Calgary real estate prospects

[Xtrema]

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Hot market for sure! Prices in our condo building continue to be listed lower and lower as months and years pass on. Talk about a wise investment while also paying condo fees!!

Avi is trying to get rid of last 2 units in University district by advertising it being $80K off at $499k.

Look at rentfaster and most seems to want $2k-$2200.

Look up condo fee and taxes, it's about $1K/month.

Nope the hell out of there.

[gyromonkey]

https://www.realtor.ca/real-estate/2...ry-aspen-woods


I know this house very well, its one of his 30 plus places in the Calgary area. I am sure a few of them have pools lol

gotta feel bad for the poor fella he did buy it for over 10mil

[max_boost]

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Hot market for sure! Prices in our condo building continue to be listed lower and lower as months and years pass on. Talk about a wise investment while also paying condo fees!!

Lol it’s okay bro. I’m glad the markets have been hot. It made up my condo losses. Win some lose some.

[jwslam]

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These sold for $1MM when they were built.

https://www.realtor.ca/real-estate/2...ry-aspen-woods

One of them sold on the 14th for $649K and was 2 years newer. Brutal.

didn't know so many people had shakalaka money to take that kinda loss

[Xtrema]

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didn't know so many people had shakalaka money to take that kinda loss

Or the fact that someone pay $1M to live next to hobo express and not in the downtown core.

[max_boost]

ooof that's some pain. I don't feel so bad now lol

[you&me]

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This might be the most expensive house in Calgary for sale right now:

https://www.realtor.ca/real-estate/2...ry-aspen-woods

Doesn't even have a swimming pool. This is what happens when commoners get money.

https://www.honestdoor.com/property/...-sw-calgary-ab



At least P_o_R's sliver of the market is hot

[Power_Of_Rotary]

I know many of you are hodling condos. But I will reiterate to those who cannot read. The entire thread is directed to house and land. And this specific asset class is hot. Condo fees are pretty hot, tho.

[Euro_Trash]

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The whole complex had massive exterior work, covered in scaffolding/netting for >1yr. It was in the high 5/low 6 figures per unit IIIRC. Jordan would probably know, we talked about it back when it was coming down the pipe.

Exactly - basically the builder undersized a beam at the garage level (with 3 floors stacked on top) which had to be replaced/reinforced, but also led to significant exterior damage, including water/mold on some of the units. Low 6 figures is correct, ask me how I know...

[benyl]

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Or the fact that someone pay $1M to live next to hobo express and not in the downtown core.

To be fair, the hobo express was built after these condos.

[Xtrema]

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I know many of you are hodling condos. But I will reiterate to those who cannot read. The entire thread is directed to house and land. And this specific asset class is hot. Condo fees are pretty hot, tho.

Sep 2019 to Sep 2020, Detached house was off 1%
Sep 2020 to Sep 2021, Detached house is up 10%

Not bad but given we had the lowest mortgage rate in history and price of lumber is up 3x, pretty tame.

Under the same factors while we are up 10%:
GTA: +19%
GVA: +21%
Halifax: +23%

Last time Calgary has seen those kind of yoy numbers was 06-07. And it was never seen again.

Condo ownership is a lifestyle play.

Detached house ownership is an inflation hedge.

[Power_Of_Rotary]

Call it tame or inflation hedge. But when people pay over asking price, IMO, is a hot market.

If needed, I can create a new thread called "Calgary Condo Prospects" for you condo lovers.

[beyond_ban]

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Call it tame or inflation hedge. But when people pay over asking price, IMO, is a hot market.

If needed, I can create a new thread called "Calgary Condo Prospects" for you condo lovers.

Are we allowed to talk commerical RE here?

[RX_EVOLV]

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Are we allowed to talk commerical RE here?

Please do... Looking to purchase a small warehouse style office for the company and have no idea what the market is like at the moment.

[beyond_ban]

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Please do... Looking to purchase a small warehouse style office for the company and have no idea what the market is like at the moment.

What area you are you looking for? Size range? I know the industrial market has been really hot but there has been quite a bit of new industrial condo supply hitting the market over the last few years.

[RX_EVOLV]

Ideally closer to inner city, so not like Rocky view. Just a small warehouse for a 3-4 person operation. Maybe ~ 400-600sqf front office with a ~1000sqf loading bay in the back. Looking for a ground level shop that allows for easy shipping and receiving, but don't need alot of space for inventory.

[TomcoPDR]

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Please do... Looking to purchase a small warehouse style office for the company and have no idea what the market is like at the moment.

It’s pretty hot too. Just sold a bay $245/sqft, this month. Market for under 3,000 sqft is holding strong for $250/sqft. Stuck on one after leasehold at $300/sqft

- - - Updated - - -

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Are we allowed to talk commerical RE here?

Thread break?

[beyond_ban]

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Ideally closer to inner city, so not like Rocky view. Just a small warehouse for a 3-4 person operation. Maybe ~ 400-600sqf front office with a ~1000sqf loading bay in the back. Looking for a ground level shop that allows for easy shipping and receiving, but don't need alot of space for inventory.

New build that meets these requirements is getting anywhere from $350+/SF and more suburban. Tomco is right with older product that is centrally located isn't trading for below $250/SF

[RX_EVOLV]

What the current market situation?

I really don't need it until our current lease expires next summer. Should we just jump on one now as they could get more expensive, or it's been steadily high so no need to rush into the market, or they are just overpriced and we are better off waiting.

[Xtrema]

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What the current market situation?

I really don't need it until our current lease expires next summer. Should we just jump on one now as they could get more expensive, or it's been steadily high so no need to rush into the market, or they are just overpriced and we are better off waiting.

Depends on your view on interest rate. There is a rush right now because rates may be going up due to inflation concerns.

Other factors causing this run up includes:
1. GVA/GTA are relocating here if their jobs allows them to as both are on UBS bubble index at #2 and #6 and highly unaffordable if your income come from a job. Also reason why Halifax is up 23% yoy as some has flee GTA to Halifax
2. Money laundering from China and immigrant from HK to escape Common Prosperity has ramped up big time which feeds into #1. Heard rumor that CRA is auditing an Ontario man with $40K/yr income but $30M worth of properties.

Looks around Hamptons, it seems pretty balanced. Everything seems to move within 2 weeks unless it's a pure shit hole or asking for way too much.

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Call it tame or inflation hedge. But when people pay over asking price, IMO, is a hot market.

As an investor of Buster's favorite asset class and a landlord, I'm glad there is some movement. It's still the worst performing part of my portfolio since pandemic started. But it's just diversification in the event of a long term bear market rear its ugly head.

If this $65 oil forecast holds out and double meat sub time comes again, I'll probably let some go.