QUOTE (JDaley @ Jul 28 2010, 08:57 AM) I just noticed an interesting listing that appeared over the weekend in Calgary, South Calgary (Listing ID: C1017529), a concrete building, it looks to be in good shape (well maintained), in a good area, and that listed and appears to have sold for $125K/door. I guess in the spirit of similar posts where increasing interest rates and increasing vacancies is a good thing, I guess the decreasing cost per door of a multi-family spells good fortune for us all in Calgary
! Actually I do believe multi-families are overpriced in Calgary and its refreshing to see multi-family listings begin to drop in price to more reasonable levels.
Still showing as active on the system... but it`s active at 125k/door right now.
When I went through this building in 2008 it felt pretty wonky... like if you were standing in the top unit on the NE side you could put a golf ball on the floor and it would immediately roll towards the corner of the building. I have no idea if they`ve fixed it or not but since they`ve cut their price by 750k I`d assume no... Would definitely reccomend an extensive engineering study if you`re taking a serious look at this property.
EDIT - The history on it is pretty crazy too. They`ve been trying to sell on CLX for the better part of six years... mostly with the same agent. Only one pending sale which never went firm. They had it priced as low as 1.5 at one point...