University city condo for sale well below market value

[Travis Munroe]

I just received a email from someone in my office... message or call me if interested!!

UNIVERSITY CITY CONDO for sale! Two bedroom, two bath, 8th floor, 683sf, upgraded finishing and appliance package, APPLE product incentive package and one underground parking stall.

I have unusual situation where a friend passed away recently and he had purchased a unit in the Orange building at University City condos. The expected closing date is mid-November and his wife would prefer not to have to close on this deal but rather assign it to someone else as she is overwhelmed right now. She has been given the approval by the developer to assign or sell the unit prior to closing due to her circumstances (but it can't be marketed on MLS or Kijiji, etc.). She is offering this unit for sale at the price they paid. Price is $338,806. NOTE: The same unit is selling for close to $396,000 in the last building. When they bought, the price per square foot was $436, they are now selling at $528/sf. Great opportunity for someone!!! Call me to discuss further if you have some interest.

[Ace]

Is that really the correct size? Sounds incredibly small for a 2 bedroom 2 bath

[Travis Munroe]

Had a few inquiries but sounds like the property has a buyer.!

[ranchlandsselling]

Glad they found a buyer. Didn't really want to comment given the subject and matter of why it's being sold.

That said, now that they've found a buyer - I don't really follow the price per sf numbers. They don't actually seem to work out.

And holy-carp are apartment condos horribly priced on a per sf basis. A bungalow down the street can be had for $446 per sf and it's got a basement, land, detached garage, improveability.

Maybe if those same prices per sf were in the actual downtown core...

Anyway, just random thoughts I've had about these places for awhile.

[Hack&Lube]

Originally Posted by ranchlandsselling

Glad they found a buyer. Didn't really want to comment given the subject and matter of why it's being sold.

That said, now that they've found a buyer - I don't really follow the price per sf numbers. They don't actually seem to work out.

And holy-carp are apartment condos horribly priced on a per sf basis. A bungalow down the street can be had for $446 per sf and it's got a basement, land, detached garage, improveability.

Maybe if those same prices per sf were in the actual downtown core...

Anyway, just random thoughts I've had about these places for awhile.

Some people don't like basements, land, detached garages, etc. You pay a premium for condo living for sure and this one does have some location perks being right in Brentwood, being right next to the C-Train station, and being close to the University.

I have friends who purchased this condo but I have concerns about the future condition of these buildings or noise and activity, etc. as they will likely turn into a hub of student living from people renting them out to groups of students or to parents of lucky kids who get them a place by the University while they are attending.

[ranchlandsselling]

Originally Posted by Hack&Lube

Some people don't like basements, land, detached garages, etc. You pay a premium for condo living for sure and this one does have some location perks being right in Brentwood, being right next to the C-Train station, and being close to the University.

I have friends who purchased this condo but I have concerns about the future condition of these buildings or noise and activity, etc. as they will likely turn into a hub of student living from people renting them out to groups of students or to parents of lucky kids who get them a place by the University while they are attending.

Fair enough, but all the bolded things are available with the detached SFH down the street.

Agree about the condition of the buildings. Students do dumb things like gets dogs and cats when they shouldn't too. Barking, animals pissing in elevators, parties, fights, could easily turn into a university residence without campus security having any ruling.

[jayswin]

Originally Posted by ranchlandsselling

Glad they found a buyer. Didn't really want to comment given the subject and matter of why it's being sold.

Please expand.

[squiggs96]

Originally Posted by flameswin

Please expand.

The wife's husband died, which is the only reason the place is for sale. She's going through a life changing ordeal and looks like she just wants her money out so she doesn't have to deal with a new condo, during everything else she is dealing with.

[Bertuzzied]

Originally Posted by Hack&Lube

Some people don't like basements, land, detached garages, etc. You pay a premium for condo living for sure and this one does have some location perks being right in Brentwood, being right next to the C-Train station, and being close to the University.

I have friends who purchased this condo but I have concerns about the future condition of these buildings or noise and activity, etc. as they will likely turn into a hub of student living from people renting them out to groups of students or to parents of lucky kids who get them a place by the University while they are attending.

I don't think students can afford it. after condo fees and prop tax you will prob have to rent it out for $1300 to break even.

[pylon]

That is a ridiculous price for a 683 square foot unit at either price. The only reason they can get away with this, from what I understand, is they are selling A TON of these units to rich foreigners that don't know jack about the Calgary real estate market, that have kids going to the U of C, and like the building because of the proximity to the campus.

I would almost bet, that English will be a second language in these buildings, as one person I know says that these will almost primarily be occupied by Chinese students.

[Esoteric]

That price per sqf is rude. I purchased a 650 square foot unit, just off 17th ave, for over $50K less, taxes in, and with upgrades.