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Tuesday, May 15, 2012
66 Million Dollar Sale
Crowfoot Corner and Crowfoot Village, two prominent retail centres in northwest Calgary were sold to complete a 66 million dollar acquisition to a REIT.
CBRE acted on behalf of Sunstone Realty Advisors in the disposition of the assets to Narland Properties, an established private equity real estate investment company and real estate adviser.
The sale was completed in April for a total consideration of $66.1 million including debt, said CBRE in a news release. It said Narland Properties acting as syndicator, subsequently transitioned Crowfoot Corner to Artis REIT while syndicating Crowfoot Village on behalf of their private investment clients.
“The level of interest in these centres is indicative of the strength of the Calgary market as well as the almost insatiable demand for well-tenanted, well-located retail properties right across Canada,” said John O’Bryan, vice-chairman of CBRE Limited, in a statement. “The demand for these properties was further heightened by their location within a severely supply constrained market.”
Crowfoot Corner and Crowfoot Village span a combined net rentable area of 113,735 square feet, predominantly occupied by medical office and quickservice restaurants including Boston Pizza, KFC, Starbucks Coffee and Wendy’s.
They are also shadow-anchored by Rona, Cineplex, Safeway and Chapters to the west in Crowfoot Crossing, one of the largest outdoor malls in Calgary.
Wednesday, May 2, 2012
Top 5 Real Estate Trends in Calgary
1. Mortgage Rates Will Rise
The financial industry worldwide is still feeling the effects of the 2008 financial collapse and global recession. There is a strong fiscal push for monetary stimulus and part of this is historically low interest rates. There is nowhere for interest rates to go but up. It will happen sooner or later and this is guaranteed.
2. Hard To Get Financing
Over the past few years, the Canadian Government has implemented changes to the mortgage industry in hopes of reducing debt. It continues today with the questions surrounding CMHC and the insurance they can offer. This has resulted in an enormous number of Calgarians that cannot get financing. How long will these rules be in place? The government will not make qualifying any easier in the short term.
3. More Foreclosures Coming
Many of the lenders in Canada were issuing high risk mortgages prior to 2008 and then packaging these mortgages and selling them off as assets (Subprime Lenders). These banks are no longer writing mortgages in Canada. When these mortgages come up for renewal, these lenders do not have the ability to extend existing mortgages (even if homeowners have NEVER missed a payment). Since many of these mortgages were created when house prices were at a peak, the values of the mortgages exceed current home values resulting in a situation where many current homeowners cannot get qualified again with another lender and the house ends up in foreclosure.
4. Sell Your House Privately?
People need professionals and professional representation. 95% of real estate transactions are done through Realtors and even through the professional channels, the average selling time is 50 days + if a property sells at all. It is a BUYERS market and will be for some time. Now more than ever Calgary Sellers needs a competitive price and marketing plan that only experienced Realtors® bring to the table.
5. Confusion is Prevalent
Calgarians are still feeling the effects of the financial meltdown in 2008. Everyday there are conflicting financial future forecasts from ‘experts’. Calgarians are confused of where the economy is headed. Every day we hear clients talk about escalating prices, or massive sales, or financial troubles. This has resulted in real estate Buyers and Sellers sitting on the fence.
With all this confusion, its best to call MyHomeAgent TODAY and get accurate information about Calgary's Real Estate Market.
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