Calgary real estate prospects

[suntan]

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If they priced appropriately, they would have sold. Waste zero seconds worrying about people who misjudge the market.

People will just withdraw their listing or let it lapse, or not list in the first place.

Which I think is what's going on right now.

I think almost all new listings you'll see going forward will be people that have to sell.

As long as the employment situation stays constant, there won't be any real material correction in the residential space.

[dirtsniffer]

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Wood foundation?
Must be old. Seems like land value at that point.

Community was built around 1985-1992. I basically thought every house was a concrete foundation

[dirtsniffer]

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Oddly enough there is a few of these in Mackenzie Lake (where the pours live at the se corner) and yeah, deal killers for most lenders

Interesting to know lenders run away from them

[mr2mike]

I'd love to see pics if they show anything.

[Pauly Boy]

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Im about to piss off a few people.. Going to list my condo for ~16k lower than the previous unit sold and 15k lower than the current unit listed in hopes of a quick sale. Doesnt sound like much, but it is under the $200k mark so it will certainly matter to them and be the lowest 2bed unit in the beltline. Renters are leaving early and I really dont want to deal with it anymore so heres to hoping!

Best asset class.

[TomcoPDR]

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It's a teardown so far as I'm concerned. I've never been inside, but judging by how they "kept" the outside over the last twenty years, I wouldn't trust it not to fall down.

It's also hard to trust a family who used a children's playground as their personal offroad course on more than one occasion.

They took your advice


https://realtor.ca/real-estate/24998...alsharelisting

[R-Audi]

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Im about to piss off a few people.. Going to list my condo for ~16k lower than the previous unit sold and 15k lower than the current unit listed in hopes of a quick sale. Doesnt sound like much, but it is under the $200k mark so it will certainly matter to them and be the lowest 2bed unit in the beltline. Renters are leaving early and I really dont want to deal with it anymore so heres to hoping!

And condo sold in one day.
Definitely upset someone, as the other unit listed in the building dropped their price to match and still sitting on MLS.

[ThePenIsMightier]

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And condo sold in one day.
Definitely upset someone, as the other unit listed in the building dropped their price to match and still sitting on MLS.

Unloading of best asset class complete.

[suntan]

You can feel the fat stacks.

[bjstare]

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And condo sold in one day.
Definitely upset someone, as the other unit listed in the building dropped their price to match and still sitting on MLS.

This brings me joy. People pricing things too high (be it a car or a condo, or whatever else), and letting them sit on the market forever is a pet peeve of mine.

[riander5]

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People will just withdraw their listing or let it lapse, or not list in the first place.

Which I think is what's going on right now.

I think almost all new listings you'll see going forward will be people that have to sell.

As long as the employment situation stays constant, there won't be any real material correction in the residential space.

And people who die. ~7500 ppl died in calgary last year. Impossible to say how many owned houses that were then listed but its more then 0 and you're right these houses won't move markets

[suntan]

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And people who die. ~7500 ppl died in calgary last year. Impossible to say how many owned houses that were then listed but its more then 0 and you're right these houses won't move markets

Those are in the "people that have to sell".

Anyhow, in the olden days, people would list estate sales for years if need be.

[riander5]

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Those are in the "people that have to sell".

Anyhow, in the olden days, people would list estate sales for years if need be.

Yeah that was my point, people who are alive and in a financially distressed situation have to sell, and people who pass away also have to sell. I suppose they are both sold with some urgency but i'd assume the financially distressed 'have to sell' people are fire sale-ing more than the people about to get a big payday

[mr2mike]

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Anyhow, in the olden days, people would list estate sales for years if need be.

We talkin' 1900's?

[Pauly Boy]

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And condo sold in one day.
Definitely upset someone, as the other unit listed in the building dropped their price to match and still sitting on MLS.

Nice. Let's hope you at least walked away with some cash.

I'm hoping we can move our unit in the near future. Our existing tenants just signed another year lease, so stuck with it for a little while longer. I guess as long as they want to stay just means further into the black for us & cheap rents for them at least.

[suntan]

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We talkin' 1900's?

Early 2000s at least. I viewed one home that was an estate sale that was on the market for two years and another that was about 6 months. They're not rushed because they'd get crushed with cap gains anyhow so they were like meh.

[R-Audi]

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Nice. Let's hope you at least walked away with some cash.

Full rundown:
-Bought the condo in 2005 for ~$205k.... lived there for a few years, then rented it out.
-Had numerous assesments throughout ownership, probably to the $30k range total.
-Typically Ive had to top up the rental income by a few hundred a month to cover costs.
-I refinanced some 5 years ago and was able to take out $75k
-Sold the unit for $177k
-Will end up with ~$1,500.00 coming back to me after closing costs/realtor fees/mortgage.
-I should be ahead at the end of everything... but no idea by how much. Certainly wouldnt recommend condos for ownership/investment!

Yay Real Estate!

For those wondering, building had some envelope issues for a while, which stopped sales all together and brought on assesments.. last sale in the building prior was $195k in August, but I didnt want to wait for the last dollar and give one last screw you to the condo board.

Glad its all over. (only pending review of the Condo documents now)

[pheoxs]

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Full rundown:
-Bought the condo in 2005 for ~$205k.... lived there for a few years, then rented it out.
-Had numerous assesments throughout ownership, probably to the $30k range total.
-Typically Ive had to top up the rental income by a few hundred a month to cover costs.
-I refinanced some 5 years ago and was able to take out $75k
-Sold the unit for $177k
-Will end up with ~$1,500.00 coming back to me after closing costs/realtor fees/mortgage.
-I should be ahead at the end of everything... but no idea by how much. Certainly wouldnt recommend condos for ownership/investment!

Yay Real Estate!

For those wondering, building had some envelope issues for a while, which stopped sales all together and brought on assesments.. last sale in the building prior was $195k in August, but I didnt want to wait for the last dollar and give one last screw you to the condo board.

Glad its all over. (only pending review of the Condo documents now)

you bought in 2005 and it lost value since then? That seems quite surprising, guessing the condo is having lots of building maintenance costs that drove the condo fee through the roof and killed your value.

How high were the condo fees now?

[you&me]

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Full rundown:
-Bought the condo in 2005 for ~$205k.... lived there for a few years, then rented it out.
-Had numerous assesments throughout ownership, probably to the $30k range total.
-Typically Ive had to top up the rental income by a few hundred a month to cover costs.
-I refinanced some 5 years ago and was able to take out $75k
-Sold the unit for $177k
-Will end up with ~$1,500.00 coming back to me after closing costs/realtor fees/mortgage.
-I should be ahead at the end of everything... but no idea by how much. Certainly wouldnt recommend condos for ownership/investment!

Yay Real Estate!

For those wondering, building had some envelope issues for a while, which stopped sales all together and brought on assesments.. last sale in the building prior was $195k in August, but I didnt want to wait for the last dollar and give one last screw you to the condo board.

Glad its all over. (only pending review of the Condo documents now)

Best asset liability class.

[msommers]

It's likely worse considering all the interest paid. Don't ask how I know