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Thread: Would you buy a condo right now?

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    Default Would you buy a condo right now?

    Just a generic question for the Beyonders here. Are real estate prices looking to take a bigger tumble soon and should prospective buyers look at holding off for now?

    We've been looking at a condo unit in the NW Sage Hill area which is going for about 223k. We were looking at making an offer soon but uncertain about the implications that COVID-19 is going to have on the market price.

    Given that COVID isn't going to blow over anytime soon, and the fact that there are a myriad of new builds in the area, along with blows to employment in the province, we're thinking of potentially holding off on an offer.

    Any thoughts or insights?

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    Curious about this general topic. I was planning on listing a property May 1st as well.

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    I wouldn’t. I actually want to get out of mine but I’m not going to unless I can see breaking even on purchase price. Condo insurance has been hiked crazy amounts, my personal insurance went up but so did the condo fees to cover the ~300% insurance raise. I would avoid condos all together if you can...

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    The condo market in Alberta is a train wreck right now... builders are still flooding the market with both condo and rental properties. I wouldn't touch it with a 50 foot pole, only holding onto my condo and renting it out because I am still underwater. I would suggest renting and saving up to buy something detached instead.

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    I'd definitely wait it out. Perhaps even look at the city assessed value and then see how the prices (esp. in the fall/winter 2021) start trending down, fast.

    With the helicopter cash that the AB and fed government has done is delay the inevitable - collapse of the Calgary/AB housing market.

    Once the OG jobs are gone, no deferral and EI will help.
    Last edited by revelations; 03-30-2020 at 02:24 PM.

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    Sage hill... Condo... do NOT do that at any stage in the business cycle. There's some simple advice for ya.

    To the other condo owners here who are waiting for break even...it's tough to do but like any other investment the wise thing to do is to simply walk away. Makes no sense having equity tied up in a bad investment. Home and condo prices today are still near the top of the cycle.

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    It's a tough question for sure. Buying detached is out of the question; it's for my mother once my parents' house is sold and they go their own ways.

    I should probably correct myself, the condo is in Kincora along Shaganappi across from the Walmart; I don't know why I said Sage Hill

    The builders are literally the only one in the area that uses underfloor heating vs radiator. Material construction appears similar to other builders in area.

    The building/unit won't be finished until November 2020.

    Base price of the unit is $214k. We have a list of roughly $13000 in upgrades that we'd like to do. At first, we were thinking that if they did them for free, it'd be a pretty sweet deal but now it seems there might be a better buying opportunity in the near future.

    The only problem is that there are several selling features:
    - Underground parking
    - Underfloor heating in the unit
    - On the top floor
    - Adult-only building.
    - South facing

    I don't have much experience with purchasing property but I feel like condo units with the right specifications are a bit more difficult to find than cars. Perhaps I am wrong and someone could correct my perspective.

    The head office seems adamant that they won't go below the base price but we just don't want to be caught with a huge drop in pricing after buying. The office emailed us and said they had already pre-approved a $3000 reduction which in my estimation was a pretty weak attempt at soliciting business in this climate.

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    Quote Originally Posted by rx7boi View Post
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    Any thoughts or insights?
    What were you planning to offer? (Rhetorical question, really)
    Depending how desperate they are, would you go 200k or lower? With flood of condos available, I found those even putting offers out are small. With Covid, even lower oil prices in additional to already crappy housing market, only way I would move ahead is if price was right.

    Ok and another thing: buying pre-built. No way in hell I would ever do that again. I want to see what I am buying for sure. These days, no telling what shortcuts people take. And if they delay possession due to Covid, <insert excuse here>, etc. Watch in a few months, they try to fire sale these units for $199,900.
    Last edited by Disoblige; 03-30-2020 at 04:30 PM.

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    Has the insurance fuckery that tanked the condo prices been resolved? I'd imagine it hasn't - I would be seriously cautious about that investment right now

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    Renting has never looked more prudent.
    Quote Originally Posted by killramos View Post
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    If there is one thing I know for sure. ES has no Aspen goals

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    Quote Originally Posted by rx7boi View Post
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    The building/unit won't be finished until November 2020.
    Do not jump into a new build unless

    a) you are ready for special assessments

    b) you are ready to wait months/years for deficiencies to be fixed; and new UNKNOWN deficiencies to be discovered

    c) your condo fees to jump 100% (in some cases) over the first 5 years.


    I would strongly suggest instead, a 5-10 year old concrete building with a decent reserve (5k per door).
    Last edited by revelations; 03-30-2020 at 04:54 PM.

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    Is she planning on staying there for another 40 years? If the answer is no, then absolutely not. Condos are a complete disaster right now.
    Follow me on Instagram and Facebook!

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    As someone who just bought a house let me say a few things.

    I am currently renting a house in Calgary at $1700 a month. I was getting tired of renting and felt it was time to look into owning and went and chatted with Tim.

    We knew what we wanted our budget at and we knew what we needed and wanted and found that in Calgary this was not feasible so we were looking outside the City.

    We ended up with a 4 level split in Strathmore with a detached garage that is 28x25 with scissor truss rafters giving a ceiling height of somewhere in the 15-20 feet high range.

    We feel that we got a good price for the house and a good interest rate. We will be paying in about what we are for renting for the first bit because of how we had to take care of our finances but I would say there isn't a single thing we regret and happy to own our own place.

    We wouldn't have possibly had the same opportunity after June as we had to resign our lease and sort of put a quick schedule on it.

    I also feel with the current situation with interest rates its a great time to buy but hey.... I'm no expert just some consumer in the end of it all.

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    Quote Originally Posted by revelations View Post
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    Do not jump into a new build unless

    a) you are ready for special assessments
    *Also applicable to non-new builds

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    Quote Originally Posted by rx7boi View Post
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    It's a tough question for sure. Buying detached is out of the question; it's for my mother once my parents' house is sold and they go their own ways.

    I should probably correct myself, the condo is in Kincora along Shaganappi across from the Walmart; I don't know why I said Sage Hill

    The builders are literally the only one in the area that uses underfloor heating vs radiator. Material construction appears similar to other builders in area.

    The building/unit won't be finished until November 2020.

    Base price of the unit is $214k. We have a list of roughly $13000 in upgrades that we'd like to do. At first, we were thinking that if they did them for free, it'd be a pretty sweet deal but now it seems there might be a better buying opportunity in the near future.

    The only problem is that there are several selling features:
    - Underground parking
    - Underfloor heating in the unit
    - On the top floor
    - Adult-only building.
    - South facing

    I don't have much experience with purchasing property but I feel like condo units with the right specifications are a bit more difficult to find than cars. Perhaps I am wrong and someone could correct my perspective.

    The head office seems adamant that they won't go below the base price but we just don't want to be caught with a huge drop in pricing after buying. The office emailed us and said they had already pre-approved a $3000 reduction which in my estimation was a pretty weak attempt at soliciting business in this climate.
    Not sure if this ever became law or not, but they were trying to make it so Adult only condos weren't allowed (except 55+)

    https://nationalpost.com/pmn/news-pm...s-condominiums

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    “It’s always a great time to buy” according to those blood sucking realtors. Personally I would buy if the price was 10-15% under market value

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    I would never buy a condo.

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    Brownstones or bust amirite
    Quote Originally Posted by Gestalt View Post
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    Im the one with a learning disability....

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    Quote Originally Posted by Tik-Tok View Post
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    *Also applicable to non-new builds
    It depends on how well the older builds were managed and how much per door the reserve is - this is easy to find.

    New builds will almost never have enough reserve per door.

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    Quote Originally Posted by ExtraSlow View Post
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    Renting has never looked more prudent.
    And free month for Apr.

    Met a landlord @ Lonestar waiting area, he got an eviction notice that has been worked on for 3 month and ready to serve on Apr 1st, now got cock blocked.

    He already lost like $13K in damages to that property and can't get tenant out. He also got 2 other that ain't paying for Apr and leaving in June.

    Unless it's your dream home or something, there is really no point to own.

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