Infill Lot Prices vs City Tax Assessment Prices

[ipeefreely]

My Grandpa owns a couple lots (My great grand father's old house (1920s) and adjacent lot) in Calgary...

What kind of prices are people paying for infill lots north of Kensington?

How close are lot prices (sold) to what the city has them assessed at?

I'm just looking for what people think in today's market...

Thanks!

[max_boost]

Call Jordan Lotoski. He would know.

[benyl]

A lot lower than the assessment value.

Your buyers needs to have a lot of cash and so the market is a lot smaller.

50% down on the lot to secure a mortgage and then they need a bunch of money for a builder's mortgage.

We've got a lot that we wanted to sell. In the end, it isn't worth it. Once we have enough cash, we will just build a middle of the road house on it and sell it.

[ipeefreely]

Thanks for the reply guys!

I thought it might be more of niche market... I was just curious as the lots come up in family conversations every once and awhile.

My grandpa isn't interested in doing anything with them so it will most likely be his estate that will have to decidecide that's best to do with them when the time comes...

PMs replied.

[ExtraSlow]

You may want to look at the tax implications of something that valuable in a will.
I'm no estate planner, but it can trigger huge taxes for the beneficiary, which sometimes can only be paid by selling the property, which may not be what the Family (or grand-dad) wants.

[ipeefreely]

Originally posted by ExtraSlow
You may want to look at the tax implications of something that valuable in a will.
I'm no estate planner, but it can trigger huge taxes for the beneficiary, which sometimes can only be paid by selling the property, which may not be what the Family (or grand-dad) wants.

Thanks!

I never really thought about that... might be something I should bring up next time it comes up... I have a large family on that side so I'm expecting a shit show anyway...