Calgary Real Estate Prediction

[spyce]

Has anyone been keeping an eye on condo/apartments in the downtown area. Specifically 11th to 15th ave and say 1st st SW and SE

Stuff like the Vetro, Chocolate, Colors? Trying to get a gauge on how much some of these 1 bedroom-740sq ft places are worth and what they were originally selling at when first built?

[KappaSigma]

Originally posted by spyce
Has anyone been keeping an eye on condo/apartments in the downtown area. Specifically 11th to 15th ave and say 1st st SW and SE

Stuff like the Vetro, Chocolate, Colors? Trying to get a gauge on how much some of these 1 bedroom-740sq ft places are worth and what they were originally selling at when first built?

They are coming down fast fast fast.

Colours and Union square are slated to come onto the market mid Jan to Feb as well. The flood will increase in this area. Vetro is selling...the inventory for this bloated pig will come down farther.

[gsrrr]

Originally posted by spyce
Has anyone been keeping an eye on condo/apartments in the downtown area. Specifically 11th to 15th ave and say 1st st SW and SE

Stuff like the Vetro, Chocolate, Colors? Trying to get a gauge on how much some of these 1 bedroom-740sq ft places are worth and what they were originally selling at when first built?

Sasso units were listing for ~$300k (higher floors for more) 4-6 months ago. Some of the lower floors selling for ~$270k.

Now the lower level units (Sasso/Vetro/Chocolate) are being listed at ~$260-270k (I see a ground level Vetro listing for $238k). Some sold for ~$252k recently.

Pre-built pricing (for Sasso/Chocolate) depended on how early you got in. But I think I remember them being ~$200k when they were a big hole in the ground.

[spyce]

How much more downward pressure in pricing do you see for these units in the near future?

Ive never been one to look much into real estate but Im sort of looking since I start my job in March and might need to move closer to downtown.

[KappaSigma]

Originally posted by spyce
How much more downward pressure in pricing do you see for these units in the near future?

Ive never been one to look much into real estate but Im sort of looking since I start my job in March and might need to move closer to downtown.

I expect the price per SQ foot to be around $325 on the crappier complexes and $350 to the better complexes.

I am talking new ones too.

Such as, Vetro = $325
Union Square = $350

So on a 1 bedroom, 700ish condo, the range will vary around 20K but within the band above.

[PeterGTiR]

Been looking around a bit...

There was one unit on the second floor of Chocolate that I went to look at, it was listed at 238,000. A few days later the listing was taken off of MLS. It was 710 sq ft, and was had a south facing exposure. Although it's brand new and was sitting empty, it does show a little bit better than used places which had really nice furniture, brand new appliances and had renovations.

$250/sq ft seems almost likely now. I saw this one condo, it was 1184 sq ft and listed at $225/sq ft. It's a little bit outside of downtown and the beltline; it's still close enough though.


What other developments are being finished right now? Chocolate, Colours, Union Square - any others?

I'm looking at the December 2008 issue of Condo Living. The lowest priced Union Square unit is $340,000 for 633 Sq Ft....

[KappaSigma]

Originally posted by PeterGTiR
Been looking around a bit...

There was one unit on the second floor of Chocolate that I went to look at, it was listed at 238,000. A few days later the listing was taken off of MLS. It was 710 sq ft, and was had a south facing exposure. Although it's brand new and was sitting empty, it does show a little bit better than used places which had really nice furniture, brand new appliances and had renovations.

$250/sq ft seems almost likely now. I saw this one condo, it was 1184 sq ft and listed at $225/sq ft. It's a little bit outside of downtown and the beltline; it's still close enough though.


What other developments are being finished right now? Chocolate, Colours, Union Square - any others?

I'm looking at the December 2008 issue of Condo Living. The lowest priced Union Square unit is $340,000 for 633 Sq Ft....

I went into Union square and they are ofering a "reduction" on their list price on what they exp[ect resellers to sell their unit at. They are still very high. The resellers will sell much lower in the new year...

Just a matter of time as they are grossly overvalued right now.

[jadeboy]

Originally posted by jadeboy
Rest of 2008

Assumes 485K average price.

House price drops - 15% ($ 412 K)

- Price of oil will continue to drop
- Calgary job market will still be softening
- Canada will go in to a recession

1. House price average is 417K (unofficial)
2. Oil Price - is about $40
3. Calgary job market is softening
4. Canada is in a recession.

US is in a recession.

What I didn't expect.. for Q4
1. Oil price went so low.. $40 ? Wow.


Waiting for 2009 Q1-Q2

2009 Q1-Q2
House price drops - 20% ($ 388 K)

- Canada will be in a recession
- Calgary will have a small growth
- US will be in a recession
- Price of oil will be $75