No More “The Crack Alley, Crack Macs, or the Crack Cul-de-sac” I mean Cecil Hotel???

The City of Calgary wants to buy the Cecil Hotel, best known as a downtown hot spot for drugs and crime, and possibly turn it into affordable housing units, municipal aldermen say.

City officials confirmed they are in the early stages of negotiations with the owner and that they require the site for municipal purposes.

Ald. Bob Hawkesworth said he can see the city doing something similar to what they did with the York Hotel in the early 1990s.

“We converted that into an affordable housing project and managed it very effectively for many years. That cleaned up a problem at that time. So, the city has familiarity with doing this and has a successful track record doing it,” Hawkesworth said.

The city’s interest in buying the Cecil Hotel, he said, falls in line with its plan to re-develop the East Village.

In 2005, city council unveiled a plan to fix up the East Village, another crime-ridden neighbourhood in the downtown area, located between City Hall and Fort Calgary. The redevelopment called for a new city police headquarters, a new city library, a downtown campus of the University of Calgary and about 3,000 apartment units.
‘Quite unsavoury’

Many councillors would like to see the Cecil Hotel knocked down, Ald. Gord Low said.

“You know, there’s a lot of activity — quite unsavoury — that goes on around there, and it’s just not appropriate given its proximity to the drop-in centre, the East Village and the Riverwalk,” he said.

The Calgary Drop-In & Rehab Centre, located near the hotel, offers emergency shelter and transitional housing to men and women. The centre made a bid to buy the hotel a few months ago, but it wasn’t accepted.

The Riverwalk will run along the south bank of the Bow River and the west bank of the Elbow River, and “is one of the significant infrastructure projects that are intended to ‘kick-start’ the redevelopment of the East Village precinct of the Rivers District,” the project’s website says.

Ald. Rick McIver said even though the city is only in the very early stages of negotiations to buy the seedy hotel, it’s a good start.

“I am happy about the potential for cleaning up what I think is a high crime Mecca right there,” he said.

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The Sky Is (Always) Falling!

As you may have seen in papers or media… they are saying that the Canadian housing market is falling.  First off, if you are basing your idea of real estate purchasing or investing on the country wide stats, you are most likely not going to do well…  Every province, city and town is different, and needs to be studied on its own.

I really want to urge you to take a long term approach to what is happening.  The Alberta, and more specifically the Calgary and area market is taking a breath.  If the market continued to climb with 30%-40% increases year over year, I would be very nervous.  But with the market taking a breath, finding a new bottom, this says to me that there will be some continued growth in the future (there are many other reasons for this as well).  Personally, I am OK with the market the way it is.  The media and paper articles talk about how the market is not doing good and Alberta “in general” is having much greater decreases in year over year prices than the rest of the country.

All in all, if you are investing in real estate, or looking to buy a home, now is a great time to find some great deals out there for purchase.  There are motivated vendors (sellers), and some great cash flowing property.  Don’t get caught up in the media hype, and get overwhelmed… STAY FOCUSED!

Questions You Should Always Ask!

If you’re buying or selling a home, chances are you’ll be employing the aid of a real estate agent to guide you through the process. The important thing to remember is that you are technically their boss. They should be working for you, whether you’re buying or selling a home. That’s why it’s so necessary to interview several real estate agents before settling on one. Here are some helpful questions to narrow down the candidate field.

1. How many years have you been working in real estate?
   Although some agents may be newly licensed, they may have been working on other areas of real estate that will be helpful to you. Any previous experience working with home buying and selling will make an agent a valuable asset. Many times realty is a second or third career. If your realtor was a mortgage lender before switching to the housing world, they might be even more helpful than someone who has been in the business since the word go.
2. How many homes do you sell yearly?
   Numbers count, but be aware that small numbers aren’t always bad. An agent may only sell a handful of properties each year, but if they’re worth millions, that’s all they needed to. That’s why it’s important to ask not only how many they sell, but the price range that the homes fall into. If you’re buying a house, this will help you gauge which houses the agent has access to and is more experienced with selling. If you want to sell your home, this will be a good indicator of whether or not the realtor is going to successfully Market your property.
3. What is your area of expertise?
   If you want to buy a condo, don’t hire a realtor who sells mansions. If you want to buy a family home, don’t hire anyone who specializes in two-person town houses. Finding niche agents will open more doors during your house hunt or sale. Buyers will be shown more properties matching their requirements, while seller’s homes have a better chance of being marketed more effectively.
4. How many other clients are you currently working with?
   Translation: How much time can you devote to my needs? Some realtors won’t turn down a client, even if their plate is already overflowing. Ask for the numbers. If the phone is ringing off the hook during your meeting and papers are flying, you may want to look elsewhere for an agent who can devote a good chunk of time to you. Explain to them your typical schedule and what times you’d you would be available to view houses or have meetings. If they can’t be flexible, move on.
5. Do you have a list or client references?
   Nothing says more about the professionalism and worth work ethic of a realtor than their ability to provide you with a list of client references. Just producing a list on the spot is a good sign that the agent is prepared and wants your business. If there is none available immediately, or the agent sputters out some excuses, take it as a sign to head elsewhere.

While buying or selling a house, it is important to choose the right real estate agent by asking him all necessary questions before appointing.  If you are in the Calgary area and are looking for an agent to work for and with you, give us a shout… Jared@tcgroup.ca

US Home Prices Show Continued Weakness

Sometimes… seeing a picture is worth a thousand words.  We have all heard that the US is in a housing crisis… but the above photo puts another spin on it, and lets us really see what is happening.  Really makes you start to wonder when will the bottom happen for the US? Source:Bloomberg.com

Would love to hear your comments on where you think the US is heading!