Calgary real estate prospects

[finboy]

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That listing realtor must know something I don’t, 800k seems optimistic.

I was surprised as well, it is now my sole metric that real estate is hawt

[Power_Of_Rotary]

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That listing realtor must know something I don’t, 800k seems optimistic.

Are we allowed to start pooling bets on when/if this house gets sold? RE options derivatives???

[ExtraSlow]

Intrastad

[suntan]

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Are we allowed to start pooling bets on when/if this house gets sold? RE options derivatives???

Finally a good idea.

[msommers]

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Neighbours house just went on the market for $800k, considering that is 30%+ more than what we bought our place for in Nov 2019 and it isn’t nearly as updated, curious to see how accurate a sale price is vs honest door.

https://www.realtor.ca/real-estate/2...west-hillhurst

Unfortunately, I think the valuation isn't crazy for a detached house in a sought-after neighbourhood. It's a unique property that's for sure...

We're starting to see some houses come down in price, but they've sat for a month and the owners are realizing that their ridiculous ask was in fact ridiculous. Now it's decreased to "a bit higher than I'd like". They impression I get is that X person has a fair value $600k house, tries to sell for $725,000 so they can move up to a 1MM because those 1MM house values should $850,000. Problem is no one is desperate enough to pay $725k for their place, and the notion of selling for less than $700k is treated as an insult and they'd rather stay in their current place.

Also it seems like a new kitchen warrants + $100,000 from where it would be with original hardware.

[killramos]

Yea it might not move easily but I wouldn’t see be shocked to see that go for 800.

Wouldn’t take a lot of $ in Reno’s for that place to look a lot more like 900

[finboy]

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Unfortunately, I think the valuation isn't crazy for a detached house in a sought-after neighbourhood. It's a unique property that's for sure...

We're starting to see some houses come down in price, but they've sat for a month and the owners are realizing that their ridiculous ask was in fact ridiculous. Now it's decreased to "a bit higher than I'd like". They impression I get is that X person has a fair value $600k house, tries to sell for $725,000 so they can move up to a 1MM because those 1MM house values should $850,000. Problem is no one is desperate enough to pay $725k for their place, and the notion of selling for less than $700k is treated as an insult and they'd rather stay in their current place.

Also it seems like a new kitchen warrants + $100,000 from where it would be with original hardware.

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Yea it might not move easily but I wouldn’t see be shocked to see that go for 800.

Wouldn’t take a lot of $ in Reno’s for that place to look a lot more like 900

As someone who is one light bathroom renovation away from an updated house, and would love to get a deal on a “$1m” place discounted, this will be an interesting thing to watch

[killramos]

Biggest thing that sticks out to me is the exterior spaces are so unkept. It has terrible “curb appeal” in the photos for that reason.

It’s a place you really need to look at with a lens of “how hard is this to fix”

[bjstare]

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Biggest thing that sticks out to me is the exterior spaces are so unkept. It has terrible “curb appeal” in the photos for that reason.

It’s a place you really need to look at with a lens of “how hard is this to fix”

I think curb appeal is only one part. It’s a very niche area/layout/etc. The buyer has to love odd angles throughout the house, have an interest in that yard configuration, love going up and down stairs, etc.

I think it simply has too many unique qualities that combine to make it not broadly appealing.

[killramos]

That’s fair

[finboy]

I suspect the biggest thing is knowing the target demographic and having a good listing agent. I have found that the listing agents for the last 4 times houses from this stretch have been on the market are friends of family, or really old school agents who don’t “get” what the houses are. Ideally the people looking at these places would be DINKS who would otherwise look at infills but hate the idea of sharing a wall. With close proximity to foothills, you cold probably push it as a more affordable entry point than St. Andrews Heights. Properly updated, these houses do have a really unique vibe to them, but there are some key elements that absolutely MUST be brought into the 21st century. The interior/exterior need to look well kept to compete against something put together in the last 5 years, as killramos noted it can look tired rather quickly if the owner doesn’t have their weeding game on point

[RX_EVOLV]

I remember looking at the blue one next to it for ~$880K back in 2017. I quite liked it but wife said no. $800k for this one seems a little bit high but not too unreasonable given the location and size, but the design is definitly an acquired taste. Not an easy sale.

[ExtraSlow]

Well, strong interest in viewing that North Haven place. I'm two steps removed from it, so I'll always get my news a few days late, but hoping for offers this week.

[ThePenIsMightier]

I have seen 3 "pending sale" properties come back onto the market in the past 3 weeks in an area I watch. I don't believe I've seen that happen twice in the last few years so either this is a step-change trend, or an anomaly.

[Power_Of_Rotary]

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I have seen 3 "pending sale" properties come back onto the market in the past 3 weeks in an area I watch. I don't believe I've seen that happen twice in the last few years so either this is a step-change trend, or an anomaly.

Sales falling through due to stress test given new rates?

[ThePenIsMightier]

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Sales falling through due to stress test given new rates?

I thought those were still coming in June or something, so they shouldn't be impacting anything until they exist. Maybe they are already here and as my finger spends more time in an art room than on a pulse.

My preliminary guess was FoMO has dragged more buyers into the highest brackets they think could potentially afford and then the lenders bring them back down.

[ExtraSlow]

It's a good sign when your lender is the one who has to tell you what you can't afford. Right?

[ThePenIsMightier]

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It's a good sign when your lender is the one who has to tell you what you can't afford. Right?

It's a sign of hawtness!

[2Legit2Quit]

But I work at Tim Hortons full time, what do you mean I can't buy a $700,000 house?

[killramos]

If you have to take any kind of financial advice from a retail lender you are doomed.