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  1. #61
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    Quote Originally Posted by vengie View Post
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    Can't believe this hasn't received more attention.

    LOL!
    I noticed it but didn't want to tip the rest of y'all before I can sell him some land in Brocket.

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    Good Call @RX_EVOLV , a 50' foot lot with a tear-down house in Mount Pleasant is worth $400-$600k depending how close you are to the park. Same lots "two communities north" is what, $150k less for similar land size? Not that far from that $100k/10 minutes commute guideline either.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    On a separate note, anyone else find downtown apartments looking quite affordable?

    I dont follow the apartment/condo market and aware of all the oversupply and office vacancy issues, but low to mid 200s for a newer (>2000s) apartment, higher floors with view seems quite cheap! Like these:

    https://www.realtor.ca/real-estate/2...lgary-beltline

    https://www.realtor.ca/real-estate/2...lgary-beltline

    https://www.realtor.ca/real-estate/2...lgary-beltline

    I can't imagine any of these being in the 100Ks.. but what do I know

  4. #64
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    Quote Originally Posted by RX_EVOLV View Post
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    On a separate note, anyone else find downtown apartments looking quite affordable?

    I dont follow the apartment/condo market and aware of all the oversupply and office vacancy issues, but low to mid 200s for a newer (>2000s) apartment, higher floors with view seems quite cheap! Like these:

    https://www.realtor.ca/real-estate/2...lgary-beltline

    https://www.realtor.ca/real-estate/2...lgary-beltline

    https://www.realtor.ca/real-estate/2...lgary-beltline

    I can't imagine any of these being in the 100Ks.. but what do I know
    The over supply is a real problem.
    There is massive inventory coming to market.

    For reference, I sold my rental in Keynote 3 years ago for ~12% higher than current market values.

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    Quote Originally Posted by RX_EVOLV View Post
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    On a separate note, anyone else find downtown apartments looking quite affordable?

    I dont follow the apartment/condo market and aware of all the oversupply and office vacancy issues, but low to mid 200s for a newer (>2000s) apartment, higher floors with view seems quite cheap! Like these:

    https://www.realtor.ca/real-estate/2...lgary-beltline

    https://www.realtor.ca/real-estate/2...lgary-beltline

    https://www.realtor.ca/real-estate/2...lgary-beltline

    I can't imagine any of these being in the 100Ks.. but what do I know
    1 bed / 1 bath with < 400 sq ft and ~$0.63/sq ft condo fees. Location is great and finishings are modern, parking is extra on some ... seems expensive to me at 250K. 2 bed, 2 bath, 700 + sq ft for 250K...now we're talking.

    The glory days in Calgary are over for awhile. Lots of people want to rent to see how things shake out, so if you wanna risk it and be a landlord right now...
    Ultracrepidarian

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    Quote Originally Posted by RX_EVOLV View Post
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    On a separate note, anyone else find downtown apartments looking quite affordable?

    I dont follow the apartment/condo market and aware of all the oversupply and office vacancy issues, but low to mid 200s for a newer (>2000s) apartment, higher floors with view seems quite cheap! Like these:

    https://www.realtor.ca/real-estate/2...lgary-beltline

    https://www.realtor.ca/real-estate/2...lgary-beltline

    https://www.realtor.ca/real-estate/2...lgary-beltline

    I can't imagine any of these being in the 100Ks.. but what do I know
    All of those places are overpriced, IMO.

    I'm not in the condo market, but a buddy of mine just got one in a similar vintage building that was 50% bigger than those, and in an arguably better location, for low to mid 200s. Maybe he got lucky and got a firesale? idk.

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    Quote Originally Posted by vengie View Post
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    The over supply is a real problem.
    There is massive inventory coming to market.

    For reference, I sold my rental in Keynote 3 years ago for ~12% higher than current market values.
    I thought I knew vic park buildings alright and was wondering where Keynote 3 was... had to read the sentence a few times

    I would agree there's probably lots of people upsizing after covid times confined them to these small spaces.
    Especially couples who live in bachelor and both need to have online meetings

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    Quote Originally Posted by jwslam View Post
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    I thought I knew vic park buildings alright and was wondering where Keynote 3 was... had to read the sentence a few times

    I would agree there's probably lots of people upsizing after covid times confined them to these small spaces.
    Especially couples who live in bachelor and both need to have online meetings
    I blame my poor punctuation on my phone lol.

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    No real intentions here but more curiosity, what are everyones thoughts on investing in commercial real estate?

    Feel like this sector has been hit hard, if not harder than the condo market, and might be some good opportunities out there...

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    Buy Rio-can or choice properties.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  11. #71
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    Fair enough haha

    Was looking at the prop. tax on some of cheaper industrial bay type units... ~$10,000/year for 2000sqft of space, add monthly maintenance fees, dunno how some guys do it

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    Commercial vacancy is going nowhere but up in Calgary.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by pheoxs View Post
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    I always wondered, when people say 300$/sq ft, is that the building foot print? the square footage in a real estate listing? or total liveable space?

    Like a 1500sq ft two storey house (say 800 main floor + 700 second floor + 600 basement) .... would that be 450k? or would you count the basement?

    I know its a rough estimate but curious.
    The house is not on MLS anymore. Anyone know (or able to check) if it got sold over the weekend or the seller pulled it?

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    Quote Originally Posted by Neil4Speed View Post
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    I am a bit curious in terms of these "flips", about how much money is actually going into them. I get that its a very challenging question just looking a a photo, but even a ballpark is interesting to me.

    An Example: https://www.realtor.ca/real-estate/2...ry-collingwood, asking $875k. Bought originally in November 2018 for $535. Assuming that it was all original, is it fair to say that ~300k worth of renos was done? They speak to new plumbing, electrical, windows, exterior detail, drive way, landscaping, fencing, drywall, light fixtures, doors, flooring, kitchen, appliances & new front veranda. I know that some of this stuff isn't cheap at all, i.e Landscaping/Driveway, but still seems like a steep ask.

    Thoughts?
    Price been steadily lowering on this one. At $809K now.

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    Quote Originally Posted by RX_EVOLV View Post
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    Price been steadily lowering on this one. At $809K now.
    I'm thinking it's got more to go. The lot is horrendous, not to mention the quality of the reno is questionable. If I can pick things out of the photos that indicate low quality work, there's bound to be (lots) more that are not readily apparent... although that may not matter or be applicable to the avg buyer, I suppose.

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    Quote Originally Posted by cjblair View Post
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    I'm thinking it's got more to go. The lot is horrendous, not to mention the quality of the reno is questionable. If I can pick things out of the photos that indicate low quality work, there's bound to be (lots) more that are not readily apparent... although that may not matter or be applicable to the avg buyer, I suppose.
    I would really like to hear more about your assessment of the lot and quality of the Renos - still learning about this stuff.

    Neil
    Originally posted by arian_ma
    your stomach is full of sulfuric acid

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    Quote Originally Posted by Neil4Speed View Post
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    I would really like to hear more about your assessment of the lot and quality of the Renos - still learning about this stuff.

    Neil
    I'll take a stab at this. The lot is just a really bad layout. Almost nothing for a private backyard and instead its almost all front yard and a ton of sidewalk. Winter maintenance is a bitch. The small bit of yard you do get is north facing which means even in the summer you'll get minimal sunlight.



    In terms of reno quality (my opinion) there's some weird things.

    The island is weirdly laid out. Microwave doesn't look like its meant to be there and just a cheap cover to make it fit. The cupboard layout is odd too ... sorta looks like it wasn't planned well? Would've made more sense to put the outlet beside the microwave in the dead piece of trim. And then the cupboard and drawer on the left to make them matching? (More of a personal preference I guess)


    There's also a weird chunk of missing trim on the opposite side of the island at the very bottom. Not sure if its for a vent or the door won't open with trim?


    This looks like they forgot a vent?


    This has gaps in the baseboard ... looks like the floor isn't level. There's a few places in the house similar but this one looks the most obvious. And they forgot to paint part of the baseboard too?

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    Quote Originally Posted by Neil4Speed View Post
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    I would really like to hear more about your assessment of the lot and quality of the Renos - still learning about this stuff.

    Neil
    One could argue the lot is subjective, but the fact that it's a reverse pie lot with a couple weird triangle shaped backyard sections probably won't appeal to a lot of people (would be interested in an opinion from a realtor, or someone like that who's much more knowledgable than me).


    Just one simple example RE: quality of work - the millwork in the kitchen. The veneer on the drawer fronts doesn't match on most of them - in the pics, I could only find two drawers that were done "right", where the woodgrain matches from one drawer to the next:
    Name:  Good Cabinets.jpg
Views: 710
Size:  68.9 KB

    whereas all others were done the lazy way (i.e. not matched to one another):
    Name:  Bad Cabinets.jpg
Views: 701
Size:  64.3 KB

    This indicates that whoever they hired to do their millwork is not as concerned about quality of work as they are about cost/time, and I would bet this applies to most (if not all) of the other subtrades they used.

    edit: I'd say @pheoxs post corroborates this well haha.

    Flips are profitable for a reason, and it's not because they use expensive, high quality trades to do the work.
    Last edited by bjstare; 11-20-2020 at 11:53 AM.

  19. #79
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    it wasn't priced to sell from the getgo. when you look at the houses available at that price range, you have a bevy of options all over the city.

    but i really like this location, it'd be nice to tear it down and build something more modern in its place.

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    Definitely not my kinda house lol. Maybe it's just the way the pictures are framed, but to me it feels like the entire house is like basement with 7.5' ceilings. Master bedroom seems dark to me despite all the lighting too.

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