft. How do you even begin to negotiate something that's so off in price. Start at 360? would seem like a total lowball but by the time you get to the price you want you almost have to start around there.

[max_boost]

^^^

well i guess you just have to wait it out a bit. if it doesn't sell, then price adjustment is coming. if it does sell, then it's just :nut: :nut: :nut: and sexual_banana timed it right :bigpimp: :bigpimp: :bigpimp: and flipstah is like efff :banghead: :banghead: :banghead:

lol lol lol

[BigMass]

Originally posted by max_boost
^^^

well i guess you just have to wait it out a bit. if it doesn't sell, then price adjustment is coming. if it does sell, then it's just :nut: :nut: :nut: and sexual_banana timed it right :bigpimp: :bigpimp: :bigpimp: and flipstah is like efff :banghead: :banghead: :banghead:

lol lol lol

my 370-380 target is based on a few sales. Not just sexualbanana . The unit Jordan sold on the 21st floor corner unit I would value at least 30k over this one

[flipstah]

Originally posted by max_boost
^^^

well i guess you just have to wait it out a bit. if it doesn't sell, then price adjustment is coming. if it does sell, then it's just :nut: :nut: :nut: and sexual_banana timed it right :bigpimp: :bigpimp: :bigpimp: and flipstah is like efff :banghead: :banghead: :banghead:

lol lol lol

Ugh, dont remind me. :banghead:

[sexualbanana]

I don't mind the view at all. I get fireworks, sun, and I still see a lot of the mountains.

[scboss]

Originally posted by BigMass
http://calgaryinnercityhome.com/rets/AB/Calgary/T2R-0B7/7515849/135-SW-13-Avenue-1704/

what do you guys think? I like it but seems 30k overpriced compared to the one that Jordan just sold and the one on the 14th floor listed for 370.

I bought the one on the 14th floor and I paid quite a bit less then 370 haha . I was lucky because the owner didnt live in calgary and I dont think he ever saw the property. Views are awesome condo fees are cheap.


The more buildings that go up the more unobstructed view come into demand.

Weird how they wall mounted the tv so high and the cabinets are white
:barf: