Real estate in Calgary - another bubble?

[Wormius]

Originally Posted by Knut

You should see the infill they put in at 120th Ave in Lake Bonavista.

https://www.realtor.ca/real-estate/2...lake-bonavista

It does not fit the neighborhood whatsoever. I am not even sure how it got approved.

My eyes might be buggy, but that looks kind of like a cad rendering.

[TSXCman]

I could use some feedback from you guys with experience. I own and live in my first home purchased, a 3bed/3bath (1250 swft + balcony) condo in Killarney. It is probably 14 years old and very modern/nice, but has always carried a high condo fee (utility/insurance rises and high sqft).

I purchased it for $300K (foreclosure + been doing renovations personally over 5 years) and it is worth $450K+. My neighbor below rents hers for $3300/month. My mortgage expired last week and is now open at 10.7% (I have made a call to ride open for the month).

My plan to sell was driven to get a break from the annoying Condo Board and Management company, but also to move that money into a $450K bungalow. The problem right now is those places are $600K+ now! and there are a lot of opinions that that new rise is here to stay.

Makes it hard to decide if I should stay to live, keep to rent it high, or sell and move laterally/upward to a single family home.

[Sliver]

Originally Posted by Knut

You should see the infill they put in at 120th Ave in Lake Bonavista.

https://www.realtor.ca/real-estate/2...lake-bonavista

It does not fit the neighborhood whatsoever. I am not even sure how it got approved.

OMG I don't know how they're going to sell that eyesore. Why the fuuck would you want to live on that #####ty corner for $2 million. Plus that place is fuucking hideous.

I toured it when they had an open house a few weeks back. It's a total disaster and an affront to the style of the neighbourhood.

[nik-]

Imagine being the neighbours watching that thing going up over a 6 month period. Haha, I'd be so furious. NIMBY blah blah, whatever, but that thing sticks out like a pimple. At least make an attempt to blend with the neighbourhood.

[Lubicon]

Originally Posted by Knut

You should see the infill they put in at 120th Ave in Lake Bonavista.

https://www.realtor.ca/real-estate/2...lake-bonavista

It does not fit the neighborhood whatsoever. I am not even sure how it got approved.

It's big but I actually don't mind that for a corner lot. Mind you I don't live in the neighborhood so no dog in this fight but how is this any different than many of the other infills that replace tiny war era bungalows? Those were equally out of place in old neighborhoods when they started popping up.

[Knut]

The thing is you can get Lake Access homes for less than that. Why would someone pay 2M for that when you can pay 1.75 for a lake access home or 2.5 Million for a home right on the Lake.

[Knut]

Originally Posted by Wormius

My eyes might be buggy, but that looks kind of like a cad rendering.

It is real, it just is really photoshopped. The Grass was made to be greener for example. Construction was completed in the middle of the winter.

[Fighting Banana Slug]

Originally Posted by 81MC

I figured out what I hate about in-fills (well, beyond the atrociously redundant design, overwhelming streetfeel, and the ######y boring owners)…they hack down all the hood trees and plants to make way for their stupidly large house. There should be protections in place for trees man.

There are protections for those trees.

https://maps.calgary.ca/TreeSchedule

[blankall]

Originally Posted by Knut

You should see the infill they put in at 120th Ave in Lake Bonavista.

https://www.realtor.ca/real-estate/2...lake-bonavista

It does not fit the neighborhood whatsoever. I am not even sure how it got approved.

Lol I feel like this listing was written by a few of the members here to troll other members. They are really pumping the tires on the Lake Bonavista life:

Lake Bonavista is Calgary’s premier lake community, offering exclusive access to only its residents and their guests. This 55 acre lake + 25 acres of park space is the jewel of south Calgary. Swim, fish, picnic & boat in the summer; skate and sled in the winter.

What an opportunity to own in Calgary’s most exclusive Lake Community, Lake Bonavista

[nik-]

That's just standard agent ####. There is a disturbing lack of all caps words in that listing though. Only the TRIPLE garage gets the business.

[sketchyt]

There's a few sites out there to see sold data without contacting a realtor (i.e. Bode, Honest Door, etc...), but an FYI that House Sigma also lists that data in Alberta.
Probably one of the most used real estate sites/apps in Ontario and IMO lists more/better information than the others.

[blankall]

Originally Posted by Knut

The thing is you can get Lake Access homes for less than that. Why would someone pay 2M for that when you can pay 1.75 for a lake access home or 2.5 Million for a home right on the Lake.

If you can find them....there's only 8 houses in the neighbourhood available for sale.

Only this one is the same class of luxury:

https://www.realtor.ca/real-estate/2...lake-bonavista

[nik-]

That's a nice home. The Rihanna picture needs to be included in the deal though.

edit: I do wish that downstairs TV room didn't have that fireplace though. That's poorly placed imo.

[Table 5]

Originally Posted by nik-

Only the TRIPLE garage gets the business.

That would definitely get my attention. I would ignore a lot of deficiencies for a triple garage or one tall enough for a lift.

[Hemi-Cuda]

Originally Posted by Knut

You should see the infill they put in at 120th Ave in Lake Bonavista.

https://www.realtor.ca/real-estate/2...lake-bonavista

It does not fit the neighborhood whatsoever. I am not even sure how it got approved.

Ok I know what I said about house space vs yard space, but that is ridiculous

[nik-]

Originally Posted by Table 5

That would definitely get my attention. I would ignore a lot of deficiencies for a triple garage or one tall enough for a lift.

Sir, don't get me started

[flamesfever]

Originally Posted by Sliver

OMG I don't know how they're going to sell that eyesore. Why the fuuck would you want to live on that #####ty corner for $2 million. Plus that place is fuucking hideous.

I toured it when they had an open house a few weeks back. It's a total disaster and an affront to the style of the neighbourhood.

This sort of thing is happening all over the inner city with these boxlike, three story dwellings that stick out like "dog's balls". The problem is the developers seem to have a free reign to do what they feel like, and when residents complain to our city officials, they are ignored.

IMO it's time to get involved to stop the overdevelopment going on, before we lose more of our better neighborhoods and communities.

[greyshep]

Originally Posted by Knut

You should see the infill they put in at 120th Ave in Lake Bonavista.

https://www.realtor.ca/real-estate/2...lake-bonavista

It does not fit the neighborhood whatsoever. I am not even sure how it got approved.

Wow that sticks out like a sore thumb. That is not a high density community and isnt zoned to be such. A downtown infill design out in the burbs, lol.

It looks like the structure fills a huge percentage of that lot, how was that approved?

[bizaro86]

Originally Posted by TSXCman

I could use some feedback from you guys with experience. I own and live in my first home purchased, a 3bed/3bath (1250 swft + balcony) condo in Killarney. It is probably 14 years old and very modern/nice, but has always carried a high condo fee (utility/insurance rises and high sqft).

I purchased it for $300K (foreclosure + been doing renovations personally over 5 years) and it is worth $450K+. My neighbor below rents hers for $3300/month. My mortgage expired last week and is now open at 10.7% (I have made a call to ride open for the month).

My plan to sell was driven to get a break from the annoying Condo Board and Management company, but also to move that money into a $450K bungalow. The problem right now is those places are $600K+ now! and there are a lot of opinions that that new rise is here to stay.

Makes it hard to decide if I should stay to live, keep to rent it high, or sell and move laterally/upward to a single family home.

IMO whether it makes sense to move is mostly a personal decision. Do you need the extra space of a bungalow? Will you plan on moving eventually anyway? EG If you're planning on having 2 kids and will need the space then it might be better to move before they arrive as opposed to after for sanity reasons. Obviously it doesn't make sense to move into a situation where you're house poor/can't afford your mortgage, but I don't think this is a bad time to move. If you buy and sell at approx the same time you aren't really speculating on current prices lasting, you're just locking in a place to live for the long term.

[Knut]

Originally Posted by blankall

If you can find them....there's only 8 houses in the neighbourhood available for sale.

Only this one is the same class of luxury:

https://www.realtor.ca/real-estate/2...lake-bonavista

Yes, but this one has higher end finishing's and still maintains a yard. It is also on a much bigger lot and in a better location IMO.

This fits how renovations should be done in the area.

Things are going 100k over list here. Anything with Lake Access is gone within a few days of listing.