Real Estate Type : Single Family
Building Type : House
Bedrooms : 1
Bathrooms : 1
Interior Floor Space : 925.70 sqft
Storeys : Bungalow
Built in : 1926
Land Size : W:8.840m D:36.580m Shape:REC
Title : Freehold
Location : 112 9 Av NECalgary, AB T2E 0V2
MLS®: C3322995
Aren't post grow-op properties supposed to be a good deal?
This is more evidence that the Calgary real estate market is out of touch with reality. The seller of this property is looking for $320k for a post grow-op establishment. The house is most likely extensively damaged and is currently being evaluated by the Calgary Health Region. The MLS listing makes reference that the purchase would be more land motivated (even though the lot is in an ambiguous location).
It's still astonishing to see the level of denial that still exists in the marketplace.
Here Is What $320k Will Get You
Monday, May 26, 2008
Posted by crebb at 2:19 PM
Labels: calgary real estate bubble, post grow op
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13 comments:
great blog
let the market fall..and fall hard
squid
I saw the pictures and thought, well, inner city, price doesn't surprise me too much. But then I kept reading - a post grow-op for that price? Good grief!
If you look at MLS listings for an area, it's becoming clear that there are two groups of sellers.
Page 1-5 are motivated and the other 25 pages are pie-in-the-sky.
Watch this disconnect grow wider until one day... SNAP! But it might take two years for that to happen.
That disconnect (and the length of time it lasts) shows just how stupid and greedy Alberta really is.
Good example of the reality disconnect. In my experience post grow op homes should be avoided at all cost. Even if the home is certified as "liveable," problems that aren't present today will show in time. This includes humidity seepage in drywalls and other problems not immediately recognised at time of inspection.
This is a good blog. Better than Bob's!
Love your blog - keep it going! Also love this on CREB's website: "While we are preparing the month end statistics the home page statistics are temporarily unavailable." Or rather "While we are trying to figure out how the hell to put a positive spin on these statistics this month, we've taken down the evidence."
does that include window coverings?
Great Blog. Keep up the good work.
what sort of idiot real estate agent would price that dump at that level? if the place was bare land what would the actual value be? surely not many people can afford to purchase that lot and put a house on it?
Not to hijack the comments thread, but I noticed on the blogroll you have a cached version of the pricedoutinedmonton blog that is at the center of controversy and has Bob Truman in a complete tizzy. If anyone visits the link they can connect the dots.
Why is this MLS listing worthy of comment? There are tons of inner-city listings like this. It's obvious that any buyer would tear down the house, so why are we even talking about the fact that it was a grow-op? You could put a parking lot on that spot and it would still be a decent investment.
You'd have to park a lot of cars.
Please don't stop writing your blog, it's one of the best I've ever read and truly puts thing into perspective! I know this is an older article but I am showing a few friends this. Thanks.
I think this is a nice place to live with your family.
arrielle p
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