Archive for May, 2015

The Athlone

Thursday, May 28th, 2015

It should cThe athlonome as no surprise that we love real estate, but we also love the history of real estate, especially in a city as diverse as Calgary! We recently sold a condo in this beautiful building and couldn’t help but take a peek into it’s past. The Athlone is a building located in Mission, and was built in 1940. Originally the land was occupied by Castel Aux Pres, home to Judge and Lady Winter beginning in 1895.

This home was demolished in 1939 and the Athlone was born. Built by Arthur Cumming LTD. It was the largest and one of the most interesting apartment complexes built in the 1940s. It features elements of classical revised architecture, such as the pilasters, and the decorative lintels over the windows and doorway, but breaks with classical tradition in its lack of a cornice. The main entrance has two features that were considered innovative at the time: a wall of glass blocks surrounding the door; and vitrolite paneling. Built with high quality materials and set back from the street with a spacious front lawn, the 46 suite apartment building was more luxurious than others in the neighbourhood. Quote by Jim Bowman in the Heritage Highlight.

It’s more than just the architecture that makes this building unique. The property has been restored and maintained to keep that 1940’s feeling. In the main entrance you will find a vintage Art Deco pendant light, one of four, circa 1925. The building’s hallways and stairwells feature glass light shades of the type originally found in the building. Even the incinerator chutes have been refinished with layers of paint removed to reveal the original red brick. The incinerator was retired decades ago but the care taken to preserve the buildings history just adds to its charm.

In 2008 the cliff Bungalow – Mission Community association recognized the Athlone as a community heritage site. If you are interested in seeing this wonderful building it is featured in the Calgary Historical Walking Tour of Mission. Click here to get more information on the walking tour and to get your own self-guided tour. Click here for more information on the Athlone.

 

The Ups and Downs of the Real Estate Market

Friday, May 22nd, 2015

The Ups and Downs

The real estate market is based on the fundamentals of supply and demand.

It is a constantly changing one.

Learning the market conditions will help you make informed choices with your purchase.

How do you stay informed in this ever-moving field?

Sign up for our monthly market report, of course!  http://calgaryareasolds.com

Not knowing the market can cost you a fortune in both time and money.

Don’t be caught off guard, lost and confused.

Sign up now and let us keep you knowledgeable and informed!

 

Foreclosures – What You Need to Know

Thursday, May 14th, 2015

Forclosures

 

Foreclosure can either be a great deal or your worst nightmare. If you are considering taking one on, there are some things to know…

Foreclosures:

  • Are sold as is, so there’s an increased risk
  • Come with no history of sellers
  • May appear to be a good deal, but most are sold at market value and often above list price
  • Offers are sometimes stacked to generate competing offers
  • Provide no history of how the seller lives

 

Before you make a rash decision that could result in years of work and disappointment, seek professional help to assist you. Gord Piper and Associates

NDP Promises to Repeal Real Estate Fee Increases

Tuesday, May 12th, 2015

A newly elected provincial government in Alberta will create ripple effects as government priorities shift and new relationships and opportunities for advocacy efforts present themselves. In case you missed it, one element of the NDP platform was a promise to repeal the increases to mortgage registration/land title registration fees that were put forward in the PC budget in March 2015 and restore the current 2014/15 fees. Click here for the announcement of the campaign promise.

Recent statements from the NDP indicate that the government will be pushing forward in eliminating these increases. There is no official timeline yet for this to take place, as the election result represents a significant change and the NDP will require time to transition into office and be prepared to take real action on campaign promises.

May 2015 Market Snapshot

Monday, May 4th, 2015

Stay ahead of the curve by following our Monthly Market Snapshot of the Calgary Real Estate Market. This shows what’s really happening in the Calgary Real Estate Market. The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate. A simple way to keep up to date and ahead of most!
Below are the details along with a few comments, all numbers were taken from the Calgary Real Estate Boards Stats package for Realtors.
Want to see stats specific to your Community? Register for our Market Report at http://www.calgaryareasolds.com/
Find out what your Neighbor’s home sold for – Register for our Market Report at http://www.calgaryareasolds.com/

April saw a decrease in inventory and an increase in sales resulting in a stronger market. This puts us into a balanced market position overall. Detached and Attached homes are now in a sellers’ market position while apartment condos are in a balanced market position.

Calgary Listing Inventory: It is interesting to see that the inventory went down this month. This is partially due to not as many new listings hit the market and that sales increased. This is opposite of what I would normally expect for April.

Inventory  March  2015 April  2015 Change
Detached 3016 3024 +8
Attached 1258 1207 -51
Apartment 1419 1348 -71
Total City of Calgary 5693 5579 -114

Calgary Sales:
Sales in all categories increased this month. This is a normal trend where getting near the summer the sales increase.

Sales March  2015 April  2015    Change % Change
Detached 1061 1149 +88 +8.3%
Attached 387 458 +71 +18.3%
Apartment 299 350 +51 +17.0%
Total City of Calgary 1747 1957 +210 +12.0%

Calgary Real Estate Sales Prices:
Prices in all categories decreased marginally this month. The largest decrease is in the detached home category which is a little surprising as this is the category that is in the strongest market position. Based on the absorption rate below my prediction is that detached and attached homes will stay fairly stable while apartment condos should see decreases until our sales/inventory ratio balances out.

  Sales Prices March  2015 Benchmark Price  April  2015

Benchmark Price

Change
Detached 513,800 510,200 -3,600
Attached 354,800 353,300 -1,500
Apartment 293,300 291,300 -2,000
Total City of Calgary 454,300 451,600 -2,700

Sales Prices “Year to Date”
Year to date prices – All categories have decreased.

Sales Prices Dec 31, 2014   Benchmark Price  April  2015 Benchmark Price Change

$

% Change
Detached 518,600 510,200 -8,400 -1.6%
Attached 356,200 353,300 -2,900 -.8%
Apartment 300,400 291,300 -9,100 3.0%
Total City of Calgary 459,500 451,600 -7,900 -1.7%

Absorption Rate (Months of Inventory) (the inventory divided by the number of sales in the last month). What does this mean you might ask?

Buyer’s Market >4.0 Drives prices down
Balanced Market Between 2.8 to 4.0 Prices typically remain stable
Seller’s Market <2.8 Drives prices up

*** Absorption Rate:
The absorption rate decreased again for all categories. What this means is that the relation to sales over inventory decreased. This puts detached homes and attached homes into a seller’s market, while apartment condos have now moved from a buyer’s market to a balanced market.

Absorption Rate   March  2015 April  2015 Change
Detached 2.84 2.63 -.21
Attached 3.25 2.64 -.61
Apartment 4.75 3.85 -.9
Total City of Calgary 3.26 2.85 -.41

**Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats on your community just let me know. If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us.

If you know anyone else who might enjoy seeing our monthly summary please feel free to pass this on. Gord, Eric, Brent & Amy
TSW Real Estate Group