Selling Homes by Auction - thoughts?

[ExtraSlow]

I can't q-u-i-t-e afford this one, so I won't be bidding but I find the topic fascinating.

https://www.ctvnews.ca/business/this...tion-1.3806224
Located at 86 Clarendon Road NW Calgary. https://goo.gl/maps/brsuPU76WTB2

Calgary home to be sold by unreserved auction. Previously listed at 3.88 Million and has been on the market for 2 years. Nicely understated styling.

[KPHMPH]

Ah why does it have to be up in the ghetto though!

[prae]

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Ah why does it have to be up in the ghetto though!

Ouch. I live a fifteen minute walk from there.

In seriousness though, I don't really understand why all of these multi-million dollar places are built in the triwood area, or cambrian heights. It's pretty close to John Laurie and 14th, you definitely hear the traffic (at least, more than I did in West Hillhurst). I guess the lots are big and the DT commute is good. There was a time when the land was cheap.

[lilmira]

I think there are quite a few mansions in that area. I always look at the one at the corner of cromwell and 14st.

[prae]

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I think there are quite a few mansions in that area. I always look at the one at the corner of cromwell and 14st.

I think just a byproduct of the fact that the lots are gigantic. I lived for a few years a kid in an unremarkable bungalow on Canyon Dr and remember the backyard feeling massive.

[ExtraSlow]

It's an awesome area, close to good shit, easy access to get out of town north or west.

Makes more sense than putting a mansion out in butt fuck nowhere west springs or Cranston.

[RX_EVOLV]

There are definitly some big houses in that area. There's the Foothills Estates, which is ~ 3 blocks from that house, or the top of Cambrian Heights, or a few blocks south in Rosemont along the ridge. We were house hunting in those areas last year and this house that's being auctioned is definitly out of place though. It doesn't have a view and just a few blocks away from the nicer streets and surrounded by older bungalows. If they had built this house on the ridge in Rosemont I'm sure they would have no problem selling it.

[npham]

Used to live in this area, and always wondered what the inside looked like. There are lots of massive homes in this area because the lots are so huge, but plenty out dated bungalows as well. I'm not surprised that it's having a tough time selling as who wants their 4 million dollar home next to a bunch of 500k 80's bungalows; I don't think the neighbourhood will ever catch up to what the original owners planned would happen to it.

[Thaco]

a friend of mine is an auctioneer for Graham, he was doing these house auctions when the market was booming, they were getting WELL OVER list price for them, it was great for the sellers... not sure what it'd be like in this market.

[Xtrema]

Cops and literally walk over from #3 station if you get jacked.

当前要价3,888,888美元

Wait, this is in USD?

I don't think I want to pay close to $5.6M CAD ($3.9+ 12% *1.3) to have 5 neighbors with $500K houses directly next to me. I would want at least some views. Now if this is situated next to Confederation park, I can almost tolerate that price. Not there.

I would rather pay $2M for 53 Edelweiss Point ($500K over assessment), tear it down, and spend another $2M for a 4000sqft build and I would still be $1.6M cheaper than this place and I have unlimited view of Calgary Downtown and I would only have 2 neighbors.

[blueToy]

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a friend of mine is an auctioneer for Graham, he was doing these house auctions when the market was booming, they were getting WELL OVER list price for them, it was great for the sellers... not sure what it'd be like in this market.

Did you read the article or watch the video? This is the first luxury home to be auctioned off in Calgary, and two million plus dollar properties that were last auctioned off ( one in Priddis ) both lost huge money.



imho, this auction is a last act of desperation. Someone way overbuilt in a area and have been trying to find the right sucker for over two and a half years now. Its a real pig with lipstick.
What I find even more concerning is the bullshit buddy spews in the news video. Auctions are far far from being transparent. They are great when there are way more money heavy buyers then sellers. Totally not this market. Will be very interested to see how this works for the realtor. HUGE gamble.

[ercchry]

Wonder what the lender thinks about this move. Doubt that place would have mortgage insurance

[blueToy]

Lots of nervous people waiting for the 28th. And no reserve! They could take a bath, unless someone from Asia gets suckered into buying it.

[Xtrema]

Looks like they changed the address to appease Chinese buyers.

City assessment has it listed as 84 Clarendon Rd at $3.1M. So the $3.8M USD is probably a typo. But probably will scare off Chinese buyer if they do some research.

And neighboring assessment is listed at around high $700s to mid $800s.

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Lots of nervous people waiting for the 28th. And no reserve! They could take a bath, unless someone from Asia gets suckered into buying it.

What would Beyond pay? $1.5M? Would city adjust assessment based on sold price?

[blueToy]

What would Beyond pay? I can only speak for myself but no where near what they are asking. Hypothetically, because I'm not a beyond baller, I would not go over 2.25M, and even that seems like a bad investment. If you could only move this house to a ridge with a view, or a acreage or Mount Royal/Pumphill etc, then it'd be worth the price they want. But just because they overspent and have great expectations, doesn't mean they can get what they ask. It has been sitting for over 2 1/2 years now, in a market that has seen lots of shrivelling and turmoil ( the home doesn't even have a back alley or lane! ). And the folks with that kind of money don't tend to be the kind to throw it away. I've even watched a lot of their neighbours renovating and enjoying the benefits of having a huge house go up around you. And as it brought up the land values up around it, those much lower cost homes will drag this one down. Again, its a last ditch effort to just get rid of this property.
The City just wants as much tax money as they can get. The owners can show the city all their bills for building the thing to justify a cost point, and the City will go along for the ride cause they can tax the shait out of you if you want them to. If this goes down a huge amount, its a good argument to lower the assessment to lower the taxes too.

[Feruk]

I don't even see how you get to $1.5MM. I mean it doesn't even back onto the bike path...

[cloud7]

My childhood home was in Collingwood about 300 m from this property, so I know the area well. I used to ride my bike all over the neighbourhood and Clarendon Road is on one of my routes. Clarendon Road being a road from Northmount Drive sees a lot more traffic than roads at the top of the hill such as Cayuga Drive. Collingwood is actually not a bad area and has a lot of amenities in close proximity to the community. Depending on its location, it may have mountain view or downtown view, or both. If I had to choose between Collingwood and some of the stuff east of 14 Street, I would gladly pick Collingwood. However, this property is a bit expensive for its location. For $4M, I could get a property on Toronto Crescent.

[G-ZUS]

desperate times call for desperate measures

[bjstare]

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My childhood home was in Collingwood about 300 m from this property, so I know the area well. I used to ride my bike all over the neighbourhood and Clarendon Road is on one of my routes. Clarendon Road being a road from Northmount Drive sees a lot more traffic than roads at the top of the hill such as Cayuga Drive. Collingwood is actually not a bad area and has a lot of amenities in close proximity to the community. Depending on its location, it may have mountain view or downtown view, or both. If I had to choose between Collingwood and some of the stuff east of 14 Street, I would gladly pick Collingwood. However, this property is a bit expensive for its location. For $4M, I could get a property on Toronto Crescent.

This property isn't a bit expensive for the location, it's a shitload expensive for the location. I assume it's been stated already, but you can live in places like upper Mt Royal and Bel-Aire for this much money. No comparison.

[ercchry]

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This property isn't a bit expensive for the location, it's a shitload expensive for the location. I assume it's been stated already, but you can live in places like upper Mt Royal and Bel-Aire for this much money. No comparison.

there is a 4000sqft $2.7mm beauty in bayview backing onto the reservoir for sale right now