Investors Find Opportunities (2)

It has been over a year since my last post on real estate investors so I wanted to do a quick update.  Looking at just what has sold in the first 3 days of April I found the following examples to share.

The first 2 are infills:

Community: Brentwood
Sold Price: $964,000
Previously sold: $350,000 in May 2011

Community: Capitol Hill
Sold Price: $968,000
Previously Sold: $284,500 in January 2011

And the following are flips that sold between April 1-3:

Community: Connaught
Sold for: $326,000
Previously sold:  $280,000 in December 2011
+16.4%

Community: Lake Bonavista
Sold for: $545,000
Previously sold: $404,000 in June 2011
+34.9%

Community: North Haven Upper
Sold for: $485,000
Previously sold for: $345,000 in September 2011
+40.6%

Community: Tuscany
Sold for: $530,000
Previously sold:  $465,000 in November 2011
+14%

A client and myself viewed the above home in Tuscany before it sold and found that the renovations done were just aesthetic – the home was built in 2004.  Reno’s included hardwood on main,  new carpet upstairs and new kitchen cabinets and counter tops.  Of course we didn’t feel that warranted a $94,900 hike (They were asking $559,900 in February)

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4 responses to “Investors Find Opportunities (2)

  1. BMO Outlook released today. On housing they say:

    The national housing market is moderating outside of gravity-defying Toronto. Existing home sales, though resilient, are below previous peaks. Price growth has slowed to 2.0% y/y in February from 6.7% in 2011. Vancouver’s market is re-entering the atmosphere, with sales down 18% y/y and prices up a modest 2% after surging 22% in the past two years.

    However, Toronto’s market continues to reach for the stars, with prices soaring 11% y/y on persistent strong demand and a dearth of single-family homes for sale. With one-in-five Canadians living in the Vancouver/Toronto metro regions, a severe price correction in these two areas could impact the national economy.

    The further Toronto’s market inflates, the greater the risk it will pop—as in 1990. Expected slower mortgage growth in response to elevated household debt and less support from CHMC (as it approaches its $600 billion insurance cap) should cool Toronto’s market. If not, the government could tighten mortgage rules for the fourth time since 2008.

    Read the entire report here

  2. Any ideas why Royal Oak In Calgary NW is so slow. In light of all the apparent building momentum.

  3. Hi Pat, sorry for my late response.

    In March, Royal Oak (SFH) had an inventory absorption rate of 3.4 which is still balanced. There were 18 sales last month, with an inventory of 61.

    Royal Oak possibly just seems slow compared to nearby communities which are buzzing:

    Tuscany: 1.2
    Rocky Ridge: 2.1
    Scenic Acres: >1
    Arbour Lake: 3.1

  4. Flip of the Day (April 4th)

    Community: Oakridge Estates
    Sold for: $635,000
    Previously sold in July 2011 for $480,000
    +32%

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