Is anyone building a house right now?

[azzarish]

I'm looking to sell my house this month and cash in on the investment I made. I bought before the real estate boom in mid-2005, and the price of my house has virtually doubled since then. We built with Cardel and had no problems. Now I'm looking to pour some of my profit into building a new house, just not sure which community. Anyone have any insight into which areas in the City might take off a few years down the line.

There is some major development in the South, in the Auburn, Evergreen areas. But with the c-train being extended at Crowfoot and then further to Rocky Ridge/Tuscany those N.W. areas are prime too. What about Kincora or Evanstan?

Also does anyone know what is happening with the Mega Mall in the Balzac/Airdrie area? That might be a good place to invest too if you are looking at building.

[Dan02]

I would avoid the SE like Auburn, Copperfield etc. For the simple reason your life is entirely dependant on deerfoot. When Deerfoots a mess, it can be one hell of a tough place to get to/away from. although the mall on 130th and deerfoot sports a nice variety of dining venues. Personally I'd take a look at the aforementioned sherwood/Kincora and Tuscany/RR.

[ken0042]

Originally Posted by Dan02

I would avoid the SE like Auburn, Copperfield etc. For the simple reason your life is entirely dependant on deerfoot.

Spoken like somebody who doesn't live there.

Myself; the only time I use Deerfoot is either at 6:00 am; or if I'm going to Deer Run. And Deerfoot south of the Anderson intersection is just fine 99.5% of the time. There are all sorts of alternate routes; 22X will be twinned to MacLeod by this time next year; 52nd street is also getting some lights and twinning to releave the congestion. Then the SE leg of the ring road in a few years.

I just find it odd that the OP can be considering Aburn Bay as well as Tuscanny. As they say in real estate; it always location, location, location. I would decide where in the city you want to live, and go from there. Where do your friends/family live? Is being close to work important to you?

The other thing to factor in is if you want a lake community or not. If you don't, then don't spend the extra coin to buy a house in such a community.

[azzarish]

Originally Posted by Dan02

I would avoid the SE like Auburn, Copperfield etc. For the simple reason your life is entirely dependant on deerfoot. When Deerfoots a mess, it can be one hell of a tough place to get to/away from. although the mall on 130th and deerfoot sports a nice variety of dining venues. Personally I'd take a look at the aforementioned sherwood/Kincora and Tuscany/RR.

I've never lived in the South only the North so I don't really know what the access is like. In the N.W. they have started building the ring road, you can actually see it from the end of Stoney Trail, although I think this will eventually merge on to Deerfoot too.

[azzarish]

Originally Posted by ken0042

I just find it odd that the OP can be considering Aburn Bay as well as Tuscanny. As they say in real estate; it always location, location, location. I would decide where in the city you want to live, and go from there. Where do your friends/family live? Is being close to work important to you?

The other thing to factor in is if you want a lake community or not. If you don't, then don't spend the extra coin to buy a house in such a community.

Well I'm looking at growth factor, and consequently the increase in my investment over a period of time. So obviously it would have to be an up and coming/new area with good road/c-train access, schools, etc. Being close to work is not really important as it takes me more than hour to get to work currently.

[Mike Oxlong]

We are just in the beginning phases of building a house down in Auburn Bay. It is going to be a really nice community and as far as a pure investment standpoint I think it is an excellent place to build.

With the new Hospital opening there in a few years it is really going to drive prices up when it is completed. That hospital will employ thousands of people most of whom would love to live close to work. That SE area Mcenzie Towne, Copperfield, Cranston, Seton will all see prices increase when the hospital is built. Plus there is a new community called Mahogony that is going to start development in 2008. It is going to have a lake as well which is rumoured to be the largest in Calgary, apparently even bigger then Lake Bonavista.

Like others have said I guess it depends on where you want to live compared to family, friends, work etc.....

However if you are thinking of strictly investment purposes where you property value is going to rise then I think Auburn Bay, or Mahogany are good choices.

[sclitheroe]

Originally Posted by Dan02

Personally I'd take a look at the aforementioned sherwood/Kincora and Tuscany/RR.

I'd second the vote for Sherwood/Kincora/Evanston/Creekside. It used to be the absolute boonies, but it's growing into a terrific area, particularly Kincora/Evanston/Creekside - walking distance to the new Co-op grocery store, plus they are building a medical office, fitness centre, and a Rona. Zoning for schools up in Evanston, public transportation to all three communities now. All three communities will sit right near the ring road interchange, which is going to be a nice quick way to get down south. Plus you have nice scenery in Symon's Valley, with lots of farm land and rolling hills, Big Hill Springs and Nose Hill park are both close by...I like it quite a bit.

I believe Evanston/Creekside led Calgary in property value growth last year, or was very close to it.

-Scott

[zarrell]

I'm just completing my house in Turner Valley. If you don't mind the extra 25 minutes to the edge of Calgary it's a great area - right by K country. Not my first choice, but one of the only areas that a guy can buy land and develop himself for a reasonable amount.

[photon]

Chestermere still seems to be very popular.

Though for a build and flip, I wouldn't expect near the returns on the first one.

[psicodude]

Originally Posted by azzarish

I'm looking to sell my house this month and cash in on the investment I made. I bought before the real estate boom in mid-2005, and the price of my house has virtually doubled since then. We built with Cardel and had no problems. Now I'm looking to pour some of my profit into building a new house, just not sure which community. Anyone have any insight into which areas in the City might take off a few years down the line.

There is some major development in the South, in the Auburn, Evergreen areas. But with the c-train being extended at Crowfoot and then further to Rocky Ridge/Tuscany those N.W. areas are prime too. What about Kincora or Evanstan?

Also does anyone know what is happening with the Mega Mall in the Balzac/Airdrie area? That might be a good place to invest too if you are looking at building.

I am curious to hear how you plan on making a profit from your current house. I did some research over the last month, and unless you are downgrading from what you have now, a new house is going to cost roughly the same as you get for your current place. For example, I can probably get around $600k for my place in Cranston. To build a new house with close to the same square footage, it will cost roughly $600k. So, what's the point?

I am not hating or anything, just genuinly curious as maybe I missed something when I was thinking about it.

[ken0042]

I think what he is saying is put down the deposit on the $600K house now, wait for it to be built, then when its ready sell his current house for $700K in the spring of 2008.

As long as the market continues to go up, he will be OK.

[azzarish]

Originally Posted by ken0042

I think what he is saying is put down the deposit on the $600K house now, wait for it to be built, then when its ready sell his current house for $700K in the spring of 2008.

As long as the market continues to go up, he will be OK.

I dont think I can put down a deposit on a new house as I believe you need proof of getting a mortgage to build, I could only do that after selling my house.

[Nikki]

Originally Posted by azzarish

I dont think I can put down a deposit on a new house as I believe you need proof of getting a mortgage to build, I could only do that after selling my house.

Depending who you build with, in Jan we put down a deposit to build another house and the builder didn't need to see anything, as long as we had the $$ for the deposit, that is all they cared about.

[psicodude]

Originally Posted by ken0042

I think what he is saying is put down the deposit on the $600K house now, wait for it to be built, then when its ready sell his current house for $700K in the spring of 2008.

As long as the market continues to go up, he will be OK.

Yeah, it really depends on the builder. I know that several of the larger builders are requiring money at 25%, 50%, 75%. The other thing that really worried me is that you are looking at a solid year before you get possession. The rent alone would eat up most of your profit.

I am just looking at this from a strictly money making point of view.

[HitterD]

Originally Posted by psicodude

Yeah, it really depends on the builder. I know that several of the larger builders are requiring money at 25%, 50%, 75%. The other thing that really worried me is that you are looking at a solid year before you get possession. The rent alone would eat up most of your profit.

I am just looking at this from a strictly money making point of view.

Shouldn't be a problem. Most builders will allow you to build without having the mortgage set up, because you already have a mortgage on your current place.

Many people will build a house and continue to live in their current house until the next one is ready, happens all the time. Nobody needs to sell their house before they start building, and thus rent a house in the meantime.