Dec
3
The Flippers are Now Flopping…
Filed Under Real Estate General | 4 Comments
There is a great article in the Financial Post that was talking how quick turnover, flipping, isn’t as easy as it appears.
Did you know that between 2002 and 2007, Canadian home prices soared 78% from $177,100 to $315,800. If you are planning on flipping in this market, YOU WILL LOOK LIKE A HERO… But not so much anymore… As the market is softening and correcting itself, flipping is one of the hardest, if not THE hardest way to make money in Real Estate.
There are so many factors that come into play here… Right location, property, market you purchased in, renovations (and not over building for area). Plus then you have to ask the right price and get it on the market at the right time, in order to get the maximum profit out of it… To me… that’s too many variables in order to make money. This is why I believe in purchase, hold, rent and sell in 5+ years. You have cash flow, and potential equity growth.
I think that we are going to start to see the HGTV channels (and others like it) start to look at different shows than Flipping for Profit type shows, but rather we may start seeing shows that will target cheap reno’s and loving the home that you’re in, instead. The market can’t handle mom and pop flippers, and it most likely will not be the ‘in’ thing too much longer…
Nov
27
I wanted to give you a heads up that we will be looking at a new change in the coming weeks here at The Calgary Real Estate Blog.com Below is just a sneak peak of what you will see coming your way…
Much… Much… More to come…
Nov
14
We’re Back…
Filed Under Uncategorized | Leave a Comment
We took a little time off from the blog… but it wasn’t by our choice… I wish we were somewhere sunny, but rather, in updating the blog, I was locked out and had to get a professional developer to unlock it for me… Anywho… We’re Back!
Thank you for your posts and thoughts on what we post here. Looking forward to many more posts and discussions!
Oct
14
How Can We Help.ca
Filed Under Real Estate General | 1 Comment
Please Click On Image For More Info…
Oct
8
One of the most enjoyable reasons to purchase real estate, is in buying a property in which your family will live and grow together. There is a lot of fun involved in finding the perfect place for you and your family to call home.
A couple things to keep in mind when searching for the perfect property:
- Make your first step the step of finding a realtor or buyer’s agent that you are confident has your needs, desires, and best interests at heart. Your realtor can prove to be a lifesaver when you’ve reached the final hours before closing and the sky looks as though it’s going to fall. Far more than that though, your realtor can help you find the home that you simply cannot see your family living without. The best part about this, is it doesn’t cost you a thing to use the buyers agent in Alberta. Their commissions are paid by the seller.
- Once you’ve found a real estate agent that you trust to help you find a home for your family it is time to identify the things that are absolute necessities in your search and those things you can live without. The most important thing to decide upon is your wants vs. needs. What are you really needing vs. what do you want. This helps clear up any wavering thoughts on what you are looking for. You will want to go into as much details as need be. For example, you need to decide the features that are important to meet the needs of your family in the number of bedrooms, bathrooms, square footage, and yard space. Do you need a fenced in yard or a basement? These things are important as they do affect the comfort and in some cases safety of your family home.
- Another important thing that must be considered when purchasing a home for your family is the neighborhood. This is more important than many people may realize. It is well worth having a smaller home in a neighborhood that is poised for growth rather than a larger home in a neighborhood that is in the state of decline or on the verge of the state of decline. A good rule of thumb, is that you never want to have the largest home on the block, as you’ll never get your full amount out of it, when it comes time to sell. Crime rates in the neighborhood and the school district are other things that need to be considered as well before deciding to view a potential home.
Oct
3
Article From Calgary Sun (Quotations by The Calgary Real Estate Blog)
After a year of listening to experts saying the Metro Calgary real estate market was returning to normal, we may finally have reached it.
MLS sales statistics for September were released this week by the Calgary Real Estate Board, and in the single-family market, sales last month were up about 9% from September last year. Granted, it’s not a very big increase, but any increase is good news.
Also notable is the end of month inventory of single-family homes - last month it stood at 5,387 units, down — again ever so slightly — from 5,562 homes in September 2007.
New listings coming to the market last month were 2,631, down 15% from last September. Also taking a slight dip was the year-to-date average sales price, which reached $464,445 to the end of September, a 2.4% decrease.
In these cases, decreases are good news.
I wouldn’t count on the market completely turning around just yet… we will need more than one month’s data to show that in fact the market is turning. The market will take time to turn around and one month’s data doesn’t prove that we are on solid track.
The fact average prices are down, if only marginally, is a sign sellers have realized listed prices were too high and they are now pricing their homes with the market in mind, not greed, although another influencing factor is sales of lower priced homes are higher this year than last and sales of homes priced at $1 million are down, year-over-year, which brings down the average.
However, fewer listings and lower month-end inventory levels, should they continue, will have the effect of stabilizing average prices and may even cause the average to increase, year-over-year, in the coming months.
In towns and cities included in the Calgary CMA, but outside of city limits, the story is a little different, with month-end inventory up year-over-year, to 2,607 homes from 1,965, although new listings added in September were down — 850 compared to 877. This is really is no surprise because these markets are usually several months behind the trends set in Calgary and the fact sales were up in these areas indicates they may be close to reaching more normal levels.
The area of concern is condominiums in Metro Calgary.
At the end of September, there were 2,607 units listed, up from 2,235 last September, though new listings added in September declined 10%.
The number of condos listed for sale takes the overall Calgary real estate market out of ‘normal’ and back to ‘returning to normal’ and the problem has the potential to grow, as more condos will be added in the next six to seven months as some of the larger high-rise apartment buildings in the inner city are completed. As the new owners take possession, and if condo sales don’t increase significantly in that time, the questions is, will they list them for sale if they were bought on speculation, or put them into the rental market?
If they list them, the rate of decline of the average condo sales price will increase. If they put them into the rental pool, the decline rate will not be as severe and may even flatten out. Let’s hope for a lot of For Rent signs.
I completely agree that the condo market will be over heated and ‘full’ over the coming months. There will most likely be many individuals who lined up and bought on speculation and will be needing to get rid of their ‘great idea purchase’. Never line up for condos…. NEVER…. and to make it worse… DO BUY ON SPECULATION… you will get busted one time or another…
If your looking for solid investments, look at long term hold with a great real estate team around you to bring you to your goal…
Oct
1
Selecting A Real Estate Agent
Filed Under Buying, Real Estate General, Selling | Leave a Comment
When buying or selling a home, one of the biggest decisions that you will make is deciding on a When buying or selling a home, one of the biggest decisions that you will make is deciding on a real estate agent. After all, this is a decision that you want to get right. If you strike up a relationship with a qualified and trustworthy agent, it is safe to say that you will be on the right track to success. On the other side of things, an agent who is only interested in the money could cause more bad than good.
The process for selecting a real estate agent depends on a number of different factors. First off, you need to choose an agent that you feel comfortable working with. This is not to say that you have to be best friends with the person, but you need to feel that communicating with them is second nature. If you are afraid to ask your real estate agent questions, you may end up losing out in more ways than one.
Once you know the names of a few real estate agents in your area, move onto calling them on the phone. From this point on you should be forming your opinion of the person. Do they like what you are saying? Are they kind and courteous when speaking with you? Do you feel comfortable asking them questions? As you call more and more agents, you will begin to formulate a list of questions that you can rely on.
The final selection process is not difficult if you do your homework in the first place. Once you speak with several real estate agents, when it comes time to choose one you will know what you are doing. The bottom line is that the only time you will find yourself in trouble is if you try to select an agent on a whim. When you take the time to learn about each agent and what they offer, you will know who is right for the job.
Overall, there is no reason to stress out over selecting a real estate agent. You will want to keep your stress level to a minimum when buying or selling a house. This will help to ensure that you get the best deal, and that you have fun doing so. Having a great real estate agent on your side is never a bad thing!
Oct
1
Calgary Prices Past vs. Present
Filed Under Buying, Education, Home Prices, Real Estate General, Selling | Leave a Comment
We have had some incredible growth in our prices in Calgary, and Alberta in general. At some points we were making money without even doing anything to our houses, and some months we were getting upwards of $5,000 per month “in our pocket equity”. Times have changed… we are now seeing prices relax, and decline. Now, don’t take me wrong, I’m not saying that the increase in Calgary and area is over, by no means, but the market is resting right now… Below is a great graph that puts it all into perspective of how well we have done with the prices in Calgary.
Would love to hear your feedback!
Aug
15
No More “The Crack Alley, Crack Macs, or the Crack Cul-de-sac” I mean Cecil Hotel???
Filed Under Calgary News Articles, Real Estate General | Leave a Comment
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.
Aug
14
The Sky Is (Always) Falling!
Filed Under Home Prices, Investing, Real Estate General | Leave a Comment
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!
The Chamberlain Group
