Calgary Real Estate predictions?

[automaton 3]

Originally Posted by Sylvanfan

Radley does make a point when he brings up the new buying products that were offered in Canada for the first time and how it also coincided with the hot economy, and lower interest rates. It was pretty much the perfect storm to create a real estate spike and it did lead to the crazy growth rate of the last two years. There is a limit as to what people can afford and with the new buying products people didn't waste anytime to run up to that limit. And like anything else...there were people who got to the party a minute late and followed their friend or connections advice to invest and got burned. Isn't the first time people made an uninformed investment and got burned on it either.

This is absolutely right. The floodgates of new products opened at pretty much the same time as the economy was red-hot and interest rates were low, which created a bit of a firestorm which was simply not sustainable.

[Tron_fdc]

I just wish that the market would explode in Calgary and crash in BC. That way I can sell one of my houses here in the city, buy lakefront in the Okanagan, and build my winter home in Nicaragua.

Aaaaaahhhhhh dare to dream

In the meantime I'll probably just keep renting it out, building equity while someone else pays the mortgage.

[Claeren]

Originally Posted by Tron_fdc

I just wish that the market would explode in Calgary and crash in BC. That way I can sell one of my houses here in the city, buy lakefront in the Okanagan, and build my winter home in Nicaragua.

Aaaaaahhhhhh dare to dream

In the meantime I'll probably just keep renting it out, building equity while someone else pays the mortgage.

Have you ever thought of buying in Montana? Or anywhere in the NW USA? Some great (lake front and mountain side) buys out there and you are balancing your currency exposure?

Plus the drive is often shorter or at least comparable to a drive into the Okanagan?


Claeren.

[Tron_fdc]

Originally Posted by Claeren

Have you ever thought of buying in Montana? Or anywhere in the NW USA? Some great (lake front and mountain side) buys out there and you are balancing your currency exposure?

Plus the drive is often shorter or at least comparable to a drive into the Okanagan?


Claeren.

Yeah, I looked. Sorta. I also heard that Whitefish was being bought up by rich Californians, which would sort of explain the insane prices there. What Lakes are you referring to? I have no problem looking there, seeing as our family used to own a cabin on St Marys lake until the local native band repo'd it.

[Claeren]

Noticed today that in the new condo guide Beattie Homes is now offering Toyota Corolla's with home purchase. You can always tell the 'market is definitely about to explode come spring' when you get a car with purchase!!! lol...

http://www.beattiehomes.com/calgary/...e/2008-toyota/

(Lots of similar incentives dollar-wise in the market too...)


(As for the Montana/USA thing above, i just meant in general. Things are not cheap but compared to Canmore, the Okanagan and/or the Shuswap it is all cheap and you get roughly the same things if you look for them.)





Claeren.

[Dan02]

Looking at the stats.

Median sale price for December 07 was 406,788.
Median sale price for January 08 was over 410,000
Median sale price for last 30 days(jan 24 to current) is 420,000

Still far off the highs of last year, but pretty much made up for the Winter slump already.

[nik-]

Originally Posted by Claeren

Noticed today that in the new condo guide Beattie Homes is now offering Toyota Corolla's with home purchase. You can always tell the 'market is definitely about to explode come spring' when you get a car with purchase!!! lol...

http://www.beattiehomes.com/calgary/...e/2008-toyota/

(Lots of similar incentives dollar-wise in the market too...)


(As for the Montana/USA thing above, i just meant in general. Things are not cheap but compared to Canmore, the Okanagan and/or the Shuswap it is all cheap and you get roughly the same things if you look for them.)





Claeren.

That offer expired December 1 2007

[Dan02]

Originally Posted by nik-

That offer expired December 1 2007

indeed a inspection of the fine print does reveal this. Nice catch.

[Cowperson]

Originally Posted by Dan02

Looking at the stats.

Median sale price for December 07 was 406,788.
Median sale price for January 08 was over 410,000
Median sale price for last 30 days(jan 24 to current) is 420,000

Still far off the highs of last year, but pretty much made up for the Winter slump already.

My neighbour has dropped his asking price for his hilltop chateau, with a tennis court and 46 acres from $3.2 million to $1.8 million. That's been over the course of a full year. Right now a realtor hell-bent on subdividing (four new 10 acre lots) is trying to lowball him from there. The house isn't anything great at that price, which I assume is why he's not getting much action except on the land. Drop dead view though.

Acreages are always tougher to sell and take some time but I think his story is becoming increasingly common.

Cowperson

[Dan02]

don't know if a guy trying to sell a multi million dollar 40+ acre hilltop lot is exactly what i would consider common

[Cowperson]

Originally Posted by Dan02

don't know if a guy trying to sell a multi million dollar 40+ acre hilltop lot is exactly what i would consider common

It's common enough where I live.

The guys with the money are the last ones to stop spending . . . . if they do, you should watch out below.

Cowperson

[Dan02]

3.2 to 1.8 is a hell of a drop, makes one wonder how opotomistically it was priced in the first place. Judging market value for rather unique properties such as a that isn't a easy thing to do.

[photon]

He should subdivide himself, you'd think that they'd sell a bit easier as smaller lots at a smaller price.

[MacDougalbry]

Originally Posted by Claeren

Noticed today that in the new condo guide Beattie Homes is now offering Toyota Corolla's with home purchase. You can always tell the 'market is definitely about to explode come spring' when you get a car with purchase!!! lol...

http://www.beattiehomes.com/calgary/...e/2008-toyota/

(Lots of similar incentives dollar-wise in the market too...)

(As for the Montana/USA thing above, i just meant in general. Things are not cheap but compared to Canmore, the Okanagan and/or the Shuswap it is all cheap and you get roughly the same things if you look for them.)

Claeren.

Beattie has run that promotion in years past. Not sure about 2005-2006, but I know for sure they ran it in 2004 and years prior to that.

I still wouldn't buy a Beattie home.

[MacDougalbry]

Originally Posted by Cowperson

It's common enough where I live.

The guys with the money are the last ones to stop spending . . . . if they do, you should watch out below.

Cowperson

Around where I am, it seems the hottest market right now is low-end detached homes between $350K and $500K. The higher end stuff doesn't seem to be moving.

[troutman]

New MLS listings, prices both rise
Average single-family house sells for $471,696
http://www.canada.com/calgaryherald/...7-c1089de5ef9e

Data released by the Calgary Real Estate Board on Monday showed the average sale price of a single-family home in Calgary metro for February was $471,696, up 5.16 per cent from February 2007's $448,557. The average sale price for a condominium for the month was $311,812, an increase of 3.31 per cent compared with last year's $301,812.

The average sale price of a single-family home peaked last July at $505,920 then dropped for several months. But prices in the past few months have started to increase again. The average sale price of a single-family home in December was $444,769. In January, it had increased to $455,297.

For condos, the average sale price in December was $304,719, then increased to $311,232 in January.

"It appears as though things are picking up as we move into the final month of this quarter," said Ed Jensen, CREB's president. "I don't anticipate we'll see the blistering market that we experienced in the early parts of 2006 and 2007, but I do anticipate stability in this now corrected market. Calgary is a very desirable place to live at the moment, with our strong economy, low unemployment rates, strength in the oil and gas industry. People are still moving here and that's great for real estate."

[Top Shelf]

Hard to believe that he didn't mention sales are down 34.89% from Feb 2007.

Oh and he forgot to mention the 148.41% increase in inventory over last year too...

I've said it all along, it will be an interesting spring

[IntenseFan]

Sold our condo in early Feb for 97% of list price, but above the average condo price from the herald article.

Bought our new house in late Feb. for 96% of the list price, again above the average home price in the herald article.

Just a single person's experience, but seems stable to me, at least in the above avergae price ranges. Anyone have a different experience?

[ken0042]

Those numbers could be slightly skewed depending on what kinds of houses are selling. For example I live in what many would call a "starter home" type of area. I've noticed houses are staying on MLS for a very long time, with pricing drops, and they still stay there. However if a lot of the $1M and up homes are being sold, the average price will move upwards. It could be a trend that on average the more expensive houses are selling; whereas many of us here on CP are in the "starter home" kind of market, and see our house prices going the other direction.

[Claeren]

Wooohoooo...

Reading the condo guide that just came out for MArch-April is hilarious!

The best offer i have seen so far (not even half way in yet) amongst all the 'free' 50 inch plasmas, 37 inch LCDs, 'we pay your mortgage AND condo fees AND property taxes for a year' offers (like this: http://www.birchwoodproperties.ca/current_projects/77/), Battistella has gone outdone them all (so far)!

With a condo purchase you get ALL of:
Smart Car
Mountain Bike
Home Entertainment System (?)
Interior Designer for a day
Maid Service for a year
Natural Gas BBQ
Murphy Bed
Ticketmaster & Hotel Arts Entertainment Package (?)
1 year Talisman Centre Membership

AAAAANNNND to top it off:

Starbucks for year!

LINK: http://battistella.ca/promo/promo2.html



hahahaha...

Of course i would rather have $150k off the price of one of their overpriced, outwardly asthetically pleasing but inwardly questionable, speculation driven condos... and even that would be about $150k more then what it should be! haha

Lucky spring is here though, so they can raise prices for all the desperate poor non-home owners needing to spend near half a million on 600sq-ft... pfff...



Claeren.