Calgary Real Estate predictions? - Page 22 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

photon · 10-02-2008, 03:01 PM

Quote:

Originally Posted by Madman

I also don't think it's quite as simple as "walking away". The builder isn't just going to just shrug their shoulders and not do anything - you signed a contract and if you default on it, don't think there won't be repercussions.

The repercussion would be that he would lose his deposit... Hard to say if there's anything beyond that, I wonder if a builder would have it in their contract so that it's not just the deposit, but the deposit plus any difference with market value (i.e. if it sold for $40,000 less than what it cost them to build it would they go after the extra $10k)?

Tron_fdc · 10-02-2008, 03:45 PM

Quote:

Originally Posted by Table 5

It's either 12th or 13th (forget at the moment)...basically in the midst of all the crazy construction going on in that street (this building http://farm4.static.flickr.com/3218/...9d90dd0d_b.jpg ).

I think it's a great location too, so Im hoping the price holds up. If nothing else, maybe i can rent out the parking for Flames games.

Can you sell your contract and deposit to some money bags for 15 grand, and they could assume the mortgage? I wonder if there's some kind of clause in the contract preventing that?

photon · 10-02-2008, 04:05 PM

Quote:

Originally Posted by Tron_fdc

Can you sell your contract and deposit to some money bags for 15 grand, and they could assume the mortgage? I wonder if there's some kind of clause in the contract preventing that?

That's a nomination and for a bit there it was quite common to do with new places, buy a place and put "Joe Buyer or nominee" on the contract. Turn around and sell the contract the next day for a few quick bucks.

It was common enough that sellers started putting clauses in their contract to prevent it.

Which seems silly.. if you are jealous of the profit the guy is getting, raise your prices

Anyway, for a while doing that was almost impossible, first they put wording in the contract to prevent it, and eventually they even had a separate agreement to sign. Companies and lenders were going to lengths to enforce it, I even heard stories of banks sending someone out to visit a few months into possession to see if the person had actually moved in.

I think now though builders have relaxed that.

Incinerator · 10-02-2008, 04:16 PM

Quote:

Originally Posted by Table 5

It's either 12th or 13th (forget at the moment)...basically in the midst of all the crazy construction going on in that street (this building http://farm4.static.flickr.com/3218/...9d90dd0d_b.jpg ).

I think it's a great location too, so Im hoping the price holds up. If nothing else, maybe i can rent out the parking for Flames games.

You're probably looking at $250 to $260 as a sold price today, I'm sure you can rent it out for $1200-$1300 a month (including the parking) though.

Winsor_Pilates · 10-02-2008, 05:15 PM

Quote:

Originally Posted by Table 5

It's either 12th or 13th (forget at the moment)...basically in the midst of all the crazy construction going on in that street (this building http://farm4.static.flickr.com/3218/...9d90dd0d_b.jpg ).

I think it's a great location too, so Im hoping the price holds up. If nothing else, maybe i can rent out the parking for Flames games.

It that Colours? If yes, I'll send you an informative rumour that is right up your alley.
Also, PM me if you have any questions about your contract. I can help explain a lot of the details that may not make sense to most people, or even most realtors who don't do presales much.

photon · 10-02-2008, 05:17 PM

Quote:

Originally Posted by Winsor_Pilates

It that Colours? If yes, I'll send you an informative rumour that is right up your alley.
Also, PM me if you have any questions about your contract. I can help explain a lot of the details that may not make sense to most people, or even most realtors who don't do presales much.

The rest of us might benefit from the info too, though I understand if there's specifics that should be kept private.

Incinerator · 10-02-2008, 05:19 PM

Quote:

Originally Posted by photon

The rest of us might benefit from the info too, though I understand if there's specifics that should be kept private.

If it's what I think it is...he probably shouldn't post it.

BTW I believe the tower in question is Vetro not Colours.

Winsor_Pilates · 10-02-2008, 05:27 PM

Quote:

Originally Posted by Incinerator

If it's what I think it is...he probably shouldn't post it.

BTW I believe the tower in question is Vetro not Colours.

I heard one rumour from one guy in my office, so until I know something concrete, I should actually shut up. I've been on the end of bad presale rumours and it's a pain in the a**. I don't want to be the guy spreading them.

Vetro should be a nice building. I really like the Cove Properties stuff and bought at Nuera with my folks. I'd keep that if it's where you bought. IMO, Cove is one of the best developers in Calgary, and I say that as their competitor.

Table 5 · 10-02-2008, 05:41 PM

Quote:

Originally Posted by Winsor_Pilates

It that Colours? If yes, I'll send you an informative rumour that is right up your alley.

Actually, its Union Square, which is right across the street from Colours. I'm curious about this rumour now though!

photon · 10-02-2008, 06:18 PM

Quote:

Originally Posted by Incinerator

If it's what I think it is...he probably shouldn't post it.

Actually I was talking about the contract stuff that even realtors might not know that would be interesting.. rumours would be nice but I totally understand not sharing stuff like that.

Claeren · 10-02-2008, 06:42 PM

Quote:

Originally Posted by Table 5

Actually, its Union Square, which is right across the street from Colours. I'm curious about this rumour now though!

I thought you got screwed over at Apex/Union Square (the first time around)??

Did you buy back in again??

Their prices (the second time around) offered no upside at all, which I guess is what you are seeing now closer to possession.

For the record, there is no rule that prices have to rebound after they fall. As I have said before, Japan has waited 19 years for prices to rebound (and still waiting) and as each month passes the American problem looks more and more like Japan's old problem -- except much much worse. And America's problems are the worlds problems, especailly Canada.

That all being said you are still likely better off taking possession (as has been said). I would do the math and then re-do the math again but there might even be space for you to take possession and then sell to some sucker for a slight loss, but less of a loss than you would take by just walking away?

If you have enough income though, a few hundred a month isn't the end of the world I guess?

Claeren.

Wookie · 10-02-2008, 07:59 PM

Quote:

Originally Posted by photon

The rest of us might benefit from the info too, though I understand if there's specifics that should be kept private.

Agreed. Would like to know.

Nancy · 10-09-2008, 08:12 AM

So I heard a rumour that only something like a dozen homes sold last weekend on MLS... can anybody validate this. I am guessing this is related to all of the negative economic news.

metal_geek · 10-09-2008, 08:43 AM

Quote:

Originally Posted by Nancy

So I heard a rumour that only something like a dozen homes sold last weekend on MLS... can anybody validate this. I am guessing this is related to all of the negative economic news.

I can believe it... I don't have access to the MLX to say for sure... but I can say that someone had thier house on the market for 2 weeks, at a fair price, and never had 1 inquiry about the property... If that house hasn't had an inquirys, I can imagin there are alot of others that didn't either.

Claeren · 10-09-2008, 08:57 AM

^ Even if it was true (I have no idea but would not be surprised) the MLS is run by/for the agents themselves and their reporting is so corrupt it is sick. The numbers will always be spun to favour sellers....

Claeren.

troutman · 10-09-2008, 09:05 AM

Quote:

Originally Posted by Nancy

So I heard a rumour that only something like a dozen homes sold last weekend on MLS... can anybody validate this. I am guessing this is related to all of the negative economic news.

That seems low - we are still opening files, and getting calls for quotes every day.

ken0042 · 10-09-2008, 09:06 AM

I emailed my realtor because a house on my street had just sold, and that house was identical to mine; including upgrades. He told me that house sold for $342.5K- which is right in the ballpark for what I have seen other houses sell for in the spring. If the market was really so soft that only 12 out of ~4000 houses for sale sold, then it would have been a lot more of a buyer's market.

Instead this house sold in less than 2 weeks, for 98% of the asking price.

Claeren · 10-09-2008, 09:13 AM

^ There should also be a last push of sales before the new mortgage rules kick in. I was expecting the Sept15-Oct15 period to be one of the busier of the year.

I feel bad for all the young poeple I see thinking squeezing in on the $0down/40 year mortgage is actually going to make things easier for them over the long run. (Yikes!)

Claeren.

troutman · 10-28-2008, 11:24 AM

http://www.canada.com/calgaryherald/...d-4c11834077dc

According to realtor Mike Fotiou, of First Place Realty, so far this month up to Oct. 26 the average MLS sale price for a single-family home was $446,698 while for a condo it was $291,458. Both are slightly up from the sale price average in September.

However, the month-to-date sale prices are down from last year, when they were $452,254 for single-family homes and $331,617 for condos.

Burninator · 10-28-2008, 12:28 PM

/\ What's everyone's opinion on the sources of those quotes in that article. It seems like everyone in the real estate industry is always painting a rosy picture. Heck one guy in that article is basically saying that we should buy now before prices go up. And I've been hearing "returning to a stable market" for the past 6 months. There was another article a week or so ago that quoted some guy from a bank saying he expects the real estate market to go unchanged for the next 6 months.