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Old 09-29-2014, 09:37 PM   #201
Johnny199r
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Originally Posted by lorenavedon View Post
it makes me laugh driving around this city. So sparse, so many empty lots, so much room in the inner city even. It's ridiculous given all these factors. It's nothing like Vancouver, Manhattan, Hong Kong, London etc. where you just have no more room to build. Just inner city, close to downtown there is massive amount of empty land and space that could house like another million people. It's stupid. Artificial shortage based on slow construction is the only problem here. There is enough land in the current city limits, given enough time, to build 10 homes for every single person in this city
Why is the land empty? Why aren't developers trying to jump on it? I'm sure lots of people would like to live closer to the core.
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Old 09-30-2014, 07:14 AM   #202
habernac
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Originally Posted by Johnny199r View Post
Why is the land empty? Why aren't developers trying to jump on it? I'm sure lots of people would like to live closer to the core.
because the land is overpriced and your neighbour's houses look like they're going to fall over in the next 5 years.
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Old 09-30-2014, 11:04 AM   #203
lorenavedon
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That's true. On the other hand, most people need somewhere to live now, not at some ill defined point in the future.
I agree but OTOH so many buyers now a days are just investors looking for 2nd 3rd or more "investment properties". Go to a new condo build sales center and ask people there if they plan on living in the places they buy. %90 (pulled out of my ass but when I ask it's almost ALWAYS investors) of them are just looking to "invest". That's why it's stupid. The same "investors" that today are driving up prices will be the same people that tank the prices when a recession hits and they need to unload their leveraged positions.
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Old 09-30-2014, 11:08 AM   #204
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because the land is overpriced and your neighbour's houses look like they're going to fall over in the next 5 years.
this is so true. In the same area, an renovated but perfectly livable place will be $450k and the next lot over will be a complete teardown listed for $400k. Houses are worthless and land is just ridiculous. I can't justify paying so much for land that's so plentiful in this part of the world. No shortage of land in Calgary like I previously stated. You could keep the boarders of Calgary the way they are now and not sprawl anymore and still fit another 10 million people within the city limits comfortably by increasing density.
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Old 09-30-2014, 11:10 AM   #205
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I also think it's because the land is held by someone not in the city who really doesn't give a crap because it's held for "future development". Usually means someone somewhere else is waiting for a stupid cheque from someone to let go of it.

Inner city is gentrifying fast. It's both good and bad.

I used to joke my condo downtown had a ceiling maybe of about $230k (1970 conversion). It's sitting past that at market right now with several units (exact layout) going for about $250,000 sold and it might still go up (or crash back down to what I paid). I'm astonished. Based on what rent is going for right now, I might actually be better off learning to be a landlord than selling it when buying a house (prefer latter though for less hassle).

HELLO HOTEL PAPA MAMA!
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