Calgary's New Condo's & Pre Sales

[cam_wmh]

Originally Posted by lorenavedon

anybody see any deals anymore or have we plateaued? Seems like everything is overpriced now unless you're really desperate to buy. Been to about 15 different new development sales centers and ended up leaving thinking "this might not be that bad had it been $100k cheaper". Or am I out to lunch and these are awesome deals?

Wait until a few weeks into January, as sellers pull their listing off the market during Christmas time, and others will list now that holidays are over.

[spring]

Hi everyone. I want to know what is the requirement for presale. Is it just like buying a property with mortgage or you just pay the initial cost and then wait for it to be ready and then discuss the mortgage. Anyone has experience?

[Travis Munroe]

Just leaving the office but feel free to message me. No mortgage until its built.
Im sure someone else will chime in before I get back.
Great username. Was spring2 taken?

[Winsor_Pilates]

Originally Posted by spring

Hi everyone. I want to know what is the requirement for presale. Is it just like buying a property with mortgage or you just pay the initial cost and then wait for it to be ready and then discuss the mortgage. Anyone has experience?

You don't need the mortgage until its ready, but you may want to get one anyway for 2 reasons:
-To find out what you qualify for anyway. If you can't qualify later, you'll still be in a firm contract & the developer will expect you to figure it out. This will also help you break down your expected monthly payments and make sure you're budgeting well.

-To hold a rate. Most mortgage rates are only held for 60-90 days but Presales will have an on site relationship with a broker/bank who will hold rates for even 2-3 years. This way if rates go up a year from now, you've still held something in place as a just in case rate.

[Sheva #7]

anyone saw the news on 3 Eau Claire this weekend? Looks like they have gone insolvent and the contraction is not going to go ahead…so now what happens with ppl's money that went for down payments?

[Travis Munroe]

Originally Posted by Sheva #7

anyone saw the news on 3 Eau Claire this weekend? Looks like they have gone insolvent and the contraction is not going to go ahead…so now what happens with ppl's money that went for down payments?

I didnt follow this project as close as some on here however deposits should all be protected and were held in trust - they will get them back.

[Bigtime]

Yes the deposits were held in trust, so purchasers into the project are safe.

[The Yen Man]

Speaking from experience (I bought into the failed Midtown Project back in 2005), you eventually do get your money back. When you get it back is a different matter. I think it took me like a year and half to get mine back, and that was only after Point of View bought the project and cancelled the second tower (which was where I bought).

[Sheva #7]

Has anyone heard any updates on 3 Eau Claire? Looks like they are working with a new builder and expect to make some type of announcement end of this month, any rumours out there as to what is happening with 3 Eau Claire?

[Bigtime]

I'm guessing nothing, not a peep about it through all the sources on SSP.

[TSXCman]

I wish I was in the market to buy last year... I've been looking at the Tribeca building in Mission and it fits everything I was looking for. The units that go on sale from there now are verrrry high, and the other pre-construction projects don't seem very reasonable.

[Jiggy]

There is a new condo development happening on Centre St. Right across from the Scotia Bank. Does any one know what it's called? I can't find any information on it.