FALLing house prices

[adamc]

Inner city? Go big or go home!

http://www.realtor.ca/propertyDetail...rtyId=15149734

[msommers]

Attached for 2MM

[cherpintow]

I've been looking in the $550k price range the last 6 months and haven't noticed any drop at all yet. People definitely aren't desperate to sell quite yet...

[BigMass]

Originally posted by cherpintow
I've been looking in the $550k price range the last 6 months and haven't noticed any drop at all yet. People definitely aren't desperate to sell quite yet...

noticing the "value range" of 450-550 for a house and 200-300 for a condo are not dropping at all and good quality listings in prime locations are slim. Shows how real estate is all about the right place in the right location. No doubt if you want to live in Taradale or places that require a commuter flight to get to downtown, there's plenty of selection out there at continually lower prices.

[Cos]

.

[canadian_hustla]

Bizarre market right now. Tables have turned and now it is a strong buyer's market.

Lots of low ballers too as well. My house is listed, for what I believe to be 10% less than summer of 2014. Offers coming in at 90% of my ask.

Btw I remember reading an article saying that all buyers have gone AWOL. Imo that is absolutely not the case. If anything its now a balanced market. One more anecdote, I have had 27 showings in under 10 days of being listed and buyers are very picky.

So for anyone whos listed right now, it'll sell... just be prepared to bend over on your price....

[7thgenvic]

Originally posted by canadian_hustla
Bizarre market right now. Tables have turned and now it is a strong buyer's market.

Lots of low ballers too as well. My house is listed, for what I believe to be 10% less than summer of 2014. Offers coming in at 90% of my ask.

Btw I remember reading an article saying that all buyers have gone AWOL. Imo that is absolutely not the case. If anything its now a balanced market. One more anecdote, I have had 27 showings in under 10 days of being listed and buyers are very picky.

So for anyone whos listed right now, it'll sell... just be prepared to bend over on your price....

Very Interesting market. I think everything won't play out for a few more months. still lots of complete crap that is coming up for way too much money. 6 more months and things will be a different story.

[BoostinAround]

Hard to say which way it will go

[Masked Bandit]

I'm starting to see a bit of desperation. A guy around the corner from us in a very good location with a very nice house had dropped $35,000 in the first two weeks. If that isn't the jitters I don't know what is.

[BigMass]

Originally posted by Masked Bandit
I'm starting to see a bit of desperation. A guy around the corner from us in a very good location with a very nice house had dropped $35,000 in the first two weeks. If that isn't the jitters I don't know what is.

I went to see a place last week where in my estimation I'd put at a fair market value of about 350k. It was listed for 425 and had multiple reductions already. They're never going to sell it but it's just evidenced how sellers are still out to lunch. Would you say someone dropping a sale price from 450 to 425 on a place worth 350 is "desperate"?

[rob the knob]

Originally posted by BigMass


I went to see a place last week where in my estimation I'd put at a fair market value of about 350k. It was listed for 425 and had multiple reductions already. They're never going to sell it but it's just evidenced how sellers are still out to lunch. Would you say someone dropping a sale price from 450 to 425 on a place worth 350 is "desperate"?

you are a real estate appraiser?

second, if you payed $450k for house and owe the bank $425k today then you are desperate if you need to have to move and you can only sell for $400k.

[kaput]

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[masoncgy]

Originally posted by rob the knob


you are a real estate appraiser?

second, if you payed $450k for house and owe the bank $425k today then you are desperate if you need to have to move and you can only sell for $400k.

It's called 'lesson learned'... just because one person is foolish enough to over pay for a house doesn't mean others should have to do the same.

I am actively looking for a bigger house locally and so much of the inventory is totally overpriced and has been languishing on the market for ages. One example, walk out bungalow some goofs paid 470K for a couple years ago... need out, list last spring at 489k (LOL) and it's sat with multiple reductions, though at 449K now for 6 months and it's still sitting there.

I wouldn't even shell out 400k for it... the value just isn't there.

Someone else mentioned buyers are super picky and you know what, there's nothing wrong with that. If I am spending hundreds of thousands on something it better be perfect.

Guaranteed we will be renovating again. These 4-5 year old "turn key" houses are bullshit.

[Xtrema]

http://m.realtor.ca/PropertyDetails....rtyId=15273710

Was $670. Retreated to $635.

Imo it doesn't worth a dime over $550

[HiTempguy1]

Just wait until April when US oil storage is full. People that have a "need" to get out of their houses will be forced to start dropping prices to reasonable levels imo.

By August if oil prices haven't turned around, that is when things will get ugly and people will start fire-selling.

[avishal26]

Originally posted by Xtrema
http://m.realtor.ca/PropertyDetails....rtyId=15273710

Was $670. Retreated to $635.

Imo it doesn't worth a dime over $550

Shows listed at $645,900. I am not an appraiser by any means but over 3,000 sq ft and developed walk-out basement on a quiet street... and its a 2007 build so not a terribly outdated floorplan ... I could see it being priced and selling over $600k

[TomcoPDR]

Anyone picked up a few deals yet?

[BigMass]

Originally posted by TomcoPDR
Anyone picked up a few deals yet?

active listings are actually dropping as people chose to delist instead of lowering their prices. It's like the roadrunner cartoon where wilecoyote is running of a cliff and it takes him 10 seconds to realize it before he falls. People have this idea that in a few months oil will be back to $200/barrel and Calgary will go back to Manhattan real-estate levels. So people are just holding onto hopes and dreams right now. Not only am I not seeing deals, I'm seeing people still thinking they're going to set record prices. I'm seeing listings for the same unit that sold for 400k last year listed for 450k. A deal would be 350k. When times are tough you go down not up lol. At least in the world of reason an rationality.

[TomcoPDR]

Originally posted by BigMass


active listings are actually dropping as people chose to delist instead of lowering their prices. It's like the roadrunner cartoon where wilecoyote is running of a cliff and it takes him 10 seconds to realize it before he falls. People have this idea that in a few months oil will be back to $200/barrel and Calgary will go back to Manhattan real-estate levels. So people are just holding onto hopes and dreams right now. Not only am I not seeing deals, I'm seeing people still thinking they're going to set record prices. I'm seeing listings for the same unit that sold for 400k last year listed for 450k. A deal would be 350k. When times are tough you go down not up lol. At least in the world of reason an rationality.

Well that's the thing. This Beyond baller I know, looking for a luxury downtown condo. Was listed $950,000 a year ago now it's at $1,050,000

[SmAcKpOo]

I bought a home in Abbeydale for 10k less than asking. Not sure if that constitutes a deal or not but I think what I paid for it is fair market price.

I don't think people will see much movement on anything less than 500k right now.

I also doubt the NE really reflects the overall Calgary market either.

A colleague at my office told me she got close to 10% off the asking price on her new inner city purchase. Not sure the asking price but it is somewhere between 850k-1M.