Real estate in Calgary - another bubble?

[bizaro86]

Originally Posted by Cflames_12.5

I can do zero by myself If I want to have a high level of craftsmanship. The bathroom is decent but could use a bit of upgrade. Like a vanity and new sealing. Both bathrooms have new toilets. The kitchen has granite countertops but outdated cupboards. some features are slate tiling, hardwood floor, granite countertops a school across the street, and a fireplace. I just replaced all the poly B and furnace. Some issues the paint is outdated the drywall is patched together. It is a rental property and the last tenant took a bat to my walls when I evicted him. The windows are very old and outdated many stains in the wood around the window from moisture

Thats a tough one. Windows are expensive, even more so now because everyone is very busy. If there are holes in the walls I'd get that fixed for sure. Sounds like some drywall repair and painting at a minimum.

I think re-doing cabinet doors might also be a good bang for your buck as well.

[blankall]

Originally Posted by Cflames_12.5

I can do zero by myself If I want to have a high level of craftsmanship. The bathroom is decent but could use a bit of upgrade. Like a vanity and new sealing. Both bathrooms have new toilets. The kitchen has granite countertops but outdated cupboards. some features are slate tiling, hardwood floor, granite countertops a school across the street, and a fireplace. I just replaced all the poly B and furnace. Some issues the paint is outdated the drywall is patched together. It is a rental property and the last tenant took a bat to my walls when I evicted him. The windows are very old and outdated many stains in the wood around the window from moisture

Yeah I'd be careful. Depends on what specific street the house is on, but you're talking about some serious cash to fix that stuff properly. I'd definitely do what you can on superficial stuff. You can also hire a handyman. Good ones will be able to do must superficial stuff for a few thousand. Things like vanities aren't actually all that difficult to replace. Measure them. Find one the same size at home depot. Installation challenge depends on how old/good the plumbing is. If it's older or cheaper get someone with insurance to put it in.

Also, yeah cabinet doors will help a lot.

I wouldn't spend more than $5-10k but you can do a lot for that.

[The Yen Man]

Originally Posted by Ferarri

Sorry if this has been asked already, but wasn't there a real estate forum here before? I was wanting to get people's opinions on the new University District community.

I think the area has a lot of potential. I have one of the Ivy townhouses as a rental unit, and it's been renting pretty well. Only thing is, because it is technically university land, you don't actually own the unit. Instead, you have a 99 year lease with the university, with the clause that should the university for whatever reason take back the land, they have to buy it back at market value. I mean, what do I care in 99 years? Lol, I'd be long dead by then.

[OldDutch]

I wouldn't do windows in hopes you will get more on your selling price. I did mine 10 years ago and it cost me $25K and that was with a crazy deal through a person I knew. I can only imagine what they are now.

We bought the house 2 years earlier and didn't even check the windows. We just wanted the house. Then we move in and figure out the windows are 30 years old and failing. So we did the upgrade.

That said, my neighbor has the exact same house and is still rocking those 40+ year old windows.

I think windows are a net neutral thing at best. Better to do those things when they have to be done. Most people won't even look at it when buying.

[Ahuch]

Originally Posted by Cflames_12.5

I am selling a house in Erinwoods. I have zero experience. I hope this is the right thread. Can someone provide any advice on a formula of reno vs selling price? My house is about 900 square feet 3 bed 2 baths. It needs work but it is not horrible. I have hardwood I just replaced the poly B. Need paint. The biggest thing probably is the wood panel door and door trims. I need an update to modernize it. Do I put lipstick or bit the bullet and do 20, 30k reno.

Lipstick on a pig, I just don't see you being able to extract the value of paying for quality labor in the sale price. It's probably easier to find a buyer who wants to put in some sweat equity that will meet you part way in the sale price.

[InglewoodFan]

Had no idea how hot the market was. Have a friend who listed Thursday, had basically a full price offer on the second showing on Friday. Conditions cleared last night. Done.

And they had to fight their realtor to set the price as high as they did.

[peter12]

We put an offer in on a large two bed condo here in Vancouver. We were hoping to make the jump to a townhouse but maybe next time around. I guess the property ladder exists for a reason.

[Winsor_Pilates]

Originally Posted by peter12

We put an offer in on a large two bed condo here in Vancouver. We were hoping to make the jump to a townhouse but maybe next time around. I guess the property ladder exists for a reason.

Did you get it accepted or still pending?
Good luck!

Not moving to Calgary yet in that case?

[the-rasta-masta]

Originally Posted by Ferarri

Sorry if this has been asked already, but wasn't there a real estate forum here before? I was wanting to get people's opinions on the new University District community.

It seems like its going to be a cool development, great retailers and quick access to downtown or to the mountains west. I've heard it's a big 10-15 year project, so it likely is a good time to buy and put up with some of the construction headaches.

[peter12]

Originally Posted by Winsor_Pilates

Did you get it accepted or still pending?
Good luck!

Not moving to Calgary yet in that case?

Not yet, but we figured since we could maybe still get in to a two bed here, we should give it a try.

It's still pending, but we are the most competitive.

[Hemi-Cuda]

We bought a house in Panorama last year for $550k, and I've been keeping an eye on listings around us on realtor.ca out of curiosity. Right now if anything gets listed for what we paid or below it gets snapped up almost immediately, and houses similar to ours are now listing anywhere from 600k-700k. There seems to be a lot of uncertainty about what "fair value" prices are right now

[Hack&Lube]

My friend is trying to sell an attached home in the Sage Hill area right now, I think that segment is lagging behind detached homes and is still down as he's saying he might be taking a loss.

[iggypop]

I've had two separate realtors door-knock me in the past week hoping we want to sell our place in Crescent Heights. One representing a developer and the other just to put on the market. Never seen that before. Interesting times.

[Rutuu]

Originally Posted by Hemi-Cuda

We bought a house in Panorama last year for $550k, and I've been keeping an eye on listings around us on realtor.ca out of curiosity. Right now if anything gets listed for what we paid or below it gets snapped up almost immediately, and houses similar to ours are now listing anywhere from 600k-700k. There seems to be a lot of uncertainty about what "fair value" prices are right now

Interesting. Are build costs around $200 - $300 sqft? That puts land prices at ~$40 per sqft in that area ($430/sqm). I've got inner city just north of downtown and the river at $150 per sq ft for land (~$1615/sqm on the high side). An extra $100k in a place like Panorama moves land price up $20/sqft on a 50ft x 100ft lot, or moves your rebuild costs up $50/sqft. In the inner city its more weighted towards land to go that much higher.

A dangerous game to up weight construction costs.

[Regular_John]

Originally Posted by iggypop

I've had two separate realtors door-knock me in the past week hoping we want to sell our place in Crescent Heights. One representing a developer and the other just to put on the market. Never seen that before. Interesting times.

We had a few townhomes in Crescent Heights/Renfew on our list of places to see last weekend, of the 3 we wanted to see, 2 were conditionally sold.

[topfiverecords]

Originally Posted by iggypop

I've had two separate realtors door-knock me in the past week hoping we want to sell our place in Crescent Heights. One representing a developer and the other just to put on the market. Never seen that before. Interesting times.

Originally Posted by jaydorn

We had a few townhomes in Crescent Heights/Renfew on our list of places to see last weekend, of the 3 we wanted to see, 2 were conditionally sold.

Hi iggypop, would you be interested in selling your place to jaydorn.

My commission for this post will only be 1.5%.

[Table 5]

Funnily enough, I may have a townhome/infill for sale coming up in the not too distant future in that general area. It's in Bridgeland (which is where the coolest of Renfrew buyers want to be anyway).

[Mull]

Could be buried in this thread already but BNN over the last few days had a top story about a potential Canadian housing bubble. Not sure how legit Rosenburg is, but they refer to that person for a lot of stories
https://www.bnnbloomberg.ca/housing-...berg-1.1579481

[Vinny01]

All this bubble talk really feels like a BC and Souther Ontario problem. Sure it is a little hot in Calgary but as I mentioned early in this thread that I sold my place 3.5 weeks ago for $83k less than we paid in 2014 (which I think was among the peak times ever in Calgary).

Looking at the available homes in my neighborhood you are getting a fully developed basement with the brand new infills for the same price we paid for our undeveloped basement and not a complete appliance package which we had to take to get this place 7 years ago.

The house we ended up purchasing for 400k less than the selling price in 2008

This article from a couple weeks ago discussed how Calgary is a lower risk market relative to the others in Canada.

https://dailyhive.com/calgary/calgar...arket-low-risk

[you&me]

Friends of ours just closed on a new-build that was constructed in 2019 and hadn't sold yet.

I'm not sure if that indicates a hot market or not. I suppose that a) it sold and b) the state of the current market gave them enough confidence in selling their current home, to buy the new place.

Meanwhile, the three houses within a block radius of our place have been on the market for 30-90 days. According to Honestdoor, all are listed at or below their purchase price when new 7-9 years ago. Also, strangely, none of them have lawn signs... Is that a new thing?