Why is the market going crazy?

[Vinny01]

Originally Posted by lorenavedon

it's a two faced market. Stuff that people really want sells for above asking in seconds and stuff that doesn't stand out as something special can tend to sit for a while unless priced aggressively. Ask yourself, is your building concrete, does it have underground parking, do you have a good view, etc. Chances are in Sunnyside you don't because the only new buildings are Pixel and St Johns and most others are older wood frame. Also people are still skittish about the flood even though a lot of places in sunnyside didn't get any flood damage.

Concrete building, parking is stall but not underground. The view is not good and that feedback has been given. There was no flood damage but that is understandable why people would be leary. Te unit is proved less than St.Johns/Pixel and unit in te building next have sold with higher condo fees and no elevator. I guess people want to look at the street or parking lot than the building next to them

[cam_wmh]

LOLWUT
http://beta.realtor.ca/propertyDetai...rtyId=14595773

[TSXCman]

Originally Posted by cam_wmh

LOLWUT
http://beta.realtor.ca/propertyDetai...rtyId=14595773

yea... so I've been looking in this area VERY unsuccessful. Most units are first floor and over priced.

[Dion]

Originally Posted by cam_wmh

LOLWUT
http://beta.realtor.ca/propertyDetai...rtyId=14595773

OMG! Prices have gone stupid in Calgary

[bizkitgto]

Originally Posted by cam_wmh

LOLWUT
http://beta.realtor.ca/propertyDetai...rtyId=14595773

That's crazy, especially since the area by the Talisman is flood territory

[Travis Munroe]

Yes prices are higher than they were last year but don't let someones asking price make you think thats what they will sell for.

[Regular_John]

The listing agent is comFree... so I'm gonna take a gander that the seller set the price themselves.

[shermanator]

Ya, that price is ridiculous and no one in their right mind would meet that price.

Sounds like the owner is trying to re-coup their losses from the flood in the selling price....

[Ozy_Flame]

Am I missing something? Is there something wrong a $500k, 1000 sq/ft condo close to the inner city?

[Travis Munroe]

Originally Posted by Ozy_Flame

Am I missing something? Is there something wrong a $500k, 1000 sq/ft condo close to the inner city?

900 sq ft
1 bedroom 1 bathroom
wood frame
potential for flooding!
has a nice attractive patio space which washes out to potential security issue + potential flooding issue. Not worth paying extra for.

[Regular_John]

Well they are claiming no flood damage.

NOTE: NO FLOOD DAMAGE. THIS PART OF MISSION STAYED DRY. IT SEATS OUTSIDE THE CITY'S FLOOD FRINGE AREA.

[Travis Munroe]

^^ if anyone in the area can confirm - i remember seeing otherwise but cant be 100%
Going to edit OP

[cKy]

I like how it states that it got no flood damage when the pictures of it are all in the rain.

[enthused]

Originally Posted by Realtor 1

^^ if anyone in the area can confirm - i remember seeing otherwise but cant be 100%
Going to edit OP

I live a couple of blocks away and am almost positive that that building did not take in any water during the flood, which is pretty crazy considering it is right on the river.

That being said, I can't believe that someone is trying to sell a ground floor one bedroom unit for that price...

[cam_wmh]

I'm surprised too. I live in an area of Mission north of that, and our condo and underground were about 20 vertical feet beyond HIGHER than the water high mark. The water did go well into the park area near Talisman, and didn't go around the corner as much as the birds eye map of the area may indicate.

[darklord700]

Is the market still crazy now in July?

[lorenavedon]

Originally Posted by darklord700

Is the market still crazy now in July?

I don't remember the last time Calgary had a balanced market. Maybe like 1997-2003? More often we either shoot up or crash down. As long as they keep building condo towers in downtown at this rate, hopefully things settle down a bit as they come on the market and people can move in. 2015-2017 a lot of new stuff should be coming online.

[darklord700]

Originally Posted by lorenavedon

As long as they keep building condo towers in downtown at this rate, hopefully things settle down a bit as they come on the market and people can move in. 2015-2017 a lot of new stuff should be coming online.

I remembered back in 2007-2008, people were saying how much unoccupied condo would come online in a year or two and the condo market would crash. Never really did happen.

Would the 2015-2017 new stuff be of the $500/sq ft to $700/sq ft variant? Making a $500K 700 sq ft two bedroom two bath the new normal in the condo market in Calgary?

[lorenavedon]

Originally Posted by darklord700

I remembered back in 2007-2008, people were saying how much unoccupied condo would come online in a year or two and the condo market would crash. Never really did happen.

well end of 2008 early 2009 we had a downturn and many of those projects either stalled or got cancelled. And prices did come down quite a bit then.

[Johnny199r]

Prices continue to rise with no end I sight. It won't be long before Toronto and Vancouver prices become the norm in Calgary.