Calgary Real Estate predictions?

[Shazam]

Originally Posted by Realtor 1

I am very excited for the university project. Going to be some awesome investment properties!
Things are slower for myself right now and on 6 active listings we maybe get 5-6 showings total each week. The good news is I am still selling a place every 2-3 weeks. Basically showings are way down compared to normal but it is the true buyers shopping. Clients dont have to show the home 30 times for a offer!!!

Buy property on speculation, then have default sale a few months later

[chemgear]

Originally Posted by Winsor_Pilates

I've got mixed feelings on it now. I thought it was better when I first heard about it, but the thought of a building housed completely by University renters scares me.
Great for parties, but for a quality home?

That's a darn good point actually . . .

. . . their "Location" map tab also reminds me of an earthquake/ground zero disaster.

[Travis Munroe]

It is fairly clear that it is going to be more partyville than lets start a family. With that being said, I still say it is a great investment to rent out. Vacancy should always be at 0.
They are not working with agents (unfortunatly) because they feel it will sell out without the help. I predict a couple months from now this will change.

[bomber317]

Originally Posted by SportsJunky

Not sure who is paying for it. The initial install failed as there was no air barrier or drainage plane behind the EIFS. Moisture got in to the walls so badly that the steel studs have had to be replaced in many cases. We have been working on it for sometime now with the Demo contractor and the EIFS applicator. The work on the west side is only the beginning of a very large undertaking.

I was talking to the Battistella sales guy about 2 months ago, and he mentioned the condo owners have to pay the bill - special assessment. I can't remember the exact number but I think it was in the range of 20k per unit.

[Winsor_Pilates]

Originally Posted by Realtor 1

It is fairly clear that it is going to be more partyville than lets start a family. With that being said, I still say it is a great investment to rent out. Vacancy should always be at 0.
They are not working with agents (unfortunatly) because they feel it will sell out without the help. I predict a couple months from now this will change.

Not in May-August

It's too bad they won't work with agents, I'm not a fan of developments excluding agents at busy times and asking for their help when they need it. They should always welcome agents, in the long run having a strong relationship with the Realtor community is worth it.

[AFireInside]

Originally Posted by Winsor_Pilates

Not in May-August

It's too bad they won't work with agents, I'm not a fan of developments excluding agents at busy times and asking for their help when they need it. They should always welcome agents, in the long run having a strong relationship with the Realtor community is worth it.

I guess the agents don't have to help them out during slow times. It makes sense to me, why use an agent if you think you will be able to sell all of the units quickly..

I don't know much about this development however, so they may be out to lunch thinking they don't need to use agents.

[Winsor_Pilates]

Originally Posted by AFireInside

I guess the agents don't have to help them out during slow times. It makes sense to me, why use an agent if you think you will be able to sell all of the units quickly..

I don't know much about this development however, so they may be out to lunch thinking they don't need to use agents.

They definitely didn't need agents, as they've already sold out the first phase and half of phase 2, so financially that makes sense for them.

But the Marketing company and developer will be selling many different developments in the long run. IMO, If they maintain a good relationship with Realtors it would be worth it.

I sell a lot of developments, and get a lot of repeat business from other realtors I've been able to work with in the past. I've even had single agents bring me over 100 deals in a single development.
Always welcoming Realtors has been a very good policy for our company, but to each their own I guess.

[bizaro86]

Originally Posted by Winsor_Pilates

They definitely didn't need agents, as they've already sold out the first phase and half of phase 2, so financially that makes sense for them.

But the Marketing company and developer will be selling many different developments in the long run. IMO, If they maintain a good relationship with Realtors it would be worth it.

I sell a lot of developments, and get a lot of repeat business from other realtors I've been able to work with in the past. I've even had single agents bring me over 100 deals in a single development.
Always welcoming Realtors has been a very good policy for our company, but to each their own I guess.

When they're offering 2 bedrooms in that location for <200k, the only staff they need is someone with an order pad making $9.50/hour. A brochure and a website could sell that.

[Patrick]

Originally Posted by bizaro86

When they're offering 2 bedrooms in that location for <200k, the only staff they need is someone with an order pad making $9.50/hour. A brochure and a website could sell that.

Must have been a marketing tool cause all the units I saw were 200K for 1 bedroom and like 500 SQ FT.

[chemgear]

Originally Posted by chemgear

I guess not surprising really given the suite prices versus what is available in the resale market (price wise.)

Actually I sorta take that back. Finally saw the square footage for those suites - the $/sqft is pretty hefty. Similar to downtown stuff - university location I guess.

[bizaro86]

Originally Posted by Patrick

Must have been a marketing tool cause all the units I saw were 200K for 1 bedroom and like 500 SQ FT.

All of the cheaper suites are sold out.

[Winsor_Pilates]

Originally Posted by chemgear

Actually I sorta take that back. Finally saw the square footage for those suites - the $/sqft is pretty hefty. Similar to downtown stuff - university location I guess.

Smart marketing, they've basically closed off studios and called them 1 bedrooms.
The adds all show starting prices and number of bedrooms.
One bedrooms that are around 460 sq feet for $200K are shown on the available homes on their website. That's really a studio size, but by closing it off, having a window on it and a closet it can legally be called a 1 bedroom.

[Claeren]

WP, you are familiar with Drake right? Can you give us more details on that project? Price points, amenities, etc.

It interests me far more than University Condos.


Thanks!

Claeren.

[chemgear]

Looks like both phases are pretty much sold out. But wow, $650+/sqft for the "penthouse" 343 sqft suites - still available!

[Winsor_Pilates]

Originally Posted by Claeren

WP, you are familiar with Drake right? Can you give us more details on that project? Price points, amenities, etc.

It interests me far more than University Condos.


Thanks!

Claeren.

Very familiar, I'm the agent selling it.

I've got a thread in the CP Power Ring with more details on it.
http://forum.calgarypuck.com/showthread.php?t=95491

I updated the first post to include estimated dates and current starting price points. As expected the $159,900 is sold, but I still have some homes under 200K. Current lowest is $183,900 which is the C plan on our website.

We've left amenities very minimal to keep the condo fees low.
There is one lounge type room with seating and TVs that someone can use to entertain if they need more space and that's it. With all of our studios and smaller homes, this should be a useful space.

No gym, pools, hot tubs, gardens, etc. that add to the monthly fees.
Out amenity is 17th Ave and everything else around here.

If there's anything more specific I can add, please post it in that thread and I'll reply there for everyone to see.

[chemgear]

Looks like CREA had another forecast revision for 2010 - 4th of the year.

http://www.crea.ca/public/news_stats...orecast_en.pdf

Down 14% in 2010 and another 5% in 2011. But it's all good!

“That’s good news for home buyers, who will feel less hurried to make an offer than they did when transitory factors ignited housing demand in early 2010. It’s also good news for home sellers, who will feel more confident about price stability now that the housing market has become balanced.”

It's good, good, good! And balanced, balanced, balanced!

[chemgear]

Mike Fotiou has a good summary for most of November already.

http://calgaryrealestatereview.com/

There was a nice surge of higher-end SFH sales in late October that pushed prices up a bit for the first half of the month. In his November 1-14 post you can see the pending sales graph surge then fall off. Current pending sales prices show prices back down already. Condo sales numbers are still pretty poor.

Supply vs. demand is still pretty high for both, weighted to the buyer - I will probably continue to be so into the new year with the hefty inventory levels.

Jokes about realtor comments about weather aside ("it's a nice day, everybody is out of town so no sales, it's a freaking cold day, so nobody is outside looking to buy") - I wonder what this weather will do.

I'm kinda assuming not much, if you're going to look/buy, you're going to do so regardless I guess.

[chemgear]

Here is Mike Fotiou's November summary.

http://calgaryrealestatereview.com/2...tats/#comments

Seasonality inventory decreases are easing in and the pending sales graphs are interesting to look at as always.

[cmyden]

Source: http://www.findcalgary.ca/listings?p...=127&pageId=19


The single family home bulls really whooped the bears this month ...






As for condos, it was a draw:




cM

[Winsor_Pilates]

No Bubble, No Bust

Not much of an article; but it's been a while since some here predicted the "inevitable" burst.
How much longer do we have to wait? Pepper24? Chemgear?