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polak · 06-12-2015, 10:20 AM

Anyone look into these before?

I'm considering the Mahogany condo's they built.

For those that don't know how it works, it's a city of Calgary program in which if you have under a certain income (80,000 household for single's with no dependents) you qualify for the program which gifts you the down payment in exchange for a cut of your appreciation. If you move out in the first year you get 0% of your appreciation, 1-2 years you get 25% of your appreciation, 2-3 years you get 50% of your appreciation and 3+ you get to keep 75% of your appreciation. On top of the equity loan for your down payment they offer the homes at under market value, which is rare in this freaking city. All of their condos are actually very nice and well appointed and in nice areas of the city.

I wasn't really considering this before as the potential 25% loss seemed like a lot 2 years ago but these days, it's looking like the appreciation in 3-4 years might not be all that great. Even if you predict that it appreciates 20% in 3-4 years then I'd only lose $10,500 dollars of appreciation with this program. The reason why I'm strongly considering this now, is that I probably won't be in a position to buy on my own for another year or so and in that time I'll easily spend more than 10 grand on rent. Combine that with the savings on the price (Comparable floor plans range around 220-260k) and that loss in appreciation doesn't seem all that hard to swallow.

I know the market isn't ideal to buy in (Like I've preached oh so loudly) but these just finished and it's very rare that these attainable home projects are built in the south so I don't want to miss out.

All of that being said, I still can't get past the idea that anything that sounds like it's too good to be true, usually is. So I'm coming to you CP. Please feel free to poke holes in this program and my plan. I need to be proven wrong soon or I might just go through with it!

Link:

http://attainyourhome.com/portfolio/51-oak

EDIT: I'm going to the sales center today so I'll get more info. Their site is lacking in specifics about the individual projects themselves.

06-12-2015, 10:20 AM	#1
polak In the Sin Bin Join Date: Aug 2012 Exp:	Attainable Homes Anyone look into these before? I'm considering the Mahogany condo's they built. For those that don't know how it works, it's a city of Calgary program in which if you have under a certain income (80,000 household for single's with no dependents) you qualify for the program which gifts you the down payment in exchange for a cut of your appreciation. If you move out in the first year you get 0% of your appreciation, 1-2 years you get 25% of your appreciation, 2-3 years you get 50% of your appreciation and 3+ you get to keep 75% of your appreciation. On top of the equity loan for your down payment they offer the homes at under market value, which is rare in this freaking city. All of their condos are actually very nice and well appointed and in nice areas of the city. I wasn't really considering this before as the potential 25% loss seemed like a lot 2 years ago but these days, it's looking like the appreciation in 3-4 years might not be all that great. Even if you predict that it appreciates 20% in 3-4 years then I'd only lose $10,500 dollars of appreciation with this program. The reason why I'm strongly considering this now, is that I probably won't be in a position to buy on my own for another year or so and in that time I'll easily spend more than 10 grand on rent. Combine that with the savings on the price (Comparable floor plans range around 220-260k) and that loss in appreciation doesn't seem all that hard to swallow. I know the market isn't ideal to buy in (Like I've preached oh so loudly) but these just finished and it's very rare that these attainable home projects are built in the south so I don't want to miss out. All of that being said, I still can't get past the idea that anything that sounds like it's too good to be true, usually is. So I'm coming to you CP. Please feel free to poke holes in this program and my plan. I need to be proven wrong soon or I might just go through with it! Link: http://attainyourhome.com/portfolio/51-oak EDIT: I'm going to the sales center today so I'll get more info. Their site is lacking in specifics about the individual projects themselves. Last edited by polak; 06-12-2015 at 10:25 AM.