CRAZY DEAL....137k renovated condo on 17th ave!

[Travis Munroe]

EDIT: Sold for 135k

I am sure a few CP members would be interested if it comes back on the market...
137k for a renovated condo on 17th avenue SW with insuite laundry.
It is a short sale and is currently pending. Tomorrow a inspection is going in and the current purchaser decided to go through or not.

http://abmls.mlxchange.com/Pub/EmailView.asp?r=983944579&s=ALB&t=ALB

[Ace]

I have to admit I haven't paid much attention to Calgary real estate, but that seams extremely low...is there something wrong with it?

[Travis Munroe]

No, it was a short sale meaning the bank thought it made more sense to take a bit of a hit on the property than go through the foreclosure process which can be $$$ for the bank.
It is a top floor unit and other similar units below it have sold for at least 150k. Managed by condo first and has a healthy reserve fund of around 25k. I believe it was converted roughly 5 years ago!

Just to be clear, this isnt my listing but thought I would start sharing some great deals to be had with all of you! Too bad this one should be firm by tomorrow.

[JiriHrdina]

Pretty small but at that price point its a deal no matter what I suppose. Personally when I run across buys like this I rarely go for them because of the "too good to be true" feeling.

But I'm sure there are great deals that come along.

[bizaro86]

Tomorrow a inspection is going in and the current purchaser decided to go through or not.

Have you actually been in this unit? One of the buildings on 17th Ave near there that I looked at a condo in had a slope in it. I put a marble on the floor in one corner, and it rolled easily to the middle of unit. There was a discernible slant to the whole unit, and there were huge cracks in the exterior and the support posts.

I'm not sure it was this building, but I'd certainly have it inspected before I bought. Otherwise yes, that is a smoking deal for someone, and they have instant equity.

[DuffMan]

Have you actually been in this unit? One of the buildings on 17th Ave near there that I looked at a condo in had a slope in it. I put a marble on the floor in one corner, and it rolled easily to the middle of unit. There was a discernible slant to the whole unit, and there were huge cracks in the exterior and the support posts.

I'm not sure it was this building, but I'd certainly have it inspected before I bought. Otherwise yes, that is a smoking deal for someone, and they have instant equity.

Do you always carry marbles around in your pockets?

[Travis Munroe]

^^ carrying marbles is the new thing to do. All jokes aside this is the whole point of an inspector. They will find these things and allow you to decide if it is still worth it.
I will update this tonight as soon as it goes firm or back on the market.

[DuffMan]

Didn't realize he was an inspector, just thought he was some random guy with marbles in his pockets. Just struck me as a bit odd.

I remember doing the same sort of thing on the floor with an empty wine bottle, on my brothers illegal basement suite in Victoria. We had no spare marbles, but did have spare empty wine bottles.

[Phathoe]

As an added bonus, that is exactly right where the native lady with the black eye with no shirt on, flappy boobs flopping around, decided to pass out in front of my car last year. I posted about it on CP. then there was a shooting at a crackhouse at 30th street, then I saw a husky dog get creamed by a car at that intersection.


This deal just keeps getting better and better.

[Patrick]

No, it was a short sale meaning the bank thought it made more sense to take a bit of a hit on the property than go through the foreclosure process which can be $$$ for the bank.
It is a top floor unit and other similar units below it have sold for at least 150k. Managed by condo first and has a healthy reserve fund of around 25k. I believe it was converted roughly 5 years ago!

Just to be clear, this isnt my listing but thought I would start sharing some great deals to be had with all of you! Too bad this one should be firm by tomorrow.

Healthy reserve fund of $25K ahaha that is BAD for a building that old.Should BE MUCH higher.

[Patrick]

Condo fees are VERY high.$300 for 500 sq ft is rediculious. Most new buildings operate at 40-42 cents a sq ft.This one works out to 60 cents a sq ft.

[Winsor_Pilates]

Condo fees are VERY high.$300 for 500 sq ft is rediculious. Most new buildings operate at 40-42 cents a sq ft.This one works out to 60 cents a sq ft.
Yeah, thats extremely high. I wonder what's in the budget that's pushing it up so much.

[Travis Munroe]

Healthy reserve fund of $25K ahaha that is BAD for a building that old.Should BE MUCH higher.


actually that is a fairly healthy reserve fund for a condo conversion that took place roughly 5 years ago.
As for condo fees, it really isnt as bad as some might think. I personally look at a place like arriva where we just sold a unit with condo fees in the 800s i believe. That building has nothing but a party room. Granted they have full time security and window washing isnt cheap but still. Paying 800 a month on a 1100 sq ft condo is close to a mortgage payment for some.

[bizaro86]

Do you always carry marbles around in your pockets?

The marbles were in the unit, along with an old stairmaster, two microwaves, a few headless barbie dolls, and all sorts of other crap. When I'm looking at foreclosures, I take a flashlight and a measuring tape, but no marbles. I'm scared I'll lose them ;)

Like I said though, it was over a year ago, and I didn't pursue it further, so it might not have been this exact building, although it's certainly within a block or two.

[Patrick]

actually that is a fairly healthy reserve fund for a condo conversion that took place roughly 5 years ago.
As for condo fees, it really isnt as bad as some might think. I personally look at a place like arriva where we just sold a unit with condo fees in the 800s i believe. That building has nothing but a party room. Granted they have full time security and window washing isnt cheap but still. Paying 800 a month on a 1100 sq ft condo is close to a mortgage payment for some.

THat is due to poor developers and condo fees. I like in vetro. 1000 sq feet for 385. Includes everything but electricty., A gym, sauna, hot tub, movie room, games room, etc. Our reverse after 2 (and the first year wasnt a full year) years is now at 300k.

So yes its expensive and Arriva was a poor development in terms of developer and management.

[bizaro86]

Yeah, thats extremely high. I wonder what's in the budget that's pushing it up so much.

You'd have to get a budget, but hopefully its payments into the reserve fund to build it up.

All of these types of deals have issues with them, you just have to decide if the discount makes it worth dealing with the issue.

[Travis Munroe]

Onto the next deal I come across... this one sold for 135k