Garage overload

[cloud7]

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I grew up one street over from here, wish I could afford this place (or the house I grew up in).

I grew up a block or so from there as well. It is a good neighbourhood. Lots are big and close to downtown by today's standard. I am surprised that the property tax is only ~$4700 for a $1M home... must be a perk for living in the inner city...

[Cagare]

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I grew up a block or so from there as well. It is a good neighbourhood. Lots are big and close to downtown by today's standard. I am surprised that the property tax is only ~$4700 for a $1M home... must be a perk for living in the inner city...

That's cause it's assessed value is $650k. It's someone trying to take advantage of a hot market, can't blame them. I would say it's not worth what they are asking, but someone may pay it, just need to find the right greater fool.

Edit: Just did the math, they are asking close to $600/sq foot. That's close to if not above the cost of building new. Lots in that area aren't that much money, when you can find them. You just may not always get two 2 car garages.

[blainer]

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That's cause it's assessed value is $650k. It's someone trying to take advantage of a hot market, can't blame them. I would say it's not worth what they are asking, but someone may pay it, just need to find the right greater fool.

Edit: Just did the math, they are asking close to $600/sq foot. That's close to if not above the cost of building new. Lots in that area aren't that much money, when you can find them. You just may not always get two 2 car garages.

Not at all the seller's tactic and they recognize it's not for everyone. When you say lots are not that much money, 71 Cromwell is listed at 650K for 100m2 less lot to work with. Now let's have some fun with numbers using that 650K, so removing land value and looking at the cost to build new it's $218/sq ft with the main floor area, adding the fully finished basement into the mix comes out to ~$100/sqft.
Does that seem like such a bad deal? Say what you want about the floor plan, shower, etc.. neither the seller nor the buyer are fools in this situation, just people with specific tastes, which don't match yours.

[Cagare]

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Not at all the seller's tactic and they recognize it's not for everyone. When you say lots are not that much money, 71 Cromwell is listed at 650K for 100m2 less lot to work with. Now let's have some fun with numbers using that 650K, so removing land value and looking at the cost to build new it's $218/sq ft with the main floor area, adding the fully finished basement into the mix comes out to ~$100/sqft.
Does that seem like such a bad deal? Say what you want about the floor plan, shower, etc.. neither the seller nor the buyer are fools in this situation, just people with specific tastes, which don't match yours.

Listing and selling are two different things. Again, stupid hot market this spring so that lot next door may sell for close to 600k, but it has an assessed value of bouncing around $500k +/- since 2007. Again, things are only worth what people are willing to pay. But in the past few years, in most neighbourhoods, we have been closer to assessed value than not.

Also, that's relating to new builds. Let's look at the overview on Collingwood. In the past 5 years the average sold price per square foot is $470. The average list value this year is $570/square foot and if they sell to 98% of list, which is the average of that neighbourhood, that's still $559/square foot.

None of this is meant to be an insult. This is the exact right time to sell a detached home in this City and I don't know how long this will keep up.. I have seen some homes go for values that don't make sense a whole lot of sense to me. This is across the board, all types of houses, not just ones that don't match my tastes.

[blainer]

Understood but selling for lot value is easy to compare to recently sold comparable properties so I want to believe that sellers/RE agents are able to be accurate (+/-5%) with those properties.

Mind sharing the data source? I'm curious to see a graph of the distribution of $/sq ft for Collingwood. Thinking about it from the neighbourhood perspective, I believe it'd be bimodal with new builds at one end and lot values at the other so the average doesn't really work well for either type.

[94boosted]

Got my builder to put in the biggest possible triple tandem garage they could, just over 700sqft, now the garage looks disproportionate to the house

[ExtraSlow]

That's ridiculous.

Ridiculously Awesome.

[Cagare]

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Understood but selling for lot value is easy to compare to recently sold comparable properties so I want to believe that sellers/RE agents are able to be accurate (+/-5%) with those properties.

Mind sharing the data source? I'm curious to see a graph of the distribution of $/sq ft for Collingwood. Thinking about it from the neighbourhood perspective, I believe it'd be bimodal with new builds at one end and lot values at the other so the average doesn't really work well for either type.

You can tweak all the data you want here. There were a range of homes sold in Collingwood and you could expand it as well. The interesting thing is if you look in the last 2 years the price per square foot is lower, I looked over a 5 year cycle, which has been fairly consistent. The 10 year cycle is a similar average with some spikes around $500/sq foot. The highest price per square foot comes with building/redevelopment lots, and the lowest is typically on your larger homes, which makes sense.

https://www.bode.ca/market-data?province=AB&city=Calgary&transactionDate=2%20years&community=Collingwood&propertyType=Detached&yearBuilt=2010-2015,2015-2020,2020-2021,2000-2010,1990-2000,1970-1990,1950-1970,1925-1950,1900-1925


Pricing has been aggressive across the board for new listings this year in desirable locations. A lot of people that bought building lots last year are trying to flip them for 20% more 6 months later as well. We have been shopping pretty hard since early last year, prices bottomed out around October/November and started climbing aggressively in the past 2 months. Not that I consider a home an investment, but it does hold a portion of my net worth and I am not interested in getting in during a short term inflation in value. I had thought about selling and renting but the home value I currently have has not climbed enough to justify that risk or the hassle of 2 moves.

[Kjonus]

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Got my builder to put in the biggest possible triple tandem garage they could, just over 700sqft, now the garage looks disproportionate to the house

I hope that one of those rear attach garage homes?

[94boosted]

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I hope that one of those rear attach garage homes?

Yah it is, it's a courtyard style house with more of a side yard than a traditional back yard so it's a pretty efficient use of space and we're happy with it.

[jutes]

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Got my builder to put in the biggest possible triple tandem garage they could, just over 700sqft, now the garage looks disproportionate to the house

Oh hell yes! Too late to add some windows to that side? Natural light is the bomb.

[S-FLY]

Holy, is that the front of the house or the back?
*edit: I'm assuming that's the back, with a rear attached. That's amazing!

[94boosted]

- - - Updated - - -

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Oh hell yes! Too late to add some windows to that side? Natural light is the bomb.

I added one 4' x 4' window to the other side for a bit of natural light and most importantly had them double the amount of light fixtures to make sure it's nice and bright in there.

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Holy, is that the front of the house or the back?
*edit: I'm assuming that's the back, with a rear attached. That's amazing!

Yup that's the back.

[Team_Mclaren]

https://www.remax.ca/ab/calgary-real...d292358876-lst

sick rear garage setup, overpriced imo... That garage alone isnt worth 150k over

[ExtraSlow]

Breakfast with a view of your trailer. I'll take it.

[TomcoPDR]

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https://www.remax.ca/ab/calgary-real...d292358876-lst

sick rear garage setup, overpriced imo... That garage alone isnt worth 150k over

Put the cars in your offer then

[Team_Mclaren]

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Put the cars in your offer then

Selling wants an extra 6k for that lift to stay as well... lmao..

Someone here must know him, a huge Mustang guy.

[Darkane]

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Selling wants an extra 6k for that lift to stay as well... lmao..

Someone here must know him, a huge Mustang guy.

I saw that when it popped up. I don’t think it’s 150k over, the lot is quite large.

It’s taking advantage of the bubble right now - sure - but is that not a 700k setup?

House is not bad, 2440sqft.

[killramos]

That’s a lot of mustangs.

[finboy]

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That’s a lot of mustangs.

This, I’d get bored as hell with 3 of the same car